Q4 2024 Integra Resources Corp Earnings Call
Operator: Thank you. I would like to turn the meeting over to Jason Banducci, Vice President, Corporate Development and Investor Relations. Please go ahead, Mr. Banducci.
Operator: Thank you, operator. I'd like to welcome everyone today to Integra's fourth quarter and full year 2024 results conference call.
Jason Banducci: Thank you, operator. I'd like to welcome everyone today to Integra's Q4 and full year 2024 Results Conference Call. Before we begin, I would like to note that we will be making forward-looking statements during today's call. I would direct you to the second slide of our presentation, also accessible on Integra's website, which contains important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to US dollars unless otherwise indicated. I would also like to highlight that all financial results included in the presentation today are reflective of Integra's ownership period during Q4 for Florida Canyon, which was 8 November to 31 December 2024. Please note that we have also included full-year operating metrics for Florida Canyon for strictly informational purposes.
I'd like to welcome everyone today to Integra is fourth quarter and full year 2024 results conference call.
Speaker: Before we begin, I would like to note that we will be making forward-looking statements during today's call, and I would direct you to the second slide of our presentation, also accessible on Integra's website. which contains important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to U.S. dollars unless otherwise indicated.
Before we begin I would like to note that we will be making forward looking statements during today's call and I would direct you to the second slide of our presentation also accessible on integrity website.
Which can change important cautionary notes regarding these forward looking statements. All dollar amounts discussed today will refer to U S dollars unless otherwise indicated I would also like to highlight that all financial results included in the presentation today are reflective of integrity ownership period during the fourth quarter for <unk>.
Speaker: I would also like to highlight that all financial results included in the presentation today are reflective of Integra's ownership period during the 4th quarter for 4th for Florida Canyon, which was November 8th to December 31st, 2024. Please note that we have also included full year operating metrics for Florida Canyon for strictly informational purpose.
Florida Canyon, which was November <unk> to December 31, 2024.
Please note that we have also included full year operating metrics for Florida Canyon for strictly informational purposes.
Okay.
Jason Banducci: On the call today, I'm joined by Integra's President, CEO, and Director, George Salomon.
Jason Banducci: On the call today, I'm joined by Integra's President, CEO, and Director, George Salamis, Chief Financial Officer, Andrée St-Germain, and General Manager of the Florida Canyon Mine, Greg Robinson. Today, we are pleased to provide an operating and financial update on what was a transformational year in 2024 for Integra. With that, I would like to hand the call over to our President and CEO, George.
Speaker Change: On the call today, I'm joined by Integra, as President CEO and director George Salamis.
Andre St. Germain: Chief Financial Officer, Andre St.
Speaker Change: <unk> Financial Officer, Andre Saint Germain and general manager of the Florida Canyon Mine, Greg Robinson today, we are pleased to provide an operating and financial update on what was a transformational year in 2024 for integra with that I would like to hand, the call over to our president and CEO George.
Greg Robinson: Germain, and General Manager of the Florida Canyon Mine, Greg Robinson.
Speaker: Today, we are pleased to provide an operating and financial update on what was a transformational year in 2024 for Integra.
George Salomon: With that, I would like to hand the call over to our President and CEO, George. All right. Thanks, Jason.
George Salamis: All right. Thanks, Jason. 2024 marked a transformational year for the company. Integra evolved from a development stage company in the US through the acquisition of the Florida Canyon Mine. We believe that the company is better positioned now more than ever with Florida Canyon producing and selling gold at record prices, better positioned to advance our 2 heap leach projects, Delamar and Nevada North. Our strategy is simple: operate efficiently, develop responsibly, allocate capital wisely, and grow through tactical M&A. We are building a modern growth-focused gold company in the heart of the Great Basin. Moving to slide 5, we have highlighted some metrics that underscore our success in 2024. In Q4, we closed the acquisition of Florida Canyon, catapulting the company from developer to producer status.
George Salamis: Alright, Thanks, Jason.
George Salomon: So 2024 marked a transformational year for the company. Integra evolved from a development stage company in the US. through the acquisition of the Florida Canyon Mine. We believe that the company is better positioned now more than ever with Florida Canyon producing and selling gold at record prices, better positioned to advance our two heap leach projects, Delamar and Nevada North.
George Salamis: So 'twenty 'twenty four marked a transformational year for the company.
George Salamis: Integrity evolved from a development stage company in the U S.
George Salamis: Through the acquisition of the Florida Canyon mine, we believe that the company is better positioned now more than ever with Florida Canyon, producing and selling gold at record prices better positioned to advance our two heap leach projects, Telemark and Nevada, North our strategy is simple.
George Salomon: Our strategy is simple, operate efficiently, develop responsibly, allocate capital wisely and grow through tactical M&A. We are building a modern growth focused gold company in the heart of the Great Basin.
George Salamis: Operate efficiently develop responsibly allocate capital wisely and grow through tactical M&A.
George Salamis: We are building a modern growth folks focused gold company in the heart of the Great Basin.
George Salamis: Yeah.
George Salomon: Moving to slide 5, we have highlighted some metrics that underscore our success in 2024. In Q4, we closed the acquisition of Florida Canyon, catapulting the company from developer to producer status. Florida Canyon demonstrated an excellent performance in 2024 with total production of just over 72,000 ounces of gold. marking the highest production output in 21 years. During Integra's ownership period from November 8th to December 31st, Florida Canyon produced approximately 11,000 ounces of gold at an all-in sustaining cost of $2,103 per ounce. Average realized gold price during that period was $2,643 per ounce.
George Salamis: Moving to slide five we have highlighted some metrics that underscore our success in 2024.
George Salamis: In Q4, we closed the acquisition of Florida Canyon Catapulting the company from developer to producer status, Florida Canyon demonstrated an excellent performance in 2024 with total production of just over 72000 ounces of gold.
George Salamis: Florida Canyon demonstrated an excellent performance in 2024, with total production of just over 72,000 ounces of gold, marking the highest production output in 21 years. During Integra's ownership period from 8 November to 31 December, Florida Canyon produced approximately 11,000 ounces of gold at all-in sustaining costs of $2,103 per ounce. Average realized gold price during that period was $2,643 per ounce. At Delamar, we have had a very productive year making significant advancements from an engineering and permitting perspective, ones that will set the stage for a pivotal year in 2025 with an upcoming feasibility study and significant permitting advancement. At our Nevada North project, we successfully executed a drill program at the Wildcat deposit that confirmed continuity of mineralization and gathered important technical data.
George Salamis: Marking the highest production output in 21 years.
George Salamis: During integrity ownership period from November 8th to December 31st, Florida Canyon produce approximately 11000 ounces of gold at all in sustaining costs over $2103 per ounce.
George Salamis: Average realized gold price during that period was $2643 per ounce.
George Salomon: At Delamar, we have had a very productive year, making significant advancements from an engineering and permitting perspective, ones that will set the stage for a pivotal year in 2025 with an upcoming feasibility study and significant permitting advancement. At our Nevada North project, we successfully executed a drill program at the wildcat deposit that confirmed continuity of mineralization and gathered important technical data.
Speaker Change: At <unk>, we have had a very productive year, making significant embedded advancements from an engineering and permitting perspective ones that will set the stage for a pivotal year in 2025 with an upcoming feasibility study and significant permitting advancement.
Speaker Change: At our Nevada, North project, we successfully executed a drill program at the Wildcat deposit that confirm continuity of mineralization and gathered important technical data.
George Salomon: From a financial perspective, we ended the year in 2024 in the strongest position ever for this company, with a cash balance of $52 million. well-positioned.
George Salamis: From a financial perspective, we ended the year in 2024 in the strongest position ever for this company, with a cash balance of $52 million, well-positioning us to execute on all of our major objectives in 2025 without having to return to the market for financing. I will now hand the call over to Greg Robinson, our Mine General Manager at Florida Canyon, to provide an operational review from 2024. Over to you, Greg.
Speaker Change: From a financial perspective, we ended the year in 2024 in the strongest position ever for this company with a cash balance of $52 million well.
Speaker Change: Well position.
Greg Robinson: Well positioning us to execute on all of our major objectives in 2025 without having to return to the market for finance I will now hand the call over to Greg Robinson, our Mine General Manager at Florida Canyon, to provide an operational overview from 2024. Over to you. Thanks, George. Turning to slide 5, we have outlined the key production metrics for Florida Canyon from November 8th through December 31st and for the full year. During Integra's ownership in the fourth quarter, Florida Canyon produced 10,984 ounces at cash cost per ounce sold. of $1,884 an ounce. and all in sustaining costs of $2,103.
Speaker Change: Well positioning us to execute on all of our major objectives in 2025 without having to return to the market for financing.
Speaker Change: I will now hand, the call over to Greg Robinson, Our mine General manager at Florida Canyon to provide an operational review from 'twenty to 'twenty four for you Greg.
Greg Robinson: Thanks, George. Turning to slide 5, we have outlined the key production metrics for Florida Canyon from 8 November through 31 December and for the full year. During Integra's ownership in Q4, Florida Canyon produced 10,984 ounces at cash cost per ounce sold of $1,884 an ounce and all-in sustaining cost of $2,103 an ounce. Production during Q4 was particularly strong, with the newly constructed CIC circuit coming online and beginning drawdown of the heap leach pad inventory. For the full year 2024, Florida Canyon produced 72,229 ounces, marking the highest production in 21 years. Record production was supported by the construction and commissioning of the new Phase III-A of the south heap leach pad and enhancements to solution processing systems.
Greg Robinson: Thanks George.
Greg Robinson: Turning to slide five we have outlined the key production metrics for Florida Canyon from November eight through December 31, and.
Greg Robinson: And for the full year.
Greg Robinson: During an integrity ownership in the fourth quarter, Florida Canyon produced 10984 ounces at cash cost per ounce sold.
Greg Robinson: $1884 an ounce.
Greg Robinson: And all in sustaining cost 2100, $103 an ounce.
Greg Robinson: Production during the fourth quarter was particularly strong, with the newly constructed CIC circuit coming online and beginning drawdown of the heap bleach pad. For the full year 2024, Florida Canyon produced 72,229 ounces. marking the highest production in 21 years. Record production was supported by the construction and commissioning of the new Phase 3A of the South Heat Bleach Pad. and Enhancements to Solution Process. 2024 sustaining capital at Florida Canyon totaled $41.3 million with approximately $30 million towards the heat bleach pad expansion and CIC and approximately $8 million to deferred 2025 Sustaining Capital will include the expansion of the South Heap Leach Pad Phase 3B, which is expected to amount to approximately $12 million.
Greg Robinson: Production during the fourth quarter was particularly strong with the newly constructed CIC circuit coming online beginning drawdown of the heap Leach pad inventory.
Greg Robinson: For the fiscal year 224, Florida Canyon produced 72249 ounces.
Greg Robinson: Marking the highest production in 21 years.
Greg Robinson: Record production was supported by the construction and commissioning of this new phase III.
Greg Robinson: The south heap Leach pad.
Greg Robinson: And enhancements to solution processing systems.
Greg Robinson: 2024 sustaining capital at Florida Canyon totaled $41.3 million, with approximately $30 million towards the heap leach pad expansion at CIC and approximately $8 million in deferred stripping. 2025 sustaining capital will include the expansion of the South heap leach pad Phase IIIb, which is expected to amount to approximately $12 million. We also expect sustaining capital to include expenditures for our mining equipment fleet, additional deferred stripping, and other projects. We plan to provide formal guidance in mid-year 2025. On slide 7, we show a breakdown of the mine profile of Florida Canyon from 2017 to 2024. Record production levels in 2023 and 2024 are supported by placing increased run-of-mine ore directly on the heap leach pads, in addition to maximizing the crusher throughput. Record 2024 production was supported by excellent crusher performance and delivery of more run-of-mine ore to the leach pad than planned.
Greg Robinson: 2020 for sustaining capital at Florida Canyon totaled $41 3 million with approximately $30 million towards the heap Leach pad expansion and CIC and approximately $8 million of deferred stripping.
Greg Robinson: 2025, sustaining capital will include the expansion of the South heap Leach pad phase III, B, which is expected to amount to approximately $12 million.
Greg Robinson: We also expect sustaining capital to include expenditures for our mining equipment fleet, additional deferred stripping, and other projects.
Greg Robinson: We also expect sustaining capital to include expenditures for our mining equipment fleet additional deferred stripping in other projects with.
Greg Robinson: We plan to provide formal guidance in mid-year 2020. On slide 7, we show a breakdown of the mine profile. Florida Canyon from 2017 to 2024. Record production levels in 2023 and 2024 are supported by placing increased strontomine ore directly on the heap leach pest. in addition to maximizing the crusher throughput. Record 2024 production was supported by excellent crusher performance and delivery of more ranomine ore to the leach pad. Other operational improvements include a drawdown of heap leach pad inventory, improved short and long-range planning, operational efficiency improvements, emphasis on stability and consistency, and a renewed focus on workforce development, employee retention, and culture.
Greg Robinson: We plan to provide formal guidance in mid year 2025.
Greg Robinson: On slide seven we show a breakdown of the mining profile.
Greg Robinson: But Florida Canyon from 2017 to 2024.
Record production levels in 2023, and 2024 supported by placing increased drought in mine or directly on the heap Leach pads. In addition to maximizing the crusher throughput.
Record 2024 production was supported by excellent crusher performance and delivery of more run of mine ore to the leach pad and plant.
Greg Robinson: Other operational improvements include a drawdown of heap leach pad inventory, improved short- and long-range planning, operational efficiency improvements, emphasis on stability and consistency, and an renewed focus on workforce development, employee retention, and culture. I will now pass the call back to George to discuss some of the key achievements at Delamar and Nevada North during the Q4.
Greg Robinson: Other operational improvements and go to a drawdown of heap Leach pad inventory improved short and long range planning.
Greg Robinson: Operational efficiency improvements emphasis on stability and consistency and a renewed focus on workforce development employee retention and culture.
George Salomon: I will now pass the call back to George to discuss some of the key achievements at Delamar and Nevada North during the pandemic. Great, thanks, Greg. So at Delamar, 2024 was a foundational year as we completed engineering for our upcoming feasibility study. as a result of extensive engineering studies. We made substantial improvements to the project, including optimizing the heap leach footprint and eliminating the need for tertiary crushing, which is expected to reduce power needs and have a positive impact overall on capital costs. Perhaps most importantly, we finalized a gold-silver recovery model that leverages refining capacity at Florida Canyon.
George Salamis: I will now pass the call back to George to discuss some of the key achievements of del Mar in Nevada, North during the fourth quarter.
Greg Robinson: Okay.
George Salamis: Great. Thanks, Greg. At Delamar, 2024 was a foundational year as we completed engineering for our upcoming feasibility study. As a result of extensive engineering studies, we made substantial improvements to the project, including optimizing the heap leach footprint and eliminating the need for tertiary crushing, which is expected to reduce power needs and have a positive impact overall on capital costs. Perhaps most importantly, we finalized a gold-silver recovery model that leverages refining capacity at Florida Canyon, proving yet another example of the synergies we're unlocking in our portfolio with the recent acquisition. From a permitting perspective, significant progress was made on the Delamar mine plan of operations, including regulatory milestones, environmental surveys, and coordination with federal and state agencies. In 2024, we focused on refining our operational and permitting strategy, addressing agency concerns, and advancing critical environmental and engineering studies.
Speaker Change: Great. Thanks, Greg So a delamater, our 2024 was a foundational year as we completed engineering for upcoming feasibility study.
Greg Robinson: As a result of extensive engineering studies we.
Greg Robinson: We made substantial improvements to the project, including optimizing the heap leach footprint and eliminating the need for tertiary crushing which is expected to reduce power needs and have a positive impact overall on capital costs.
Greg Robinson: Perhaps most importantly, we finalized a gold silver recovery model that Leverages refining capacity at Florida Canyon.
George Salomon: proving yet another example of the synergies we're unlocking in our portfolio with the recent acquisition. From a permitting perspective, significant progress was made on the Delamar mine plan of operations, including regulatory milestones, environmental surveys, and coordination with federal and state agencies. In 2024, we focused on refining our operational and permitting strategy, addressing agency concerns, and advancing critical environmental and engineering studies. in light of the work completed at Delamar in 2024 and the current political and economic backdrop in the U.S.
Greg Robinson: Proving yet another example of the synergies with the word unlocking.
Greg Robinson: In our portfolio with the recent acquisition.
Greg Robinson: On the permitting perspective significant progress was made on the Delaware mine plan of operations, including regulatory milestones environmental surveys and coordination with federal and state agencies.
Greg Robinson: In 2024, we focused on refining our operational and permitting strategy addressing agency concerns and advancing critical environmental and engineering studies in.
George Salamis: In light of the work completed at Delamar in 2024 and the current political and economic backdrop in the US, we believe we are better positioned now more than ever to make significant progress at Delamar in 2025. At Wildcat, part of our Nevada North project, we completed a targeted 1,940-meter drill program to refine our understanding of geology, metallurgy, and geotechnical elements of the project. Results confirmed strong oxide continuity and hydrogeological data confirmed a dry pit, which we expect to simplify future operations and permitting. We've also secured the first tranche of sage grouse conservation credits and key disturbance permits. Nevada North continues to evolve into a de-risked growth asset in a premier jurisdiction.
Greg Robinson: In light of the work completed at Delaware in 2024, and the current political and economic backdrop in the U S. We.
George Salomon: We believe we are better positioned now more than ever to make significant progress at Delamar in 2025.
Greg Robinson: We believe we are better positioned now more than ever to make significant progress at Palomar in 2025.
George Salomon: Over to Wildcat. So, at Wildcat, part of our Nevada North project, we completed a targeted 1,940-meter drill program to refine our understanding of geology, metallurgy, and geotechnical elements of the project. Results confirmed strong oxide continuity and hydrogeological data confirmed a dry pit, which we expect to simplify future operations and permitting. We've also secured the first tranche of SAGE growth conservation credits and key disturbance permits. Nevada North continues to evolve into a de-risked growth asset in a premier jurisdiction. Nevada North is a project that we believe can advance rapidly to the next stages of feasibility and permitting, especially given the obvious synergies of having Florida Canyon so close by, operating 30 miles to the east.
Greg Robinson: Over the Wildcat so at Wildcat part of our Nevada, North project, we completed a targeted 1940 meter drill program to refine our understanding of geology metallurgy and geotechnical elements of the project.
Greg Robinson: Results confirmed strong oxide continuity.
Greg Robinson: And hydro geological data confirm the dry pit.
Greg Robinson: Which we expect to simplify future operations in permitting.
Greg Robinson: We've also secured the first tranche of Sage grouse conservation credits and key disturbance permits.
Greg Robinson: Nevada, North continues to evolve into a derisk growth asset in the premier jurisdiction.
George Salamis: Nevada North is a project that we believe can advance rapidly to the next stages of feasibility and permitting, especially given the obvious synergies of having Florida Canyon so close by, operating 30 miles to the east. I will now hand the call to Andrée St-Germain to walk through the financial highlights for Q4 and full year of 2024.
Greg Robinson: Nevada North is a project that we believe can advance rapidly to the next stages of feasibility and permitting.
Actually given the obvious synergies of having Florida Canyon, so close by operating 30 miles to the east.
Andre St. Germain: I will now hand the call to Andre to walk through the financial highlights for the fourth quarter and full year of 2024. Thank you, George. Integra closed fiscal 2024 in a strong financial position. The company saw a significant increase in cash in the fourth quarter, ending the year with a cash balance of $52.2 million. as a result of tests acquired with the Florida Canyon Acquisition. The equity offering launched concurrently with the Florida Canyon transaction. $5 million drawdown on our convertible loan in November. and cash flows from operations from Florida Canyon. We ended the year with a healthy working capital of $64.4 million.
Greg Robinson: I will now hand, the call to Andre to walk through the financial highlights for the fourth quarter and full year of 2024.
Andrée St-Germain: Thank you, George. Integra closed fiscal 2024 in a strong financial position. The company saw a significant increase in cash in Q4, ending the year with a cash balance of $52.2 million as a result of cash acquired with the Florida Canyon acquisition, the equity offering launched concurrently with the Florida Canyon transaction, a $5 million drawdown on our convertible loan in November, and cash flows from operations from Florida Canyon. We ended the year with a healthy working capital of $64.4 million. It is important to note that included in the working capital are short-term liabilities of approximately $17 million related to our convertible loan. The convertible loan had to be classified as current debt, even though the loan only matures in July 2027, given that our lender has the right to exercise a conversion option at any time.
Andre: Thank you George.
Greg Robinson: Okay, Great closed fiscal 2024.
Andre: <unk> financial position.
Andre: The company saw significant increase in cash in the fourth quarter.
Andre: Ending the year with a cash balance of $52 2 million.
Andre: As a result cash acquired with the Florida Canyon acquisition.
Andre: The equity offering allowance country Li with the flu.
Andre: Lloyd I Canyon transaction.
Andre: Well 5 million draw down on their convertible loan enough fanfare.
Andre: And cash flows from operations on Florida Canyon.
Andre: We ended the year with that.
Andre: Healthy working capital of $64 4 million.
Andre St. Germain: It is important to note that included in the working capital are short-term liabilities of approximately $17 million related to a convertible loan. The convertible loan had to be classified as current debt, even though the loan only matures in July 2027. given that our lender has the right to exercise the conversion option at any time.
Andre: It is important to note that included in working capital for a short term liability does that approximate gives me 17 million.
Andre: Later to a concerted bolt ons.
Andre: Convertible loan has to be classified as current debt, even though the loan matures in July 2027.
Andre: Given that our lender has the right places.
Andre: Size of conversion option at any time.
Andre St. Germain: In conclusion, from a financial perspective, Integra is well positioned to fund sustaining capital needs at Florida Canyon, development expenditures at Delamar and Nevada North, and cover G&A expenditures for the upcoming year. It is important to note that full year 2024 results are not reflective of the business going forward. Florida Canyon only being consolidated from November 8th to December 31st, 2024. And we will focus on Q4 2024 metrics on slide 11. Q4 2024 revenue of $30.4 million and cost of sales of $25 million resulted in $5.4 million in gross profit. reflecting an 18% profit margin. Q4 net income of $9.5 million and net income per share of $0.07.
Andrée St-Germain: In conclusion, from a financial perspective, Integra is well positioned to fund sustaining capital needs at Florida Canyon, development expenditures at Delamar and Nevada North, and cover our G&A expenditures for the upcoming years. It is important to note that full year 2024 results are not reflective of the business going forward due to Florida Canyon only being consolidated from 08 November to 31 December 2024. We will focus on Q4 2024 metrics on slide 11. Q4 2024 revenue of $30.4 million and cost of sales of $25 million resulted in $5.4 million in gross profit, reflecting an 18% profit margin.
Andre: In conclusion.
Andre: From a financial perspective, okay, great well position to fund sustaining capital need that Florida Canyon.
Andre: <unk> expenditures at del Mar and Nevada nights and cover it.
Andre: <unk> for the upcoming years.
Speaker Change: It is important to note that full year 2024 results are not reflective of the business going forward. Thank.
Speaker Change: Thank you, Florida Canyon, only being consolidated from November eight to December 31st 2024.
Speaker Change: Actually we will focus on Q4 2020 core metrics on slide 11.
Speaker Change: Q4, 2020 core revenue up <unk> 4 million.
Speaker Change: And cost of sales at 25 million resulted in $5 4 million in gross profit.
Speaker Change: Reflecting reflecting an 18% profit margin.
Andrée St-Germain: Q4 net income of $9.5 million and net income per share of $0.07 included a bargain purchase gain of $14 million, partially offset by transaction and integration expenditures of $2.8 million. The purchase gain is primarily the result of the gold price increase from announcement of the Florida Canyon transaction in late July to the close of the transaction on November 8. Adjusting net income for non-recurring items, such as the purchase gain and transaction cost, resulted in Q4 2024 adjusted earnings per share of $0.02. As previously highlighted by George, 2024 was a busy and very successful year at Delamar and Nevada North.
Speaker Change: Q4, net income of $9 5 million and net income per share of seven.
Andre St. Germain: Included a bargain purchase. Gain of $14 million. Partially offset by transaction and integration expenditures of $2.8 million. The purchase gain is primarily the result of the gold price increase from announcement of the Florida Canyon transaction in late July to the close of the transaction in November. Adjusting net income for non-recurring items, such as the purchase gain and transaction cost, resulted in Q4 2024 adjusted earnings per share of $0.02.
Speaker Change: Included a bargain purchase gain.
Speaker Change: <unk> of 14 million.
Speaker Change: Partially offset by transaction and integration expenditures at $2 8 million.
Speaker Change: The purchase gain was primarily result of the gold price increase from the announcement of the Florida Canyon transaction in late July to a.
Speaker Change: The close of the transaction in November 8th.
Speaker Change: Adjusting net income for nonrecurring items, such as the purchase gain and transaction costs.
Speaker Change: Update in Q4 2024 adjust.
Speaker Change: Adjusted earnings per share S T.
Andre St. Germain: As previously highlighted by George, 2024 was a busy and very successful year at Delamar and Nevada. Exploration and project expenditures at Delamar, Nevada North, and other exploration properties were $14.2 million for fiscal 2024. which included $8.2 million in engineering and permitting work at Delamar and roughly $1 million in exploration drilling at the Wildcat deposit, which is one of the two deposits of the Nevada NORC project. I'll note that we anticipate similar expenditures in 2025.
Speaker Change: As previously highlighted by July 2024, with a busy and very successful year at yellow tomorrow in Nevada.
Andrée St-Germain: Exploration and project expenditures at Delamar, Nevada North, and other exploration properties were $14.2 million for fiscal 2024, which included $8.2 million in engineering and permitting work at Delamar and roughly $1 million in exploration drilling at the Wildcat deposit, which is one of the two deposits of the Nevada North project. I'll note that we anticipate similar expenditures in 2025. I'll now hand the call back to George to walk through the 2025 outlook and key objectives.
Speaker Change: Exploration and project expenditures at Delmarva, Nevada, and other exploration properties were $14 2 million for fiscal 2024.
Speaker Change: Which included $8 2 million in engineering and permitting work at the LMR and roughly $1 million in exploration drilling other wildcat deposit, which is one of the two deposits of the Nevada North project.
Speaker Change: I'll note that we anticipate similar expenditures in 2025.
George Salomon: I'll now hand the call back to George to walk through the 2025 Outlook and key objectives. Thanks, Andre. Our priorities in 2025 are clear. At Florida Canyon, we aim to optimize production, grow cash flow, and initiate near-mine exploration. At Delamar, we will release our feasibility study mid-year and expect to initiate federal permitting in the second half of the year. It is important to note that Delamar will be one of very few large-scale precious metal projects in the U.S. actively being advanced through federal mine permitting. At Nevada North, we're exploring, de-risking, and laying the foundation for future development.
George Salamis: I'll now hand, the call back to George the walk to the 225 outlook and key objectives.
George Salamis: Thanks, Andrée. Our priorities in 2025 are clear. At Florida Canyon, we aim to optimize production, grow cash flow, and initiate near mine exploration. At Delamar, we will release our feasibility study mid-year and expect to initiate federal permitting in the second half of the year. It is important to note that Delamar will be one of very few large-scale precious metal projects in the US actively being advanced through federal mine permitting. At Nevada North, we're exploring, de-risking, and laying the foundation for future development. We've significantly strengthened our team with two recent great executive appointments, which we'll touch on later, and we are well-positioned to deliver on our goals in 2025. From a corporate perspective, we are focused on disciplined capital allocation and bolstering our capital markets profile to become eligible for indices such as the GDXJ and appeal to larger institutional investors.
Speaker Change: Thanks Andre.
George Salamis: Our priorities in 2025 are clearer.
George Salamis: As Florida Canyon, we aim to optimize production grow cash flow and initiate near mine exploration at Delmarva, We will release, our feasibility study midyear and expect to initiate the federal permitting in the second half of the year.
George Salamis: It is important to note that <unk> will be one of very few large scale precious metal projects in the U S actively being advanced through federal mine permitting.
George Salamis: And Nevada, North, we're exploring derisking and layering laying the foundation for future development.
George Salomon: We've significantly strengthened our team with two recent great executive appointments, which we'll touch on later, and we are well positioned to deliver on our goals in 2025.
George Salamis: We've significantly strengthened our team with two recent gray.
George Salamis: Great Executive appointments, which we'll touch on later and we are well positioned to deliver on our goals in 2025.
George Salomon: From a corporate perspective, we are focused on disciplined capital allocation and bolstering our capital markets profile to become eligible for indices such as the GDXJ and appeal to larger institutional investors. On a longer-term horizon, we will continue to evaluate strategic and accretive M&A opportunities that support our strategic goal of becoming a leading mid-tier gold producer. Our work at Florida Canyon is just beginning. Several parallel studies are underway to optimize and streamline all aspects of the operation, from metallurgical efficiency and mine planning to fleet management and G&A. With all of these optimization studies planned or underway, we are contemplating a new 43-101 at some point for Florida Canyon in the future.
George Salamis: From a corporate perspective, we are focused on disciplined capital allocation and bolstering our capital markets profile to become eligible for indices, such as the Gtx, Jay and appeal to larger institutional investors.
George Salamis: On a longer term horizon, we will continue to evaluate strategic and accretive M&A opportunities that support our strategic goal of becoming a leading mid-tier gold producer. Our work at Florida Canyon is just beginning. Several parallel studies are underway to optimize and streamline all aspects of the operation, from metallurgical efficiency and mine planning to fleet management and G&A. With all of these optimization studies planned or underway, we are contemplating a new 43-101 at some point for Florida Canyon in the future. This is part of a continuous improvement mindset that we all have. We are focused on generating robust cash flow in 2025 and for many years to come. We see clear pathways to margin expansion and operational excellence. We expect to be in a position to provide formal guidance for Florida Canyon in mid-2025.
George Salamis: On a longer term horizon, we will continue to evaluate strategic and accretive M&A opportunities that support our strategic goal of becoming a leading mid tier gold producer.
George Salamis: Our work at Florida Canyon is just beginning.
George Salamis: Several parallel studies are underway to optimize and streamline all aspects of the operation from metallurgical efficiency and mine planning.
George Salamis: Management and G&A.
George Salamis: All of these optimization studies planned or underway, we are contemplating a new 43 101 at some point for Florida Canyon in the future.
George Salomon: This is part of a continuous improvement mindset that we all have. We are focused on generating robust cash flow in 2025 and for many years to come. We see clear pathways to margin expansion and operational excellence. We expect to be in a position to provide formal guidance for Florida Canyon in mid-2025. and a further operational update from the mine in the second half of the year which will provide detail on some of these important initiatives. We've made strong permitting progress on Delamar and the broader permitting and regulatory landscape in the U.S. is evolving in our favor.
George Salamis: This is part of continuous.
George Salamis: This improvement mindset that we all have.
George Salamis: We are focused on generating robust cash flow in 2025 and for many years to come.
George Salamis: We see clear pathways to margin expansion and operational excellence.
George Salamis: We expect to be in a position to provide formal guidance for Florida Canyon in mid 2025.
George Salamis: A further operational update from the mine in H2 of the year, which will provide detail on some of these important initiatives. We've made strong permitting progress on Delamar, and the broader permitting and regulatory landscape in the US is evolving in our favor. Idaho's SPEED Act is streamlining state-level permitting coordination, and just last week, the Trump administration signed a new executive order aimed at accelerating federal permitting timelines and providing financial incentives to support domestic mineral production. This includes fast-tracking critical and precious metal projects like ours and facilitating investment in US-based mine development. With a combination of these initiatives and bipartisan momentum for mineral independence, we believe we're advancing our development projects at the right time and in the right place.
George Salamis: And a further operational update from the mine in the second half of the year, which will provide detail on some of these important initiatives.
George Salamis: Okay.
George Salamis: We've made strong permitting progress on del Mar and the broader permitting and regulatory landscape in the U S is evolving in our favor.
George Salomon: Idaho's SPEED Act is streamlining state-level permitting coordination, and just last week the Trump administration signed a new executive order aimed at accelerating federal permitting timelines and providing financial incentives to support domestic mineral production. This includes fast-tracking critical and precious metal projects like ours and facilitating investment in U.S.-based mine development. with a combination of these initiatives and bipartisan momentum for mineral independence, we believe we're advancing our development projects at the right time and in the right place.
George Salamis: Idaho's speed Act is streamlining state level permitting coordination and just last week. The Trump administration administration's signed a new executive order aimed at accelerating federal permitting timelines and providing financial incentives to support domestic production.
George Salamis: This includes fast tracking critical and precious metal projects like ours, and facilitating investment in U S based mine development.
George Salamis: With the combination of these initiatives and bipartisan momentum for mineral independence. We believe we are advancing our development projects at the right time and in the right place.
George Salamis: Yeah.
George Salomon: To support us in achieving our strategic goals, we have recently announced key executive additions. ones that enhance our operating strength and signal our readiness for the next phase of growth.
George Salamis: To support us in achieving our strategic goals, we have recently announced key executive additions, ones that enhance our operating strength and signal our readiness for the next phase of growth. We very recently welcomed Clifford Lafleur as Chief Operating Officer, who played a key role in the growth and success at SilverCrest Metals, ultimately leading to the recent $1.7 billion sale to Coeur Mining. Cliff will be instrumental for Integra as we look to optimize Florida Canyon and significantly advance Delamar and Nevada North. Cliff will play a key role in determining operating and cost guidance for Florida Canyon, which we expect to release in mid-2025. We also recently announced the appointment of Dale Kerner as VP of Permitting. Dale brings a deep level of experience from Perpetua's Stibnite project, one of the few gold projects in the US to receive a final record of decision in recent years.
George Salamis: To support us in achieving our strategic goals, we have recently announced key executive additions.
George Salamis: Once that enhance our operating strength and signal or readiness for the next phase of growth.
George Salomon: We very recently welcomed Clifford LaFleur as Chief Operating Officer.
George Salamis: We very recently welcomed Clifford Lafleur as Chief operating officer, who played a key role in the growth and success at Silvercrest metals.
George Salomon: who played a key role in the growth and success at Silvercrest Metals, ultimately leading to the recent $1.7 billion sale to Kerr Mining. CLIF will be instrumental for Integra as we look to optimize Florida Canyon and significantly advance Delamar and Nevada North. Click will play a key role in determining operating and cost guidance for Florida Canyon, which we expect to release in mid-2025.
George Salamis: Ultimately leading to the recent.
George Salamis: $1 7 billion dollar sale to occur mining.
George Salamis: Cliff will be instrumental for Integra is we look to optimize Florida Canyon and significantly advanced LMR in Nevada in the west.
Speaker Change: Chris will play a key role in determining operating and cost guidance for Florida Canyon, which we expect to release in mid 2025.
George Salomon: We also recently announced the appointment of Dale Kerner as VP of Permitting. Dale brings a deep level of experience from Perpetualist Ignite Project. one of the few gold projects in the U.S. to receive a final record of decision in recent years. In our view, we could have not hired anyone better to help Integra spearhead the upcoming permitting efforts for Delamar. These two appointments reflect our commitment to operational excellence and permitting success as we build a leading U.S. gold producer.
Speaker Change: We also recently announced the appointment of Dale corner as VP of permitting.
Speaker Change: Dale brings a deep level of experience from perpetual is denied project.
Speaker Change: One of the few gold projects in the U S to receive a final record of decision in recent years.
George Salamis: In our view, we could have not hired anyone better to help Integra spearhead the upcoming permitting efforts for Delamar. These two appointments reflect our commitment to operational excellence and permitting success as we build a leading US gold producer. I would like to end the formal part of the presentation with slide 17, as it captures our strategy: production, pipeline, jurisdiction, scale, and value. We now generate cash flow to fund growth. We hold one of the largest inventories of gold and silver in the Great Basin not controlled by a major mining company. Our pipeline of development projects are being efficiently de-risked. We operate in Idaho and Nevada, two of the best mining jurisdictions in the world. We've built a team with a proven track record of execution. Integra is no longer just a developer.
Speaker Change: In our view, we could have not hired anyone better to help integra spearhead the upcoming permitting efforts for Delaware.
Speaker Change: These two appointments reflect our commitment to operational excellence and permitting success as we build a leading U S gold producer.
Speaker Change: Yeah.
George Salomon: So, I would like to end the formal part of the presentation with slide 17 as it captures our strategy. Production, Pipeline, Jurisdiction, Scale, and Value. We now generate cash flow to fund growth.
So I would like to end the formal part of the presentation with slide 17, as the captures our strategy.
Speaker Change: Production.
Speaker Change: Pipeline jurisdiction scale and value.
Speaker Change: We now generate cash flow to fund growth.
George Salomon: We hold one of the largest inventories of gold and silver in the Great Basin, not controlled by a major mining company. our pipeline and development projects are being efficiently de-risked. We operate in Idaho and Nevada, two of the best mining jurisdictions in the world. We built a team with a proven track record of execution.
Speaker Change: We hold one of the largest inventories of gold and silver in the great basin not controlled by a major mining company.
Speaker Change: Our pipeline of development projects are being additionally de risked.
Speaker Change: We operate in Idaho, and Nevada, two of the best mining jurisdictions in the world.
Speaker Change: We built a team with a proven track record of execution.
George Salomon: Integra is no longer just a developer, we're a U.S. gold producer with a growth runway and a clear strategy to become a mid-tier gold producer.
Speaker Change: Integra is no longer just a developer where U S coal producer with a growth runway and a clear strategy to become a mid tier gold producer.
George Salamis: We're a US gold producer with a growth runway and a clear strategy to become a mid-tier gold producer. At this point, I would like to turn the call back to the operator to begin the Q&A session. Thank you.
Operator: At this point, I would like to turn the call back to the operator to begin the Q&A session. Thank you.
Speaker Change: At this point I would like to turn the call back to the operator to begin the Q&A session. Thank you.
Operator: At this time, I would like to remind everyone, in order to ask a question, press star, then the number one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster.
Operator: At this time, I would like to remind everyone, in order to ask a question, press star then the number 1 on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Our first question will come from Philip Ker from Ventum Financial. Please go ahead. Your line is open.
Speaker Change: At this time I would like to remind everyone in order to ask a question Press Star then the number one on your telephone keypad.
Speaker Change: For just a moment to compile the Q&A roster.
Speaker Change: Okay.
Phil Kerr: Our first question will come from Phil Kerr from Ventum Financial. Please go ahead, your line is open. Thanks, Operator. Good morning, everyone.
Speaker Change: Our first question will come from Felker from Ventana financial. Please go ahead. Your line is open.
Philip Ker: Thanks, operator. Morning everyone. Obviously, a big congratulations on the acquisition of the mine and transitioning yourselves into a bona fide gold operator. Just a couple of questions here. First off, on the mining costs and unit cost it is in G&A. If we back out those numbers provided, are these unit costs that we can expect being carried forward over the course of this year and beyond?
Felker: Thanks, operator, good morning, everyone.
George Salomon: Obviously, a big congratulations on the acquisition of mine and transitioning yourselves into a bonafide gold operator. But just a couple of questions here. First off, On the mining costs and unit costs of this and G&A, if we back out those numbers provided, are these... Are these unit costs that we can expect being carried forward over the course of this year and beyond?
Felker: Obviously, congratulations on the acquisition in mind insurance transitioning yourselves into a bonafide gold operator.
Speaker Change: Just a couple of questions here first off.
Felker: On the mining costs and.
Felker: Unit costs. It is in G&A, if we back out those numbers provided.
Felker: Are these.
Felker: These unit costs that we can expect being carried forward.
Felker: Over the course of this year and beyond.
Andre St. Germain: Andre, I'm going to hand that one to you. Thank you, George. I think at this point, we'll just refrain from making any guidance on 2025. figures.
George Salamis: Andrée, I'm going to hand that one to you.
Andre: Andre I'm going to hand that one to you.
Andrée St-Germain: Thank you, George. I think at this point, we will just refrain from making any guidance on 2025 figures. Like George mentioned earlier today, we will have a better update in mid-May. When it comes to G&A expenditures, though, you can expect 2024 with G&A expenditures related to our stage, which was a development stage company. As we transition to producer, we can expect some of the G&A costs will increase accordingly.
Andre: Thank you George I think at this point.
Andre: Well, just refrain from making any guy.
Andre: Guidance on 'twenty 'twenty fives.
Gary: Hey, Gary.
Phil Kerr: Like George mentioned earlier today, we'll have a better update in mid-May. When it comes to G&A expenditures, though, you can expect 2024, where G&A expenditures related to our stage, which was a development stage company as we transitioned to producer, we can expect some of the G&A costs will increase accordingly. I guess I just felt that the unit cost per ton mined, reported, was quite high. So I was just wondering if there were some one-off items in there, or... severances or whatever it may be to previous personnel that may have been at site that may have been reflected in those.
Andre: Well, we'll have.
Andre: George mentioned earlier today, we'll have a better update.
Dan: And then Dan.
Andre: When it comes to <unk>.
Dan: Total churn so you can expect 2024.
Dan: Where do you any expenditures related to our stage, which was a development stage company as we transition to producer.
Dan: We can expect some updates all cost to a lab.
Will increase accordingly.
Philip Ker: I guess I just felt that the unit cost per ton mined reported was quite high. I was just wondering if there were some one-off items in there or severances or whatever it may be to previous personnel that may have been at site that may have been reflected in those.
Speaker Change: Hey, guys I, just felt that the unit cost per ton mined.
Speaker Change: At reported was quite high so I was just wondering if there were some one off items in there or.
Speaker Change: Severance is or whatever it may be.
Speaker Change: Two previous personnel that may have been at site.
Speaker Change: Then reflected in those.
George Salomon: Yeah, so maybe, or do you want to jump in on that one, Andre? I can, I can handle that if you want. There are a lot of things that we're looking at optimizing right now. There are a bunch of optimization studies that are underway that will look at reducing those costs at some point in the future.
Andrée St-Germain: Well, I would.
Speaker Change: Yes, so maybe or.
George Salamis: Yeah. Do you want to jump in on that one, Andrée? I can handle that if you want.
Andre: Do you want to jump in on that one Andre I can.
Andre: I can handle that.
Andrée St-Germain: That's perfectly fine.
George Salamis: Yeah. There are a lot of things that we're looking at optimizing right now. There are a bunch of optimization studies that are underway that will look at reducing those costs at some point in the future, and these studies will take some time to play out. We expect to give guidance on that by sometime mid-year this year. Also, we've got Clifford Lafleur coming in as our new COO. We need to give him some time to get comfortable and dive in essentially and take ownership of the site costs from Florida Canyon.
Andre: Yes, I mean, so there's there are a lot of things that we're looking at optimizing right. Now there are a bunch of optimization studies that are underway that will look at reducing those costs at some point in the future and that these studies will take some time to play out so we expect to give guidance on that.
George Salomon: These studies will take some time to play out, so we expect to give guidance on that by sometime mid-year this year. Also we've got Cliff Liffler coming in as our new COO. We need to give him some time to kind of get comfortable and dive in essentially and take ownership of the site costs from Florida Canyon.
Andre: By some time mid year this year.
Andre: Also we've got cliff lift for let's say we're coming in.
Andre: As our new COO hat, we need to give him some time to kind of get comfortable and dive in essentially in and take ownership of these of the of the cost from the site costs from our Florida Canyon.
Greg Robinson: Okay, and then just transitioning into the mining fleet, what sort of utilization are you seeing now and maybe what sort of preliminary quotes have you seen or evaluated prior to know purchasing this new equipment and when can we expect the capital to be deployed. Greg, I'm going to direct that question to you, if you don't mind. Yep. Yeah, so so we're, we're seeing pretty good utilization in the in the pit we target around 80 80% That has, we've been focused on increasing that and we're getting up in the mid-80s for utilization. It is, our mining fleet is becoming due for its Second, plan component replacement, major maintenance.
Philip Ker: Okay. Just transitioning into the mining fleet, what sort of utilization are you seeing now? Maybe what sort of preliminary quotes have you seen or evaluated prior to purchasing this new equipment? When can we expect that capital to be deployed?
Andre: Okay, and then just transitioning into the mining fleet.
Speaker Change: Sort of utilization are you seeing now and maybe what sort.
Andre: Sort of preliminary quotes have you seen or evaluated.
Speaker Change: Prior to <unk>.
Speaker Change: Purchasing this new equipment and when can we expect the capital to be deployed.
George Salamis: Greg, I'm going to direct that question to you, if you don't mind.
Greg Robinson: Greg I'm going to direct that question to you if you don't mind.
Greg Robinson: Yep. Yeah. We're seeing pretty good utilization in the pit. We target around 80%. We've been focused on increasing that, and we're getting up in the mid-80s for utilization. Our mining fleet is becoming due for its second planned component replacement, major maintenance. We're currently going through a study to determine what the best next steps are. That study is not complete. We'll be providing some updates on that mid-year as well. We're looking at multiple different options for the mining fleet.
Speaker Change: Yes.
Greg Robinson: Yes, so so we're seeing pretty good utilization in the pit we target around 80, 80%.
Greg Robinson: That as we've been focused on increasing that and we're getting up in the mid.
Greg Robinson: Mid <unk>.
Greg Robinson: For utilization.
Greg Robinson: It is our mining fleet is.
Greg Robinson: Becoming due fruits.
Greg Robinson: Kind of second.
Greg Robinson: <unk> component replacement major maintenance.
Greg Robinson: and we're currently going through a study to determine what the best next steps are. That study is not complete and we'll be providing some updates on that mid-year as well, but we're looking at multiple different options for So it sounds like you'll be able to get through, you know, at least the first half of the year here with the equipment on hand, and then begin, you know, or use the study to evaluate what's, you know, most critical over the near term and the latter half of the year. Yeah, that's correct. We're we're taking steps to make sure that the equipment is serviceable through the decision making time and the And if we end up ordering new equipment that it will last through that.
Greg Robinson: And we're currently going through a study to determine what the best next steps are that study is not complete.
Greg Robinson: We'll be providing some updates on that mid year as well, but we're looking at.
Greg Robinson: Multiple different options for the mining fleet.
Philip Ker: It sounds like you'll be able to get through at least the H1 of the year here with the equipment on hand, and then begin or use the study to evaluate what's most critical over the near term in the H2 of the year.
Greg Robinson: So it sounds like you'd be able to get through at least the first half of the year here with the equipment on hand.
Greg Robinson: And then begin.
Greg Robinson: Use this study too.
Greg Robinson: To evaluate what's most critical over the near term in the latter half of the year.
Greg Robinson: Yeah, that's correct. We're taking steps to make sure that the equipment is serviceable through the decision-making time and if we end up ordering new equipment, that it will last through that time as well. We can supplement with rental equipment as needed. We've got a couple of pieces on site right now to help maintain our fleet availability and meet our production.
Greg Robinson: Yes, that's correct, where we're taking steps to make sure that the equipment is serviceable through.
Greg Robinson: Decision, making time and.
Greg Robinson: And if we end up ordering new equipment that it will last through that time as well, we can supplement with rental equipment as needed.
Phil Kerr: We can supplement with rental equipment as needed. We've got a couple of pieces on site right now to help maintain our fleet availability and meet our priorities. Okay, good stuff.
Greg Robinson: We've got a couple of pieces on site right now to help maintain our fleet availability.
To meet our production.
Greg Robinson: Okay.
Philip Ker: Okay. Good stuff. Maybe just one last one. I think it was earlier this year, you engaged or initiated into a hedging program. Could you just provide a refresh on that and maybe just provide us with where you're at with that now and moving forward?
Greg Robinson: Okay, good stuff and maybe just one last one.
Phil Kerr: And maybe just one last one. I think it was earlier this year you engaged or initiated into a hedging program. Could you just provide a refresh on that and maybe just provide us with where you're at with that now and moving forward?
Greg Robinson: I think it was earlier this year.
Greg Robinson: You engaged or initiated into a hedging program could you just provide a refresh on that and maybe just provide us with where you are at now.
Greg Robinson: Now I'm moving forward.
Jason Banducci: Sure, maybe I'll pass that one off to you, Jason. Yep, sure. So we've outlined the number of I don't have the number off the top of my head, but it represented about 75% of the gold sold ounces as reflected in the technical report. And again, that was just purchased through the purchase of put options with a floor of 2400. And so, you know, for us, as we look at risk mitigation for this year and into next year, and if you look at Again, how the mind plan sequences we view this year and next year as higher cost, higher capital and in our view, a little bit higher risk years where we need to really make sure we're protecting margin.
George Salamis: Sure. Maybe I'll pass that one off to you, Jason.
Jason: Sure maybe I'll pass that one off to you Jason.
Jason Banducci: Yep, sure. It was outlined the number of, again, I don't have the number off the top of my head, but it represented about 75% of the gold sold ounces as reflected in the technical report. Again, that was just purchased through the purchase of put options with a floor of $2,400. For us, as we look at risk mitigation for this year and into next year, and if you look at again, how the mine plan sequences, we view this year and next year as higher cost, higher capital, and in our view, a little bit higher risk years where we need to really make sure we're protecting margin. I think if you look back at what's reflected in the MD&A and financial statements, it'll outline what we spent on the put options.
Jason: Yeah sure so.
Speaker Change: Outline the number of I guess I don't have the number off the top of my head, but it represented about 75% of the.
Speaker Change: Gold sold ounces as reflected in the technical report and again that was just purchased through the purchase of put options with a floor of 2400 <unk>. So for us as we look at.
Speaker Change: Risk mitigation for this year and into next year and if you look at.
Speaker Change: Again, how the mine plan sequences, we view this year and next year as higher cost higher capital and in our view a little bit higher risk years, where we need to really make sure we're protecting margin.
Jason Banducci: I think if you look back at what's reflected in the MD&A and financial statements, it'll outline what we spent on the put options. But again, the beauty of put options is it protects the downside but leaves you fully exposed to the upside. I think the put buying or any sort of hedging for 2025 is fully complete so we'll do no more and it's to our benefit that these options are going to expire worthless because we're seeing and we're selling gold today at over $3,000. I think as we look to evolve the strategy into next year, which again as I've outlined is a year that we'll probably look to do more hedging, we'll probably look to roll and do a similar style of put buying, but again, nothing set in stone and once we have a bit more of a vision on what that's going to look like, we'll provide an update to the market.
Speaker Change: I think if you.
Speaker Change: You look back at what's reflected in the MD&A and financial statements. It will outline what we spent on the put options, but again the beauty of put options as it protects the downside believes you fully exposed to the upside and so I think.
Jason Banducci: Again, the beauty of put options is it protects the downside, but leaves you fully exposed to the upside. I think, the put buying or any sort of hedging for 2025 is fully complete, so we'll obviously do no more. It's to our benefit that these options are going to expire worthless because we're seeing and we're selling gold today at over $3,000. I think as we look to evolve the strategy into next year, which again, as I've outlined, is a year that we'll probably look to do more hedging. We'll probably look to roll and do a similar style of put buying, but again, nothing's set in stone. Once we have a bit more of a vision on what that's going to look like, we'll provide an update to the market. Hopefully that answers your question.
Speaker Change: The put buying or any sort of hedging for 2025 is fully complete so we will do obviously do no more than <unk>.
Speaker Change: It's to our benefit that these these options are going to expire worthless, because we're seeing and we are selling gold today at over $3000 I think as we look to evolve the strategy into next year, which again as I have outlined is a year that will probably look to do more hedging.
Speaker Change: We will probably look to roll and do a similar style of.
Speaker Change: Buying but again nothing's set in stone and once we have.
Speaker Change: You're a bit more of a vision on what <unk> will look like will provide an update to the market but.
Jason Banducci: But hopefully that answers your question. So yes, hedging this year is done and we'll probably look to do a bit more and again with where it is, obviously the strike price won't be $2,400, we'll probably move it to $3,000.
Speaker Change: Hopefully that answers your question. So yes hedging this year is done and we will probably look to do a bit more and again with where it is obviously the strike price wont be 2400 will probably move it up a bit.
Jason Banducci: Yes, hedging this year is done, and we'll probably look to do a bit more. Again, with where it is, obviously the strike price won't be $2,400. We'll probably move it up a bit.
Phil Kerr: That's great, Kyle.
Philip Ker: That's great color. I appreciate that, Jason. Thanks a lot. That's it, operator. Thank you.
Speaker Change: That's great color I appreciate that Jason.
Phil Kerr: I appreciate that, Jason.
Operator: That's all I've got today, operator. Thank you. Thanks, Bill. As a reminder, to ask a question, please press star followed by the number one on your telephone keypad.
Speaker Change: Thanks Al I've got three operator, thank you.
George Salamis: Thanks, Bill.
Speaker Change: Thanks, Phil.
Operator: As a reminder to ask a question, please press star followed by 1 on your telephone keypad. Our next question comes from Heiko Ihle from H.C. Wainwright & Co. Please go ahead. Your line is open.
Speaker Change: As a reminder to ask a question. Please press star followed by the number one on your telephone keypad.
Heiko E. Hill: Our next question comes from Heiko E. Hill from H.C.
Speaker Change: Our next question comes from Michael <unk> from H C. Wainwright. Please go ahead. Your line is open.
Heiko E. Hill: Wainwright. Please go ahead. Your line is open.
Heiko E. Hill: Good morning. Thanks for taking my questions. Hello.
Heiko Ihle: Good morning. Thanks for taking my questions. Hello?
Michael: Good morning, Thanks for taking my questions.
Speaker Change: Hello.
Speaker Change: Okay.
George Salamis: Go ahead, Heiko.
Heiko Ihle: Hello. Oh, perfect. On the mining fleet, can you maybe just walk us through a bit what you're seeing in regards to cost inflations and maybe even some bottlenecks in getting spares or whatever it is you might be needing?
Speaker Change: Go ahead, heiko so okay perfect.
Greg Robinson: On the mining fleet, can you maybe just walk us through a bit what you're seeing in regards to cost, cost inflations, and maybe even some bottlenecks in getting Spares or whatever it is you might be needing. Okay, I will direct that one back to you, Greg. Yeah, so if I think I understand your question, there isn't. We don't really have a problem with spares or parts availability for the mining fleet. Right now, we operate under a MARC-type contract with the local Caterpillar dealer, and they have a strong presence on site and a good supply chain.
Speaker Change: The mining fleet can you, maybe just walk us through a bit what you're seeing in regards to cost cost inflations and maybe even some bottlenecks and getting.
Speaker Change: Spares or whatever it is you might be needing.
George Salamis: Okay. I will direct that one back to you, Greg.
Greg Robinson: Okay, I will direct that one back to you Greg.
Greg Robinson: Yeah. If I think I understand your question. We don't really have a problem with spares or parts availability for the mining fleet. Right now we operate under a MARC-type contract with the local Caterpillar dealer. They have a strong presence on site and a good supply chain system, and parts availability hasn't been an issue since the bottom of COVID era. That said, because we're making this study for the mining fleet in general, we're holding off on some of the major maintenance because that's very expensive, and we don't want to invest money needlessly if we don't have to. We're running a balance when equipment downs itself or shows signs that one of the major components is failing.
Speaker Change: Yes, so if I if I think.
Speaker Change: I understand your question.
Speaker Change: There isn't.
Speaker Change: We don't really have a problem with spares or parts availability for the mining fleet.
Speaker Change: Right now we operate under.
Speaker Change: Mark type contract with our with our with the local caterpillar dealer.
Speaker Change: And they have a strong presence on site and a good supply chain.
Greg Robinson: system and parts availability hasn't been an issue. kind of the bottom of COVID era. That said, because we're making this kind of study for the mining fleet in general, we're holding off on some of the major maintenance because that's very expensive and we don't want to invest money needlessly if we don't have to. We're running a balance when equipment downs itself or shows signs that one of the major components is failing. We'll take the equipment down and we'll replace that component and think about what What else needs changed at the time that equipment is down before we put it back in the dirt?
Speaker Change: System in parts availability hasnt been an issue since.
Speaker Change: Kind of the bottom of Covid era.
Speaker Change: We.
Speaker Change: That said, we are because we are making this kind of study for the for.
Speaker Change: For the mining fleet in general we're holding off on some of the major maintenance because thats very expensive and as we.
Speaker Change: We don't want to invest money needlessly, if we don't have to.
Speaker Change: We're running a balance win win.
Speaker Change: When equipment.
Speaker Change: Downs itself or or show signs.
Speaker Change: One of the major components of sailing well, we'll take the equipment down and we will replace that component and think about what.
Greg Robinson: We'll take the equipment down, and we'll replace that component and think about what else needs changed at the time that equipment is down before we put it back in the dirt. Yeah, we're just playing that by ear, managing the fleet as best we can while we make this decision, and we want to make the right decision on our mining fleet going forward. We don't want to rush that process or do something rash. That's the philosophy we're taking, and so far it's working for us.
Speaker Change: What else needs changed.
Speaker Change: The time that equipment is down before we put it back in the dirt.
Greg Robinson: But yeah, we're just kind of playing that by ear, managing the fleet as best we can while we make this decision. And we want to make the right decision on our mining fleet going forward. And so we don't want to rush that process. or do something rash. And so that's kind of the philosophy we're taking and so far.
Speaker Change: But yes, that's where just kind of playing out by year managing the.
Speaker Change: The fleets as best we can while we make this decision and we want to make the right decision on an ore mining fleet going forward and so we don't want to rush that process or.
Speaker Change: Or do something rash and so that's kind of the philosophy, we're taking and so far it's working for us.
Speaker Change: Yeah.
Heiko E. Hill: Perfect.
Heiko Ihle: Perfect. Just one quick follow-up on the South Heap Leach Pad Phase IIIb. You're going to spend $12 million on that this year as per your release. Could you maybe give some color on a quarter-by-quarter breakdown for that money going out the door, please? Thank you.
Heiko E. Hill: And then just one quick follow-up on the South HeatBleachPet Phase 3b. I mean, you're going to spend $12 million on that this year as per your release. Could you maybe give some color on a quarter-by-quarter breakdown for that money going out the door, please?
Speaker Change: Perfect and then just one quick follow up on the year, So our heap leach pad the phase III.
Speaker Change: <unk> spent $12 million on that this year.
Speaker Change: <unk> you asked for your release could you maybe give some color on a quarter by quarter breakdown for money going out the door. Please. Thank you yes.
Greg Robinson: Thank you. Yep. Yeah, for sure. So we're starting to mobilize the contractor now. We've selected our primary contractor and we have all the permits in place and everything. That's all, we're ready to go and we're going to start just kind of ramping up slowly through the second quarter. Probably towards the end of second quarter, we'll start spending kind of on the main part of the earthwork and the lay down of the plastic and that kind of thing. and it should wrap up towards the end of third quarter. Just for perspective and if you followed the construction of phase 3a last year The scope of Phase 3B is much smaller.
Greg Robinson: Yep. Yeah, for sure. We're starting to mobilize the contractor now. We've selected our primary contractor, and we have all the permits in place and everything. That's all. We're ready to go. We're going to start just ramping up slowly through Q2. Probably towards the end of Q2, we'll start spending on the main part of the earthwork and the lay down of the plastic and that kind of thing. It should wrap up towards the end of Q3. Just for perspective, and if you followed the construction of Phase III-A last year, the scope of Phase IIIb is much smaller. We don't have to build any additional event ponds or invest in the barren solution supply system or anything like that. It's basically just building the leach pad itself.
Speaker Change: Yeah for sure so we.
Speaker Change: We're starting to mobilize the contractor now has selected our primary contractor.
Speaker Change: And.
Speaker Change: And we have all the permits in place and everything so that.
Speaker Change: That's all we're ready to go and.
Speaker Change: We're going to start kind of ramping up slowly through the second quarter.
Speaker Change: Probably towards the end of the second quarter, we will start spending kind of on the main main part of the earthwork in the.
Speaker Change: Lay down in the plastic.
Speaker Change: And then anything.
Speaker Change: And it will it should wrap up towards the end of <unk>.
Speaker Change: In the third quarter.
Speaker Change: For perspective.
Speaker Change: If you followed the construction of phase III last year.
Speaker Change: The scope of phase III B is much smaller we don't have to build any additional event ponds or invest in.
Greg Robinson: We don't have to build any additional event ponds or invest in the Barron Solution supply system or anything like that. It's basically just building the leach pad itself, and we've done part of the prep work last year. dirt work in that in that leach pad area. Got a good head start and should be a fair Perfect. I'll get back to you.
Speaker Change: Barren solution.
Speaker Change: Supply system or anything like that it's basically just building.
Speaker Change: The leach pad itself.
Greg Robinson: We've done part of the prep work already last year in the dirt work in that leach pad area. We've got a good head start, and it should be a fairly smooth project.
Speaker Change: We've done part of the prep work.
Speaker Change: Already last year.
Speaker Change: And in the.
Speaker Change: The.
Speaker Change: Dirt work in that and that Leach pad area. So we've got a good head start and should be a fairly smooth project.
Speaker Change: Yeah.
Heiko Ihle: Perfect. I'll get back to you.
Speaker Change: Perfect I'll get back in queue.
George Salamis: Thanks, Heiko.
Operator: There are no... There are no further questions at this time.
Speaker Change: So thanks for that.
Operator: There are no further questions at this time. I will turn the call back over to Mr. Salamis for closing remarks.
Speaker Change: There are no further questions at this time I will turn the call back over to Mr. Solomon for closing remarks.
George Salomon: I'll turn the call back over to Mr. Salamis for closing remarks. Okay, great. Well, thanks everybody for attending the presentation today. Again, we are always open and able to do individual presentations if there are any follow-up questions to be had. I would really like to thank everyone for attending the call. First and foremost, we are very proud of the work that we have done to get here. It really is an exciting time for Integra and we appreciate the support. We look forward to providing another formal update as the 2025 Q1 earnings call, which will be held mid-May sometime.
George Salamis: Okay, great. Well, thanks everybody for attending the presentation today. Again, we're always open and able to do individual presentations if there are any follow-up questions to be had. I'd really like to thank everyone for attending the call. First and foremost, we're very proud of the work that we've done to get here. It really is an exciting time for Integra, and we appreciate the support. We look forward to providing another formal update as part of the 2025 Q1 earnings call, which will be held mid-May sometime. Please do not hesitate to reach out to myself, Jason Banducci, or anyone else in the company if you have any other follow-up questions. On that note, thank you all very much.
Speaker Change: Okay, great well, thanks, everybody for attending the presentation today.
Speaker Change: Again, we're always open and enable to do individual presentations. If there are any follow up questions to be had.
Speaker Change: I'd really like to thank everyone for attending the call first and foremost we're very proud of the work that we've done to get here.
Speaker Change: It really is an exciting time for integra and we appreciate the support.
Speaker Change: We look forward to providing another formal update as part of the 2025 Q1 earnings call, which will be held mid may some time. Please.
George Salomon: Please do not hesitate to reach out to myself, Jason Banducci, or anyone else in the company if you have any other follow-up questions. And on that note, thank you all very much.
Speaker Change: Please do not hesitate to reach out to myself, Jason Vendue Chi or any one else in the company. If you have any other follow up questions and on that note. Thank you all very much.
Operator: This concludes today's conference call. Thank you for your participation. You may now.
Operator: This concludes today's conference call. Thank you for your participation. You may now disconnect.
Speaker Change: This concludes today's conference call. Thank you for your participation you may now disconnect.
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Speaker Change: Okay.
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