Integra Resources Corp · TSXV:ITR
Integra Resources — Merger or Acquisition (July 2024)
33 slides from Integra Resources's merger presentation, Jul 29, 2024
Slide 1: Creating a Leading Gold and Silver Producer Focused in the Great Basin
Creating a Leading Gold and Silver Producer Focused in the Great Basin ANNOUNCEMENT PRESENTATION – JULY 29, 2024 TSX-V: ITR I NYSE: ITRG INTEGRARESOURCES.COM
Slide 2: Confidentiality, Disclaimer and Cautionary Note
CONFIDENTIALITY, DISCLAIMER AND CAUTIONARY NOTE This presentation has been prepared by Integra Resources Corp. (“Integra” or the “Company”) solely for the million; the future financial or operating performance of the Company on a post-transaction basis, including appropriate for other purposes. Forw
Slide 3: Integra's Vision: Leading USA Gold Producer
DeLamar Project: Idaho Nevada North Project: Nevada INTEGRA’S VISION: FOCUSED ON BECOMING A LEADING USA GOLD PRODUCER THROUGH RAPID PROJECT ADVANCEMENT AND DISCIPLINED EXECUTION TO MAXIMIZE VALUE Florida Canyon Mine: Nevada 3
Slide 4: Integra to Merge with Florida Canyon Gold Inc.
Integra to Merge with Florida Canyon Gold Inc. Creation of a Great Basin Gold Producer DeLamar Complementary high-quality assets in top tier USA mining jurisdictions – all projects within ~3 hour drive Florida Canyon Florida Canyon production provides immediate cash flow and exposure to strong gold
Slide 5: Mutually Beneficial Creation of a Leading USA Gold Producer
Mutually Beneficial Creation of a Leading USA Gold Producer Benefits to Integra Shareholders • Immediate transition from developer to junior gold producer with ~70kozs AuEq of annual production from a proven operation; immediate exposure to strong gold price environment • Potential for new oxide dis
Slide 6: Industry Leading Management Team and Board
Industry Leading Management Team and Board = Producing Company Experience Executive Leadership Team George Salamis Jason Kosec Andrée St-Germain Executive Chair President & CEO Chief Financial Officer Greg Robinson Scott Olsen Raphael Dutaut Jason Banducci Mark Stockton General Manager, Vice Preside
Slide 7: Pro Forma Corporate Snapshot
Pro Forma Corporate Snapshot Share Structure1,2 Approx. Pro Forma Ownership3 Key Strategic Shareholders Pro Forma Basic Shares Outstanding 167.7M Options 1.6M Warrants 8.3M RSUs / DSUs 1.0M Fully Diluted Shares Outstanding 178.6M 40% Integra Basic Market Capitalization ~US$165M Florida Canyon Gold 6
Slide 8: Integra Strategically Positioned to Unlock Full Value of Florida Canyon
Integra Strategically Positioned to Unlock Full Value of Florida Canyon with Built-in Development Pipeline Idaho Beartrack-Arnett (Revival) Florida PRODUCTION Stibnite (Perpetua) Canyon Kilgore (Excellon) Boise City DeLamar DeLamar Twin Falls Oxide RESOURCE GROWTH Oregon Oakley Black Pine (Excellon)
Slide 9: Combined Production Potential
Combined Production Potential Complementary portfolio of heap leach projects provide a clear path to becoming a mid-tier gold producer Production Potential (AuEq LOM Average)1,2 286 206 70 Florida Canyon Florida Canyon Florida Canyon + DeLamar + DeLamar + Nevada North Expected Project Sequencing Flo
Slide 10: Florida Canyon Mine: Overview
Florida Canyon Mine: Overview Summary • Open pit and heap leach gold operation located approximately 45 miles southwest Turquoise Ridge of Winnemucca, Nevada, adjacent to Interstate Highway 80 NEVADA Hog Ranch (Barrick/Newmont) NORTH (Rex Minerals) Goldstrike • Continuous operation from 1986 through
Slide 11: Florida Canyon Mine: 2024 NI 43-101 Technical Report Summary
Florida Canyon Mine: 2024 NI 43-101 Technical Report Summary Immediate gold production of ~70kozs Au annually for +7 years with excellent potential to extend mine life through exploration US$1,525/oz 500koz / ~70koz Au2 US$128M NPV5% 1.5-year 7-year LOM LOM AISC1 Total / Avg. LOM After-Tax Payback 8
Slide 12: Florida Canyon Mine: Production & Cost Profile
Florida Canyon Mine: 2024 NI 43-101 Technical Report Summary Production & Cost Profile (Base Case) Gold Equivalent Sold Total Cash Cost (net)1 AISC (net) 1 100 $2,500 Opportunity to extend mine life through exploration 80 $2,000 75.3 74.2 70.5 68.5 68.2 68.9 Cash Costs & AISC (US$/oz) Gold Equivalen
Slide 13: Florida Canyon Mine: Operations Overview
Florida Canyon Mine: Operations Overview New mine GM in place which has led to significant improvements to operations; further optimization opportunities identified Key Person Leach Pad + Crushing & Grinding Circuit Greg Robinson • Professional mining engineer with General Manager 25+ years of indus
Slide 14: Florida Canyon Mine: Exploration Potential
Florida Canyon Mine: Exploration Potential Excellent exploration potential identified south of the mine between Florida Canyon and the Standard Mine • Favorable geology continues north of the mine, but gold mineralization has not yet been explored Florida Canyon • No drilling at Standard Mine in the
Slide 15: DeLamar Heap Leach Project: Overview
DeLamar Heap Leach Project: Overview Property includes Summary1 the historic Kinross • 100% owned, advanced gold-silver heap leach project in southwestern Idaho DeLamar mine that produced 750koz Au Lucky Friday • 2022 PFS (open-pit, heap-leach) outlined 35ktpd operation producing on average (HL) and
Slide 16: DeLamar Heap Leach Project: Robust Heap Leach Project
DeLamar Heap Leach Project: Robust Heap Leach Project After-tax economics at US$2,000/oz Au and US$23/oz Ag: ~US$470M NPV5% and ~47% IRR; upside potential from stockpiles1 954koz / 136koz US$314M NPV5% US$814/oz 8-year LOM AuEq 33% IRR 2-year Payback LOM AISC at 35,000tpd Total / Avg. LOM After-Tax
Slide 17: DeLamar Heap Leach Project: Stockpiles & Backfill
DeLamar Heap Leach Project: Stockpiles & Backfill1 • For >20 years, Kinross and other previous owners stockpiled and/or used the mineralized material for backfill that was below the mill cut-off grade • Total defined resource of 504kozs AuEq M&I and 46kozs AuEq Inferred • Average M&I grade of ~0.37
Slide 18: Nevada North Heap Leach Project: Overview
Nevada North Heap Leach Project: Overview Summary1 Wildcat Deposit: Turquoise Ridge • PEA stage low-sulphidation epithermal gold-silver deposit located in the Farrell Mining NEVADA Hog Ranch (Barrick/Newmont) District, Nevada, ~56km from the town of Lovelock; 17,612-acre land package including NORTH
Slide 19: Nevada North Heap Leach Project: Simple, High-Margin Operation
Nevada North Heap Leach Project: Simple, High-Margin Operation After-tax economics at US$2,000/oz Au and US$23/oz Ag: ~US$490M NPV5% and ~54% IRR; resource growth potential1 US$310M NPV5% US$973/oz 1Moz / ~80koz AuEq 13-year LOM 37% IRR 3-year Payback LOM AISC Total / Avg. LOM 100Mt of Ore Mined Aft
Slide 20: Wildcat Heap Leach Deposit: Near Term Oxide Growth
Wildcat Heap Leach Deposit: Near Term Oxide Growth Drilling and surface sampling significantly increased the mineralized footprint at Wildcat in 2022; follow up resource growth and exploration drilling commenced in June 2024 Commentary Wildcat Geologic Maps • Mineralized targets discovered at surfac
Slide 21: Pro Forma Benchmarking: Peer Leading Growth Profile
Pro Forma Benchmarking: Peer Leading Growth Profile Pro forma Company to produce ~70kozs Au per annum with built-in platform to support leading growth profile Basic Market Cap (US$B) Mineral Resources (Moz AuEq) $1.4 $1.3 M&I Inferred $1.2 $1.2 3.2 3.8 $0.5 3.1 13.3 1.7 $0.2 $0.2 $0.2 8.8 7.1 6.4 2.
Slide 22: Pro Forma Benchmarking: Attractive Valuation
Pro Forma Benchmarking: Attractive Valuation Significant re-rating potential as Integra transitions from developer to junior producer Consensus P/NAV (ratio) 1.32x 0.95x 0.77x 0.74x 0.66x 0.66x 0.47x 0.25x WDO JAG OLA GMIN CXB MUX MND PF ITR Source: FactSet, available equity research, company disclo
Slide 23: Proven Strategy: Outsized Shareholder Returns Through Focus
Proven Strategy: Outsized Shareholder Returns Through Focus Silver Standard – Marigold (2014) 266% Increase Current Announced Marigold Value $275 Consensus $1,005 NAV Newmarket – Crocodile (Fosterville) (2015) 357% Increase Current Announced Fosterville Value $169 Consensus $771 NAV Coeur – Wharf (2
Slide 24: Laying the Foundation to Become a Leading USA Producer
Laying the Foundation to Become a Leading USA Producer Production & Florida Canyon adds immediate gold production of ~70kozs annually for ~7 years Cash Flow providing immediate exposure to the strong gold price environment Growth Complementary portfolio of robust heap leach projects with clear path
Slide 25: Terms of the Transaction
Terms of the Transaction • Integra to acquire all of the outstanding shares of FCGI via Plan of Arrangement Transaction • Pro forma FDITM ownership of approximately Integra 60% / FCGI 40% • Share exchange ratio of 0.467 Integra share per FCGI share for total consideration of Consideration approximat
Slide 26: Appendix
Appendix
Slide 27: Florida Canyon Project: Current Resource Estimate
Florida Canyon Project: Current Resource Estimate1 Type Class Tons Au g/t Au oz Proven - - - Notes: Oxides Probable 85,352,000 0.32 861,000 Mineral Resources are reported, using the 2014 CIM Definition Total Reserve 85,352,000 0.32 861,000 Standards, with an effective date of 31 December 2023. The Q
Slide 28: DeLamar Project: Current Resource Estimate
DeLamar Project: Current Resource Estimate1 Type Class Tonnes Au g/t Au oz Ag g/t Ag oz AuEq g/t AuEq oz Measured 6,313,000 0.36 74,000 16.9 3,427,000 0.58 118,000 Indicated 42,346,000 0.35 471,000 13.4 18,291,000 0.52 706,000 Oxide M&I 48,659,000 0.35 545,000 13.9 21,718,000 0.53 825,000 Notes: Inf
Slide 29: Nevada North Project: Current Resource Estimate
Nevada North Project: Current Resource Estimate1 Wildcat Deposit Nevada North Project Total Tonnes g/t Au oz Au g/t Ag oz Ag g/t AuEq oz AuEq Tonnes g/t Au oz Au g/t Ag oz Ag g/t AuEq oz AuEq Indicated 59,872,806 0.39 746,297 3.34 6,437,869 0.43 829,152 Indicated 81,880,584 0.44 1,147,695 3.11 8,176
Slide 30: Non-IFRS Measures
Non-IFRS Measures Net cash costs” and AISC are non-IFRS measures. "Net Cash Costs" is a common financial performance measure in the gold mining industry but has no standard meaning under IFRS. The Company reports cash cost per ounce on a sales basis. We believe that, in addition to conventional meas
Slide 31: Purchaser Rights
PURCHASER RIGHTS Statutory Rights of Action offered by an offering memorandum during the period of distribution will have a statutory right The Saskatchewan legislation also provides a right of action for rescission or damages to a of action for damages against the issuer, every director and promote
Slide 32: Purchaser Rights (cont'd)
PURCHASER RIGHTS (cont’d) New Brunswick Investors A person or company, other than the issuer, will not be liable if that person or company proves amendment thereto. that (a) the offering memorandum or any amendment to the offering memorandum was sent or Under New Brunswick securities legislation, ce
Slide 33: Investor Relations
TSX-V: ITR | NYSE: ITRG INTEGRARESOURCES.COM Investor Relations: 400 Burrard Street, Suite 1050 Vancouver, BC, Canada, V6C 3A6 Email: ir@integraresources.com Phone: +1.604.416.0576 33
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