TSXV: ITR; NYSE American: ITRG
www.integraresources.com
VANCOUVER, BC, Feb. 20,
2025 /PRNewswire/ - Integra Resources Corp.
("Integra" or the "Company") (TSXV: ITR) (NYSE American: ITRG)
is pleased to announce that Dale
Kerner has been appointed to the newly created position of
Vice President of Permitting and is expected to formally join the
Company in early March 2025.
Integra is also pleased to provide a corporate update including
commentary on the 2025 gold price protection program, the Chief
Operating Officer ("COO") hiring process, 2025 operating and cost
guidance, and the timing of 2024 fourth quarter and full-year
financial and operating results.
Dale Kerner Appointed as Vice President of Permitting
Integra is pleased to welcome Dale
Kerner as Vice President of Permitting. Mr. Kerner is
based in Boise, Idaho, and brings
over 25 years of experience in environmental permitting and
regulatory compliance, with a deep understanding of the permitting
landscape in the United States
("U.S."). His expertise will be instrumental as Integra accelerates
the permitting process for the DeLamar Project ("DeLamar").
Mr. Kerner joins Integra from Perpetua Resources Corp., where he
was instrumental in successfully permitting the Stibnite Gold
Project in Idaho – one of the more
complex permitting processes in the U.S., which recently received a
final Record of Decision from the U.S. Forest Service. Throughout his career, Mr.
Kerner has held leadership roles with prominent environmental and
engineering firms, including Haley & Aldrich and Brown and
Caldwell, where he spearheaded
permitting efforts for various mining operations across the Western
U.S.
In the newly created role of Vice President of Permitting, Mr.
Kerner will be responsible for leading all aspects of permitting
related to the Company's development stage projects, including
DeLamar and the Nevada North Project ("Nevada North"). This
includes working closely with the U.S. Bureau of Land Management
("BLM") in overseeing the Mine Plan of Operations ("MPO"), federal
permitting efforts for the National Environmental Policy Act
("NEPA"), as well as the numerous ancillary permits required
through various federal, state, and county agencies.
Mr. Kerner commented: "The DeLamar Project is currently
at a critical permitting juncture, and I am excited to join the
team to contribute to Integra's success. I am eager to apply my
recent experience to help navigate the regulatory process and
advance this high-quality asset toward rapid permitting,
development, and production. The current regulatory environment in
the U.S. has never been better, with both federal and state
governments showing signs of increased efficiency. Now is the time
to aggressively drive permitting efforts forward at DeLamar."
George Salamis, President, CEO and Director of Integra
commented: "The addition of Dale to our leadership team marks a
significant milestone for Integra and demonstrates the quality of
Integra's existing team and assets. This key hire is consistent
with our major strategic goal of advancing and de-risking DeLamar,
at a crucial time when we are seeing accelerated regulatory
permitting and development initiatives in the U.S. at the federal
and state levels. Dale's extensive experience and successful track
record in new mine permitting will help us advance and de-risk
DeLamar and Nevada North toward
large-scale oxide heap-leach development and production. Dale's
appointment aligns with our commitment to our shareholders to
strengthen our executive team in 2025 as a producing company. We
look forward to continuing to bolster the executive leadership team
with the expected appointment of a COO in Q1 2025."
2025 Gold Price Protection Program Update
Integra is pleased to provide an update regarding the gold price
protection program for 2025 production from the Florida Canyon Mine
("Florida Canyon"). The program is designed to secure margins at
Florida Canyon, reduce gold price risk, and to enhance financial
flexibility and strength for the Company to support the advancement
of its key development assets, DeLamar and
Nevada North.
Since the program was announced (refer to Integra's news release
from January 22, 2025), Integra
purchased additional put options with a strike price of
US$2,400/ounce, bringing the total
number of hedged ounces from February to December 2025 to 53,350 (4,850 ounces per month).
The total number of hedged ounces from January to December 2025 is 56,500. The put options are
settled in cash.
As the hedging program consists solely of put options, Integra
retains the financial flexibility to later offset the initial cash
outlay by converting the put options into a zero-cost collar or
through the early monetization of the options, based on its
assessment of market conditions and capital allocation
priorities.
Production that is hedged by put options represents
approximately 80% of the contemplated 2025 gold ounces sold at
Florida Canyon as set out in the 2024 NI 43-101 technical report
titled: "NI 43-101 Technical Report, Florida Canyon Gold Mine,
Pershing County, Nevada, USA",
dated July 11, 2024 with an effective
date of June 28, 2024 available under
Integra's SEDAR+ profile at www.sedarplus.ca.
Chief Operating Officer Appointment & 2025 Guidance
Update
As part of an ongoing initiative to strengthen Integra's
operating and development team, the Company initiated hiring
efforts for a COO in early 2025. Integra is pleased to share that
it has received strong interest in the role from numerous seasoned
mining executives. Integra's leadership team recently conducted
interviews with a shortlist of highly qualified candidates and
remains committed and on-track to appoint the new COO in Q1
2025.
The COO will oversee mining operations in an executive capacity
at Florida Canyon and will play a crucial role in determining
operating and cost guidance for the mine in 2025 and beyond. The
COO will also take the lead on the ongoing and future mining and
production optimization studies at Florida Canyon. Several
optimization studies are underway at Florida Canyon and are
expected to be completed in H1 2025. Input from the new COO on
these important studies and how they will impact future production,
operating costs, and capital allocation is crucial. The COO will
also assume executive level oversight of the ongoing Feasibility
Study for DeLamar, which is expected to be delivered in H1
2025.
The Company intends to provide formal 2025 operating and cost
guidance following the appointment and input from the new COO.
Integra will provide additional commentary on operations at Florida
Canyon and its key development projects as part of the 2024 fourth
quarter and full-year operating and financial results.
Notice of 2024 Fourth Quarter & Full-Year Results
Integra intends to release its fourth quarter and full-year 2024
operating and financial results after market close on March 26, 2025. Integra will host a conference
call and webcast on March 27, 2025,
at 11:00 AM, Eastern Time /
8:00 AM Pacific Time, to discuss the
results. Details for the conference call and webcast are included
below.
Dial-In Numbers / Webcast:
Conference ID: 2435675
Toll Free: (800) 715-9871
Toll: +1 (646) 307-1963
Webcast: https://events.q4inc.com/attendee/575602365
About Integra Resources
Integra is a growing precious metals producer in the Great Basin
of the Western United States.
Integra is focused on demonstrating profitability and operational
excellence at its principal operating asset, the Florida Canyon
Mine, located in Nevada. In
addition, Integra is committed to 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. Integra creates sustainable value for shareholders,
stakeholders, and local communities through successful mining
operations, efficient project development, disciplined capital
allocation, and strategic M&A, while upholding the highest
industry standards for environmental, social, and governance
practices.
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO and Director
Forward Looking and Other Cautionary Statements
Certain information set forth in this news release contains
"forward‐looking statements" and "forward‐looking information"
within the meaning of applicable Canadian securities legislation
and applicable United States
securities laws (referred to herein as forward‐looking statements).
Except for statements of historical fact, certain information
contained herein constitutes forward‐looking statements which
includes, but is not limited to, statements with respect to: 2025
guidance; the price protection program and hedging strategies; 2025
production; the hiring of a COO; the future financial or operating
performance of the Company and the Company's mineral properties and
project portfolio; the results from work performed to date; the
estimation of mineral resources and reserves; the realization of
mineral resource and reserve estimates; the development,
operational and economic results of technical reports on mineral
properties referenced herein; magnitude or quality of mineral
deposits; the anticipated advancement of the Company' mineral
properties and project portfolios; exploration expenditures, costs
and timing of the development of new deposits; underground
exploration potential; costs and timing of future exploration; the
completion and timing of future development studies; estimates of
metallurgical recovery rates; exploration prospects of mineral
properties; requirements for additional capital; the future price
of metals; government regulation of mining operations;
environmental risks; the timing and possible outcome of pending
regulatory matters; the realization of the expected economics of
mineral properties; future growth potential of mineral properties;
and future development plans.
Forward-looking statements are often identified by the use of
words such as "may", "will", "could", "would", "anticipate",
"believe", "expect", "intend", "potential", "estimate", "budget",
"scheduled", "plans", "planned", "forecasts", "goals" and similar
expressions. Forward-looking statements are based on a number of
factors and assumptions and necessarily involve known and unknown
risks and uncertainties, which may cause actual performance and
financial results in future periods to differ materially from any
projections of future performance or result expressed or implied by
such forward‐looking statements. Readers are advised to study and
consider risk factors disclosed in Integra's annual report on Form
20-F dated March 28, 2024 for the
fiscal year ended December 31, 2023
and Florida Canyon Gold Inc.'s listing application on TSX Venture
Exchange Form 2B, each of which are available on the respective
SEDAR+ issuer profiles for the Company and Florida Canyon Gold Inc.
available at www.sedarplus.ca.
There can be no assurance that forward‐looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The
Company undertakes no obligation to update forward‐looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
forward-looking statements contained herein are presented for the
purposes of assisting investors in understanding the Company's
plans, objectives and goals, and may not be appropriate for other
purposes. Forward-looking statements are not guarantees of future
performance and the reader is cautioned not to place undue reliance
on forward‐looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
View original content to download
multimedia:https://www.prnewswire.com/news-releases/integra-strengthens-executive-team-with-the-appointment-of-dale-kerner-as-vice-president-of-permitting-underscoring-commitment-to-rapid-project-advancement-302380886.html
SOURCE Integra Resources Corp.