Morning Briefing: Integra Resources Report 2024 Financials and Hire New COO
Good morning and welcome to the Mining Stock Daily Morning Briefing.
It's Thursday, March 27th.
More economic concern hit the tape yesterday in the United States with additional tariff news out of the White House, specific to foreign autos coming into the country. This headline along with Microsoft pulling away from more data center projects was enough for traders to hit the sell button and bring the major boards back underneath their 200 day moving averages. Gold was little changed on the day, down 1/10th of a percent and closing the day at $3,022/oz. It was similar with silver, which was basically flat on the day at $34.22/oz. And after attempting to make a run into more new all-time highs, copper made a 13-cent reversal from its high to close at $5.24 per pound. This morning, the precious metals are back in the green with gold kissing its all time high once again and silver attempting to make a new higher-high.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Vizsla Silver.
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning…..
Integra Resources reported their financial and operating results for the fourth quarter and year end 2024. The company completed the acquisition of the Florida Canyon Mine in early November and produced just over 11,000 ounces of gold from there. Full year 2024 gold production was a record 72,229 ounces, exceeding previously stated guidance on several key operating and production metrics. All-in sustaining costs for production was $2,103/oz and an average realized gold price of $2,643 per ounce, bringing the company’s end of year working capital to $64.4M. Integra's focus in 2025 will be on demonstrating profitability and optimizing operations at Florida Canyon, publishing a feasibility study and significant permit advancement at DeLamar, and continued de-risking at Nevada North. The company also appointed a new COO. Clifford Lafleur comes to Integra after recently being the VP of Operations for the Las Chispas Mines under SilverCrest Metals before it was acquired by Coeur Mining in its $1.7B deal. (TSXV: ITR) (NYSE American: ITRG) News Release
Hot Chili Limited announced results of its Pre-Feasibility Study for the Costa Fuego copper-gold project. The project now sits with an NPV of US$1.2B and an IRR of 19% post-tax with a startup capex of $1.27b. At current spot price of copper, that NPV jumps to $2.2b and its IRR to 30%. With the study comes its maiden mineral reserves now sitting at Probable Mineral Reserves of 502 Mt at 0.37% Cu, 0.10 g/t Au, 0.49 g/t Ag and 97 ppm Mo. The Costa Fuego Project combines four mineral deposits within three discrete mining areas comprising porphyry-hosted copper-gold-molybdenum, iron-oxide copper-gold-molybdenum and high-grade skarn-hosted copper mineralisations. The project would deliver annual copper equivalent production of 90kt over a 20-year processing life. The company says its next steps are to accelerate the drilling and environmental activity at La Verde to lay foundations for integrating material resource and mine life growth and to commence a definitive feasibility study and submit its early stage Environmental Impact Assessment. (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) News Release
Wallbridge Mining reported results for an updated preliminary economic assessment on the Fenelon gold project in the Abitibi Greenstone Belt in Quebec. Using a $2,200 gold price the project economics sits with an NPV of $706m and and IRR of 21% after-tax. Initial capex for Fenelon comes in at $579m. The company sees an annual gold production of 107,000 oz per year over a 16-year life of mine with an all-in sustaining cost of just over $1,000/oz. (TSX:WM, OTCQB:WLBMF) News Release
Omai Gold Mines reported assay results from its ongoing drill program on the Omai Gold Project in Guyana. Highlights today included hole 101, which hit 16.35 g/t over 10.5m, 3.83 g/t over 18.8m and 2.13 g/t over 48.5m. This hole and the three separate intervals extend both the 2024 resource limits and the PEA pit shell. Hole 99 returned 3.58 g/t over 7m and .97 g/t over 26m. Drilling will pave the way to an updated Mineral Resource Estimate anticipated in Q2 2025, and an updated PEA planned for Q3 2025. (TSXV: OMG) (OTCQB: OMGGF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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