Integra Resources (ITRG) Reveals Encouraging Technical Report For Florida Canyon Mine

A recent feasibility report around the Florida Canyon Mine is inspiring confidence in Integra Resources Corp. (NYSE:ITRG), which is one of the 15 best NYSE penny stocks to buy according to hedge funds.

On June 25, Integra Resources Corp. (NYSE:ITRG) disclosed its latest Technical Report covering its Florida Canyon Mine, based in Nevada. The company acquired Florida Canyon for a price of $68 million less than two years back, and since then has reshaped it into a larger asset with a longer life, along with a 74% rise in Proven and Probable Mineral Reserves. Moreover, the company has raised its yearly gold production capacity by 17%.

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The management shared that the Florida Canyon is now anticipated to deliver after-tax free cash flows of over $0.8 billion from gold manufacturing, based on 685,000 ounces of cumulative payable gold production over the mine’s life. This would include 2 years of gold production from residual leaching, which is expected to begin in 2033. The cash flows will be utilized by the company to finance growth investments, with the aim of improving the production profile and increasing the mine’s life.

As per the management’s base case metal price estimates, after-tax NPV from these operations is projected at 5% of $601 million. Based on spot metal price assumptions, the figure jumps up to around $723 million.

Integra Resources Corp. (NYSE:ITRG) produces precious metals and explores and develops mining sites across the Western U.S., with an emphasis on gold and silver. One of its flagship projects is the DeLamar Project, which involves unpatented lodes, millsite claims, and placer and tax parcels.

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