Mining Stock Daily George Salamis on Integra's Feasibility Study for DeLamar
Dec 18, 2025
George Salamis, the Chief Executive of Integra Resources, dives into the exciting feasibility study for the DeLamar Gold-Silver project. He reveals impressive economic metrics and discusses the transformation from preliminary to final studies, focusing on engineering changes and stockpile impacts. Salamis elaborates on the strategic split of heap leaching stages and the anticipated $347–389 million CapEx. He also addresses investor concerns about permitting timelines and highlights potential silver resource upsides, leaving listeners eager for the project’s future.
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Base-Case Gold Pricing Drives Economics
- Integra's feasibility study uses a $3,000/oz gold base case yielding an after-tax NPV of $774M and a 46% IRR.
- Management chose $3,000 by blending analyst consensus and recent peer studies rather than relying on short-term price moves.
FS Reveals A Different, More Detailed Project
- The Feasibility Study (FS) is materially more detailed than the Preliminary FS with substantial engineering and costing work.
- The project design changed to two smaller heap leaches to simplify execution and staging of mining.
Staging And Crush Simplification Lowers Capex
- Splitting into staged heaps and reducing crushing from three stages to two cuts upfront capex, power needs, and emissions.
- Early cash flow from Florida Mountain funds stage two Delamar construction later in the mine life.