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The project will be developed in two phases, with a production capacity of 50,000 tonnes per annum.
Integra Resources (TSXV: ITR) shares jumped on Thursday following the announcement of record fourth-quarter and full-year gold production results from its principal operating asset, the Florida Canyon mine in Nevada.
Integra reported a total production of 72,229 oz. of gold for 2024, marking the highest yearly output at the mine in 21 years. Of this total, fourth-quarter production accounted for 21,278 oz.
This year also represents Integra’s first full year of reported production since acquiring Florida Canyon in mid-2024.
Shares of Integra Resources rose 12% on Thursday morning in New York, giving the miner a market capitalization of $288 million.
According to the company, production at Florida Canyon was bolstered by the construction and commissioning of the new Phase III-A south heap leach pad, alongside enhancements to solution processing systems.
Integra also announced the implementation of a gold price protection program for its 2025 production at Florida Canyon. The program involves the purchase of put options, securing a floor price for gold while maintaining exposure to potential price increases.
The price protection program consists of 37,800 oz. of put options with a strike price of $2,400/oz., evenly spread across January to December 2025. Production hedged by these put options represents approximately 54% of the anticipated 2025 gold ounces sold at Florida Canyon.
As of December 31, 2024, the company’s unaudited cash balance stood at $52 million.
Florida Canyon has a long operational history, running continuously from 1986 to 2011, then intermittently until 2015, and resumed operations in mid-2016.
In addition to Florida Canyon, Integra’s Western US-based portfolio includes the Nevada North development and Delamar project in southwest Idaho. Combined with Florida Canyon, these are expected to deliver more than 250,000 oz. of gold equivalent production annually.
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