Interview with George Salamis, President & CEO of Integra Resources Corp.

Our previous interview: https://www.cruxinvestor.com/posts/integra-resources-tsxvitr-growing-gold-producer-with-63m-treasury-8093

Recording date: 5th January 2026

Integra Resources has successfully completed its transformation from developer to established gold producer, delivering a 400% increase in adjusted cash flow year-over-year during 2025 while consistently meeting production guidance across four consecutive quarters at its Florida Canyon operation in Nevada's Great Basin.

CEO George Salamis outlined how 2025 focused on stabilizing the asset after years of underinvestment by previous owners, addressing deferred maintenance through fleet equipment replacement, water infrastructure development, and catch-up capitalized stripping work. "We made that transition in late 2025, transitioning from sort of pure developer to cash flow and producer. And I think we proved that throughout the course of the year," Salamis explained.

The company's mid-2026 feasibility study for Florida Canyon will demonstrate significant expansion potential, incorporating exploration success, mine life extension, and approximately 50 million tons of previously uneconomic low-grade stockpile material now viable at current gold prices. This material's proximity to heap leach pads eliminates costly multi-kilometer haulage distances, creating meaningful operational efficiencies.

DeLamar, Integra's flagship development project, advanced substantially with delivery of a robust feasibility study showing $775 million base case NPV ($1.8 billion at spot prices) and 46% after-tax IRR. The simplified two-phase heap leach design reduces upfront capital requirements and development risk compared to the previous single-pad configuration. The project enters federal NEPA permitting in 2026, with management expecting significantly shorter timelines than historical 2-3 year durations due to the current administration's focus on accelerating domestic mining approvals.

Nevada North, located just 26 miles from Florida Canyon, will advance from preliminary economic assessment to pre-feasibility study during 2026, offering additional growth optionality with infrastructure synergies.

Integra's self-funding capability from Florida Canyon operations eliminates dilution concerns while enabling simultaneous advancement of its three-asset portfolio, positioning the company as a multi-asset gold producer in one of North America's premier mining jurisdictions.

View Integra Resources' company profile: https://www.cruxinvestor.com/companies/integra-resources

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