DeLamar Feasibility Study: $774M NPV, 46% IRR
Integra Resources Corp.'s DeLamar in USA, Idaho has a Feasibility Study outlining an after-tax NPV of $774M, an after-tax IRR of 46%, and initial capital of $389M. The mine plan runs 10 years at about 106 koz AuEq per year.
Integra Resources Corp.'s DeLamar has reported Feasibility Study results for the gold project in USA, Idaho. The study headlines an after-tax net present value of $774M at a 5% discount rate. It reflects Integra Resources Corp.'s (ITR.V) latest disclosed economics for the asset.
Economics. The after-tax NPV is $774M using a 5% discount rate. After-tax IRR is 46%. Initial capital expenditure is estimated at $389M. The study models a payback period of 1.8 years. All-in sustaining costs are pegged at 1480 USD/oz AuEq. Economics are based on Base case US$3,000/oz Au and US$35/oz Ag; current US$4,500/oz Au and US$65/oz Ag.
Production and mine plan. The project envisions an open-pit heap leach operation. Life of mine is 10 years. Average annual production is approximately 106 koz AuEq.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Integra Resources Corp.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven & Probable | 120.0 Mt | 0.33 g/t Au, 13.56 g/t Ag | 1,259 koz Au, 52.3 Moz Ag |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | 245.8 Mt | 0.37 g/t Au, 18.20 g/t Ag | 2,945 koz Au, 144.2 Moz Ag |
| Inferred | 39.6 Mt | 0.31 g/t Au, 11.70 g/t Ag | 398 koz Au, 14.9 Moz Ag |
Our Analysis
- IRR after-tax
- 46%
higher than 67% of 123 projects we track
- NPV after-tax
- $774M
higher than 57% of 197 projects we track
- Initial capex
- $389M
50% of NPV
costlier than 68% of 185 projects we track
- Payback
- 1.8yrs
slower than 39% of 108 projects we track
- Mine life
- 10yrs
- Discount rate
- 5%
- Study price assumption
- Base case US$3,000/oz Au and US$35/oz Ag; current US$4,500/oz Au and US$65/oz Ag
- Spot gold today
- $4,136.00/oz
Funding a build that costs about 0.9x the company's entire market cap is the central problem here. Initial capex of $389M against a US$447M small-cap means the company cannot self-fund, and it cannot raise the money on the equity market without heavy dilution. The realistic cheques come from a few places: a project finance syndicate, a streaming or royalty partner, a strategic investor or larger producer taking a stake at project or corporate level, or some blend of these. Each has a price. Debt will be sized to the project, not the parent, and lenders will want completion support. Streams and royalties give away upside on a 10-year mine. A strategic partner may be the cleanest answer but will want a discount to NPV. Existing holders should expect to hand over some combination of equity, optionality and future cash flow.
The economics give them room to negotiate. A 46% after-tax IRR ranks above 67% of the 123 gold projects we track and sits far above the roughly 15% after-tax return developers typically need to attract project finance. Payback of 1.8 years is fast, and after-tax NPV of $774M is about 1.7x market cap. Capex at 50% of NPV is lower than 32% of the 185 gold projects we track, so the project is only moderately capital-intensive in its own right. The funding problem comes from the company's size, not from an expensive asset. Because this is a feasibility study, with the usual plus or minus 15% band, these numbers carry real weight. The NPV gap cuts both ways: it may be unrecognised value, or the market may be discounting financing risk, dilution and the execution burden on a company that is building something close to its own size. Idaho is a credible, mining-experienced US jurisdiction, which helps lenders, though permitting and construction timelines still matter.
Price is a further cushion. The study uses a base case of US$3,000/oz gold, while live spot is $4,136.00/oz, so current prices sit well above the assumption and returns at spot would be higher. That also helps the financing conversation, since lenders can size debt on conservative prices while equity investors keep the upside. The company has five projects in its portfolio, which gives it some balance-sheet resilience, but this one dominates the near-term story. The deciding question is what the company has to give up to fund the build, and whether holders keep enough of that NPV afterward.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.
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