Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG) is pleased to announce financial and operating results for the fourth quarter and year ended December 31, 2024.

(All amounts expressed in U.S. dollars unless otherwise stated)

Fourth Quarter and Full Year 2024 Highlights:

• On November 8, 2024, the Company completed the acquisition of Florida Canyon Gold Inc. the owner of the Florida Canyon Mine a producing, open pit, heap leach mining operation located in Imlay, Nevada. This transaction represented a significant milestone for the Company, transitioning Integra from development stage to gold producer.
• Gold production from November 8 to December 31, 2024 was 10,984 ounces and gold sold was 11,382 ounces.
• Full year 2024 gold production was a record 72,229 ounces, exceeding previously stated guidance on several key operating and production metrics (refer to Argonaut Gold Inc. news release dated February 26, 2024 available on Argonaut Gold Inc.’s SEDAR+ profile at www.sedarplus.ca).²
• Cash costs and all-in sustaining costs (“AISC”)¹ from November 8 to December 31, 2024 were $1,884 and $2,103 per ounce of gold sold, respectively.
• Net income for the fourth quarter was $9.5 million or $0.07 per share.
• Adjusted earnings¹ for the fourth quarter were $2.3 million or $0.02 per share.
• Exploration and project expenditure at the DeLamar Project, Nevada North Project, and other exploration properties was $2.7 million during the fourth quarter and $14.2 million for the fiscal year 2024.
• Strong financial position as at December 31, 2024, with a cash balance of $52.2 million and working capital¹ of $64.4 million.

George Salamis, President, CEO and Director of Integra commented: “2024 marked a transformational year for Integra as the Company officially transitioned from developer to gold producer status with the acquisition of Florida Canyon. We are pleased to report inaugural earnings results as a producing company and demonstrating the capabilities of Florida Canyon to generate cash flow to support the advancement of our key development projects, DeLamar and Nevada North. Integra’s focus in 2025 will be on demonstrating profitability and optimizing operations at Florida Canyon, publishing a feasibility study and significant permit advancement at DeLamar, and continued de-risking at Nevada North.”

Financial and Operating Highlights

Unit abbreviations in tables: ounce = oz, $/oz = U.S. dollars per ounce sold, $m = millions of U.S. dollars, $000s = thousands of U.S. dollars, $/oz sold = U.S. dollars per gold ounce sold, $/sh = U.S. dollars per share.

Fourth Quarter & Full Year 2024 Financial and Operating Summary

Total crushed and run-of-mine material to the pad from November 8 to December 31, 2024 was 1.6 million tonnes with a strip ratio of 0.45. The average grade of ore processed during the period was 0.25 grams per tonne gold. Mined and placed material for the fourth quarter exceeded expectations as a result of excellent crusher performance and delivery of more ROM material to the leach pad than planned. Strong production performance in 2024 at Florida Canyon was also supported by the construction and commissioning of the new Phase III-A of the South Heap Leach Pad and enhancements to solution processing systems.

Gold produced from November 8 to December 31, 2024 was 10,984 ounces. Production during the fourth quarter was particularly strong as a result of the newly constructed, carbon-in-column (“CIC”) circuit which came online during the quarter. Gold sold from November 8 to December 31, 2024 was 11,382 ounces at an average realized gold price of $2,643 per ounce, for total revenue of $30.4 million. Cash costs and AISC during the period totaled $1,884 and $2,103 per ounce of gold sold, respectively.  For the fiscal year 2024, total sustaining capital at Florida Canyon was $41.3 million, with approximately $30 million towards the heap leach pad expansion and CIC, and approximately $8 million in deferred stripping.

Several optimization studies are underway at Florida Canyon, some of which are expected to be completed in the first half of 2025, while others will continue throughout 2025 and beyond. One of the optimization studies is the review of the mobile equipment fleet, which will require planned component replacement in 2025 and 2026. Other optimization studies are evaluating several components of the mining operation including metallurgy, mine sequencing, and pit slope/geotechnical studies which are aimed at reducing future strip ratio. Lastly, an expanded exploration program at Florida Canyon is expected to be initiated in Q2 2025, which will be focused on drilling extensions to existing mine deposits, with the goal of adding oxide material to the mine plan and potentially extending mine life.

2025 sustaining capital expenditures will include the expansion of the South Heap Leach Pad Phase III-B, which is expected to amount to ~$12 million.

Development Projects – 2024 Expenditures & Highlights

Exploration and project expenditures at DeLamar, Nevada North, and other exploration properties was $14.2 million for the fiscal year 2024. It included $1.0 million in exploration drilling at the Wildcat Deposit (Nevada North) and $8.2 million in engineering and permitting work at DeLamar.

The DeLamar Project 

Engineering

The feasibility study at DeLamar continued to make progress in the fourth quarter of 2024, with final metallurgical and engineering test work completed. Key achievements include:

• Optimization of the heap leach pad footprint, reducing expected capital expenditures and improving infrastructure efficiency.
• Finalization of the gold and silver recovery model, confirming that tertiary crushing is unnecessary based on test work conducted at Forte Laboratory in Denver. Materials from the DeLamar pit with clays requiring agglomeration will be screened at 1″ with oversize conveyed to the pad and undersize conveyed to the agglomeration circuit. Materials from Florida Mountain will likely not require agglomeration due to low clay content.
• Advancements in mine sequencing and economic modeling in collaboration with Whittle Consulting.
• The elimination of the need for tertiary crushing opened the opportunity to revert to line power supplied by Idaho Power. The demand below 6MW will require only a transformer upgrade at the DeLamar site substation and a refurbishment of 8 miles of transmission line in the urban Caldwell area. Idaho Power is preparing a Construction Study to establish upgrade costs attributable to Integra.
• No gold/silver refinery is expected to be required at DeLamar. Precipitate from the Merrill Crowe process will be securely shipped to Florida Canyon for final refining. This is expected to positively affect the air quality permitting and reduce capital expenditures and operating expenses.

Permitting

Throughout 2024, significant progress was made on the DeLamar Mine Plan of Operations including key regulatory milestones, environmental surveys, and coordination with federal and state agencies. The Company focused on refining its operational and permitting strategy, addressing agency concerns, and advancing critical environmental and engineering studies. Key activities include:

• The preliminary MPO was submitted to the U.S Bureau of Land Management (“BLM”) in late 2023. In June 2024, the BLM confirmed that the MPO has met the content requirement of the United States Code of Federal Regulations Title 43 Subpart 3809.
• A strategy was developed to incorporate feasibility study design changes into the MPO, with considerations including a direct revision to the MPO, evaluation as alternatives in the Environmental Impact Statement (“EIS”), or a combination of both.
• The Company engaged in ongoing discussions with the BLM, and the BLM continued to review and accept environmental baseline reports for the project, with ongoing responses to agency comments and questions.
• Coordination efforts between agencies, including the Idaho Department of Lands and the Idaho Department of Environmental Quality, were initiated to develop a project-specific Memorandum of Understanding (“MOU”).
• Federal regulatory agencies in Washington, DC, were visited in 2024 with the goal of establishing contacts and relationships to support future permitting.

The Nevada North Project 

Drilling

A 10-hole, 1,940-meter drill program was successfully completed at the Wildcat Deposit in Nevada in Q2 and Q3 2024. The objectives were to refine geological, geotechnical, and metallurgical data while testing high-priority exploration targets at the same time. Core samples were sent to both geotechnical and metallurgical laboratories for further analysis. These results will strategically inform the next phase of studies, further refining project development and supporting future mine permitting efforts.

Integra issued an exploration news release dated December 12, 2024 with the following key findings:

• Infill drilling within the 2023 Preliminary Economic Assessment (“PEA”) pit shell confirmed excellent oxide gold continuity, with intercepts including:
  • WCCD-0017: 0.52 g/t Au over 62.5m
  • WCCD-0018: 0.38 g/t Au over 64.6m
  • WCCD-0019: 0.27 g/t Au over 147.5m
  • Piezometer installations in key drill holes confirmed that the pit is expected to remain dry, which has the potential to simplify permitting and future operations.
• The exploration drilling performed well outside of the PEA pit shell and under cover rock which blinded the mineralized target, confirmed intense alteration and brecciation, reinforcing the potential for a high-grade breccia feeder system to occur. Hole WCCD-0016 intercepted 213.8m of 0.25 g/t non-oxide Au, with strong hydrothermal brecciation and quartz veining, while WCCD-0015 intersected sediments beneath post-mineralization basalts, suggesting proximity to a targeted diatreme and intersected 12.2m of 0.22 g/t non-oxide Au. For detailed drill results and sampling and QA/QC procedures, please see the Company’s news release dated December 12, 2024 available under the Company’s SEDAR+ profile at www.sedarplus.ca and the Company’s EDGAR profile at www.sec.gov.

Permitting

The Environmental Assessment for the Wildcat Exploration Plan of Operations was completed in 2024. The subsequent Finding of No Significant Impact and the Decision Record is still pending but are anticipated to be received in mid 2025. The first tranche of Sage Grouse Conservation Credits were acquired for the Wildcat Exploration Project in December 2024, achieving compliance with the Nevada Sagebrush Ecosystem Program.

Financial Statements

Integra’s audited consolidated financial statements and management’s discussion and analysis as at and for the year ended December 31, 2024, are available on the Company’s website at www.integraresources.com, and under the Company’s profiles on SEDAR+ and EDGAR. Hard copies of the financial statements are available free of charge upon written request to info@integraresources.com.

Recent Executive Appointments

Integra recently appointed several new executives to better position the Company to execute the operational and growth focused strategy. On March 25, 2025, the Company announced the appointment of Clifford Lafleur to the position of Chief Operating Officer. Clifford has more than 25 years of experience across mine development, operations, and optimization. Most recently, Mr. Lafleur played a key role in the growth and success at SilverCrest Metals Inc. ultimately leading to the company’s $1.7 billion sale to Coeur Mining in 2025. On February 20, 2025, Dale Kerner was appointed to the position of Vice President of Permitting. Dale brings more than 25 years of experience in environmental permitting and regulatory compliance, with a deep understanding of the permitting landscape in the U.S. 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.

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.