- Integra Resources has corrected 70% from its highs and now sits at a market cap of ~$120 million, with sentiment in the sector near its worst levels in years.
- Unfortunately, the company's recent Pre-Feasibility Study has not helped sentiment, with upfront capex coming in slightly higher than my estimates, and costs also coming in above expectations.
- Having said that, there is significant upside not included in the PFS, with no value ascribed to high-grade below the Florida Mountain Pit, or Black Sheep/War Eagle.
- After the sharp decline we've seen in the stock, I believe it's time to be open-minded about a bottom at US$1.70, and I continue to see Integra as a top-12 takeover target, though my timing was brutally incorrect in my previous Q3 update.
For further details see:
Integra Resources: Capex Up Sharply, But Still A Very Robust Project