DeLamar Project Feasibility Study: $774M NPV, 46% IRR
Integra Resources Corp.'s DeLamar Project in USA, Owyhee County, 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 Project has reported Feasibility Study results for the gold project in USA, Owyhee County, 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 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 63% of 108 projects we track
- NPV after-tax
- $774M
higher than 68% of 144 projects we track
- Initial capex
- $389M
50% of NPV
costlier than 68% of 142 projects we track
- Payback
- 1.8yrs
slower than 39% of 88 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
- $4,371.20/oz
On a straight rank against the 108 gold projects we track, this study lands in the upper half: a 46% after-tax IRR beats 63% of peers, and the 1.8-year payback is faster than 61% of the 88 projects with that metric. Nothing here is an outlier, but the combination is genuinely useful. The IRR clears the roughly 15% hurdle developers need to attract project finance by a wide margin, and the payback speed is the more telling number: capital comes back quickly enough that the financing window, not the operating risk, is what an investor should worry about first.
That worry is real. Initial capex of $389M is about 0.7x the company's entire US$545M market cap, a large fraction of equity that cannot be quietly financed. The offset is that this is one of five projects we track for the company, a diversified portfolio rather than a single-asset bet, which broadens the financing toolkit. The NPV of $774M sits at roughly 1.4x market cap, a gap that cuts both ways: either the market has not priced the feasibility-stage asset, or it is discounting the dilution and funding risk embedded in a build worth most of the company. The 5% discount rate sits at the low end of reporting convention and flatters the headline NPV, but this is a feasibility study, the build-ready estimate, so the numbers carry more weight than a scoping-level PEA would.
The study assumes US$3,000/oz gold against a current spot of $4,371.20/oz, so the base case is conservative on price and the returns have room to improve if that gap persists. A 10-year mine life in Idaho, a mining-friendly US jurisdiction, supports the case. The single question that decides whether this works is whether a company with a US$545M market cap can fund a $389M build without diluting away the value the NPV implies.
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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