Q1 2025 Integra Resources Corp Earnings Call

Remarks, there will be a question and answer session. If you would like to ask a question. During this time simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question Press Star. One again, we kindly ask that you. Please limit your questions to one and one follow up I would now like to turn the meeting over to Jason Bender Chief Vice.

Operator: After the speaker's remarks, there will be a question and answer session. I would now like to turn the meeting over to Jason Banducci, Vice President, Corporate Development and Investor Relations. Please go ahead, Mr. Banducci.

Banducci: <unk> corporate development and Investor Relations. Please go ahead Mr Banducci.

Banducci: Thank you operator, I would also like to welcome everyone to Integra is first quarter of 2025 operating and financial results Conference call.

Jason Banducci: Thank you, operator. I would also like to welcome everyone to Integra's Q1 2025 Operating and Financial Results Conference Call. Before we begin, I would like to note that we will be making forward-looking statements during today's call. I will direct you to the 2nd slide of this presentation, which contains important cautionary notes regarding these forward-looking statements. The cautionary notes can also be found on Integra's corporate website. All dollar amounts discussed today will refer to USD unless otherwise indicated. On the call today, I'm joined by Integra's President, CEO, and Director, George Salamis, Chief Operating Officer, Clifford Lafleur, Chief Financial Officer, Andrée St-Germain, Vice President, Finance, Sean Deissner, Vice President, Permitting, Dale Kerner, and General Manager of the Florida Canyon Mine, Gregory Robinson. Today, we are pleased to provide an operating and financial update for Q1 2025, followed by a Q&A session.

Banducci: Before we begin I would like to note that we will be making forward looking statements. During today's call I will direct you to the second slide of this presentation, which contains important cautionary notes regarding these forward looking statements cautionary notes can also be found on integrity corporate web site.

Banducci: All dollar amounts discussed today will refer to U S dollars unless otherwise indicated.

Banducci: On the call today, I'm joined by Integra, as President CEO and director George Soundness.

Speaker Change: Operating officer, Cliff <unk>, Chief Financial Officer, Andre Saint Germain.

Speaker Change: Vice President Finance, Sean days, there Vice president permitting Dale corner.

Speaker Change: And general manager of the Florida Canyon mine, Greg Robinson today, we are pleased to provide an operating and financial update for the first quarter of 2025, followed by a Q&A session with that I would like to hand, the call over to George to kick things off.

Jason Banducci: With that, I would like to hand the call over to George to kick things off.

Speaker Change: Okay. Thanks, Jason.

George Soundness: In November 2020 for Integra transformed from a development stage company into a U S coal producer through the acquisition of the Florida Canyon mine and in Q1 2025 Integra completed its first full quarter as a producing company.

George Salamis: Okay, thanks, Jason. In November 2024, Integra transformed from a development stage company into a US gold producer through the acquisition of the Florida Canyon Mine. In Q1 2025, Integra completed its first full quarter as a producing company. Today marks a real milestone for us, and we believe that Integra is now positioned better than ever with Florida Canyon delivering consistent production and cash flow to advance our two heap leach projects, Delamar and Nevada North. Our strategy is quite simple: operate efficiently, develop responsibly, allocate capital wisely, and grow the business organically and through tactical M&A. We're building a modern, growth-focused gold company in the heart of the Great Basin. Turning to slide 5, we have highlighted some metrics that underscore our key successes in the first quarter of 2025. The major takeaway from Q1 is that Florida Canyon is doing its job and performing as expected.

George Soundness: Today marks a real milestone for us and we believe that Integra is now positioned better than ever with Florida Canyon, delivering consistent production and cash flow to advance our two heap leach projects, Delmarva and Nevada North.

George Soundness: Our strategy is quite simple.

George Soundness: Operate efficiently.

George Soundness: Develop responsibly allocate capital wisely and grow the business organically and through tactical M&A. We are building a modern growth focused gold company in the heart of the Great Basin.

George Soundness: Turning to slide five we have highlighted some metrics that underscore our key successes in the first quarter of 2025.

George Soundness: The major takeaway from Q1 is that Florida Canyon is doing its job and performing as expected.

George Soundness: While there is still a lot of work ahead of US. The mine is currently operating consistently and profitably adding to integra is cash balance to support the development and advancement of del Mar in Nevada North.

George Salamis: While there is still a lot of work ahead of us, the mine is currently operating consistently and profitably, adding to Integra's cash balance to support the development and advancement of Delamar and Nevada North. In Q1, Florida Canyon demonstrated consistent performance with total production of 19,323 ounces of gold at site level, all-in sustaining costs of $2,342 per ounce versus the average realized gold price during the quarter of $2,888 per ounce, allowing Integra to exhibit significant leverage to the gold price. During Q1, operating cash flow was $16.1 million, leading to a cash balance at the end of the quarter of $61.1 million. This marks the strongest ever financial position for the company, well-positioning Integra to execute on all of our major objectives for the remainder of 2025 and beyond without having to return to the market for financing.

George Soundness: In the first quarter, Florida Canyon demonstrated consistent performance with total production of 19323 ounces of gold at site level, all in sustaining costs of 2000 and $342 per ounce versus the average realized gold price during the quarter of $2888 per ounce.

George Soundness: Allowing integra to exhibit significant leverage to the gold price.

George Soundness: During the first quarter operating cash flow was $16 $1 million.

George Soundness: Leading to a cash balance at the end of the quarter of $61 1 million.

George Soundness: This marks the strongest ever financial position for the company.

George Soundness: Well positioning integra to execute on all of our major objectives for the remainder of 2025 and beyond without having to return to the market for financing.

George Soundness: During the quarter. We are also very busy advancing our flagship development stage LMR project.

George Salamis: During the quarter, we're also very busy advancing our flagship development stage Delamar project. At the end of March, we submitted the updated and refined mine plan of operations to the BLM and made significant progress on the ongoing feasibility study during the quarter, which our newly appointed COO, Cliff LaFleur, will touch on later on in this call. From a corporate perspective, we added three highly skilled executives to the company, each of whom will be instrumental in helping Integra execute on its strategy of becoming a mid-tier gold producer. Just to touch on some of these leadership additions. During Q1, we welcomed Cliff LaFleur as Chief Operating Officer, as I mentioned. Cliff played a key role in the growth and success at SilverCrest Metals Inc., ultimately leading to the company's recent $1.7 billion sale to Coeur Mining.

George Soundness: At the end of March we submitted the updated and refined mine plan of operations to the BLM and made significant progress on the ongoing feasibility study during the quarter, which our newly appointed CFO Cliff Whistler will touch on later on in this call.

George Soundness: From a corporate perspective, we added three highly skilled executives to the company.

George Soundness: Each of whom will be instrumental in helping integra execute on its strategy of becoming a mid tier gold producer.

George Soundness: Yeah.

George Soundness: So just to touch on some of these leadership additions. So during Q1, we welcome Cliff lift Flores Chief operating officer as I mentioned cliffs played a key role in the growth and success at Silvercrest metals ultimately leading to the Companys recent one $7 billion sale to core mining.

George Soundness: Cliff will be instrumental for Integra is we look to optimize Florida Canyon and significantly advanced LMR and Nevada North.

George Salamis: Cliff will be instrumental for Integra as we look to optimize Florida Canyon and significantly advance Delamar and Nevada North. Joining us from SilverCrest is Sean Deissner, who's been appointed as our Vice President, Finance. Sean is a chartered professional accountant with over 15 years of experience in the mining industry, specializing in financial reporting, corporate finance, and strategic leadership. We appointed Dale Kerner as VP of Permitting, who brings deep experience from Perpetua's Stibnite project, one of the few major gold projects in the US to receive a final record of decision in recent years. These three appointments reflect our commitment to operational excellence and permitting success as we build a leading US gold producer. I will now hand the call over to Gregory Robinson, General Manager of Florida Canyon, to provide an operational overview from Q1.

Speaker Change: Also joining us from Silvercrest is Shawn <unk>.

George Soundness: Who has been appointed as our Vice President Finance.

George Soundness: Sean is a chartered professional accountant with over 15 years of experience in the mining industry specializing in financial reporting corporate finance and strategic leadership.

Speaker Change: Lastly, we appointed <unk> as VP of permitting who brings deep experience from perpetuates deny project one of the few major gold projects in the U S to receive a final record of decision in recent years.

Speaker Change: These three appointments reflect our commitment to operational excellence and permitting success as we build a leading U S coal producer.

Speaker Change: I will now hand, the call over to Greg Robinson General manager at Florida Canyon to provide an operational overview from Q1.

Greg Robinson: Alright, Thank you George.

Speaker Change: Let's turn to slide seven.

Gregory Robinson: All right. Thank you, George. Let's turn to slide 7, where we've outlined the key production metrics for Florida Canyon in Q1 2025. During the quarter, Florida Canyon produced 19,323 ounces of gold. Sold 19,540 ounces at a cash cost of $2,016 per ounce, and mine site all-in sustaining costs of $2,342 per ounce. Increased costs during the quarter at Florida Canyon can be partially attributed to a ramp-up of capital spending for pre-stripping activities, higher royalty payments due to the increased spot gold price, and increased tax-related production costs. Gold production exceeded expectations, partly due to the recovery and processing of approximately 2,000 ounces of previously unrecovered gold confined within an electrowinning tank as part of a one-time efficiency improvement project.

Speaker Change: Where we've outlined the key production metrics for Florida Canyon in the first quarter of 2025.

Speaker Change: During the quarter, Florida Canyon produced 19323 ounces of gold.

Speaker Change: Sold 19540 ounces at a cash cost of $2016 per ounce.

Speaker Change: And mine site all in sustaining costs too.

2000, and $342 an ounce.

Speaker Change: Increased costs during the quarter at Florida Canyon can be partially attributed to a ramp up of capital spending for pre stripping activities.

Speaker Change: Royalty payments due to the increased spot gold price.

Speaker Change: And increased tax related production costs.

Speaker Change: Gold production exceeded expectations, partly due to the recovery and processing in the approximately 2000 ounces of previously Unrecovered gold.

Confined within an Electra, winning tank as part of a one time efficiency improvement project.

Speaker Change: Strong gold production was further supported by the continued ramp up of solution flow rates through the heap leach pads and the new carbon in column circuit commissioned in late 2024.

Gregory Robinson: Strong gold production was further supported by the continued ramp-up of solution flow rates through the heap leach pads and the new carbon-in-column circuit commissioned in late 2024. Mining and ore placement rates were slightly impacted due to longer hauls and lower than expected haul truck mechanical availability, which is being offset currently by truck rentals that have been on site and operating since early May. Planned component replacement maintenance work on the truck fleet is set to begin in Q2 2025. Sustaining capital expenditures this year will include the expansion of the South Heap Leach Pad Phase 3B for approximately $12 million, which is scheduled to begin in Q2 and be completed in Q3 2025.

Speaker Change: Mining and ore placement rates were slightly impacted due to longer hauls and lower than expected haul truck mechanical availability.

Speaker Change: Which is being offset currently by truck rentals that have been on site and operating since early may.

Speaker Change: Planned component replacement maintenance work on the truck fleet is set to begin in the second quarter of 2025.

Speaker Change: Sustaining capital expenditures. This year will include the expansion of the South heap Leach pad phase III b for approximately $12 million.

Which is scheduled to begin in the second quarter and be completed in the third quarter of 2025.

Speaker Change: We are continuing to reinvest into the mine and allocating the capital required to support a profitable mining operation at Florida Canyon for many years to come.

Gregory Robinson: We are continuing to reinvest into the mine and allocating the capital required to support a profitable mining operation at Florida Canyon for many years to come. We intend to provide 2025 guidance for the remainder of the year ahead of Q2 2025 results. With that, I'll pass the call to our VP of permitting, Dale Kerner, to discuss some of the key permitting achievements at Delamar during the Q1.

Speaker Change: We intend to provide 2025 guidance for the remainder of the year ahead of Q2 25 2025 result.

Speaker Change: Yeah.

Speaker Change: And with that I'll pass the call to our VP of permitting Dale corner to discuss some of the key permitting achievements that delamater during the first quarter.

Dale Corner: Thank you Greg.

Dale Corner: During the first quarter Integra submitted an updated and refined mine plan of operations or MTO to the Bureau of land management for Delaware.

Dale Kerner: Thank you, Greg. During the Q1, Integra submitted an updated and refined mine plan of operations, or MPO, to the Bureau of Land Management for Delamar. Submission of the updated MPO to the BLM initiates the pathway for the issuance of a Notice of Intent, or NOI, which is a formal announcement of BLM's intent to prepare an Environmental Impact Statement to evaluate the potential environmental effects of the proposed action in accordance with the National Environmental Policy Act, or NEPA. The NOI will be followed by a scoping process, which includes engagement with federal, state, and local agencies and the public. Once scoping is completed, the BLM will conduct an environmental impact analysis for the proposed action, as well as reasonable alternatives to the proposed action. Through this alternatives evaluation process, refinements to the MPO may be identified that reduce environmental impacts.

Dale Corner: Submission of the updated <unk> to the BLM initiate so pathway for the issuance of a notice of intent of intent or NOI, which is a formal announcement of blm's intent to prepare an environmental impact statement to evaluate the potential environmental effects of the proposed action in accordance with the National Environmental Policy Act NEPA.

Dale Corner: <unk>.

The NOI will be followed by a scoping process, which includes engagement with federal state and local agencies and the public.

Dale Corner: Once scoping is completed the BLM will conduct an environmental impact analysis for the proposed action as well as reasonable alternatives to the proposed action.

Dale Corner: Through this alternatives evaluation process refinements to the MPL, maybe identified that reduce environmental impact.

Dale Corner: A draft EIS.

Dale Corner: We will publish the results of the BLM environmental analysis, and we'll be open to public comment for a minimum of 45 days.

Dale Kerner: A draft EIS will publish the results of the BLM's environmental analysis and will be open to public comment for a minimum of 45 days. Public comments on the draft EIS will be addressed by the BLM in the final EIS and accompanying record of decision document, or ROD, which may include the BLM's proposed measures to mitigate potential environmental impacts. The BLM's environmental analysis under NEPA from the notice of intent to the final EIS is anticipated to span 2 years and represents a rigorous, transparent, and prescriptive permitting framework that guides the federal review of mining projects on public lands. Federal permitting will be complemented by a host of other permits from multiple Idaho state agencies that serve to protect the quality of Idaho's air, water, and land.

Dale Corner: Public comments on the draft EIS will be addressed by the BLM and the finally EIS and accompanying record of decision document or road for Rod, which may include the BLM proposed measures to mitigate potential environmental impacts.

Dale Corner: The BLM environmental analysis underneath from the notice of intent to the final EIS is anticipated to spend two years and represents a rigorous transparent and prescriptive permitting framework that guides the federal review of mining projects on public lands.

Dale Corner: Federal permitting will be complemented by a host of other permits for multiple Idaho state agencies that serve to protect the quality of Idaho's air water and land.

Speaker Change: Integra has recently updated and submitted an appeal for del Mar reflects a significantly optimized and environmentally enhanced mine plan, including a more compact project footprint and design modifications aimed at reducing projected carbon emissions and water usage.

Dale Kerner: Integra's recently updated and submitted MPO for Delamar reflects a significantly optimized and environmentally enhanced mine plan, including a more compact project footprint and design modifications aimed at reducing projected carbon emissions and water usage. These improvements were developed through extensive technical analysis, stakeholder engagement, and a focus on the integration of modern sustainable mining practices. I will now pass the call to our COO, Cliff, to provide an update on the ongoing work for the feasibility study.

Speaker Change: These improvements were developed through extensive technical analysis stakeholder engagement and a focus on the integration of modern sustainable mining practices.

Speaker Change: I'll now pass the call to our CFO cliff to provide an update on the ongoing work for the feasibility study.

Cliff Whistler: Thanks Bill.

Speaker Change: To begin by mentioning that one of the reasons I joined Integra with the fact that they had acquired Florida Canyon.

Clifford Lafleur: Thanks, Dale. I'd like to begin by mentioning that one of the reasons I joined Integra was the fact that they had acquired Florida Canyon, making them a legitimate producer. Leaning on my previous experience building and optimizing mines, I saw the potential to work with the team to grow the operation and add significant value over the coming years. The other main reason for joining Integra is the fact the company maintained exposure to two quality heap leach projects, while becoming a producer, including Delamar, which demonstrated solid economics at the Pre-Feasibility Study level and a clear pathway to obtaining a permit. Since officially starting in my role as COO with Integra a few weeks ago, I've been working closely with the team to get up to speed on the Delamar feasibility study.

Speaker Change: Making them a legitimate producer and meeting on my previous experience building and optimizing mines I.

Speaker Change: I saw the potential to work with the team to grow the operation and add significant value over the coming years.

Speaker Change: The other main reason for joining Integra is the fact the company maintain exposure to two quality heap leach projects, while becoming a producer including del Mar, which demonstrated solid economics at the pre feasibility study level.

Speaker Change: We had a clear pathway to obtaining a permit.

Speaker Change: Since officially starting in my role as COO with Integra, a few weeks ago I've been working closely with the team to get up to speed on the develop of our feasibility study.

Speaker Change: Project has gone undergone some changes since the PFS.

Clifford Lafleur: Project has undergone some changes since the PFS, such as making it an oxide heap leach only project and reducing site power requirements, all in an effort to streamline permitting. Our team is balancing our focus between the attention required at Florida Canyon and making progress advancing Delamar from an engineering and permitting perspective. We aim to complete the feasibility study in H2 of this year. Look forward to providing updates as we go. I'll now pass it back to George to provide an update on Nevada North.

Speaker Change: Just making it an oxide only heap leach and oxide heap Leach only project and reducing site power requirements all in an effort to streamline permitting.

George Soundness: Our team is balancing our focus between the attention required a Florida canyon, and making progress advancing delamater from an engineering and permitting perspective, we aim to complete the feasibility study in the second half of this year and look forward to providing updates as we go I will now pass it back to George to provide an update on Nevada North.

George Soundness: Okay. Thanks Cliff.

George Soundness: Nevada North consists of two mineral exploration deposits Wildcat in mountain view.

George Salamis: Okay. Thanks, Cliff. Nevada North consists of two mineral exploration deposits, Wildcat and Mountain View. During the Q1, efforts at Nevada North were focused at Wildcat, which is located approximately 30 miles away from Florida Canyon to the west. The final Environmental Assessment and Finding of No Significant Impact for the Wildcat Exploration Plan of Operations, otherwise known as the FONSI, was published by the BLM Humboldt River Field Office shortly after the end of the Q1. The BLM's review of the EA determined that the proposed action alternative will not significantly affect the quality of the human environment, which is great news. Concurrence from the Nevada State Historic Preservation Office is required to finalize the BLM decision and is anticipated to be received in mid-2025. We also completed necessary preparatory work at Wildcat in anticipation of completing metallurgical and geochemical testing later this year.

During the first quarter efforts at Nevada, North we're focused at Wildcat, which is located approximately 30 miles away from Florida Canyon to the west.

George Soundness: The final environmental assessment and finding of no significant impact for the Wildcat exploration plan of operations, otherwise known as the <unk>.

George Soundness: Was published by the BLM Humboldt River Field office shortly after the end of the first quarter.

George Soundness: The <unk> review of the <unk> determined that the proposed action alternative will not significantly affect the quality of the human environment, which is great news.

George Soundness: Concurrence from the Nevada State Historic Preservation office is required to finalize the BLM decision and is anticipated to be received in mid 2025.

George Soundness: We also completed necessary preparatory work at Wildcat in anticipation of completing metallurgical and geochemical testing later this year.

Approximately 30 miles away from Florida Canyon to the West.

George Soundness: This crucial tests work being completed at Wildcat will support future economic studies and permitting efforts.

Speaker Change: The final environmental assessment and finding of no significant impact for the Wildcat exploration plan of operations, otherwise known as the <unk>.

George Salamis: This crucial test work being completed at Wildcat will support future economic studies and permitting efforts. Over to Mountain View. At Mountain View, an Exploration Plan of Operations, the Nevada reclamation permit application were submitted to the BLM Black Rock Field Office and Nevada Division of Environmental Protection. These submittals initiate the environmental review and permitting process for those that are required for future advanced exploration activities at Mountain View. Ongoing initiatives at Nevada North support Integra's long-term growth strategy, which involves the de-risking and permitting of its key development stage heap leach projects. With greater financial resources available to the company greater than ever, Integra is focused on accelerating various technical studies designed to de-risk Nevada North and advance the asset through permitting. I will now pass the call over to our CFO, Andrée St-Germain, to discuss the financial results for the quarter.

George Soundness: Over the mountain view.

George Soundness: At Mountain view, an exploration plan of operations in Nevada reclamation permit applications were submitted to the BLM Blackrock field office in Nevada Division of environmental protection.

Speaker Change: It was published by the BLM Humboldt River Field office shortly after the end of the first quarter.

Speaker Change: The <unk> review of the <unk> determined that the proposed action alternative will not significantly affect the quality of the human environment, which is great news.

George Soundness: <unk> initiated the environmental review and permitting process for required those that are required for future advance exploration activities at mountain view.

Speaker Change: Concurrence from the Nevada State Historic Preservation office is required to finalize the BLM decision and is anticipated to be received in mid 2025.

George Soundness: Ongoing initiatives at Nevada, North support Integra as long term growth strategy, which involves the derisking and permitting of its key development stage heap Leach projects.

Speaker Change: We also completed necessary preparatory work at Wildcat in anticipation of completing metallurgical and geochemical testing later this year.

George Soundness: With greater financial resources available to the company greater than ever Integra is focused on accelerating various technical studies designed to Derisk, Nevada, North and advance the asset through permitting.

Speaker Change: This crucial tests work being completed at Wildcat will support future economic studies and permitting efforts.

Speaker Change: Over the mountain view.

Speaker Change: I will now pass the call over to our CFO Andreas St Joe Man.

Speaker Change: At Mountain view, an exploration plan of operations in Nevada reclamation permit applications were submitted to the BLM Blackrock field office in Nevada Division of environmental protection.

Speaker Change: To discuss the financial results for the quarter.

Speaker Change: Thanks Joey.

Speaker Change: Okay, Great closed Q1, with our strongest financial position today.

Speaker Change: <unk> initiated the environmental review and permitting process for required those that are required for future advance exploration activities at mountain view.

Andrée St-Germain: Thanks, George. Integra closed Q1 with our strongest financial position to date, with a cash balance of $61.1 million and a robust working capital of $63.8 million, which is expected to fund sustaining capital needs for Florida Canyon, development expenditures at Delamar and Nevada North, and cover our G&A expenditures for the years to come. The company reported Q1 revenues of $57 million and cost of sales of $41.5 million, resulting in $15.5 million in gross profit, which equates to a 27% operating profit margin. The increase in profit margin compared to Q4 2024 is primarily due to the gold price increase. We realized this quarter an average gold price of $2,888 per ounce. Q1 adjusted earnings were $4.4 million, and adjusted earnings per share was $0.03 after adjusting for impact of the Florida Canyon purchase gain, integration costs, and unrealized loss on derivatives.

Speaker Change: The cash balance of $61 1 million.

Speaker Change: In a robust way.

Speaker Change: <unk> capital of $63 8 million.

Speaker Change: Ongoing initiatives at Nevada, North support <unk> long term growth strategy, which involves the derisking and permitting of its key development stage heap Leach projects.

Speaker Change: As expected to sign sustaining capital needs for Florida Canyon.

Speaker Change: Net expenditures at del Mar and Nevada annoyed.

Speaker Change: I'll cover our G&A expenditures for the years to come.

Speaker Change: With greater financial resources available to the company greater than ever Integra is focused on accelerating various technical studies designed to Derisk, Nevada, North and advance the assets through permanent.

Speaker Change: The company reported Q1 revenues of $57 million and.

Speaker Change: Cost of sales of $41 5 million.

Speaker Change: Resulting in $15 5 million in <unk> pocket.

Speaker Change: Which equate to a 27% operating profit margin.

I will now pass the call over to our CFO Andre seems domains to discuss the financial results for the quarter.

Speaker Change: The increase in profit margin compared to Q4 of 2024 is primarily due to the gold price increase.

Speaker Change: Thanks.

Andre: Okay, Great closed Q1, with our strongest financial position today.

Speaker Change: We realized this quarter and average gold price of 3888 per ounce.

Speaker Change: Cash balance of $61 1 million.

Speaker Change: Q1, adjusted earnings were $4 4 million and adjusted earnings per share was <unk>.

Speaker Change: And our robust working capital of $63 8 million, which is expected to sign sustaining capital needs in the Florida Canyon.

Speaker Change: After adjusting for impact at the Florida Canyon purchase gain.

Speaker Change: Net expenditures at Palomar in Nevada annoying.

Speaker Change: Integration costs and unrealized loss on derivatives.

Speaker Change: And cover our G&A expenditures for the years to come.

Speaker Change: The unrealized loss on derivatives is primarily due to the impact of our share price increase this quarter the value of the convertible loan derivative component.

The company reported Q1 revenues of $57 million and.

Andrée St-Germain: The unrealized loss on derivatives is primarily due to the impact of our share price increase this quarter and the value of the convertible loan derivative component. Finally, as discussed by Greg earlier, we saw a slightly increased cost during the quarter at Florida Canyon, which can be partially attributed to the ramp-up of capital spending for pre-stripping activities, higher royalty payments due to the increased spot gold price, and increased tax-related production costs. We intend to provide further details on costs and sustaining capital for the remainder of 2025 as part of formal guidance to be published prior to the release of Q2 results. I will now pass the call back to George to discuss strategic objectives for the remainder of 2025.

Speaker Change: Cost of sales of $41 5 million.

Speaker Change: Resulting in $15 5 million in gross profit.

Greg Robinson: Finally, as discussed by Greg earlier.

Speaker Change: Which equates to a 27% operating profit margin.

Greg Robinson: We saw slightly increased cost during the quarter at Florida Canyon.

Speaker Change: The increase in profit margin compared to Q4 of 2024 is primarily due to the gold price increase.

Greg Robinson: Can be partially attributed to wrap up of capital spending for pre stripping activities.

Speaker Change: We realized this quarter and average gold price of 3888 per ounce.

Greg Robinson: Your royalty payments due to decreased spot gold price and.

Greg Robinson: An increased tax related production costs.

Speaker Change: Q1, adjusted earnings were $4 4 million and adjusted earnings per share was <unk>.

Greg Robinson: We intend to provide further details on costs and sustaining capital for the remainder of 2025 as part of formal guidance to be published prior to the release of <unk>.

Speaker Change: After adjusting for impact of the Florida Canyon purchase gain.

Speaker Change: Integration costs and unrealized loss on derivatives.

<unk> quarterly results.

George Soundness: I will now pass the call back to George to discuss strategic objectives for the remainder of 2025.

Speaker Change: The unrealized loss.

Speaker Change: Thank you Andre.

Speaker Change: So looking forward our priorities in 2025 remain clear.

George Salamis: Thank you, Andrée. Looking forward, our priorities in 2025 remain clear, and we're making excellent progress. At Florida Canyon, we aim to optimize the production, our production, grow cash flow, and execute growth-focused drilling and exploration, which we launched last week with a 10,000-meter program. At Delamar, we submitted the updated and refined mine plan of operations and expect to initiate federal permitting in H2 of this year. In fact, last week, I visited Washington, D.C. with key members of our team, along with our board member and former governor of Idaho, Butch Otter. Among other key meetings we had was an extended face-to-face meeting with the Secretary of the Interior, Doug Burgum, and the Trump administration's newly appointed head of the U.S. National Energy Dominance Council, David Copley.

Speaker Change: And we're making excellent progress.

Speaker Change: We saw slightly increased cost during the quarter at Florida Canyon, which can be partially attributed to wrap up of capital spending for pre stripping activities.

Speaker Change: At Florida Canyon, we aim to optimize the production.

Our production.

Speaker Change: Grow cash flow and.

Operator: I would now like to turn the meeting over to Jason Banducci, Vice President, Corporate Development and Investor Relations. Please go ahead, Mr. Banducci.

Speaker Change: And execute growth focused drilling and exploration, which we launched last week with a 10000 meter program.

Speaker Change: Higher royalty payments due to decreased spot gold price.

Speaker Change: At <unk>, we submitted the updated and refined mine plan of operations and expect to initiate federal permitting in the second half of this year.

Speaker Change: An increased tax related production costs.

Speaker Change: We intend to provide further details on cost and sustaining capital for the remainder of 2025.

Speaker Change: In fact last week I visited Washington D C with key members of our team.

Jason Banducci: Thank you, operator.

Speaker Change: As part of formal guidance to be published priority. They released our second quarter results.

Jason Banducci: I would also like to welcome everyone to Integra's first quarter 2025 operating and financial results conference call. Before we begin, I would like to note that we will be making forward looking statements during today's call. I will direct you to the second slide of this presentation, which contains important cautionary notes regarding these forward looking statements. Cautionary notes can also be found on Integra's corporate website. All dollar amounts discussed today will refer to U.S. dollars unless otherwise.

Speaker Change: Along with our board member and former Governor of Idaho Butch Otter.

Speaker Change: I will now pass the call back to George to discuss strategic objectives for the remainder of 2025.

Speaker Change: Among other key meetings, we had wasn't extended face to face meeting with the secretary of the interior, Doug Bergen and the Trump administration's newly appointed head of the U S National Energy dominance counsel David Copley.

Andre: Thank you Andre.

Andre: So looking forward our priorities in 2025.

Andre: Remain clear.

Speaker Change: Following these meetings along with others with various senators and members of Congress, we feel an increased sense that the current political administration is doing their very best to support new mine permitting and development.

Andre: And we're making excellent progress.

George Salamis: Following these meetings, along with others with various senators and members of Congress, we feel an increased sense that the current political administration is doing their very best to support new mine permitting and development, and also that there has been no other time than right now to be permitting mines in the US. In H2 of this year, we also plan to release our feasibility study for Delamar, which Clifford Lafleur and his team are busy working on. Delamar remains one of our very few large-scale precious metal projects in the US at a feasibility stage and also actively being advanced through federal mine permitting. At Nevada North, we continue to de-risk the project and lay the foundation for future development. We are also focused on continuing to bolster our capital markets profile and investor awareness, leading to enhanced trading liquidity and index inclusion.

Speaker Change: At Florida Canyon, we aim to optimize our production our production.

Speaker Change: Grow cash flow.

Speaker Change: And execute growth focused drilling and exploration, which we launched last week with a 10000 meter program.

Speaker Change: And also that there has been no other time than right now to.

Jason Banducci: On the call today, I'm joined by Integra's President, CEO, and Director, George Salamis, Chief Operating Officer, Cliff LaFleur, Chief Financial Officer, Andre St. Germain, Vice President Finance, Don Deisner, Vice President Permitting, Dale Kerner, and General Manager of the Florida Canyon Mine, Greg Robinson.

Speaker Change: At <unk>, we submitted the updated and refined mine plan of operations and expect to initiate federal permitting in the second half of this year.

Speaker Change: To be permitted mines in the U S.

Speaker Change: In the second half of this year. We also plan to release, our feasibility study for del Mar, which cliff has and his team are busy working on.

Speaker Change: Last week I visited Washington D C with key members of our team.

Speaker Change: <unk> remains one of our very few large scale precious metal projects in the U S. At a feasibility stage and also actively being advanced through federal mine permitting.

Speaker Change: Along with our board member and former Governor of Idaho Butch Otter.

Speaker Change: Among other key meetings, we had was an extended face to face meeting with the secretary of the interior, Doug Bergen and the Trump administration's newly appointed head of the U S National Energy dominance counsel David Copley.

Jason Banducci: Today, we are pleased to provide an operating and financial update for the first quarter of 2025, followed by a Q&A session.

Speaker Change: At Nevada, North we continue to Derisk the project and lay the foundation for future development.

George Salamis: With that, I would like to hand the call over to George to kick things Okay. Thanks, Jason. In November 2024, Integra transformed from a development stage company into a US gold producer through the acquisition of the Florida Canyon Mine. And in Q1 2025, Integra completed its first full quarter as a producing company. Today marks a real milestone for us and we believe that Integra is now positioned better than ever with Florida Canyon delivering consistent production and cash flow to advance our two heap leach projects, Delamar and Nevada North. Our strategy is quite simple, operate efficiently.

Speaker Change: We are also focused on continuing to bolster our capital markets profile and investor awareness, leading to enhanced trading liquidity and index inclusion.

Speaker Change: Following these meetings along with others with various senators and members of Congress, we feel an increased sense at the current political administration is doing their very best to support new mine permitting and development.

Speaker Change: Integra was recently added to the selective global silver miners total return index marketing the company's first index inclusion.

George Salamis: Integra was recently added to the Solactive Global Silver Miners Total Return Index, marking the company's first index inclusion. We expect to be eligible for several more indices, including the GDXJ over the next 6 to 12 months. From a corporate perspective, we are intently focused on disciplined capital allocation and 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. I will now hand the call back to our CEO, Cliff, who will touch on some of his initial observations and the ongoing optimization work at play at Florida Canyon.

Speaker Change: And also that there has been no other time right now to.

Speaker Change: To be permitted mines in the U S.

Speaker Change: We expect to be eligible for several more indices, including the <unk> over the next six to 12 months.

Speaker Change: In the second half of this year. We also plan to release, our feasibility study for del Mar, which cliff has and his team are busy working on.

Speaker Change: From a corporate perspective, we are intently focused on disciplined capital allocation and longer term and a longer term horizon.

Speaker Change: <unk> remains one of our very few large scale precious metal projects in the U S. At a feasibility stage and also actively being advanced through federal mine permitting.

Speaker Change: 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: develop responsibly, allocate capital wisely, and grow the business organically and through tactical M&A.

Speaker Change: At Nevada, North we continue to Derisk the project and lay the foundation for future development.

George Salamis: We're building a modern growth focused gold company in the heart of the great Turning to slide five, we have highlighted some metrics that underscore our key successes in the first quarter of 2025. The major takeaway from Q1 is that Florida Canyon is doing its job and performing as expected. While there is still a lot of work ahead of us, the mine is currently operating consistently and profitably, adding to Integra's cash balance to support the development and advancement of Delamar and Nevada North. In the first quarter, Florida Canyon demonstrated consistent performance with total production of 19,323 ounces of gold at site level, all in sustaining costs of $2,342 per ounce, versus the average realized gold price during the quarter of $2,888 per ounce.

Cliff Whistler: I will now hand, the call back to our CEO Cliff will touch on some of his initial observations and ongoing optimization work at play at Florida Canyon.

Speaker Change: We are also focused on continuing to bolster our capital markets profile and investor awareness, leading to enhanced trading liquidity and index inclusion.

Speaker Change: Thanks George.

Speaker Change: Integra was recently added to the selective.

Cliff Whistler: Pleased to say that Florida Canyon is doing what we acquired it could do consistently delivering on gold production and generating positive cash flow to support the rest of the portfolio.

Clifford Lafleur: Thanks, George. We're pleased to say that Florida Canyon is doing what we acquired it to do, consistently delivering on gold production and generating positive cash flow to support the rest of the portfolio. However, that being said, we continue to work on improving the asset. I'm excited to be working with Greg and his team on finding ways to reinvest in Florida Canyon. One way is through the optimization studies, which are investigating improvements in productivity, cost, and mine life.

Speaker Change: Global Silver miners total return index.

Speaker Change: Marketing the company's first index inclusion.

Speaker Change: We expect to be eligible for several more indices, including the <unk> over the next six to 12 months.

Cliff Whistler: However that being said, we continue to work on improving the asset.

Speaker Change: I need to be working with Greg and his team on finding ways to reinvest in Florida Canyon.

Speaker Change: From a corporate perspective, we are intently focused on disciplined capital allocation and longer term and a longer term horizon.

Cliff Whistler: One way is through the optimization studies.

Cliff Whistler: Which are investigating improvements in productivity cost and mine life.

Speaker Change: We will continue to evaluate strategic and accretive M&A opportunities that support our strategic goal of becoming a leading mid tier gold producer.

Cliff Whistler: Several studies underway.

Cliff Whistler: And we work to support them has begun including but not limited to the mining fleet study, which is investigating bringing in new pieces of mobile equipment.

Clifford Lafleur: We have several studies underway and work to support them has begun, including but not limited to the mining fleet study, which is investigating bringing in new pieces of mobile equipment, a mine planning review with the aim to finding value and efficiencies in pit rephasing, the 10,000-meter growth-focused drill campaign mentioned by George, and very soon, a geotechnical test drilling campaign to inform a geotechnical analysis with the objective to steepen pit walls. The results from this work and the other studies expected to all be completed in H2 2025 will be used to inform a resource and reserve update for Florida Canyon in 2026. We're confident that Florida Canyon can continue to generate value for Integra for many years to come. Turning to slide 13, George will provide an overview of the recently initiated growth drilling program.

Speaker Change: I will now hand, the call back to our CEO Cliff will touch on some of his initial observations and the ongoing optimization work at play at Florida Canyon.

George Salamis: allowing Integra to exhibit significant leverage to the gold price. During the first quarter, operating cash flow was $16.1 million. leading to a cash balance at the end of the quarter of $61.1 million.

Cliff Whistler: And Newmont mine planning review with the aim to finding value and efficiencies in the phasing.

Cliff Whistler: The 10000 meter growth focus drove campaign mentioned by George and very soon a geotechnical tests drilling campaign to inform a geotechnical analysis with the objective to steepen pit walls.

Cliff: Thanks George.

Cliff: Pleased to say that Florida Canyon is doing what we acquired it could do consistently delivering NGO production and generating positive cash flows to support the rest of the portfolio.

George Salamis: This marks the strongest ever financial position for the company, well positioning Integra to execute on all of our major objectives for the remainder of 2025 and beyond without having to return to the market for finance. during the quarter.

And results from this work in the other studies expected to all be completed in the second half of 2025 will be used to inform our resource and reserve update for Florida Canyon in 2026.

Cliff: However that being said, we continue to work on improving asset.

Cliff: To be working with Gary and his team in finding ways to reinvest in Florida Canyon.

Speaker Change: We're confident that Florida Canyon can continue to generate value for integra for many years to come.

Cliff: One way is through the optimization studies.

George Salamis: We're also very busy advancing our flagship development stage Delamar project.

Cliff: Richard investigating improvements in productivity cost and mine life.

Speaker Change: Turning to slide 13, George will provide an overview of the recently initiated growth drilling program.

George Salamis: At the end of March, we submitted the updated and refined mine plan of operations to the BLM and made significant progress on the ongoing feasibility study during the quarter, which our newly appointed COO, Cliff LeFleur, will touch on later on in this call. From a corporate perspective, we added three highly skilled executives to the company. each of whom will be instrumental in helping Integra execute on its strategy of becoming a mid-tier coal producer. So, just to touch on some of these leadership additions.

Cliff: Several studies underway.

Cliff: And we work to support them has begun including but not limited to the mining fleet study, which is investigating bringing in new pieces of mobile equipment.

George: Thanks, Cliff and as I always say it feels always feels good to have drove Steele turning in the rock and that's what we have now so everybody's pretty excited.

George Salamis: Thanks, Cliff. As I always say, it always feels good to have drill steel turning in the rock, and that's what we have now, everybody's pretty excited. Yeah, we're really pleased to have recently launched a growth-focused drill program at Florida Canyon. The 2025 drill program marks the first phase of a multi-year growth strategy designed to expand mineral resources and reserves, extend mine life, and ultimately maximize the value of Florida Canyon. The 10,000-meter drill program commenced in early May and is expected to conclude in Q3, with initial results to be released over the course of the summer. The program is focused on testing near mine targets at Florida Canyon in three different areas. The first opportunity is the near-surface oxide potential from historical dump material consisting of 2,000 meters of RC drilling.

Cliff: And mine planning review with the aim to finding value and efficiencies in pit and the phasing.

Speaker Change: Yes, we're really pleased to have recently launched a growth focused drill program at Florida Canyon.

Cliff: The 10000 meter growth focus drove campaign mentioned by George and very soon a geotechnical tests drilling campaign to inform the geotechnical analysis with the objective to steepen pit walls.

Speaker Change: 2025 drill program marks the first phase of our multiyear growth strategy designed to expand mineral resources and reserves extending mine life.

George Salamis: So, during Q1, we welcomed Cliff LaFleur as Chief Operating Officer, as I mentioned. Cliff played a key role in the growth and success at Silvercrest Metals, ultimately leading to the company's recent $1.7 billion sale to Core Mining. CLIF will be instrumental for Integra as we look to optimize Florida Canyon and significantly advance Delamar and Nevada North.

Cliff: And results from this work in the other studies expected to all be completed in the second half of 2025 will be used to inform our resource and reserve update for Florida Canyon in 2026.

Speaker Change: And ultimately maximize the value of Florida Canyon.

Speaker Change: The 10000 meter drill program commenced in early May and is expected to conclude in the third quarter with initial results to be released over the course of the summer.

Cliff: We're confident that for the Kenyan can continue to generate value for integra for many years to come.

Speaker Change: The program is focused on testing near mine targets at Florida Canyon in three different areas.

Cliff: Turning to slide 13, George will provide an overview of the recently initiated growth drilling program.

George Salamis: Also joining us from Silvercrest is Sean Deissner, who has been appointed as our Vice President Finance. Sean is a chartered professional accountant with over 15 years of experience in the mining industry, specializing in financial reporting, corporate finance, and strategic leadership.

Speaker Change: The first opportunity is the near surface oxide potential from historical dump material.

George: Thanks, Chris.

George: I always say it feels always feels good to have drill Steele turning in the rock and Thats. What we have now so everybody is pretty excited.

Speaker Change: Consisting of 2000 meters of RC drilling.

Speaker Change: Drilling in this area targets large volumes of historical gold mineralized backfill and low grade waste material previously estimated to be below the mining cutoff grade.

George Salamis: Drilling in this area targets large volumes of historical gold mineralized backfill and low-grade waste material previously estimated to be below the mining cutoff grade in a significantly lower gold price environment. These areas demonstrate the greatest near-term opportunity to increase mineral resources and potentially extend mine life. The second opportunity is expanding its in-situ resources between existing mine open pits, consisting of 5,000m of RC drilling. Drilling will target saddles and ridges or these areas between active and historical pits. Many of these areas have been sparsely drilled historically and offer meaningful oxide growth potential directly adjacent to current and future mining phases. The third opportunity is testing lateral extensions and in-pit infill drilling consisting of 3,000m of RC drilling. Drilling will target lateral extensions of existing pits, as well as infill drilling within areas planned for further pit pushbacks.

Speaker Change: Yes, we're really pleased to have recently launched a growth focused drill program at Florida Canyon.

George Salamis: Lastly, we appointed Dale Koerner as VP of Permitting, who brings deep experience from Perpetua's Stignite Project, one of the few major gold projects in the U.S. to receive a final record of decision in recent years. These three appointments reflect our commitment to operational excellence and permitting success as we build a leading U.S. gold producer.

Speaker Change: Significantly lower gold price environment.

Speaker Change: For 2025 year old program marks the first phase of our multiyear growth strategy designed to expand mineral resources and reserves extending mine life.

Speaker Change: These areas demonstrate the greatest near term opportunity to increase mineral resources and potentially extend mine life.

Speaker Change: And ultimately maximize the value of Florida Canyon.

Speaker Change: The second opportunity is expanding and it's in situ resources between existing mined open pits consisting of 5000 meters of RC drilling.

Speaker Change: The 10000 meter drill program commenced in early May and is expected to conclude in the third quarter with initial results. We released over the course of the summer.

Greg Robinson: I will now hand the call over to Greg Robinson, General Manager of Florida Canyon, to provide an operational overview from QM. All right. Thank you, George. Let's turn to slide seven. where we've outlined the key production metrics for Florida Canyon in the first quarter of 2025. During the quarter, Florida Canyon produced 19,323 ounces of gold and sold 19,540 ounces at a cash cost of $2,016 per ounce. and Mindsight All-in Sustaining Costs. $2,342. Increased costs during the quarter at Florida Canyon can be partially attributed to a ramp up of capital spending for pre stripping activities. higher royalty payments due to the increased spot gold price.

Speaker Change: Drilling will target saddles and ridges or these areas between our active and historical pits.

Speaker Change: The program is focused on testing near mine targets at Florida Canyon in three different areas.

Speaker Change: The first opportunity is the near surface oxide potential from historical dump material.

Speaker Change: Any of these areas have been sparsely drilled historically.

Speaker Change: And offer meaningful oxide growth potential directly adjacent to the current and future mining phases.

Speaker Change: Consisting of 2000 meters of RC drilling.

Speaker Change: Drilling in this area targets large volumes of historical gold mineralized backfill and low grade waste material previously estimated to be below the mining cutoff grade.

Speaker Change: The third opportunity is testing lateral extensions and in pit infill drilling.

Speaker Change: Consisting of 3000 meters of RC drilling.

Speaker Change: Drilling will target lateral extensions of the existing pits as well as infill drilling within areas planned for further push backs.

Speaker Change: Significantly lower gold price environment.

Speaker Change: These areas demonstrate the greatest near term opportunity to increase mineral resources and potentially extend mine life.

Speaker Change: Potential has been identified to improve resource classification optimized mine planning and potentially increased short term ore feed.

Speaker Change: The second opportunity is expanding in situ resources between existing mined open pits consisting of 5000 meters of RC drilling.

George Salamis: Potential has been identified to improve resource classification, optimize mine planning, and potentially increase short-term ore feed. The 2025 drill program at Florida Canyon is expected to support a mineral resource and reserve update and a revised life of mine plan in early 2026. We're really excited to kick this program off and really look forward to sharing our progress over the coming months. This drill program is one of the ways that we are allocating capital to maximize the value at Florida Canyon. At this stage, I'd like to end the formal part of the presentation with slide 14 as it captures our strategy: production, pipeline, jurisdiction, scale, and value. We now generate cash flow to both sustain the portfolio and fund growth. We hold one of the largest inventories of gold and silver in the Great Basin not controlled by a major mining company.

Speaker Change: The 2025 drill program at Florida Canyon is expected to support our mineral resource and reserve update and a revised life of mine plan in early 2026.

Speaker Change: Drilling will target saddles and ridges or these areas between active and historical pits.

Greg Robinson: and increase tax-related production. Gold production exceeded expectations, partly due to the recovery and processing of approximately 2,000 ounces of previously unrecovered gold confined within an electrowinning tank as part of a one-time efficiency improvement project. Strong gold production was further supported by the continued ramp up of solution flow rates through the heap leach pads and the new carbon and column circuit commissioned in late 2024. Mining and ore placement rates were slightly impacted due to longer hauls and lower than expected haul truck mechanical availability. which is being offset currently by truck rentals that have been on site and operating since early.

Speaker Change: We're really excited to kick this program off and really look forward to sharing our progress over the coming months.

Speaker Change: Any of these areas have been sparsely drilled historically.

Speaker Change: And offer meaningful upside growth potential directly adjacent to the current and future mining phases.

Speaker Change: Drill program is one of the ways that we are allocating capital to maximize the value at Florida Kenny.

Speaker Change: The third opportunity is testing lateral extensions and in pit infill drilling.

Speaker Change: Consisting of 3000 meters of RC drilling.

Speaker Change: So at this stage I'd like to end the formal part of the presentation with slide 14 as it captures our strategy.

Speaker Change: Drilling will target lateral extensions of the existing pits as well as infill drilling within areas planned for further push backs.

Speaker Change: Production.

Speaker Change: Pipeline.

Speaker Change: Jurisdiction.

Speaker Change: Scale and value.

Speaker Change: Potential has been identified to improve resource classification optimized mine planning and potentially increased short term ore feed.

Speaker Change: We now generate cash flow to both sustain the portfolio and fund growth.

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: The 2025 drill program at Florida Canyon is expected to support our mineral resource and reserve update and a revised life of mine plan in early 2026.

Greg Robinson: Planned component replacement maintenance work on the truck fleet is set to begin in the second quarter of 2025. Sustaining capital expenditures this year will include the expansion of the South Heat Bleach Pad Phase 3B for approximately $12 million. which is scheduled to begin in the second quarter and be completed in the third quarter of 2025. We are continuing to reinvest into the mine and allocating the capital required to support a profitable mining operation at Florida Canyon for many years.

Speaker Change: Our pipeline of development projects are being efficiently de risk.

George Salamis: Our pipeline of development projects are being efficiently de-risked. We operate in Idaho and Nevada, two of the best mining jurisdictions globally. We built a team with a proven track record of execution. Integra is a US gold producer with a growth runway and a clear strategy to become a mid-tier. At this point, I would like to turn the call back to the operator to begin the Q&A session.

Speaker Change: We operate in Idaho, and Nevada, two of the best mining jurisdictions globally.

Speaker Change: We're really excited to kick this program off and really look forward to sharing our progress over the coming months.

Speaker Change: And we built a team with a proven track record of execution.

Speaker Change: This drove program is one of the ways that we are allocating capital to maximize the value at Florida Kennedy.

Speaker Change: Integra as a U S gold producer with a growth runway and a clear strategy to become a mid tier.

Speaker Change: At this point I would like to turn the call back to the operator to begin the Q&A session.

Speaker Change: So at this stage I would like to end the formal part of the presentation with slide 14 as it captures our strategy.

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, we kindly ask that you. Please limit your questions to one and one follow up our first question comes from the line of Heiko with H C. Wainwright. Please go ahead.

Speaker Change: Production.

Greg Robinson: We intend to provide 2025 guidance for the remainder of the year ahead of Q2 2025 results.

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 kindly ask that you please limit your questions to 1 and 1 follow-up. Our first question comes from the line of Heiko Ihle with H.C. Wainwright. Please go ahead.

Speaker Change: Pipeline.

Speaker Change: Jurisdiction.

Speaker Change: <unk> and value.

Speaker Change: We now generate cash flow to both sustain the portfolio and fund growth.

Dale Kerner: And with that, I'll pass the call to our VP of Permitting, Dale Kerner, to discuss some of the key permitting achievements at Delamar during the first Thank you, Greg. During the first quarter, Integra submitted an updated and refined Mine Plan of Operations, or MPO, to the Bureau of Land Management for Delamar. Submission of the updated MPO to the BLM initiates the pathway for the issuance of a Notice of Intent, or NOI, which is a formal announcement of BLM's intent to prepare an environmental impact statement to evaluate the potential environmental effects of the proposed action in accordance with the National Environmental Policy Act, or NEPA.

Speaker Change: We hold one of the largest inventories of gold and silver in the great basin not controlled by a major mining company.

Heiko: Hey, there thanks for taking my questions I assume you can hear me okay.

Heiko Ihle: Hey there. Thanks for taking my question. Do I assume you can hear me okay?

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change: Our pipeline of development projects are being efficiently de risk.

Speaker Change: Hey, Gold's currently at.

George Salamis: Yes.

Heiko Ihle: Perfect. Hey, gold's currently at the $3,200, $3,210 or whatever. It's up $800 in the last year. Just a bit of a conceptual question. Has there been any internal changes in what you're mining, exploring, looking at Florida Canyon, given the sharp increase in gold pricing today? Because it's probably not really where you expected to be when you first started looking at the asset. If so, what has changed and what's actually going on versus your expectations, please?

Speaker Change: Three 230 to 110 or whatever it is up 800 bucks in the last year, just a bit of a conceptual question has there any has there been any internal changes and what your mining exploring looking at the Florida Canyon, given the sharp increase in gold pricing today.

Speaker Change: We operate in Idaho, and Nevada, two of the best mining jurisdictions globally.

Speaker Change: And we built a team with a proven track record of execution.

Speaker Change: Integra as a U S gold producer with a growth runway and a clear strategy to become a mid tier.

Speaker Change: Because it's probably not really where you expect it to be when you first started working in more and more looking at the asset and if so what has changed and what's actually going on versus your expectations. Please.

Speaker Change: At this point I would like to turn the call back to the operator to begin the Q&A session.

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, we kindly ask that you. Please limit your questions to one and one follow up our first question comes from the line of Heiko with H C. Wainwright. Please go ahead.

Dale Kerner: The NOI will be followed by a scoping process, which includes engagement with federal, state, and local agencies and the public. Once scoping is completed, the BLM will conduct an environmental impact analysis for the proposed action, as well as reasonable alternatives to the proposed action. Through this alternatives evaluation process, refinements to the MPO may be identified that reduce environmental impact. A draft EIS will publish the results of the BLM's environmental analysis and will be open to public comment for a minimum of 45 days. Public comments on the draft EIS will be addressed by the BLM in the final EIS and accompanying Record of Decision Document, or ROD, which may include the BLM's proposed measures to mitigate potential environmental impacts.

Speaker Change: Yeah, Hi, guys. Thanks for that question.

Speaker Change: No.

George Salamis: Yeah, Heiko, thanks for that question. I think the best place to start off with would be the focus of the exploration program that we alluded to in the course of the Q1 call. We alluded to the fact that a fair bit of this exploration, a fair chunk of the 10,000 meters of drilling will be allocated to some of this historical dump material, right? While that material did not make cutoff back in the day due to lower gold prices, that material now makes a lot of sense for us to look at. Volumetrically, there's a lot of that material sitting in piles, used as backfill in some of the historical pits, et cetera. That's one of the ways where the improved gold price allows us to look at things like that.

Speaker Change: I think as the best place to start off with would be the focus of the exploration program that we alluded to in the in the course of the Q1 call.

Speaker Change: Yeah.

Heiko: Hey, Thanks for taking my questions I, assuming you hear me okay.

Speaker Change: We alluded to the fact that they have.

Speaker Change: Yes.

Speaker Change: Fair bit of this exploration a fair chunk of the 10000 meters of drilling will be allocated to some of this historical dump material right.

Speaker Change: Hey, Gold's currently.

Speaker Change: 230 to 110 or whatever it is up 800 bucks in the last year, just a bit of a conceptual question has there any has there been any internal changes and what you are mining exploring looking at the Florida Canyon, given the sharp increase in gold pricing today because.

Speaker Change: And while that material did not make a cut off back in the day be due to lower gold prices that material now makes a lot of sense for us to look at and volumetric lean theres a lot of that material.

Speaker Change: Sitting in piles used as backfill and historically in some of the historical pits et cetera. So that's one of the ways. We're.

Speaker Change: Because it's probably not really where you expect it to be when you first started looking in more and more looking at the asset and if so what has changed and what's actually going on versus your expectations. Please.

Speaker Change: The improved gold price allows us to look at things like that.

Speaker Change: Yes, Hi, Joe Thanks for that question.

Speaker Change: Are there other initiatives, obviously from our metallurgical optimization perspective.

Dale Kerner: The BLM's environmental analysis under NEPA, from the Notice of Intent to the final EIS, is anticipated to span two years and represents a rigorous, transparent, and prescriptive permitting framework that guides the federal review of mining projects on public land. Federal permitting will be complemented by a host of other permits from multiple Idaho State agencies that serve to protect the quality of Idaho's air, water, and land.

Speaker Change: I think as the best place to start off with would be the focus of the exploration program that we alluded to in the in the course of the Q1 call.

George Salamis: Other initiatives, obviously from a metallurgical optimization perspective, the higher gold price affords us to maybe look at other opportunities with respect to run-of-mine heap leaching as opposed to crushed ore heap leaching. There are a bunch of things like that, Heiko, that the higher gold price can afford us to look at right now.

Speaker Change: The higher gold price affords us to maybe look at other opportunities with respect to run of mine heap.

Speaker Change: We alluded to the fact that a fair bit of this exploration a fair chunk of the 10000 meters of drilling will be allocated to some of this historical dump materials right and while that material did not make a cut off back in the day due to lower gold prices that material now makes a lot of sense for us to look at it.

Speaker Change: Heap leaching as opposed to crushed ore heap leaching.

Speaker Change: There are a bunch of things like that heiko.

Speaker Change: <unk>.

Speaker Change: The higher the oil price can afford us to look at.

Speaker Change: Yes.

I figured we'd be getting an answer along those lines.

Heiko Ihle: Yeah. I figured we'd be getting an answer along those lines. Building on all of that, we've all seen a decent amount of cost inflation in the mining space, and you're playing some pretty meaningful capital expenditures at site. Heap leach pads, expansions, mining fleet additions, pre-stripping, you name it. Any way for you to provide some granularity with where costs are actually coming in and availability and all that good stuff versus what you had expected?

Speaker Change: Building on all of that we call signor decent amount of cost inflation in the mining space and you're playing some pretty meaningful capital expenditures on soya heap Leach pad expansions mining fleet additions pre stripping I mean, you name it.

Dale Kerner: Integra's recently updated and submitted MPO for Delamar reflects a significantly optimized and environmentally enhanced line plan, including a more compact project footprint and design modifications aimed at reducing projected carbon emissions and water use. These improvements were developed through extensive technical analysis, stakeholder engagement, and a focus on the integration of modern sustainable mining practices.

Speaker Change: Volumetric leader Theres, a lot of that material.

Speaker Change: Sitting in piles used as backfill and historically in some of the historical pits et cetera. So that's one of the ways. We're.

Speaker Change: Any way for you to provide some granularity with where costs are actually coming in and availability and all that good stuff versus what you had expected.

Speaker Change: The improved gold price allows us to look at things like that.

Speaker Change: Are there other initiatives, obviously from our metallurgical optimization perspective.

Speaker Change: And maybe more importantly than anything you want to.

George Salamis: Sure.

Speaker Change: The higher gold price affords us to maybe look at other opportunities with respect to run of mine.

Heiko Ihle: Maybe more importantly, anything you want to point out that's not as you expected it to be?

Cliff Lafleur: I will now pass the call to our COO, Cliff, to provide an update on the ongoing work for the feasibility study. Thanks, Dale. I'd like to begin by mentioning that one of the reasons I joined Integra was the fact that they had acquired Florida Canyon. making them a legitimate producer, and leaning on my previous experience building and optimizing mines, I saw the potential to work with the team to grow the operation and add significant value over the coming years. The other main reason for joining Integra is the fact the company maintained exposure to two quality heat bleach projects while becoming a producer, including Delamar, which demonstrated solid economics at the pre-feasibility study level.

Speaker Change: Point out Thats, not as you expected it to be.

Speaker Change: I think the best person to answer that question would be Greg Robinson General manager from say Gregg Obviously lives. This day to day operationally and you can you can opine regarding cost inflation at site.

Speaker Change: Heap leaching as opposed to crush ore heap leaching.

George Salamis: I think the best person to answer that question would be Gregory Robinson, the general manager from site. Greg obviously lives this day to day operationally, and he can opine regarding cost inflation at site. Greg, do you want to tackle that one?

Heiko: There are a bunch of things like that heiko.

Speaker Change: <unk>.

Speaker Change: The higher gold price can afford us to look at.

Speaker Change: We don't know yet.

Speaker Change: I figured we'd be getting an answer along those lines.

Speaker Change: Greg do you want to tackle that one.

Speaker Change: Building on all of that we call signor decent amount of cost inflation in the mining space and you're putting some pretty meaningful capital expenditures I'm, sorry, our heap Leach pad expansions mining fleet additions pre stripping I mean, you name it.

Greg Robinson: Yes, I can I can ticket. So I mean, there's there's been no big surprises for us here.

Gregory Robinson: Yeah, I can take it. There's been no big surprises for us here. We are feeling pressures in some areas and whatnot, but nothing that other companies and other mines aren't facing as well. The biggest thing, kind of like we said for Q1, there's a few kind of smoking gun cost drivers that have temporarily elevated our mining costs a little bit in the form of capital pre-stripping. We're up in the higher reaches of the mine in a couple of pits. We need to drive through some waste to get at the higher grade ore there. That means we have to put more money into hauling that waste off. That's one of the biggest things. There's also been some tax things associated with the sale and the transition of companies that we've had to account for in Q1.

Speaker Change: Our feeling pressures in some areas and.

Speaker Change: And what not but nothing that you know other companies in other mines aren't aren't facing as well.

Speaker Change: Any way for you to provide some granularity with where costs are actually coming in and availability and all that good stuff versus what you had expected.

Speaker Change: The biggest thing kind of like we said for Q1 and there's a there's a few kind of smoking gun.

Cliff Lafleur: and a clear pathway to obtaining a permit. Since officially starting my role as COO with Integra a few weeks ago, I've been working closely with the team to get up to speed on the Delamar feasibility study. Project has undergone some changes since the PFS, such as making it an oxide heat bleach only project and reducing site power requirements, all in an effort to streamline permitting. Our team is balancing our focus between the attention required at Florida Canyon and making progress, advancing Delamar from an engineering and permitting perspective. We aim to complete the feasibility study in the second half of this year.

Speaker Change: And maybe more importantly than anything you want to.

Speaker Change: Cost drivers that have temporarily elevated our our mining costs a little bit in the form of.

Speaker Change: Point out Thats, not as you expected it to be.

Speaker Change: I think the best person to answer that question would be Greg Robinson General manager from say Gregg Obviously lives. This day to day operationally and you can you can opine regarding cost inflation at site.

Speaker Change: Capital pre stripping.

Speaker Change: We're up in the.

Speaker Change: Higher reaches of the of the mine in a couple of pits and.

Speaker Change: And we need to drive through some ways to get at the higher grade ore there.

Speaker Change: Greg do you want to tackle that one.

Speaker Change: That means we are.

Speaker Change: Yes, I can I can the ticket so I mean, there's there's been no big surprises.

Speaker Change: You know what I have to put more money into holding that waste off and so so that's what is it.

Speaker Change: For us here we.

Speaker Change: Our feeling pressures in some areas.

Speaker Change: The biggest thing.

Speaker Change: And what not but nothing that you know other companies in other mines are facing as well.

Speaker Change: Other than some tax.

Cliff Lafleur: Look forward to providing updates as we go.

Speaker Change: Things were associated with the sale in the tradition of colonies.

George Salamis: I'll now pass it back to George to provide an update on Nevada North. Okay, thanks, Cliff. Nevada North consists of two mineral exploration deposits, Wildcat and Mountain View. During the first quarter, efforts at Nevada North were focused at Wildcat, which is located approximately 30 miles away from Florida Canyon to the west. Final Environmental Assessment and Finding of No Significant Impact for the Wildcat Exploration Plan of Operations, otherwise known as the FONSI. was published by the BLM Humboldt River Field Office shortly after the end of the first quarter. BLM's review of the EA determined that the proposed action alternative will not significantly affect the quality of the human environment, which is great news.

Speaker Change: We've had to we've.

Speaker Change: The biggest thing kind of like we said for Q1 and there's a there's a few kind of smoking gun.

Speaker Change: We've had to account for Q1.

Speaker Change: And so yes, just a few things I mean nothing really.

Gregory Robinson: Yeah, just a few things. Nothing really out there or completely unanticipated, but it is affecting us in the short term. I think when we release our guidance here later, right before the Q1 or Q2 results, you'll get a little bit more color on the different cost drivers. That's what we could share right now.

Speaker Change: Cost drivers that have temporarily elevated our our mining cost a little bit in the form of.

Speaker Change: Ah out there or completely unanticipated, but it is.

Speaker Change: Affecting us in the short term I think.

Speaker Change: Capital pre stripping.

Speaker Change: I think when we when we release our guidance here later.

Speaker Change: We're up in the.

Speaker Change: Higher reaches of the of the mine in a couple of hits.

Speaker Change: Right before the Q1 or Q2 results, you'll get a little bit more color on <unk>.

Speaker Change: We need to drive through some ways to get at the higher grade ore there and.

Speaker Change: The different cost drivers, but that's what we can share right now.

Speaker Change: And that means we are.

Speaker Change: Sure.

Speaker Change: You have to put more money into holding that waste office. So so that's one of them.

Speaker Change: I appreciate I'll get back in queue.

Heiko Ihle: Okay. That's quite helpful. I appreciate it. I'll get back in queue.

Speaker Change: Okay.

Speaker Change: Our next question comes from the line of Bill <unk> with Phantom Financial. Please go ahead.

Gregory Robinson: Yeah.

Speaker Change: The biggest thing.

Operator: Our next question comes from the line of Phil Ker with Ventum Financial. Please go ahead.

Speaker Change: There's been some tax.

Speaker Change: Thanks, operator.

Speaker Change: Things were associated with the sale in the tradition of colonies.

George Salamis: Concurrence from the Nevada State Historic Preservation Office is required to finalize the BLM decision and is anticipated to be received in mid-2025. We also completed necessary preparatory work at Wildcat in anticipation of completing metallurgical and geochemical testing later this year. This crucial test work being completed at Wildcat will support future economic studies and permitting efforts.

Speaker Change: So we're just starting to touch on the run of mine opportunity I was just curious maybe what spurred that.

Phil Ker: Thanks, operator. George, you started to touch on the run-of-mine opportunity. I was just curious maybe what spurred that option? Was it limited to certain units, lithological units that is, and it were only available in certain pits at the mine? Or was it subject to the rising gold price? Would you see this sustainable moving forward?

Speaker Change: We've had to we've.

Speaker Change: We've had to account for Q1.

Speaker Change: So yes, just to just a few things I mean nothing really.

Speaker Change: That option was it limited to certain units lithological units that is.

Speaker Change: Out there or completely unanticipated, but it is affair.

Speaker Change: Sure.

Speaker Change: Only available in certain pits at the mine.

Speaker Change: Affecting us in the short term I think.

Speaker Change: Or was it a subject to you know to the rising gold price and would you see this sustainable moving forward.

Speaker Change: I think when we when we release our guidance here later.

Speaker Change: Right before the Q1 or Q2 results, you'll get a little bit more color on.

George Salamis: over to Mountain View.

Speaker Change: Yeah. So yeah. Thanks, so I can say that the transition to more run of mine heap Leach gold processing.

George Salamis: At Mountain View, an exploration plan of operations and Nevada reclamation permit application were submitted to the BLM Black Rock Field Office and Nevada Division of Environmental Protection. These submittals initiate the environmental review and permitting process for those that are required for future advanced exploration activities at Mountain View.

George Salamis: Thanks, Phil. I can say that the transition to more run-of-mine heap leach gold processing really sort of started in earnest 3 years ago, right? If you look at the long-term production profiles of the last 10 years, that's when run-of-mine mining kicked in. Maybe I'll let Greg hop on the decision to go to that. I can kind of state from a geological perspective, the geological differences between run-of-mine ore and crushed heap leach ore are very subtle. Our job over the next year is to understand really what makes run-of-mine ore run-of-mine ore versus crushed ore. Visibly, there's not a lot of difference between the two of them. We suspect that there's a structural component that forms the difference between those two types of ore, but it's pretty subtle but meaningful.

Speaker Change: The different cost drivers, but that's what we can share right now.

Speaker Change: Really sort of started in earnest three years ago right. If you look at the long term production profiles over the last 10 years and Thats win win run of mine.

Speaker Change: Sure.

Speaker Change: I appreciate I'll get back in queue.

Speaker Change: Okay.

Speaker Change: Our next question comes from the line of Bill <unk> with Phantom Financial. Please go ahead.

Speaker Change: Mining kicked in and.

Greg Robinson: Maybe I'll, let Greg to hop on on the decision to go to that I can kind of state from a geological perspective.

Bill: Thanks, operator.

Speaker Change: Sure just you started to touch on the run of mine opportunity I was just curious maybe what.

George Salamis: Ongoing initiatives at Nevada NORTH support Integra's long-term growth strategy, which involves the de-risking and permitting of its key development stage, Heap Leach Project. With greater financial resources available to the company, greater than ever, Integra is focused on accelerating various technical studies designed to de-risk Nevada North and advance the asset through permitting.

Bill: Bird that.

Greg Robinson: The geological differences between run of mine ore and crushed heap.

Bill: That option was it limited to certain units lithological units that is.

Greg Robinson: Heap leach ore are very subtle.

Bill: Sure.

Only available in certain pits at the mine.

Greg Robinson: And our job over the next year is to understand what.

Bill: Or was it a subject to you know to the rising gold price and would you see the sustainable moving forward.

Greg Robinson: Really what makes run of mine ore run of mine ore versus crushed ore because.

Andre Saint-Germain: I will now pass the call over to our CFO, André Saint-Germain, to discuss the financial results for the quarter. Thanks, George. Integra closed Q1 with our strongest financial position to date with a cash balance of $61.1 million and a robust working capital of $63.8 million, which is expected to fall in sustaining capital needs for Florida Canyon, development expenditures at Delamar and Nevada North, and cover our G&E expenditures for the years to come. The company reported Q1 revenues of $57 million and cost of sales of $41.5 million. resulting in $15.5 million in gross profit which equates to a 27% operating profit margin.

Bill: And so yes, I think so.

Greg Robinson: Visibly there's not a lot of difference between the two of them. We suspect that there is a structural component to two that forms the difference between those two types of ore, but it's.

Bill: I can say that the transition to more run of mine heap Leach gold processing.

Bill: Really sort of started in earnest three years ago right. If you look at the long term production profiles over the last 10 years and Thats win win run of mine.

Greg Robinson: It's pretty subtle but meaningful because if we can open up more of those areas to run of mine heap Leach processing that.

George Salamis: If we can open up more of those areas to run-of-mine heap leach processing, that opens up a world of opportunity for us as a company.

Bill: Mining kicked in and.

Bill: Maybe I'll, let Greg hop on on the decision to go to that I can kind of state from a geological perspective.

Greg Robinson: That opens up a world of opportunity for us as a company.

Greg Robinson: Yes.

Greg Robinson: And the.

Greg Robinson: The increased.

Phil Ker: Yeah. The increased, I guess, ore you're seeing, could you refresh us on your crushing capacity and what levels you're seeing today? If you're having excess run-of-mine, would you require further crushing circuits?

Greg Robinson: The geological differences between run of mine ore and crushed heap.

Greg Robinson: <unk>.

Greg Robinson: I guess or you are seeing could.

Greg Robinson: Could you refresh us on your crushing capacity and.

Greg Robinson: He bleach or are very subtle.

Greg Robinson: What levels you're seeing.

Greg Robinson: And our job over the next years to understand what.

Greg Robinson: Today, and if you are having excess run of mine would you require further.

Greg Robinson: Really what makes run of mine ore run of mine ore versus crushed ore because.

Greg Robinson: Crushing circuits.

Greg Robinson: Yes, Greg I might pass that question over to you again, you live that day to day.

Andre Saint-Germain: The increase in profit margin compared to Q4 2024 is primarily due to the gold price increase. We realized this quarter an average gold price of $2,888 per ounce. Q1 adjusted earnings were $4.4 million and adjusted earnings per share was $0.03. After adjusting for impact of the Florida Canyon Purchase Gain, Integration Costs, and Unrealized Loss on Derivatives. The unrealized loss on derivatives is primarily due to the impact of our share price increase this quarter on the value of the convertible loan derivative component. Finally, as discussed by Greg earlier, we saw a slightly increased cost during the quarter at Florida Canyon, which can be partially attributed to the ramp up of capital spending for pre-stripping activities, higher royalty payments due to the increased spot gold price, and increased tax-related production costs.

Greg Robinson: Visibly there's not a lot of difference between the two of them. We suspect that there is a structural component to two that forms the difference between those two types of ore but.

George Salamis: Yeah. Greg, I might pass that question over to you. Again, you live that day to day.

Greg Robinson: Yep.

Speaker Change: Yes, so we're currently.

Gregory Robinson: Yep. Yeah. We're currently planned month in and month out to crush about 600,000 short tons a month. The crusher is actually outperforming that and has for quite a while. In Q1, we crushed closer to 750,000 tons a month. That's a view of the scale of our crushing. Run-of-mine, we typically run about the same amount of run-of-mine, maybe a little bit less, just depending on what ore is in the pit and what grades. That's the view of production and as George said, we're looking at a lot of different options, not just going to an all run-of-mine scenario. We're looking at crusher expansions and that kind of thing as well. It's way too early to tell what kind of routes we'll head there. We got to balance our costs and our capital infusion and see what generates the most value.

Speaker Change: The plan month in and month out to crush about 600000 short term short tonnes a month.

Greg Robinson: It's pretty subtle but meaningful because if we can open up more of those areas to run of mine heap Leach processing that.

Speaker Change: The crusher is actually outperforming that and has for quite a while so.

Greg Robinson: That opens up a world of opportunity for us as a company.

Speaker Change: In Q1, we we crushed closer to 750000 tons.

Greg Robinson: Yes.

Greg Robinson: And the.

Greg Robinson: The increased.

A month.

Speaker Change: So that's.

Greg Robinson: I guess or you are seeing could.

Speaker Change: Kind of the.

Greg Robinson: Could you refresh us on your crushing capacity and.

Speaker Change: Our view of the scale of our crushing and then.

Greg Robinson: What levels you're seeing.

Speaker Change: And then run a mine we typically.

Greg Robinson: Today, and if you are having excess run of mine would you require further.

Speaker Change: Run about the same amount of run of mine.

Speaker Change: Maybe a little bit less just depending on what orders in the pit and what grades.

Greg Robinson: Crushing circuits.

Greg Robinson: Yeah, Greg I might pass that question over to you again, you leave that day to day.

Speaker Change: But.

George Soundness: That's that's kind of the view of production and as George said, we're looking at a lot of different options not just.

Greg Robinson: Yep.

So we're currently.

Greg Robinson: The plan month in month out to crush about 600000 short term short tonnes a month.

Going to an all run of mine scenario.

Andre Saint-Germain: We intend to provide further details on costs and sustaining capital for the remainder of 2025 as part of formal guidance to be published prior to the release of second quarter results.

We're looking at crusher expansions and that kind of thing as well so.

Greg Robinson: The crusher is actually outperforming that and has for quite a while so.

George Soundness: We it's way too early to tell what kind of routes will head. There. It's it's you know we've got a we got a balance or our costs and our capital infusion in and see what genera.

Greg Robinson: In Q1, we we crush closer to 750000 tons.

George Salamis: I will now pass the call back to George to discuss strategic objectives for the remainder of 2025. Thank you, Andres. So looking forward, our priorities in 2025 remain clear. And we're making excellent progress. At Florida Canyon, we aim to optimize the production, our production. Grow cash flow. and execute growth-focused drilling and exploration, which we launched last week with a 10,000-meter program. At Delamar, we submitted the updated and refined Mine Plan of Operations and expect to initiate federal permitting in the second half of this year. In fact, last week I visited Washington, D.C. with key members of our team, along with our board member and former governor of Idaho, Butch Otter.

Greg Robinson: A month.

Greg Robinson: So that's.

Greg Robinson: Kind of the.

George Soundness: <unk> is the most value. So that's that's kind of a little bit more color.

Greg Robinson: Our view of the scale of our crushing and then.

Gregory Robinson: That's a little bit more color.

Greg Robinson: And then run a mine we typically.

George Soundness: Understood So still still evaluating the options and then going through the optimization process.

Phil Ker: Understood. yeah, still evaluating the options and going through the optimization process.

Greg Robinson: Run about the same amount of run of mine.

Greg Robinson: Maybe a little bit less just depending on what orders in the pit and what grades.

George Soundness: Yes.

George Soundness: That sounds right yes.

George Soundness: Yes.

Gregory Robinson: Absolutely.

George Salamis: That's right, Phil.

Speaker Change: Just on the sustaining Capex I know you are evaluating.

Greg Robinson: But.

Gregory Robinson: Yep.

Phil Ker: Yep. Just on the sustaining CapEx, I know you're evaluating mine equipment replacement and so forth. Where are we at with scheduling on some of these larger purchases? We're already through halfway of Q2 here. Is this something that's more weighted and focused on in Q3 or later?

Greg Robinson: That's that's kind of the view of production and as George said, we're looking at a lot of different options not just.

Speaker Change: Mine equipment replacement and so forth.

Speaker Change: Or are we at with scheduling on some of these larger purchases and we're already through halfway.

Greg Robinson: Going to an all run of mine scenario.

Speaker Change: Halfway of Q2 here is that something thats.

Speaker Change: We're looking at crusher expansions and that kind of thing as well so.

Speaker Change: More weighted and focused on in Q3 or later.

Speaker Change: We it's way too early to tell what kind of routes will head. There. It's it's you know we got a we got a balance or.

Speaker Change: Yes, Greg Greg and team have done a.

George Salamis: Yeah, Greg and team have done a very thorough job at studying the fleet and the fleet alternatives, and I think that there were sort of 10 to 15 different iterations of what we could do, what could be done with that fleet that involved sort of maintenance on some of the fleet and maybe a combination or a mix or hybrid view of a bit of maintenance plus some new equipment. Those studies, I guess, will come into fruition here in H2 of the year. Greg, I don't know if you've got anything to add to that.

Speaker Change: Very thorough job at studying the fleet and the fleet alternatives and I think that they were sort of.

George Salamis: Among other key meetings we had was an extended face-to-face meeting with the Secretary of the Interior, Doug Burgum, and the Trump administration's newly appointed head of the U.S. National Energy Dominance Council, David Koppel. Following these meetings, along with others, with various senators and members of Congress, we feel an increased sense that the current political administration is doing their very best. Export New Mine Permitting and Development and also that there has been no other time than right now to be permitting mines in the U.S. In the second half of this year, we also plan to release our feasibility study for Delamar, which Cliff has and his team are busy working on.

Our costs and our capital infusion and see what.

Speaker Change: 10 to 15 different iterations of what we could do what could be done with that fleet that that involve sort of may.

Speaker Change: Generates the most value.

Speaker Change: That's kind of a little bit more color.

Speaker Change: Understood So still still evaluating the options and then going through the optimization process.

Speaker Change: Maintenance on on some of the fleet and maybe a combination of mix of hybrid view of of a bit of maintenance plus some new equipment.

Speaker Change: That sounds right yes.

Speaker Change: Yes.

Speaker Change: Just on the sustaining Capex I know you are evaluating.

Speaker Change: That those studies I guess, we'll come into kind of fruition here in the second half of the year, Greg I don't know if you've got anything to add to that.

Speaker Change: Mine equipment replacement and so forth.

Speaker Change: Or are we at with scheduling on some of these larger purchases and we're already through.

Greg: No not really except that as you said, we evaluated a lot of different options everything was pretty much on the table and we.

Gregory Robinson: No, not really, except that, as you said, we evaluated a lot of different options. Everything was pretty much on the table, and we did a lot of homework. Now we're just kind of in the final analysis and compiling all that into a final recommendation that we can hopefully go ahead and pick, kind of settle on the end product and place some orders and put it into service.

Speaker Change: Halfway of Q2 here is that something that's.

Speaker Change: More weighted and focused on in Q3 or later.

Speaker Change: We.

Speaker Change: Yes, Greg Greg and team have done a very thorough job at studying the fleet and the fleet alternatives.

Speaker Change: Did a lot of homework and now we're just kind of in the final analysis and compiling all that into a final recommendation that we can.

George Salamis: Delamar remains one of our very few large-scale precious metal projects in the U.S. at a feasibility stage and also actively being advanced through federal mine permitting. At Nevada North, we continue to de-risk the project and lay the foundation for future development. We are also focused on continuing to bolster our capital markets profile and investor awareness leading to enhanced trading liquidity and index inclusion. Integra was recently added to the Selective Global Silver Miners Total Return Index. marking the company's first index inclusion. We expect to be eligible for several more indices, including the GDXJ, over the next 6 to 12 months.

Speaker Change: Think that they were sort of.

Speaker Change: Hopefully go ahead and.

Speaker Change: 10% to 15 different iterations of what we could do what could be done with that fleet that that involve sort of.

Speaker Change: Uh huh.

Speaker Change: It kind of settle on settlement.

Speaker Change: And and product in place some orders in.

Speaker Change: Maintenance on.

Speaker Change: On some of the fleet and maybe a combination of mix of hybrid view of of a bit of maintenance plus some new equipment.

Speaker Change: Put it into service.

George Soundness: And George do you think you'll have more clarification on scheduling of <unk>.

Phil Ker: George, you think you'll have more clarification on scheduling of deployment of this capital when you provide guidance, I guess, in June?

Speaker Change: That those studies I guess, we'll come into kind of fruition here in the second half of the year, Greg I don't know if you've got anything to add to that.

Speaker Change: Deployment of this capital when you provide guidance I guess in June.

George Soundness: Yes, most definitely so.

George Soundness: That and the fleet will be kind of the top of the list of things that we will be initiating in the second half that will require capital to be deployed for sure, but we're coming to some pretty quick conclusions on that.

Greg Robinson: No not really accepted that as you said, we evaluated a lot of different options.

George Salamis: Yeah. Most definitely, Phil. The fleet will be the top of the list of things that we'll be initiating in H2 that will require capital to be deployed, for sure. We're coming to some pretty quick conclusions on that. Yes, we will talk about that in our guidance before we put out Q2, sometime towards the end of June.

Speaker Change: Everything was pretty much on the table and we.

Speaker Change: We did.

George Salamis: From a corporate perspective, we are intently focused on discipline capital allocation and 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.

Speaker Change: Did a lot of homework and now we're just kind of in the final analysis and compiling all of that into <unk>.

George Soundness: And yes, we will talk about that in our AR and our guidance before we put out Q2 sometime towards the end of June.

Speaker Change: Final recommendation that we can.

Speaker Change: Hopefully go ahead and.

Speaker Change: Okay very good and then last one on permitting George in your discussions in Washington.

Speaker Change:

Phil Ker: Okay. Very good. Last one on permitting, George. In your discussions in Washington, did you get a sense of urgency surrounding permits or just advancement in new projects in general across the US? Under Trump's presidential regime, I'm just curious if there's just some sort of urgency, maybe even prior to midterm elections that could impact the approval of whether it's DeLamar or other projects across the country.

Speaker Change: Hey.

Speaker Change: Kind of settle on settle on the.

Speaker Change: Did you get a sense of urgency surrounding permits or you know.

Cliff Lafleur: I will now hand the call back to our CEO Cliff who will touch on some of his initial observations and ongoing optimization work at play at Florida Candidates. Thanks, George. We're pleased to say that Florida Canyon is doing what we acquired it to do consistently delivering on gold production and generating positive cash flow to support the rest of the portfolio. However, that being said, we continue to work on improving it. I'm excited to be working with Greg and his team on finding ways to reinvest in Florida Canyon. One way is through the optimization. which are investigating improvements in productivity, cost and mine life.

Speaker Change: And and product.

Speaker Change: Placed some orders in.

Speaker Change: Uh huh.

Speaker Change: Just advancement in new projects in general across the U S.

Speaker Change: Put it into service.

Speaker Change: And George do you think we will have more clarification on scheduling of.

Speaker Change:

Speaker Change: And just under this.

Speaker Change: Trump's presidential regime I'm, just curious if there's yes.

Speaker Change: Deployment of this capital when you provide guidance or I guess in June.

Speaker Change: So just some sort of urgency maybe even prior to mid term elections that could.

Speaker Change: Most definitely so.

Speaker Change: That and the fleet will be kind of the top of the list of things that we'll be initiating in the second half that will require capital to be deployed for sure, but we're coming to some pretty quick conclusions on that.

Speaker Change: Impact.

Speaker Change: The approval of whether it's dilemma or other projects across the country.

Speaker Change: Yeah, that's a great question and.

George Salamis: Yeah. That's a great question. The answer is yes, there's definitely a sense of urgency that we picked up on during our days in DC last week. I can say that the Trump administration, it clearly wanted to develop more mines and permit more mines. Never once did it come up anything to the extent that they want to cut down on the Environmental study work that's involved in your typical NEPA process, for example. There's no talk of that. What they do or did address with us consistently from one office to the other was their intention is to keep permitting moving through the pipeline. In other words, to not have it derailed by excessive turnaround times, response times from government offices, be it either at the state level or at the federal level.

Speaker Change: And the answer is yes, there's definitely a sense of urgency that that we picked up on during our during our days in D. C last week.

Speaker Change: And yes, we will talk about that in our AR and our guidance before we put out Q2 sometime towards the end of June.

Cliff Lafleur: several studies underway and work to support them has begun, including but not limited to the mining fleet study, which is investigating bringing in new pieces of mobile equipment, and do a mine planning review with the aim to finding value and efficiencies in pit rephasing, the 10,000 meter growth focus drill campaign mentioned by George, and very soon a geotechnical test drilling campaign to inform a geotechnical analysis with the objective to steepen pit The results from this work and the other studies, expected to all be completed in the second half of 2025, will be used to inform a resource and reserve update for Florida Canyon in 2026.

Speaker Change: Okay very good and then last one on permitting George in your discussions in Washington.

Speaker Change: Can't say that the Trump administration, it clearly wanted to develop more mines and permit more mines.

Speaker Change: Did you get a sense of urgency surrounding permits or.

Speaker Change: They're never once did it come up anything to the extent that they want to cut down on the amount of you know.

Speaker Change: Just advancement in new projects in general across the U S.

Speaker Change: Environmental study work that's involved in your typical NEPA process. For example, there's no talk of that what what they do or did addressed with us consistently from one office to the other was.

Speaker Change: And just under this under Trump's presidential regime I'm just curious if there is.

Speaker Change: So just some sort of urgency maybe even prior to midterm elections that could.

Speaker Change: Their intention is to keep permitting moving.

Speaker Change: Impact the.

Speaker Change: The approval, whether it's dilemma or other projects across the country.

Speaker Change: Through through the pipeline in other words to not have it derailed by excessive turnaround times response times from government offices be it either at the state level or at the federal level. Their view is where things have hung up in the past have been in those turnaround time delays that debt.

Speaker Change: Yeah, that's a great question.

Speaker Change: And the answer is yes, there's definitely a sense of urgency that that we picked up on during our during our days in D. C last week.

Cliff Lafleur: We're confident that Florida Canyon can continue to generate value for Integra for many years to come.

George Salamis: Their view is where things have hung up in the past have been in those turnaround time delays that the government has been, or the regulators have been responsible for. They've committed to really strict, well-defined timelines now, and that was music to our ears. As you know, Phil, I've worked in different parts of the world, permitted different mining operations. I've never heard that kind of level of consistent commitment from one office to the other during the course of a visit. Yeah, that was music to our ears for sure.

George Salamis: Turning to slide 13, George will provide an overview of the recently initiated growth drilling program. Thanks, Cliff. And as I always say that, you know, it feels always feels good to have drill steel turning in the rock. And that's what we have now. So everybody's pretty excited.

Speaker Change: The government has been or the regulators have been responsible for it and they've committed to really strict well defined timelines now and.

Speaker Change: Can't say that the Trump administration.

Speaker Change: Ministration, it clearly wanted to develop more mines and permit more mines.

Speaker Change: Never once did it come up.

Speaker Change: And that was music to our ears I I've never heard anything you know as you know Phil I've worked in different parts of the world permitted different mining operations I've never heard that kind of level of consistent commitment from one office to the other.

Speaker Change: To the extent that they want to cut down on the amount of you know.

Speaker Change: Environmental study work that's involved in your typical NEPA process. For example, there's no talk of that what what they do or did addressed with us consistently from one office to the other was.

George Salamis: So yeah, we're really pleased to have recently launched a growth focused drill program at Florida Canyon. The 2025 drill program marks the first phase of a multi-year growth strategy designed to expand mineral resources and reserves, extend mine life, and ultimately maximize the value of Florida canyons. The 10,000 meter drill program commenced in early May and is expected to conclude in the third quarter with initial results to be released over the course of the summer. The program is focused on testing near mine targets at Florida Canyon in three different areas.

During the course of a visit so that was music to our ears for sure.

Speaker Change: Their intention is to keep permitting moving.

Speaker Change: Okay, that's great looking forward to being a few weeks.

Speaker Change: Through through the pipeline in other words to not have it derailed by excessive turnaround times response times from government offices.

Phil Ker: Okay. That's great. Looking forward to being on-site in a few weeks. Thank you.

Speaker Change: In Q2.

Speaker Change: See you soon.

George Salamis: See you soon, Phil.

Speaker Change: Again to ask a question press Star one and our next question comes from the line of Ingrid Rico with Stifel. Please go ahead.

Speaker Change: At the state level or at the federal level. Their view is where things have hung up in the past have been in those turnaround time delays that.

Operator: Again, to ask a question, press star one, and our next question comes from the line of Ingrid Rico with Stifel. Please go ahead.

Speaker Change: Yeah.

Speaker Change: Hi, Good morning, George.

Speaker Change: That the that the government has been or the regulators have been responsible for they and they've committed to really strict well defined timelines now.

Speaker Change: Integra team. Thank you for hosting the call and congrats on your first full quarter about being a junior producer.

Ingrid Rico: Hi, good morning, George and the Integra team. Thank you for hosting the call, and congrats on your first full quarter of being a junior producer. A lot of my questions have been asked by the privates to people. I guess I'll ask a little bit more on the operational and dig a little bit more, recognizing that there's no official guidance quite yet. Something that was notable, I guess, on Q1 was strong production, but the grades were a little bit lighter than what it was last year and what you guys have been disclosing on the technical report. How do we think about that production side of things for the rest of the year?

George Salamis: The first opportunity is the near-surface oxide potential from historical dump material. consisting of 2,000 meters of RC drilling. Drilling in this area targets large volumes of historical gold mineralized backfill and low-grade waste material previously estimated to be below the mining cutoff grade in a significantly lower gold price environment.

Speaker Change: A lot of my questions have been asked by the private do you a table.

Speaker Change: And that was music to our ears I I've never heard anything as you know Phil I've worked in different parts of the world permitted different mining operations I've never heard that kind of level of consistent commitment from one office to the other.

So people are but I will I guess I'll ask a little bit more on the on the operation at all and do go a little bit more recognizing that there is no official guidance quite yet.

Speaker Change: During the course of a visit so yeah that was music to our ears for sure.

George Salamis: These areas demonstrate the greatest near-term opportunity to increase mineral resources and potentially extend mine life. The second opportunity is expanding its in-situ resources between existing mine open pits, consisting of 5,000 meters of RC drilling. Drilling will target saddles and ridges, or these areas, between active and historical pits. Many of these areas have been sparsely drilled historically and offer meaningful oxide growth potential directly adjacent to current and future mining phases.

Speaker Change: But something that was notable I guess in Q1 with strong production, but the grades were a little bit lighter than what it was last year and what do you guys have been disclosing on a technical report so.

Speaker Change: Okay, that's great looking forward to being on site and few weeks. Thank you.

Speaker Change: See you soon.

Speaker Change: Yeah.

Speaker Change: How do we think about that production side of things for the rest of the year.

Speaker Change: Again to ask a question press Star one and our next question comes from the line of Ingrid Rico with Stifel. Please go ahead.

Speaker Change: Then on Greg's comments that way.

Speaker Change: Okay.

Ingrid Rico: On Greg's comments of there were some sort of temporary elevated costs in Q1, what are the levers for the remaining quarters on those sort of operating costs that could see that being slightly better than Q1?

Ingrid Rico: Hi, Good morning, Georgia, and Integra Tamar. Thank you for hosting the call and congrats on your first full quarter about being a junior producer.

Speaker Change: Some sort of temporary elevated costs in Q1, what is sort of the lever.

For the remaining quarters on those sort of operating cost.

Speaker Change: You could see that being slightly better than Q1.

Speaker Change: A lot of my questions have been asked by the partners can you cable.

George Salamis: The third opportunity is testing lateral extensions and infill drilling. consisting of 3,000 meters of R.C. Drilling will target lateral extensions of existing pits as well as infill drilling within areas planned for further pit pushback. Potential has been identified to improve resource classification, optimize mine planning, and potentially increase short-term ore fees.

Speaker Change: Okay, Thanks, Hey, great.

Speaker Change: So people are but I will I guess I'll ask a little bit more on the on the operation at all.

Speaker Change: Yes, Greg I think Europe will up the curve with respect to the the grade ranges the material you're mining now versus what you plan to mine grade wise in the second half of this year or the or this quarter leading into the second half of this year, so Greg over to you.

George Salamis: Okay. Thanks, Ingrid, yeah, Greg, I think you're well off the curve with respect to the grade ranges of material you're mining now versus what you plan to mine grade-wise in the H2 of this year or this quarter leading into the H2 of this year. Greg, over to you.

Speaker Change: A bit more recognizing that there's no official guidance quite yet.

Speaker Change: But something that was notable I guess on Q1 was a strong production, but the grades were a little bit lighter than what it was last year and what do you guys have in disclosing on a technical report. So how do we think about that production side of things for the rest of the year.

Speaker Change: Yes for sure.

Speaker Change: I mentioned that we were.

Gregory Robinson: For sure. I mentioned that we were starting to develop some pits in the upper reaches of the mine. We have to drive through some waste to do that, and we are hitting some ore along the way. That ore tends to be a little bit lower grade. As we start hitting more and more ore in those pits, as we get deeper in those, the grade will begin to improve over time. We do expect to be in better grades in H2 of the year, but it'll take a little bit to develop some of those. Overall, we've seen a little bit of a dip in grade that started really late last year. It's all because of this, because we're just developing newer pits.

Speaker Change: Starting to develop some pits in the upper reaches of the mine.

George Salamis: The 2025 drill program at Florida Canyon is expected to support a mineral resource and reserve update and a revised life of mine plan in early 2026.

Speaker Change: We have to drive through some ways to do that and we are hitting some ore along the way that or tends to be a little bit.

Speaker Change: Then on Greg's comments there.

Speaker Change: Are there some sort of temporary elevated costs in Q1, what are sort of the lever.

Speaker Change: Lower grade.

George Salamis: We're really excited to kick this program off and really look forward to sharing our progress over the coming months. This drill program is one of the ways that we are allocating capital to maximize the value at Florida.

Speaker Change: And as we start hitting more and more ore in those pits as we get deeper in those.

Speaker Change: For the remaining quarters on those sort of operating cost.

Speaker Change: You can see that.

Speaker Change: The grade will begin to improve over time.

Speaker Change: Slightly better than Q1.

Speaker Change: We do expect to be in better grades in the second half of the year.

Speaker Change: Okay. Thanks, Hey, great and Yeah, Greg I think Europe will up the curve with respect to the the grade ranges. The material you are mining now versus what you plan to mine grade wise in the second half of this year or the or this quarter.

Speaker Change: But it'll take a little bit to develop some of those.

George Salamis: So at this stage, I'd like to end the formal part of the presentation with slide 14 as it captures our strategy. Production. Pipeline Jurisdiction. scale and value. We now generate cash flow to both sustain the portfolio and fund growth. We hold one of the largest inventories of gold and silver in the Great Basin, not controlled by a major mining. our pipeline of development projects are being efficiently de-risked. We operate in Idaho and Nevada, two of the best mining jurisdictions globally. and we built a team with a proven track record of expertise. Integra is a U.S.

Speaker Change: No.

Speaker Change: Overall, yes, we've seen a little bit of a dip in grid. It started really late last year, but it's it's all because of this because were just stability newer pits.

Speaker Change: Into the second half of this year, so Greg over to you.

Speaker Change: Yes for sure.

Speaker Change: And.

Speaker Change: I mentioned that we were.

It takes a little while to get it cut it into the heart of the ore and in those areas.

Speaker Change: Starting to develop some pits in the upper reaches of the mine.

Gregory Robinson: It just takes a little while to get it cut into the heart of the ore in those areas.

Speaker Change: Okay.

Speaker Change: We have to drive through some ways to do that and we are hitting some ore along the way that or tends to be a little bit.

Speaker Change: That's excellent.

And I guess my next question just touching on the on the permitting and it's great to hear George Ah <unk>.

Ingrid Rico: Okay. That's excellent. I guess my next question, just touching on the permitting, and it's great to hear, George, the developments there both at Delamar and Nevada North. Just mostly on Nevada North would be my question. You answered the last question about the turnaround times and that commitment from sort of the state level on improving that. Maybe some thoughts on that and maybe what's sort of the plan there to hit on the exploration this year and next year for Nevada North.

Speaker Change: Lower grade.

Speaker Change: The development there both at Delaware, and Nevada, North, but you know just mostly on Nevada, North that would be my question. So you answered the last question about the turnaround times in that commitment.

Speaker Change: And as we start hitting more and more ore in those pits as we get deeper in those.

Speaker Change: The grade will begin to improve over time.

Speaker Change: We do expect to be in better grades in the second half of the year.

George Salamis: Gold producer with a growth runway and a clear strategy to become a mid-tier.

Speaker Change: From that at the state level on improving that.

Speaker Change: But it'll take a little bit to develop some of those.

Operator: At this point, I would like to turn the call back to the operator to begin the Q&A.

Speaker Change: No.

Speaker Change: Maybe some thoughts on that and maybe what.

Speaker Change: Overall, yeah, we've seen a little bit of a dip in grid. It started really late last year, but it's all because of this because were just developing newer pits.

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 kindly ask that you please limit your questions to one and one follow-up.

Speaker Change: What sort of the plan there to head on the exploration this year and next year are bringing about annoying.

Heiko Ila: Our first question comes from the line of Heiko Ila with HC Wainwright. Please go ahead. Hey, thanks for taking my questions. I assume you can hear me. Okay. Yes. Hey, I mean, gold's currently at the $3,200, $3,210 or whatever. It's up $800 in the last year. Just a bit of a conceptual question.

Speaker Change: Yeah, so with respect to permitting it at Nevada, North right now.

Speaker Change: And then.

Speaker Change: It just takes a little while to get it cut it into the heart of the ore and in those areas.

George Salamis: With respect to permitting at Nevada North right now, the last hurdle, if you will, with respect to receiving our Exploration Plan of Operations, which is, you might recall, Ingrid, would allow us to do a lot more on the ground without being restrained by the five-acre disturbance rule. That's currently sitting at an office level at the state level called SHPO, which is basically, it's the historical resource group, if you will, that basically approves cultural studies that have been done on the project. That file's been sitting there for a while. It has nothing to do with the validity of the file. It's been reviewed and picked over with comments received and responded to. The reason why it hasn't really gone anywhere is that up until very recently, there's been nobody leading that charge.

Speaker Change: The the last hurdle, if you will with respect to receiving our exploration plan of operations, which as you might recall in grid.

Speaker Change: Okay.

Speaker Change: Okay, that's excellent and I guess my next question just touching on the on the permitting and it's great to hear George.

Speaker Change: Would allow us to to do a lot more on the ground without being restrained by the five acre disturbance rule.

Speaker Change: Development, there, both at Delaware, and Nevada, North, but you know.

Speaker Change: Just mostly on Nevada, North that would be my question. So you answered the last question about the turnaround times in that commitment.

George Salamis: Has there been any internal changes in what you're mining, exploring, looking at at Florida Canyon, given the sharp increase in gold pricing today? Because it's probably not really where you expect it to be when you first started looking at the asset. And if so, what has changed and what's actually going on versus your expectations? Yeah, thanks for that question.

Speaker Change: That is currently sitting in an office.

Speaker Change: At an office level at the state level called <unk>, which is basically it's the historical resource.

Speaker Change: Group, if you will that basically approved cultural studies that have been done on the project in that file it's been sitting there for a while.

Speaker Change: From the state level and improving that.

Speaker Change: Maybe some thoughts on that and maybe you know.

Speaker Change: What's sort of the plan there.

Speaker Change: Nothing to do with the validity of the file it's been it's been reviewed and picked over with comments received and responded to the reason why it hasn't really gone anywhere or is that theyre up until very recently, there's been nobody leading that charge. They were there has been at that particular office.

Speaker Change: On the exploration this year and next year thinking about anyway.

George Salamis: So I think the best place to start off with would be the focus of the exploration program that we alluded to in the in the course of the Q1 call. You know, we alluded to the fact that a fair bit of this exploration, a fair chunk of the 10,000 meters of drilling will be allocated to some of this historical dump material, right? And while that material did not make a cutoff back in the day, due to lower gold prices, that material now makes a lot of sense for us to look at. And volumetrically, there's a lot of that material.

Speaker Change: Yeah, so with respect to permitting it at Nevada, North right now that the the the.

Speaker Change: The last hurdle, if you will with respect to receiving our exploration plan of operations, which as you might recall in grid.

George Salamis: There has been, at that particular office, a hollowing out, if you will, of personnel to review files. We're encouraged by the fact that they are jumping back in on that file to retake control of that. Regardless, there are things that we can do at Nevada North to de-risk that project. It's a great project. Obviously, we're viewing it more or less as an extension of Florida Canyon due to its proximity. There are things that we can do to de-risk the project to take it from PEA to PFS, but things that will also help with respect to environmental permitting. For example, when we talk about geochemical sampling, as you know, humidity cells, you have to do them to basically assess the level of acid generation that could or could not occur.

Speaker Change: Going out if you will of personnel to review files. So.

Speaker Change: We're encouraged by the fact that there that they are.

Speaker Change: Would allow us to to do a lot more on the ground without being restrained by the five acre disturbance rule.

Speaker Change: Jumping back in on that final to take to retain control of that.

Speaker Change: Regardless there are things that we can do on at Nevada, North to Derisk that project. It's a great project, obviously, we're viewing it more or less as an extension of Florida Canyon due to its proximity and.

Speaker Change: That's currently sitting in an office.

Speaker Change: At an office level at the state level called <unk>, which is basically it's the historical resource.

Speaker Change: Group, if you will that basically approved.

George Salamis: Sitting in piles, used as backfill in some of the historical pits, etc. So that's one of the ways where the improved gold price allows us to look at things like that. Other initiatives, obviously, from a metallurgical optimization perspective, the higher gold price affords us to maybe look at other opportunities with respect to run-of-mine heap leaching, as opposed to crushed ore heap leaching. There are a bunch of things like that, Heiko, that the higher gold price can afford us to look at. Yeah. I figured we'd be getting an answer along those lines.

Speaker Change: <unk> studies that have been done on the project.

Speaker Change: There are things that we can do to Derisk the project to take it from Pega to PFS.

Speaker Change: That file has been sitting there for a while.

Speaker Change: Has nothing to do with the validity of the file it's been it's been reviewed and picked over with comments received and responded to the reason why it hasn't really gone anywhere or is that theyre up until very recently, there's been nobody leading that charge. There were there have been at that particular office a hollowing out if you will of personnel to review files. So.

Speaker Change: Things that will also help with respect to environmental permitting for example, when we talk about geochemical sampling.

Speaker Change: As you know humidity cells, you have to do them to to basically assess the level of asset generation that could or could not occur and that sort of test work, we can do without waiting for.

George Salamis: That sort of test work we can do without waiting for an Exploration Plan of Operations. We can do that sort of thing. Through the fortuitous nature of producing gold right now at Florida Canyon providing more cash to us, we have the ability to do a lot more at Nevada North than we thought even 6 months ago. Things like that geochemical sampling, things like metallurgical drilling, things like hydrogeological drilling, things like that will feed into both permitting and a PFS study at Nevada North. We didn't think we'd be able to do that this year. Now we're very clearly on a path to do that work in the H2 of this year.

Speaker Change: We're encouraged by the fact that there that they are.

Speaker Change: And exploration plan of operations, we can we can do that sort of thing.

Speaker Change: Jumping back in on that final to take to retain control of that.

Speaker Change: Through the.

Speaker Change: Through the fortuitous nature of of producing gold right now, Florida Canyon, providing more cash to us.

Speaker Change: Regardless there are things that we can do on at Nevada, North to Derisk that project. It's a great project, obviously, we're viewing it more or less as an extension of Florida Canyon due to its proximity and.

Greg Robinson: Building on all of that, we've also seen, you know, a decent amount of cost inflation in the mining space, and you're playing some pretty meaningful capital expenditures on site, you know, heat bleach pads, expansions, mining fleet additions, pre-stripping, I mean, you name it. Any way for you to provide some granularity with where costs are actually coming in and availability and all that good stuff versus what you had expected? And maybe more importantly, anything you want to point out that's not as you expected it to be.

Speaker Change: We have the ability to do a lot more as at Nevada, North and we thought even six months ago.

Speaker Change: So things like that geochemical sampling things like than allergic drilling things like hydro geological drilling things like that that will feed into both permitting and a PFS study at Nevada, North we didn't think we'd be able to do that this year now we're very clearly on a path to do that work.

Speaker Change: There are things that we can do to Derisk the project to take it from pega to PFS, but.

Speaker Change: Things that will also help with respect to environmental permitting for example, when we talk about geochemical sampling that you know as you know humidity cells you have to do them to basically assess the level of asset generation that could or could not occur and that sort of test work, we can do without waiting.

Speaker Change: In the second half of this year.

Okay, I understand and that's great and just quickly if you can remind me so the exploration line up operations once you receive that.

Greg Robinson: I think the best person to answer that question would be Greg Robinson, the General Manager from Cite. Greg obviously lives this day-to-day operationally, and he can opine regarding cost inflation at Cite. Greg, do you want to tackle that one? Yeah, I can take it. So, I mean, there's been no big surprises for us here. We are feeling pressures in some areas and whatnot, but nothing that, you know, other companies and other minds aren't facing as well. The biggest thing, kind of like we said for Q1, there's a few kind of our mining costs a little bit in the form of capital pre-stripping.

Ingrid Rico: Okay, understood. That's great. Just quickly, if you can remind me, the exploration plan of operations, once you receive that, do you have to continuously keep doing those for continuing to do the drilling and de-risking, or is this the one that we need, and we will have kind of a path for that for Nevada North?

Speaker Change: Four.

Speaker Change: And exploration plan of operations, we can we can do that sort of thing.

Speaker Change: Through the.

Speaker Change: Do you have to continuously keep doing those are continuing to do that drilling and de risking or is the one that we need.

Speaker Change: Through the fortuitous nature of producing gold right now, Florida Canyon, providing more cash to us.

Speaker Change: We have the ability to do a lot more at Nevada, North and we thought even six months ago.

Speaker Change: We will have kind of a path for that for Nevada.

Speaker Change: So things like that geochemical sampling things like metallurgical drilling things like hydro geological drilling things like that that will feed into both permitting and a PFS study at Nevada, North we didn't think we'd be able to do that this year now we're very clearly on a path to do that work.

Speaker Change: Yes, so I guess the good news Ingrid is.

George Salamis: Yeah. I guess the good news, Ingrid, is if you recall from the PEA, a large measure, and I'm going to throw a number out there, 90% of the resource that was used in the study was M&I category. There's not a lot of resource conversion that needs to happen there. We will have to do some drilling, and obviously having an Exploration Plan of Operations will help that. That's not a major campaign. Same for hydrogeological drilling, same for metallurgical drilling, all of that. That's not a big cost. The expectation is that work will get started sometime this year and we can really start doing the baseline study work that's required to advance the project in an expectation of getting that project permitted through an EA as opposed to EIS. We'll see about that one, obviously. That's our intent still.

Speaker Change: If you recall from the PAA.

Speaker Change: A large measure and I'm going to say.

Throw a number out there 90% of the other resource that was used in the in the study was MNI category. So theres not a lot of resource conversion that needs to happen. There. We will have to do some drilling and obviously, having an exploration plan of operations will help that but that's not that's not a major campaign.

Speaker Change: In the second half of this year.

Speaker Change: Okay understood and that's great and just quickly if you can remind me so the exploration lineup operations once you receive that.

Greg Robinson: We're up in the higher reaches of the mine and a couple of pits and we need to drive through some waste to get at the higher grade ore there and that means we have to put more money into hauling that waste off.

Speaker Change: And same for hydro geological drilling same for metallurgical drilling all of that.

Speaker Change: Do you have to continuously keep doing those.

Speaker Change: That's not a big cost.

Speaker Change: We continue to do that drilling and de risking or is this the one that we need.

Speaker Change: So the expectation is that work well, we'll get started sometime this year and we can really sort of run the start start doing the baseline study work that's required to advance the project in an expectation of getting that project permitted through any as opposed to you is we will see about that.

Speaker Change: We will have kind of a path.

Speaker Change: Or that feels about right.

Ingrid Rico: So I guess the good news Ingrid is.

Greg Robinson: biggest things. There's also been some tech things associated with the with the sale and the transition of companies. we've had to account for in Q1. And so, yeah, just a few things. I mean, nothing really out there or completely unanticipated, but it is affecting us in the short term. I think when we release our guidance here later, right before the Q1 or Q2 results, you'll get a little bit more color on the different cost drivers, but that's what we could share. Okay, that's quite helpful.

Speaker Change: If you recall from the PAA.

Ingrid Rico: A large measure and I'm going to say.

Speaker Change: One obviously, but that's our intent still.

Ingrid Rico: Throw a number out there 90% of the other resource that was used in the in the study was MNI category. So theres not a lot of resource conversion that needs to happen. There. We will have to do some drilling and obviously, having an exploration plan of operations will help that but that's not that's not a major campaign.

Speaker Change: Okay.

Speaker Change: Excellent.

Speaker Change: Well. Thank you for that and also looking forward to that type of it two for accounting.

Ingrid Rico: Okay. Excellent. Well, thank you for that, and also looking forward to that site visit to Florida Canyon.

Speaker Change: Thanks, Ingrid we will see you in a couple of weeks I guess.

George Salamis: Thanks, Ingrid. We'll see you in a couple of weeks, I guess.

Speaker Change: And there are no further questions at this time, Mr. Solomon I'll turn the call back over to you.

Ingrid Rico: Same for hydro geological drilling same for metallurgical drilling all of that.

Operator: There are no further questions at this time. George Salamis, I'll turn the call back over to you.

Solomon: Well great. Thanks.

Ingrid Rico: That's not a that's not a big cost.

Speaker Change: Like to thank everybody for attending the call. Obviously, we're all excited here over at Integra, We appreciate the support from from our shareholders.

George Salamis: Well, great. Thanks. I'd like to thank everybody for attending the call. Obviously, we're all excited here over at Integra. We appreciate the support from our shareholders. We really look forward to providing other formal updates going forward. Obviously, the next big one will be guidance. Along the way, there are other things. The news flow is going to be pretty fast and furious here coming up for the balance of the year, be it guidance, be it exploration results, be it other things to do with permitting at Delamar, for example. We're really excited. Just sort of last but not least, don't hesitate to reach out to either myself or Jason Banducci or anybody at the Integra team if you have any follow-up questions whatsoever.

Ingrid Rico: So the expectation is that work well, we'll get started sometime this year and we can really sort of run the start start doing the baseline study work that's required to advance the project in an expectation of getting that project permitted through any as opposed to Eas, we'll see about that one.

Greg Robinson: I appreciate it.

Heiko Ila: I'll get back in queue.

Speaker Change: We really look forward to providing other formal updates going forward. Obviously the next big one will be guidance along the way there are other things that the news flow is going to be pretty pretty fast and furious here coming up for the balance of the year.

Bill Kerr: Our next question comes from the line of Bill Kerr with Fenton Financial. Please go ahead. Thanks, operator. George, you started to touch on the run of mine opportunity. I was just curious maybe what spurred that that option? Was it limited to certain units, lithological units that is, and it were only available in certain pits at the mine? Or was it subject to the rising gold price? And would you see this sustainable moving forward?

Ingrid Rico: Obviously, but that's our intent.

Speaker Change: Guidance be at exploration results.

Ingrid Rico: Okay.

Ingrid Rico: Excellent.

Speaker Change: Be it other things to do with permitting at del Mar for example, so we're really excited.

Ingrid Rico: Thank you for that.

Speaker Change: I'm also looking forward to that type of it two for Kenny.

And just sort of last but not least.

Speaker Change: Don't hesitate to reach out to either myself or adjacent then do chi or anybody at at the Integra team. If you have any follow up questions whatsoever.

Ingrid Rico: Thanks, Ingrid we will see you in a couple of weeks I guess.

Speaker Change:

Speaker Change: And there are no further questions at this time, Mr. Solomon now I'll turn the call back over to you.

George Salamis: Yeah, thanks, Joel. I can say that the transition to more run-of-mine heat bleach gold processing really started in earnest three years ago. If you look at the long-term production profiles of the last 10 years, that's when run-of-mine mining kicked in.

Speaker Change: There's a facility on our website that you can use to schedule a meeting with.

Mr. Solomon: Well great. Thanks.

George Salamis: There's a facility on our website that you can use to schedule a meeting with senior management here to ask any questions that you might have. We're always happy to hop on a call with anybody. On that note, thanks, everyone.

Speaker Change: I'd like to thank everybody for attending the call. Obviously, we're all excited here over at Integra. We appreciate the support from from our shareholders.

Speaker Change: Senior management here to ask any questions that you might have so we're always happy to hop on the call with anybody and on that note. Thanks, everyone.

Speaker Change: We really look forward to providing other formal updates going forward. Obviously, the next big one would be guidance.

Speaker Change: Along the way there are other things that the news flow.

Greg Robinson: Maybe I'll let Greg hop on the decision to go to that. I can state from a geological perspective that the geological differences between run-of-mine ore and crushed heat bleach ore are very subtle. And our job over the next year is to understand really what makes run-of-mine ore a run-of-mine ore versus crushed ore, because visibly there's not a lot of difference between the two of them. We suspect that there's a structural component that forms the difference between those two types of ore, but it's pretty subtle but meaningful, because if we can open up more of those heat bleach processing, that opens up a world of opportunity for us as a company.

Speaker Change: Going to be pretty pretty fast and furious here coming up for the balance of the year the guidance be.

Speaker Change: <unk> exploration results.

Speaker Change: Be it other things to do with permitting at del Mar for example, so we're really excited.

Speaker Change: And just sort of last but not least.

Speaker Change: Don't hesitate to reach out to either myself or adjacent then do chi or anybody at the Integra team. If you have any follow up questions whatsoever.

Speaker Change: There's a facility on our website that you can use to schedule a meeting with <unk>.

Senior management here to ask any questions that you might have so we're always happy to hop on the call with anybody and on that note. Thanks, everyone.

Speaker Change: Okay.

Speaker Change: That will conclude today's call. Thank you all for joining you may now disconnect.

Speaker Change:

Speaker Change: Okay.

Greg Robinson: Yeah, and, and the the increased I guess, or you're seeing, you know, could you refresh us on your crushing capacity and what levels you're seeing?

Speaker Change: [noise].

Greg Robinson: Today and and if you're having excess run of mine, you know, would you require further?

Greg Robinson: crushing circuits Yeah, Greg, I might pass that question over to you. You again, you live that day to day. Yep. Yeah, so we're currently plan month in and month out to crush about 600,000 short term short terms a month. The crusher is actually outperforming that and has for quite a while so in in Q1 we we crushed closer to 750,000 tons a month. So that's kind of a view of the scale of our crushing. And then run-of-mine, we typically run about the same amount of runamine, maybe a little bit less, just depending on what ores in the pit and what grades.

Greg Robinson: Um, but, uh, That's, that's kind of the view of production.

Greg Robinson: And as George said, we're looking at a lot of different options, not just, you know, going to an all run-of-mine scenario. We're looking at crusher expansions and that kind of thing as well, so it's way too early to tell what kind of routes we'll head there. We've got to balance our costs and our capital infusion and see what generates the most value. That's kind of a little bit more.

Bill Kerr: Understood.

Bill Kerr: So, yes, still evaluating the options and going through the optimization process.

Bill Kerr: Just on the sustaining CapEx, I know you're evaluating mine equipment replacement and so forth.

Greg Robinson: Where are we at with scheduling on some of these larger purchases? We're already through halfway to Q2 here. Is it something that's more weighted and focused on in Q3 or later? Yeah, Greg and team have done a very thorough job at studying the fleet and the fleet alternatives. And I think that they were sort of 10 to 15 different iterations of what we could do, what could be done with that fleet that involved sort of maintenance on some of the fleet and maybe a combination or a mix or hybrid view of a bit of maintenance plus some new equipment.

Greg Robinson: That those studies, I guess, will come into kind of fruition here in the second half of the year.

Greg Robinson: Greg, I don't know if you've got anything to add to that. No, not really, except that, as you said, we evaluated a lot of different options. Everything was pretty much on the table and we We did a lot of homework, and now we're just kind of in the final analysis and compiling all that into a final recommendation that we can. Hopefully go ahead and pick, kind of settle on the end product and place some orders. Put it in the service.

George Salamis: And George, do you think we'll have more clarification on scheduling of deployment of this capital when you provide guidance, I guess, in June? Yeah, most definitely, Phil. And the fleet will be kind of the top of the list of things that we'll be initiating in the second half that will require capital to be deployed, for sure. But, you know, we're coming to some pretty quick conclusions on that. And, yeah, yes, we will talk about that in our in our guidance before we put out Q2 sometime towards the end of June.

Bill Kerr: And then last one on permitting, George, in your discussions in Washington. Did you get a sense of urgency surrounding permits or just advancement in new projects in general across the U.S.?

George Salamis: And just under this, you know, under Trump's presidential regime, I'm just curious if there's just some sort of urgency, you know, maybe even prior to midterm elections that could impact the and the approval of, you know, whether it's Delamar or other projects across the country. Yeah, that's a great question. And, and the answer is yes, there's there's definitely a sense of urgency that that we picked up on during our during our days in DC last week. I can't say that that the the Trump administration, you know, it clearly wanted to develop more minds and permit more minds.

George Salamis: There never once did it come up anything to the extent that they want to cut down on the amount of, you know, environmental study work that's involved in, you know, your typical NEPA process, for example, there's no talk of that. What what they do or did address with us consistently from one office to the other was, you know, their intention is to keep permitting moving. through the pipeline. In other words, to not have it derailed by excessive turnaround times, response times from government offices, be it either at the state level or at the federal level.

George Salamis: Their view is where things have hung up in the past have been in those turnaround time delays that the government has been or the regulators have been responsible for. They've committed to really strict, well-defined timelines. And that was music to our ears.

George Salamis: I, I've never heard anything, you know, as you know, Phil, I've worked in different parts of the world, permitted different mining operations. I've never heard that kind of level of consistent commitment from one office to the other, um, during the course of a visit. So yeah, that was music to our ears for sure.

Bill Kerr: Okay, that's great.

Bill Kerr: Looking forward to being on site in a few weeks. Thank you.

Bill Kerr: See you soon.

Ingrid Rico: Again, to ask a question, press star 1, and our next question comes from the line of Ingrid Rico with Stiefel. Please go ahead. Hi, good morning, George, and the Integra team.

Ingrid Rico: Thank you for for hosting the call and congrats on your first full quarter of being a junior producer. A lot of my questions have been asked by the privates to to people. But I will, I guess I'll ask a little bit more on the operational and do a little bit more recognizing that there's no official guidance quite yet. But something that was notable, I guess, on Q1 was strong production, but the grades were a little bit lighter than, you know, what it was last year and what you guys have been disclosing on a technical report.

George Salamis: So, you know, how do we think about that production side of things for the rest of the year? And then on Greg's comments of, you know, there were some sort of temporary elevated costs in Q1, what are sort of the levers for the remaining quarters on those sort of operating costs that could see that being, you know, slightly better than Q1?

Greg Robinson: Greg, I think you're well off the curve with respect to the grade ranges of material you're mining now versus what you plan to mine grade-wise in the second half of this year or this quarter leading into the second half of this year.

Greg Robinson: So Greg, over to you. Yeah, for sure. I mentioned that we were starting to develop some pits in the upper reaches of the mine. We have to drive through some weights to do that. And we are hitting some ore along the way, that ore tends to be a little bit lower grade. And as we start hitting more and more ore in those pits, as we get deeper in those, the grade will begin to improve over time. We do expect to be in better grades in the second half of the year, but it'll take a little bit to develop some.

Greg Robinson: So, overall, yeah, we've seen a little bit of a dip in gray that started really late last year, but it's all because of this, because we're just developing newer pits, and it just takes a little while to get it kind of into the heart of the ore in those areas. Yep, that's excellent.

George Salamis: And I guess my next question, just touching on the permitting, and it's great to hear George, the development there, both at Delamere and Nevada North, but, you know, just mostly on Nevada North would be my question. So, you answered the last question about the turnaround times and that commitment from sort of the state level on improving that. You know, maybe some thoughts on that and maybe, you know, what's sort of the plan there to hit on the exploration this year and next year for Nevada North? Yeah, so with respect to permitting at Nevada North right now, the last hurdle, if you will, with respect to receiving our exploration plan of operations, which is, you might recall, Ingrid, would allow us to do a lot more on the ground without being sort of restrained by the five-acre disturbance rule.

George Salamis: That's currently sitting in an office, at an office level, at the state level, called SHPO, which is basically, it's the historical resource group, if you will, that basically approves, you know, cultural studies that have been done on the project. And, you know, that file has been sitting there for a while. It has nothing to do with the validity of the file. It's been, it's been reviewed and picked over with comments, you know, received and responded to. The reason why it hasn't really gone anywhere is that there, until very recently, there's been nobody leading that charge.

George Salamis: There has been, at that particular office, a hollowing out, if you will, of personnel to review files. So, we're encouraged by the fact that they're, that they are jumping back in on that file to take, to retake control of that.

George Salamis: Regardless, there are things that we can do on, at Nevada North to de-risk that project. It's a great project. Obviously, you know, we're viewing it, you know, more or less as an extension of Florida Canyon due to its proximity. And, you know, there are things that we can do to de-risk the project, to take it from PEA to PFS, but, you know, things that will also help with respect to environmental permitting. For example, you know, when we talk about geochemical sampling, that's, you know, as you know, humidity cells, you have to do them to, to basically assess the level of acid generation that could or could not occur.

George Salamis: And, you know, that sort of test work we can do, you know, without waiting for, you know, the, you know, an expiration plan of operations. We can, we can do that sort of thing. Through the, through the fortuitous nature of producing gold right now at Florida Canyon, providing more cash to us, you know, we're doing, we have the ability to do a lot more at Nevada North than we thought even six months ago. So things like that geochemical sampling, things like metallurgical drilling, things like hydrogeological drilling, things like that, that will feed into both permitting and a PFS study at Nevada North.

George Salamis: We didn't think we'd be able to do that this year. Now we're very clearly on a path to do that work in the second half of this year.

Ingrid Rico: Okay, understood. That's great.

Ingrid Rico: And just quickly, if you can remind me, so the exploration plan of operation. Once you receive that, you know, do you have to continuously keep doing those for, you know, continuing to do the drilling and de-risking? Or is this the one that we need? we will have kind of a path for that for Nevada. Yeah, so I guess the good news, Ingrid, is, you know, if you recall from the PEA, a large measure, and I'm going to say, you know, I'm going to throw a number out there, 90% of the resource that was used in the study was M&I category.

George Salamis: So there's not a lot of resource conversion that needs to happen there. We will have to do some drilling, and obviously having an exploration plan of operations will help that, but that's not a major campaign. Same for hydrogeological drilling, same for metallurgical drilling, all of that, you know, that's not a big cost. So the expectation is that work will get started sometime this year, and we can really sort of start doing the baseline study work that's required to advance the project in an expectation of getting that project permitted through an EAA as opposed to EIS.

George Salamis: We'll see about that one, obviously, but that's our intent still.

Ingrid Rico: Excellent. Well, thank you for that.

Ingrid Rico: And also looking forward to that site visit to Florida County. Thanks Ingrid, we'll see you in a couple weeks.

Operator: And there are no further questions at this time.

George Salamis: Mr. Salamis, I will turn the call back over to you. Well, great. Thanks.

George Salamis: And I'd like to thank everybody for attending the call. Obviously, you know, we're all excited here over at Integra. We appreciate the support from our shareholders. We really look forward to providing, you know, other formal updates, you know, going forward. Obviously, the next big one will be guidance. You know, along the way, there are other things. The news flow is going to be, you know, pretty fast and furious here coming up for balance of the year, be it guidance, be it exploration results, be it other things to do with permitting at Delamar, for example. So we're really excited.

George Salamis: And just sort of last but not least, you know, don't hesitate to reach out to either myself or Jason Banducci or anybody at the Integra team if you have any follow-up questions whatsoever. You know, there's a facility on our website that you can use to schedule a with senior management here to ask any questions that you might have. So we're always happy to hop on a call with anybody.

George Salamis: And on that note, thanks, everybody.