Under the terms of the Transaction, FCG shareholders will receive 0.467 of a common share of Integra for each common share of FCG held. Existing shareholders of Integra and FCG will own approximately 60% and 40%, respectively, on closing of the transaction.

In connection with the transaction, Integra announces a private placement of approximately $14.4 million. The company said the proceeds will be used to fund mine optimization opportunities at Florida Canyon, for continued advancement of DeLamar and Nevada North, and for general corporate purposes. The participants are key cornerstone shareholders of both Integra and FCG, including Beedie Investments Ltd., Wheaton Precious Metals Corp., and GMT Capital Corp.

“This is a unique opportunity to combine production and cash flows with two complementary high-quality growth projects,” said Jason Kosec, president and CEO of Integra. “Florida Canyon will provide investors immediate exposure to strong metal prices. DeLamar and Nevada North provide a growth pipeline that creates a pathway to grow Integra from a junior to a mid-tier producer in the coming years.”

FCG was spun out of Argonaut Gold when it was purchased by Alamos Gold recently. The Florida Canyon mine is an open-pit mining operation located in Nevada. In 2023, it had an all-inclusive sustaining cash cost of $1,654/oz.

DeLamar is an advanced gold-silver heap leach project located in southwestern Idaho. A Mine Plan of Operations has been submitted and deemed complete by the U.S. Bureau of Land Management in June 2024. A 2022 pre-feasibility study for DeLamar demonstrated an 8-year mine life, producing an average of 136,000 oz/y AuEq.

Nevada North is comprised of the Wildcat and Mountain View deposits, located in northwestern Nevada. The Wildcat deposit is located 40 miles from Florida Canyon. A 2023 preliminary economic assessment for Nevada North contemplated a 13-year mine life, producing an average of 80,000 oz/y AuEq. Drilling is underway at the Wildcat Deposit.

Integra believes the combined portfolio provides a pathway for Integra to grow its production profile and become a mid-tier producer capable of delivering more than 250,000 oz/y AuEq.