Jason Kosec. How are you? Good yourself, Andrew doing good, uh, at the 2024 rules
symposium here. How’s it going so far for you? Yeah, it’s a really good, uh, turnout and
a lot of meeting a lot of interesting people that are quite intrigued with Integra and quite
intrigued with the whole resource space and how it’s setting up on a macro level.
Yeah. How’s the energy here? And you, I guess. Compared to other conferences and
that sort of thing. Is this time a little different than yeah, I feel that people are really
engaged and prepared for meetings and asking some really good quality questions that
you commonly don’t get at most retail investor shows.
So, you know, I feel like the energy is picking up from other years, given where metal
prices are and where we all think they’re going. Well, let’s talk about, let’s talk about the
company. Uh, let’s talk about some of the projects here, what you got going on. Um,
yeah. So fill us in. So on a high level, um, Integra is an exploration and development
company.
First off, um, we are the largest gold and silver resource endowment in the great basin,
just 1 million ounces gold equivalent. Um, for people that don’t know the great basin,
It’s a geological province that covers Southern Idaho, Western Utah, pretty much all of
Nevada and a little bit of Eastern California.
If that was a country, it would be the fifth largest gold producer in the world. Um, not
only that, between our two projects, our flagship projects, Nevada North and Delamar
that hosts the 7. 1 million ounces, we have about a billion dollars, just shy of a billion
dollars of net asset value at 2000, you know, you could run it at 2350 and it’ll be
substantially higher than that.
Um, but that’s as high as our sensitivity tables go. So, you know, high level, that’s kind
of where we’re at. Um, with Delamar, we’ll have a feasibility out at the end of the year.
Uh, and our Nevada North project, we just kicked off our, our true exploration program,
which is turning out to be quite exciting.
Yeah. Let’s talk about the team that you put together for all of this. It’s, uh, one of the
biggest questions, or best questions I always get asked is, uh, Bet on the team, if you
would. They can have a great asset as you do. They can have a great jurisdiction,
which is one of the best in the world, is what you do.
But tell me about the team, the experience that you guys are bringing to the table. Yeah,
you know, I’ve been very lucky my whole career, to be quite honest, to be surrounded
with great mentors from the likes of Eric Sprott and Sean Rusin that mentored me
through this whole process. Um, you know, from our team, we’ve been, we’ve done this
four times in the last 15 years, delivered over two and a half billion dollars to
shareholders.
So the first one we did was, uh, Cote Gold, uh, from conceptual idea that we had, you
know, drilling under the lake. Um, it is now, we sold a time goal for 624 million, uh, and
it is now the third largest gold deposit in Canada. The first Integra. Again, conceptual
idea, uh, the old LAMAC mine, um, turned that into, you know, a few million ounces and
sold it to Eldorado for 624.
And then the last most recent one was the Caribou Gold project, which we had to
completely overhaul everything and put up over 7 million ounces and sold it to a Cisco
for 324 million. So really our specialty as a team is, is really going into brownfields
camps or mature camps and looking at the geology, looking at the engineering and
using our real skill set to, to optimize that, um, or look for new controls of mineralization
to kind of return shareholder capital.
And, and, you know, we’ve done it four times in the last 15 years and. And some of the
most major discoveries in North America have been made by our team. Yeah. Let’s talk
about the share structure. Uh, one of the biggest concerns I always have as a retail
investor and what my listeners do as a retail investors is what is the company doing to
protect me from dilution and dilution is not necessarily a bad thing as long as you’re
being productive with it, if you would.
Um, so work me through that. Um, yeah. So right now, uh, just over 88 million shares
out, 18 million U. S. in cash. All the numbers I’m seeing are in U. S. dollars. Um,
Wheaton Precious Metals is our largest shareholder. So if you don’t believe our
technical due diligence, you can believe the biggest royalty and streaming company in
the world.
They do a lot of technical DD. Um, BD Capital is also there for about five and a half
percent. Forty percent is Franklin Templeton, Merck. Vesco or all the big institutions
and then George and myself are the largest individual shareholders, you know I’m 37
years old. They put 1. 7 million of my own capital into it So you better be pretty sure that
I care about dilution, you know It’s not like I was running a hedge fund before making
millions of dollars I was banging rocks for a lot of my life So that’s a significant chunk of
what but I have saved up over my life so if you dilute You’re going to be diluting
yourself.
Yes, exactly. That’s what this music to my ear is. You know, it’s very, you know, dilution
is a funny thing, right? And it’s very important. We believe in rapid project advancement
and disciplined risk taking because the biggest killer of junior companies is time and the
time value of money, right? So you sit on your hands and do nothing and just pay your
salaries.
That’s the most dilutive thing you can do. Yes. You know, so it’s a balancing act of how
aggressive you want to be with your drill program, you know, but you still have to
advance these projects because if you delay it by a year, well then you push, you run
your DCF and push it out a year and that hurts, you know, so it’s, it’s, you know, we’re
cautious about how we, how we do that and to move these projects forward.
Yeah. So that’s, again, I’m glad you said that. I am not against dilution, but as long as,
okay, you’re going to dilute me, but where’s the money going to be spent and is this
going to be spent well, or are you diluting me to run your lifestyle? So thank you. So,
you know, we’ll deliver a very robust feasibility.
Okay. On time, under budget this year for Delamar, which is very rare. Yeah. And, uh,
we’re, we’re very excited with that. And, you know, drilling is, is going very well in, in
Nevada. You know, hopefully we could have a new discovery, but time will, time will tell.
So, you know, we, we, we’re very, very busy and, and, uh, building value on, on both
sides of the spectrum.
You know, in the trough of the Lausanne curve, doing the permitting, the feasibility, and
all the exciting stuff on the other side of the Lausanne curve. It’s a nice diversified
portfolio of assets that we have. Well Jason, where can investors find you and what’s
your stock symbol, if you would, if they’re looking to invest?
Yeah, so it’s uh, ITR on the TSXV and ITRG on the NYSE. And you can find me, my
number’s on the website, my email’s on the website. What’s your website? Uh,
integralresources. com. I will put all of this in the show notes below, both on the
YouTube channel as well as on Spotify and Apple. Jason, I want to thank you so much
for your time.
Thanks a lot, Andrew.
