Integra Resources (TSXV: ITR) has published an updated feasibility study for its producing Florida Canyon gold mine in Nevada, expanding reserves, production and mine life less than two years after acquiring the asset for $68 million.
The study pegs the project’s after-tax net present value at $601 million using a 5% discount rate, based on a sliding scale of gold prices that starts at $4,344 an ounce in 2026 and settles at $3,600 from 2030 onward. At a flat spot price of $4,200 an ounce, that figure climbs to roughly $723 million.
Florida Canyon is expected to throw off about $800 million in after-tax free cash flow over its life, averaging $90 million a year.
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The plan outlines eight years of active open-pit mining through 2033, followed by about two years of residual heap-leach recovery. Annual gold production is expected to rise 17% to an average of 82,000 ounces, up from 70,000 ounces in the 2024 study, with 685,000 ounces sold over the mine’s life. That estimate is inclusive of 2026, however the mine plan for this year still calls for roughly 70,000 ounces of production.
Proven and probable reserves jumped 74% to 1.19 million ounces of gold at a grade of 0.31 g/t.
Life-of-mine cash costs net of silver credits are forecast at $1,940 an ounce, with site-level all-in sustaining costs of $2,331 an ounce excluding closure.
The picture is heavier in the near term. Integra raised its 2026 AISC guidance to between $3,300 and $3,500 an ounce, up from $2,750 to $2,950, citing higher mining volumes plus inflation in diesel and explosives. Production guidance of 70,000 to 75,000 ounces this year was left unchanged.
Funding comes from the mine’s own cash flow. The company has earmarked $92 million in growth capital, split between $55 million for a heap leach expansion and $37 million for fleet upgrades, alongside roughly $267 million in sustaining capital.
Chief Executive Officer George Salamis said the operation has been “transformed into a fundamentally stronger asset with higher gold production, lower future costs, a longer mine life and a substantially larger mineral reserve base,” positioning it as the cash engine behind Integra’s Idaho and Nevada development pipeline.
Integra Resources last traded at $3.38 on the TSX Venture.
