Integra Releases Feasibility Study for DeLamar Project with NPV of $774 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 18 2025
0mins
Source: Newsfilter
- Strong Project Economics: The feasibility study for the DeLamar project reveals an after-tax net present value (NPV) of $774 million and an internal rate of return (IRR) of 46% based on gold prices of $3,000/oz and silver prices of $35/oz, indicating high investment attractiveness.
- Enhanced Production Capacity: The project is expected to produce 1.1 million ounces of gold equivalent (AuEq) over a 10-year mine life, with an average annual production of 106,000 ounces and cash costs of $1,179/oz, which is below industry averages, showcasing strong profitability.
- Reasonable Capital Expenditure: The initial capital cost of the project is $389 million, with sustaining capital of $305 million, and strong cash flow generation along with a cash balance of approximately $81 million provides a solid foundation for project financing, ensuring feasibility.
- Significant Community Support: The project is expected to create around 300 long-term jobs and has established partnerships with local tribes, demonstrating a commitment to positive community impact and sustainable development.
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Analyst Views on ITRG
Wall Street analysts forecast ITRG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ITRG is 5.16 USD with a low forecast of 4.13 USD and a high forecast of 5.75 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
4 Analyst Rating
4 Buy
0 Hold
0 Sell
Strong Buy
Current: 4.510
Low
4.13
Averages
5.16
High
5.75
Current: 4.510
Low
4.13
Averages
5.16
High
5.75
About ITRG
Integra Resources Corp. is a precious metals producer in the Great Basin of the Western United States. Its principal operating asset is the Florida Canyon Mine, located in Nevada. In addition, it is engaged in advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho and the Nevada North Project located in western Nevada. The Florida Canyon Mine is located about 125 miles east of Reno Nevada, and immediately south of Interstate 80. The mine produces gold by conventional hard rock open pit mining with processing by two-stage crushing and Run of Mine (ROM) heap leaching. The DeLamar Project is a gold and silver mining development project located in Owyhee County in southwest Idaho. The Nevada North Project includes the Wildcat and Mountain View deposits in northwestern Nevada. The Wildcat Deposit is a resource stage gold-silver deposit. The Mountain View Deposit is located within the Deephole mining district in Nevada.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Integra Resources Corp. Provides Q4 2025 Operational Update
- Production Meets Guidance: Florida Canyon Mine produced 70,927 ounces of gold in 2025, aligning with the production guidance of 70,000-75,000 ounces, demonstrating the company's operational stability and reliability in gold mining.
- Significant Capital Investment: The company completed approximately $60 million in capital investments at Florida Canyon, covering mining, infrastructure, and equipment upgrades, aimed at enhancing production capacity and future growth potential.
- Enhanced Mine Flexibility: Key infrastructure and equipment improvements position Florida Canyon for greater production consistency and flexibility in 2026, supporting long-term operational performance.
- Cash Flow Supports Strategy: Cash flow from Florida Canyon not only funded mine reinvestments but also advanced technical progress and risk mitigation at the DeLamar and Nevada North projects, validating the strategic rationale behind acquiring Florida Canyon.
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Integra Resources Corp's DeLamar Project Selected for U.S. Federal FAST-41 Transparency Program
- Project Milestone: Integra Resources Corp's DeLamar Heap Leach Project has been selected for the U.S. Federal FAST-41 Transparency Projects Program, marking a significant enhancement in transparency regarding environmental reviews and authorizations, thereby accelerating the project's advancement.
- Economic Viability Confirmed: The 2025 feasibility study indicates that the DeLamar project is expected to produce 1.1 million ounces of gold equivalent over a 10-year mine life, with an average annual production of 106,000 ounces and an all-in sustaining cost of $1,480 per ounce, showcasing strong economic return potential.
- Increased Internal Rate of Return: Under base case gold and silver prices, the DeLamar project achieves an after-tax net present value of $774 million and an internal rate of return of 46%, while recent price increases elevate the after-tax NPV to $1.7 billion and IRR to 89%, indicating a substantial enhancement in profitability.
- Commitment to Environmental Review: Integra is committed to advancing the project under a rigorous NEPA process, with an anticipated 15-month review period by the BLM, which not only aids in compliance but also strengthens stakeholder collaboration, ensuring the project's sustainable development.
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