DeLamar Project - Base Case Feasibility Study: $774M NPV, 46% IRR
Integra Resources Corp.'s DeLamar Project - Base Case in Idaho, USA 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 Project - Base Case has reported Feasibility Study results for the gold-silver project in Idaho, USA. 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.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 10 years. Average annual production is approximately 106 koz AuEq.
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.
Our Analysis
- IRR after-tax
- 46%
higher than 75% of 328 projects we track
- NPV after-tax
- $774M
higher than 61% of 426 projects we track
- Initial capex
- $389M
50% of NPV
costlier than 60% of 417 projects we track
- Payback
- 1.8yrs
slower than 23% of 263 projects we track
- Mine life
- 10yrs
- Discount rate
- 5%
- Study price assumption
- Base case: US$3,000/oz Au and US$35/oz Ag
- Spot gold today
- $4,455.30/oz
The 46% after-tax IRR places this asset in the top quartile of the 328 projects we track, and the 1.8-year payback is faster than 77% of its peer set. Those are strong rankings, but they are not outliers; the more instructive figure is the build cost relative to what the company is worth. At US$389M, the initial capex is roughly 0.7x the company's entire US$561M market cap. That is the constraint that matters most here: a feasibility-stage project of this size cannot be financed quietly, and the funding path will define whether the returns are captured or diluted away.
The two-sided read on valuation is straightforward. The after-tax NPV of US$774M sits at about 1.4x the market cap, which can mean the market has not priced the asset, or that it is skeptical about the financing, permitting, or execution risk embedded in a build of this scale relative to equity. The feasibility-level study, with its typical plus or minus 15% band, gives these numbers real weight, and the Idaho jurisdiction is a quality signal. But the study's base case of US$3,000/oz Au sits well below the current spot of US$4,455.30/oz, so the headline returns are not relying on heroic price assumptions; they are, if anything, conservative on the metal price.
The 5% discount rate is at the low end of reporting convention and flatters the NPV, but that is a disclosure artifact, not an investment hurdle. The real question is whether the company can fund a US$389M build with a US$561M market cap across one of three tracked projects without excessive dilution. That financing decision, not the grade or the jurisdiction, is what decides whether this project works for investors.
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.