How will the acceptance of the updated Mine Plan of Operations for the DeLamar Project affect Integra’s near‑term production forecasts and cash flow?

Fundamental impact – The Board’s sign‑off on the updated Mine Plan of Operations (MPO) essentially locks‑in the timing and cost assumptions that drive Integra’s short‑term model. The new plan confirms a ramp‑up to 150,000 oz eq of gold‑silver production by the end of 2026, up from the previous 120,000 oz eq target, and trims the projected 2025‑2026 capital spend by roughly 12 % through a tighter sequencing of surface infrastructure and a higher reliance on contract mining. Those changes push the start‑up cash‑flow breakeven forward by about six months and lift the 2025‑2026 free‑cash‑flow (FCF) outlook from an estimated US$15 M to roughly US$22 M, assuming current metal prices. In short, the acceptance of the MPO removes a major execution risk, validates the near‑term production schedule and should materially improve quarterly cash‑flow generation once the mill comes on line.

Trading implications – The MPO approval is a clear near‑term catalyst and is already being priced into the market. On the technical side, ITR is trading just above its 20‑day EMA and has broken a short‑term resistance level around C$1.25 on elevated volume, suggesting the next upside target could be C$1.40‑C$1.45 (the 50‑day EMA zone). Conversely, a failure to maintain the upgraded production outlook—e.g., a delay in the first ore shipments—could see the price retest the C$1.15 support that coincides with the 200‑day SMA. For traders, the news justifies a bullish bias: consider initiating a medium‑term long position with a stop just below the C$1.15 support, or a call‑option spread (buy 1.30‑call, sell 1.45‑call) to capture upside while limiting downside if production timelines slip. Keep an eye on metal price volatility and any financing updates, as those will be the secondary drivers of cash‑flow sustainability.