News Summary
The most recent news release (December 22, 2025) announces the full conversion and repayment of the Beedie Capital convertible debenture facility. Key details include:
– Total facility of $15 million USD has been retired.
– Beedie Capital voluntarily converted the majority of the debt into common shares at a price of CAD$1.6875 per share, resulting in the issuance of 12,295,081 common shares.
– Integra is now debt-free at the corporate level.
– This follows the December 17, 2025, announcement of a Feasibility Study (FS) for the DeLamar project, which showed an after-tax NPV5% of $774M (Base Case) and $1.7B (Spot Price).
Material Impact
This news is a significant de-risking event for shareholders.
– Financial Strength: By eliminating the convertible debt, Integra removes interest expense and the “overhang” of a looming debt maturity.
– Institutional Validation: The voluntary conversion by Beedie Capital at CAD$1.6875 when the stock is trading above $6.00 is a massive vote of confidence. Lenders typically only convert to equity when they believe the long-term upside significantly outweighs the security of debt.
– Synergy with DeLamar FS: The timing, immediately following the DeLamar FS, suggests that the project’s economics are sufficiently robust to satisfy institutional due diligence for a long-term equity hold.
– Cash Flow Utilization: Operating cash flow from the Florida Canyon mine can now be directed entirely toward permitting and development of DeLamar rather than debt servicing.
Catalysts
– Permitting Milestones: Watch for the publication of the Notice of Intent (NOI) for DeLamar by the BLM, which officially starts the NEPA clock.
– Resource Update: An updated Mineral Resource and Reserve estimate for the Florida Canyon mine is expected in H1 2026.
– Exploration Results: Continued assay results from the 16,000m growth program at Florida Canyon, focusing on “historical dump” material which could provide low-cost, near-term mill feed.
– Management Execution: How the company manages the Phase IIIb heap leach expansion at Florida Canyon, scheduled for commissioning in late 2025/early 2026.
Materiality Conclusion
The news is Material – Positive. While the debt amount ($15M) was not massive relative to the current market cap, the move to “Debt-Free” status combined with the recent Feasibility Study success transforms the company’s risk profile. It effectively removes the primary “short” thesis regarding liquidity and project viability.
