Integra Resources (ITR) Study Result summary

Feasibility study highlights

• After-tax NPV5% of $774M and IRR of 46% at $3,000/oz gold and $35/oz silver; NPV increases to $1.7B and IRR to 90% at spot prices, with a 1.8-year payback period at base case prices.

• 10-year mine life with total production of 1.1 Moz AuEq, averaging 106,000–119,000 AuEq oz/year, with 119,000 AuEq oz/year in the first five years.

• Project simplified to a heap leach-only operation, reducing risk, capital intensity, and surface disturbance by ~25%.

• Life-of-mine cash cost is $1,179/oz AuEq and AISC is $1,480/oz AuEq.

• Project de-risked by eliminating mill sulfides, adopting two-heap leach configuration, and improving water management.

Project design, development, and operations

• Located in southwestern Idaho, covering 8,673 hectares, including historic DeLamar and Florida Mountain deposits, with proximity to infrastructure.

• Mining begins at Florida Mountain for early cash flow, then transitions to DeLamar; both deposits have dedicated heap leach pads.

• Conventional open-pit mining with truck-and-shovel methods, moving 185 Mt total material, 120 Mt ore, at a strip ratio of 0.54:1.

• Processing uses two-stage crushing, heap leach, Merrill-Crowe for Florida Mountain, and selective agglomeration for DeLamar; recoveries average 72% gold and 33% silver.

• Life-of-mine production: 910,000 oz gold, 17.4M oz silver, or 1.1M oz gold equivalent (80% gold, 20% silver value split).

Mineral resources and reserves

• Proven and probable reserves: 119.97 Mt at 0.33 g/t Au and 13.56 g/t Ag, containing 1.26 Moz gold and 52.3 Moz silver.

• Measured and indicated resources: 245.77 Mt at 0.37 g/t Au and 18.2 g/t Ag, containing 2.95 Moz gold and 144.2 Moz silver.

• Resource model based on 3,348 drillholes and ~383,000 meters of drilling.

• Reserves and resources focused on heap leach-amenable oxide and mixed material; sulfide resources excluded from current plan for future upside.

• Mineral reserves based on $2,000/oz gold and $25/oz silver, using updated pit designs and cost assumptions.