One-glance verdict
Within fair range
$2.20 our estimate vs market $2.18
Wall Street consensus: $5.75 (160.9% higher than our fair-value estimate)
1% below our estimate
Fundamentals snapshot
Integra Resources Corp.
ITRG · ASE · Basic Materials · Gold
Current price
$2.18
52-week range
$1.99 - $4.87
Market cap
$442.26M
Balance sheet
Healthy
13.81x Strong cushion
Net cash $79.64M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Revenue grew 703.7% last year.
- Reward Returns 5.2% on equity, ahead of 66% of its peers.
- Reward Free cash flow was positive in 1/10 years.
What this company does
Integra Resources Corp.
Integra Resources Corp. is a company that explores for and develops gold and silver mines, mainly in the western United States. Their primary income comes from finding valuable mineral deposits, which is important because it's how they plan to eventually extract and sell precious metals for profit.
How the company got here
Integra Resources Corp. was founded in 1997 and was formerly known as Mag Copper Limited. The company has evolved into a precious metals producer focused on the Great Basin region of the Western United States. A significant turning point was the acquisition of the Florida Canyon Mine in Nevada in late 2024. This acquisition provided Integra with a producing asset that generates cash flow, which is crucial for funding the development of its other projects. The company's strategy is to leverage this cash flow to advance its development-stage heap leach projects, DeLamar in Idaho and Nevada North in Nevada, with the ultimate goal of becoming a leading U.S.-focused gold and silver producer.
What it actually does
Integra Resources Corp. is a company that explores for and develops mineral properties, primarily focusing on gold and silver deposits. Think of them as prospectors, but on a much larger scale, using advanced technology and geological expertise to find and extract precious metals from the earth. Their operations are concentrated in the Great Basin area of the western United States. The company's main activities involve identifying promising mineral sites, assessing their potential, and then developing them into mines to produce gold and silver, which are then sold on the market.
Florida Canyon Mine
The Florida Canyon Mine is Integra Resources's primary operating asset and is located in Nevada. This is where the company currently mines gold. It's described as an oxide heap leach operation, which is a method used to extract gold from ore. The mine was acquired in 2024 and is the main source of cash flow for Integra, meaning the money it makes here helps pay for the company's other activities. Production at Florida Canyon has been increasing, with the company aiming to produce between 70,000 to 75,000 ounces of gold in 2026. This segment is a significant contributor to Integra's overall business, providing the financial foundation for growth.
DeLamar Project
The DeLamar Project is one of Integra Resources's key development-stage projects, located in southwestern Idaho. This project is a former producing mine, meaning it has a history of gold and silver extraction and existing infrastructure. Integra is currently focused on advancing DeLamar through the permitting process, including environmental impact studies and engaging with regulatory bodies. The company is evaluating its potential for a modern open-pit mining and processing operation. This project represents a significant future growth opportunity for Integra, aiming to add substantial gold and silver production once developed.
Nevada North Project
The Nevada North Project, located in western Nevada, is another of Integra Resources's development-stage heap leach projects. It includes the Wildcat and Mountain View deposits. Integra is actively conducting exploration and technical studies to assess the project's economic viability. The company is also working on permitting and community relations for this project. The goal is to advance Nevada North to a production stage, contributing to Integra's long-term vision of becoming a larger U.S.-focused gold producer.
What management is betting on now
Integra Resources's management is focused on a strategy of operational strengthening and production growth. They are prioritizing the Florida Canyon Mine to ensure it operates efficiently and generates consistent cash flow, which is essential for funding other projects. Simultaneously, management is heavily invested in advancing the DeLamar and Nevada North projects through the development and permitting stages. The company's long-term vision is to transition from a single-asset producer to a significant U.S.-focused gold and silver producer, leveraging its existing cash flow to unlock the potential of its development projects.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $2.20 vs current price $2.18
Wall Street consensus is the average analyst price target: $5.75 (160.9% higher than our fair-value estimate).
Our most-likely fair value is $2.20 a share — about 1.1% away from today's price of $2.18, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $79.6M - more cash than debt. Interest coverage 13.8x.
Net debt
$-79.64M
Interest coverage
13.81x
Integra Resources Corp.'s profit covers its interest bill about 13.8 times over. which is stronger than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
ITRG
BASELINE
Integra Resources Corp.
Total debt $31.74M Interest coverage 13.81x This is the baseline the peer rows are being compared against.
Total debt $704.93M Interest coverage -3.42x -100% vs ITRG This peer has almost no interest-payment cushion compared with ITRG.
Total debt $709.32M Interest coverage 27.14x +97% vs ITRG Carries about 2.0x more debt cushion than ITRG.
Total debt $58.73M Interest coverage -4.87x -100% vs ITRG This peer has almost no interest-payment cushion compared with ITRG.
Total debt $15.00K Interest coverage -4.09x -100% vs ITRG This peer has almost no interest-payment cushion compared with ITRG.
What you should know
The case for and against ITRG
3 Rewards
0 Risks
Rewards
-
Revenue grew 703.7% last year.
-
Returns 5.2% on equity, ahead of 66% of its peers.
-
Free cash flow was positive in 1/10 years.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
54.50x
Forward P/E
4.26x
P/B
1.63x
P/S
1.71x
EV/EBITDA
4.74x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
47.4%
Operating margin
19.0%
Net margin
4.1%
ROE
5.2%
ROA
12.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.12x
Current ratio
5.30x
Quick ratio
3.29x
Total debt
$31.74M
Total cash
$111.38M
Growth
How the business has been compounding
Revenue TTM
$258.35M
Revenue 5Y CAGR
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EPS TTM
0.04
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$72.25M
Free CF TTM
$25.09M
FCF margin
9.7%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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