What changes in capital expenditures and project timelines does the updated MPO introduce compared to Integra’s previous guidance?

Capital‑expenditure change

The revised Mine Plan of Operations lifts the DeLamar‑project capital‑budget to roughly US$190 million – about 10 % higher than the US$172 million that was embedded in Integra’s prior guidance. The increase stems mainly from a larger‑scale‑equipment package and a modestly expanded ore‑processing capacity, which the company says will improve long‑term margins.

Project‑timeline change

At the same time, the MPO shortens the front‑end schedule. First‑metal production is now slated for early‑2027 (vs. the original late‑2026 target) and the ramp‑up to commercial output is compressed by roughly six months. The earlier ramp‑up is enabled by the accelerated procurement of the expanded processing train and a more aggressive drilling‑and‑geology campaign.

Trading implication

The higher cap‑ex raises near‑term cash‑flow consumption, which could weigh on short‑term equity valuation until the revised, earlier cash‑generation profile materialises. However, the accelerated production schedule and the higher‑throughput plant improve the project's Net‑Present‑Value, giving the stock a stronger upside catalyst in the 12‑month horizon. Traders with a bullish view on the DeLamar resource can consider positioning now on the expectation that the market will price‑in the earlier cash‑flow lift over the next 9‑12 months, while monitoring cash‑balance updates and any further cost‑control announcements. A moderate‑risk, long‑position with a stop near the current support line (≈ C 2.10) would capture upside while guarding against short‑term cap‑ex‑related volatility.