Integra Resources Corp. completed a full conversion and repayment of its Beedie Capital convertible debenture on December 22, 2025. The company issued 12,295,081 common shares at a deemed price of C$1.6875 (US$1.22) to retire a $15 million principal balance and paid $2,896,712 in accrued interest and standby fees. The transaction removed the convertible debt from Integra’s balance sheet, leaving the company debt‑free at the corporate level and freeing the assets that had been secured under the facility.
The conversion eliminates an annual interest expense of roughly $1.2 million and releases collateral that had been pledged to support the debenture. With the debt removed, Integra’s liquidity position improves, and the company can deploy the freed capital toward sustaining capital at its cash‑generating Florida Canyon mine and toward development spending at the DeLamar and Nevada North projects. The move also reduces the company’s leverage ratio and enhances its ability to use operating cash flow to fund growth without relying on external financing.
Florida Canyon remains the company’s core revenue engine, producing 20,653 ounces of gold in Q3 2025 and generating strong cash flow that supports ongoing operations and capital projects. The DeLamar feasibility study, released on December 17, 2025, projects a US$774 million after‑tax NPV, a 46% IRR, and a 1.8‑year payback on a US$389 million capital outlay, providing a clear development pathway and a significant tailwind for the company’s growth strategy. The Nevada North project, backed by a 2023 PEA with a US$310 million NPV and 37% IRR, also benefits from the improved capital structure.
The market reacted favorably to the announcement, with analysts noting that the primary catalyst for the positive sentiment was the robust DeLamar feasibility study rather than the debt conversion itself. The conversion, however, signals strong confidence from Beedie Capital, whose stake increased from 4.01% to 10.51% on a non‑diluted basis, and underscores Integra’s commitment to using equity to de‑lever and fund strategic projects.
CEO George Salamis said the conversion “strengthens our financial position by eliminating the convertible debt and demonstrates Beedie Capital’s confidence in the DeLamar asset and the recently announced feasibility study.” Beedie Capital Managing Director Nora Pincus added that the decision “reflects our conviction in Integra, the quality of the DeLamar project, and the value shown in the feasibility study.”
Overall, the conversion positions Integra Resources with a cleaner balance sheet, greater liquidity, and a clearer path to scaling its flagship projects. The company’s focus on operating cash flow to fund growth, combined with the strong economics of DeLamar and Nevada North, supports a positive outlook for future capital allocation and shareholder value creation.
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