Integra Resources Corporation announces record fourth quarter and full year 2024 production results from its principal operating asset, the Florida Canyon Mine, located in Nevada. The Company provide the unaudited 2024 year-end cash balance and to announce the implementation of a gold price protection program for 2025 production at Florida Canyon.
George Salamis, President, CEO and Director of Integra commented, “We are excited to announce record gold production of 72,229 ounces from Florida Canyon in 2024, marking the highest total production from the mine in 21 years. This represents a significant milestone for Integra as it marks the inaugural reported production for the Company.
Integra ended the year with approximately $52 million in cash, demonstrating the Company’s excellent financial position to begin 2025. We are also pleased to establish a price protection program for 2025 production with the purchase of put options at extremely attractive terms. Utilizing put options effectively secures downside price protection while maintaining full exposure to gold price upside.
With a focus on capital allocation, securing production margins in 2025 is critical for demonstrating profitability at Florida Canyon while also supporting the continued advancement of the DeLamar and Nevada North Projects.”
Integra announce the implementation of a gold price protection program for 2025 production from Florida Canyon. The program is designed to secure margins at Florida Canyon, reduce gold price risk, and to enhance financial flexibility and strength for the Company to support the advancement of its key development assets, the DeLamar Project and the Nevada North Project.
The price protection program consists of the purchase of 37,800 gold ounces of put options with a strike price of $2,400/ounce, equally spread across January 2025 to December 2025. The put options were executed across several tranches from two separate financial institutions in December 2024 and January 2025. The put options will be settled in cash.
As the hedging program currently consists solely of put options, Integra retains the financial flexibility to later offset its initial cash outlay by converting the put options into a zero-cost collar or through the early monetization of the options, based on its assessment of market conditions and capital allocation priorities. Integra will continue to actively evaluate hedging strategies for 2025 and 2026 production at Florida Canyon.
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