VANCOUVER - Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG) announced today that its DeLamar Project has achieved a significant milestone in its permitting process. The U.S. Bureau of Land Management (BLM) has accepted the Mine Plan of Operations (MPO) for the project, allowing the company to proceed with the National Environmental Policy Act (NEPA) process.
The acceptance of the MPO by the BLM marks a pivotal step for DeLamar, signifying the culmination of nearly three years of environmental studies and planning. Integra submitted the preliminary MPO in December 2023, which has since undergone a thorough review and revision in response to BLM feedback.
This advancement triggers the publication of the Notice of Intent (NOI) to prepare an Environmental Impact Statement (EIS), a critical component of the NEPA process. The NOI will initiate formal discussions with governmental agencies and the public, leading to the drafting of the EIS, which assesses potential environmental impacts and explores alternatives to mitigate them.
The DeLamar Project, comprising the DeLamar and Florida Mountain gold and silver deposits in Owyhee County, Idaho, has shown significant resource growth since Integra acquired it in 2017. With the project now entering the EIS phase, Integra continues to engage with Tribal Nations and work towards obtaining various other permits required for construction.
Jason Kosec, President, CEO and Director of Integra, expressed confidence in the project's advancement and the company's commitment to responsible mining practices.
The company, recognized as a major player in precious metals exploration and development in the Western USA, is also progressing its Nevada North Project while maintaining a portfolio of early-stage exploration projects across the region.
Investors following Integra's progress should note that the information provided is based on a press release statement. Forward-looking statements included in the release reflect the company's expectations and are subject to risks and uncertainties that could cause actual results to differ.
InvestingPro Insights
As Integra Resources Corp. (NYSE American: ITRG) moves forward with its DeLamar Project, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Integra has a market capitalization of 75.07 million USD, which is reflective of the company's size and market value.
Despite the positive developments on the permitting front, the company's financial metrics indicate some challenges. The P/E ratio, which compares a company's share price to its earnings per share, is currently negative at -2.68, suggesting that the company is not generating profits relative to its share price for the last twelve months as of Q1 2024.
Moreover, Integra's financial performance shows an operating loss of 26.49 million USD for the same period, which aligns with an InvestingPro Tip indicating that the company is quickly burning through cash. This is further supported by an EBITDA growth of -32.89%, pointing to a decrease in earnings before interest, taxes, depreciation, and amortization. While these figures may raise concerns, it's worth noting that the company holds more cash than debt on its balance sheet, providing some resilience in its financial structure.
Investors may find it compelling that, despite these financial hurdles, Integra has seen a strong return over the last three months with a 14.15% price total return. This could be indicative of market confidence in the long-term prospects of the DeLamar Project and the company's strategic position in precious metals exploration and development. Still, analysts are not anticipating profitability for the company this year, as highlighted in another InvestingPro Tip.
For those looking to delve deeper into Integra's financials and market performance, InvestingPro offers additional insights and tips. There are currently 6 more InvestingPro Tips available for Integra, which can be accessed at: https://www.investing.com/pro/ITRG. For investors considering a subscription to InvestingPro, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, allowing for a more comprehensive analysis and investment decision-making.
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