Integra Files Maiden Preliminary Economic Assessment Technical Report for Wildcat & Mountain View Projects

VANCOUVER, British Columbia, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Integra Resources Corp. (“Integra” or the “Company”) (TSXV: ITR; NYSE American: ITRG) is pleased to announce the filing of an independent Preliminary Economic Assessment (“PEA”) technical report for the Wildcat Project (“Wildcat”) and Mountain View Project (“Mountain View”) (together, “Wildcat & Mountain View”) located in western Nevada.

The PEA demonstrates the potential for a low-cost, high-margin, heap leach gold-silver operation with a phased development and production strategy and robust economics. The average annual production of Wildcat & Mountain View and the DeLamar Project on a combined basis is expected to exceed 200kozs of gold equivalent (“AuEq”), demonstrating one of the largest heap leach production profiles among precious metal developers in the Great Basin.

Wildcat & Mountain View PEA Highlights:

• After-tax NPV(5%) of US$309.6 million (“M”) (C$408.6M¹) and 36.9% after-tax IRR using base case metal prices of US$1,700/oz gold (“Au”) and US$21.50/oz silver (“Ag”)
• After-tax NPV(5%) of US$442.1M (C$583.6M¹) and 49.7% after-tax IRR using spot metal prices on June 27, 2023 (announcement date) of US$1,920/oz Au and US$22.00/oz Ag
• Wildcat & Mountain View generate combined annual production of ~94koz AuEq from year 1-5 with average annual production of 80koz AuEq over the 13 year Life-of-Mine (“LOM”)
• LOM payable metals from Wildcat & Mountain View of 1,043koz AuEq
• LOM site level cash costs of US$882/oz AuEq on a co-product basis; LOM site level all-in sustaining cash costs (“AISC”) of US$973/oz AuEq on a co-product basis
• Year -1 initial capex of US$115M to begin operations at Wildcat
• Average Au Recovery of 71.4% at Wildcat and 77.1% at Mountain View
• Low combined LOM strip ratio of 1.21 (Wildcat standalone strip ratio of 0.28)
• LOM total net free cash flow generated of US$485M with average net annual free cash flow of US$46M from year 1-13
  • Updated mineral resource estimate at Wildcat & Mountain View demonstrates growth of +23% and +49% respectively compared to the previous mineral resource estimates dated November 2020:
    • 2021-2022 drilling at Wildcat & Mountain View allowed the Company to convert the majority of the previous resource estimate from the Inferred (“Inf.”) category to the Indicated (“M&I”) category
      • Wildcat Project: 746koz Au and 6,438koz Ag (829koz AuEq) in M&I (59,872,806 tonnes at 0.39 g/t Au and 3.34 g/t Ag) and 210koz Au and 1,980koz Ag (235koz AuEq) in Inf. (22,455,848 tonnes at 0.29 g/t Au and 2.74 g/t Ag)
      • Mountain View Project: 578koz Au and 3,402koz Ag (622koz AuEq) in M&I (28,750,517 tonnes at 0.63 g/t Au and 3.68 g/t Ag) and 60koz Au and 244koz Ag (63koz AuEq) in Inf. (4,155,502 tonnes at 0.45 g/t Au and 1.83 g/t Ag)
• The PEA results complement the 2022 Pre-feasibility Study for the DeLamar Project in southwestern Idaho, which demonstrated a base case after-tax NPV(5%) of US$314M and a 33% after-tax IRR²

(1) CAD:USD FX rate of 1.32