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    Integra’s 74% reserve lift at Florida Canyon: project economics for mine planners

    June 27, 2026|

    Reviewed by Tom Sullivan

    Integra’s 74% reserve lift at Florida Canyon: project economics for mine planners

    First reported on MINING.com

    30 Second Briefing

    Integra Resources’ updated feasibility study for the Florida Canyon heap leach mine in Nevada lifts proven and probable reserves 74% to 1.1 million oz at 0.31 g/t, raises planned output to 82,000 oz gold per year over eight years, and boosts the 5% NPV to US$601 million using a US$4,200/oz price. All-in sustaining costs climb 43% to US$2,331/oz with recovery steady at 62%, but post-tax free cash flow is projected at US$800 million, averaging US$90 million annually. Integra is drilling 42,500 metres around the existing operation to grow resources and fund its DeLamar gold-silver project in Idaho.

    Technical Brief

    • Updated plan extends Florida Canyon to eight years active mining plus ~two years residual heap leach.
    • New mine schedule increases daily ore placement versus 2024 Argonaut technical report, according to Canaccord.
    • Higher sustaining capital is explicitly cited as a key driver of increased unit costs and AISC.
    • Analyst commentary flags weaker-than-expected metallurgical recovery as the main offset to otherwise improved metrics.
    • Post-tax free cash flow of US$800 million is projected to help fund DeLamar and Nevada North.
    • DeLamar environmental permitting is targeted for next year, tying Florida Canyon cash flow to near-term capex needs.
    • Integra is drilling 42,500 m around the existing pits to grow near-mine resources and extend mine life.
    • Florida Canyon was acquired in 2024 via a C$95 million transaction from Argonaut Gold, now being optimised under Integra.

    Our Take

    With Florida Canyon in Nevada and DeLamar in southwest Idaho both advancing, Integra Resources is emerging in our database as one of the few mid-tier developers with two heap-leach gold or gold-silver assets in the western USA, which can give lenders and offtakers more comfort around portfolio optionality and scheduling flexibility.

    Recent coverage of Integra’s DeLamar project, including the appointment of Ausenco and SLR and the 10-year heap-leach plan, suggests the company is standardising on heap-leach flowsheets across both Idaho and Nevada, which can simplify technical execution but also concentrates permitting and ESG risk around cyanide-leach operations in the US West.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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