DeLamar Project Feasibility Study: $1.90B NPV, 97% IRR
Integra Resources Corp.'s DeLamar Project in Idaho, USA has a Feasibility Study outlining an after-tax NPV of $1.90B, an after-tax IRR of 97%, and initial capital of $389M. The mine plan runs 10 years at about 106 koz AuEq per year.
Integra Resources Corp.'s DeLamar Project has reported Feasibility Study results for the gold-silver project in Idaho, USA. The study headlines an after-tax net present value of $1.90B 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 $1.90B using a 5% discount rate. After-tax IRR is 97%. Initial capital expenditure is estimated at $389M. The study models a payback period of 1 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 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 |
|---|---|---|---|
| P&P | 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 |
|---|---|---|---|
| M&I | 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
- 97%
higher than 93% of 328 projects we track
- NPV after-tax
- $1.90B
higher than 84% of 426 projects we track
- Initial capex
- $389M
20% of NPV
costlier than 60% of 417 projects we track
- Payback
- 1yrs
slower than 10% 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; Current: US$4,500/oz Au and US$65/oz Ag
- Spot gold today
- $4,455.30/oz
The valuation disconnect here is stark: an after-tax NPV of $1.90B sits at roughly 3.4x the company’s entire US$561M market cap. That gap can be read two ways, and both deserve weight. Either the market has not priced in the feasibility-stage asset, or it is skeptical that a build costing $389M, about 0.7x the company’s equity value, can be financed and permitted without severe dilution. The truth likely lies somewhere between, and the 1-year payback does little to resolve it: fast capital return is attractive, but it does not reduce the immediate funding hurdle.
On the merits, the study is strong. A 97% after-tax IRR ranks above 93% of the 328 tracked projects, and the $1.90B NPV clears 84% of the 426-project peer set. The capital intensity is genuinely low, with initial capex at 20% of NPV, below the 40% threshold seen across the 417 tracked projects. This is a feasibility study, not a scoping-level PEA, so the numbers carry the most weight, and the Idaho jurisdiction is a quality signal that lowers permitting risk relative to many peers. The base-case price assumptions of US$3,000/oz Au and US$35/oz Ag sit far below today’s spot of $4,455.30/oz, which implies meaningful upside if those levels persist, though it also means the study is not relying on peak prices to work.
The 5% discount rate is at the low end of convention and flatters the headline NPV, but that is a reporting artifact, not an investment hurdle. The real question is whether a small-cap with a US$561M market cap can fund a $389M build, even with a fast payback and a top-decile IRR. If financing closes, the valuation gap closes with it; if not, the market’s caution is justified. That is the single decision that determines whether this project works.
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.