en.Wedoany.com Reported - Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG) announced the results of an updated technical report feasibility study for its Florida Canyon Mine in Nevada, USA. The study shows that less than two years after acquiring the mine for $68 million, the company has increased proven and probable mineral reserves by 74% (from 861,000 ounces in 2024 to 1.19 million ounces in 2026), increased annual gold production by 17%, and extended the operating mine life to 2033. The project is expected to generate over $800 million in after-tax free cash flow from gold production over the mine life, with total payable gold production of 685,000 ounces, including two years of residual leach gold production starting in 2033.
Commercial mining at the Florida Canyon Mine began in 1986, utilizing conventional open-pit mining and heap leach processing. The mine operated continuously until 2011, experienced intermittent production, and restarted in mid-2016. The updated technical report shows an after-tax net present value (discounted at 5%) of $601 million under base case metal price assumptions ($4,344/oz in 2026, $4,414/oz in 2027, $4,169/oz in 2028, $3,824/oz in 2029, and $3,600/oz from 2030 to 2035); under a spot price scenario assuming a gold price of $4,200/oz from mid-2026 to 2035, the after-tax net present value is approximately $723 million.
The technical report outlines an 8-year active mining period, followed by approximately 2 years of residual leaching, with average annual gold production increasing from the previous 70,000 ounces to 82,000 ounces. Mine-site all-in sustaining costs (net of silver by-product) average approximately $2,331 per ounce over the mine life, with cash costs of approximately $1,940 per ounce. The company also revised its 2026 mine-site all-in sustaining cost guidance from $2,750-$2,950 to $3,300-$3,500, due to increased mining, heap leach, and processing tonnage to support production, lower gold sales volume in the first quarter of 2026, higher-than-expected gold prices leading to increased royalties and excise taxes, and higher diesel and explosives costs. The company confirmed and maintained its 2026 production guidance of 70,000 to 75,000 ounces of gold.
To achieve this growth, the company plans to invest approximately $92 million in growth capital using existing cash flow, including $55 million for the staged expansion of heap leach pad capacity within the existing operating mine plan footprint, and $37 million for fleet modernization, replacing aging loaders and 777 haul trucks with 785 haul trucks. Combined, sustaining and other capital over the mine life totals approximately $380 million. George Salamis, President, CEO, and Director of the company, stated that Florida Canyon is expected to generate approximately $800 million in after-tax free cash flow over its 8-year mine life, becoming Integra's cash flow engine, providing the financial foundation to advance the DeLamar Project in Idaho and the North Nevada Project, paving the way for the company's transformation into a multi-asset intermediate precious metals producer in the United States.
The updated mineral resource estimate shows a 128% increase in measured and indicated oxide resources and a 57% increase in inferred oxide resources, including resource estimates for the Standard Mine located south of Florida Canyon. The overall mineral resource estimate is based on data from 5,454 drill holes totaling 665,423 meters. The company has initiated a 42,500-meter exploration drilling program to test extensions of known mineralization and identify new targets.
The mining plan in the technical report shows total mine life tonnage of 211.2 million tonnes, with ore tonnage of 116.9 million tonnes at an average gold grade of 0.31 g/t and an average strip ratio of 0.81. Recoverable heap leach gold over the mine life is 656,000 ounces, plus 29,000 ounces on the leach pad as of December 31, 2025, for total gold sales of 685,000 ounces. For processing, crushed ore undergoes two-stage open-circuit crushing to 80% passing 2.5 inches, with a processing capacity of 21,000 tonnes per day. Crushed ore is agglomerated with a polymer binder and mixed with run-of-mine ore for heap leaching. The technical report was prepared by Global Resource Engineering as lead consultant, along with other engineering consultants, in accordance with NI 43-101 standards, with an effective date of June 25, 2026.
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