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ITRG Florida Canyon Mine Reserves Jump 74%, NPV $601M
Integra Resources' Florida Canyon technical report shows 74% reserve increase, 17% production boost, and after-tax free cash flow over $0.8B. Residual leaching begins 2033.
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Integra Resources Corp. (NYSE:ITRG) released a technical report on June 25 for its Florida Canyon Mine in Nevada, showing a 74% increase in proven and probable mineral reserves and a 17% lift in annual gold production capacity since the company bought the asset for $68 million less than two years ago.
The report projects after-tax free cash flow of more than $0.8 billion from 685,000 ounces of cumulative payable gold production over the mine's life, including two years of residual leaching starting in 2033. At management's base-case metal price assumptions, the after-tax net present value discounted at 5% comes to $601 million. Using spot gold prices, that figure rises to about $723 million, the company said.