Intchains Group Ltd V.ICG

Integra Reviews

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ICG:TSX.V; ICGQF:OTCQX

Integra Gold Corp.

Integra Gold is a junior gold exploration company advancing projects in Val-d’Or, Qubec, one of the top mining jurisdictions in the world. The Company's primary focus is its high-grade Lamaque South project. In 2014, Integra completed the accretive acquisition of the Sigma Mill and Mine Complex, a fully permitted 2,200 ton per day mill and tailings facility. With major federal and provincial permits in place, existing infrastructure and exploration potential, this acquisition removed major costs and shortened timelines typically associated with mine projects. Integra has raised over $100 million since 2013, at successively higher share prices, despite depressed gold prices. In August 2015, Eldorado Gold Corporation completed a strategic investment in Integra, acquiring 15% of the outstanding common shares. Integra was recently named to the TSX Venture top 50 performers in 2015 and the OTCQX Best 50 award for 2015.

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Expert Comments:

Stuart McDougall, M Partners (9/20/16)

"Integra Gold Corp. released results from another 42 infill and stepout holes drilled at its Lamaque project in Quebec. The latest batch represent 16,950m of drilling completed in the Triangle zone, including one of the best intercepts ever recovered from the C2 structure: 12.7m grading 70.6 g/t. . .ICG also highlighted high-grading intercepts located between the main C structures that it intends to investigate more closely via underground development."

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Michael Gray, Macquarie Capital Markets (9/19/16)

"Integra Gold Corp. documented results for 42 holes for 17km of infill and step-out drilling at its flagship Triangle deposit, Lamaque Project, Val d'Or, Quebec. . .significant lateral step-outs document high-grade mineralization at the C5, with step-out drill highlights of 54.43g/tAu over 3.6m and 8.42g/t over 4.0m. We highlight that C5 is in the early stage of delineation and the results extended the high-grade mineralization up-plunge and to the west."

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Barry Allan, Mackie Research Capital (9/19/16)

"We continue to be impressed with not only the resource potential of the ground being explored by Integra Gold Corp. but we also feel the on-site management team have developed an excellent understanding of geological elements hosting mineralization. . .We already conclude the project now has sufficient critical mass to justify economic development. . .We judge the resource base has already grown 20%, and have increased our estimate of exploration potential. . .As a result, NAV rose to $0.98 from $0.79, and we have increased the target price to $1.00 from $0.80 to reflect the increased potential."

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Phil Russo, Raymond James (9/15/16)

"We believe the project is in the midst of a positive transformation in terms of definition of the deposit, as well as scope, and encourage investors to build positions ahead of upcoming news flow, which in our view, could begin to unlock the further asset optionality on offer and not yet reflected in Integra shares. . .Integra has also outlined an active 2H16 with ongoing infill and expansion drilling at Triangle, Plug 4, and Lamaque Deep, ramp construction at the Triangle deposit, and plans to produce an updated PEA and resource estimate, that will also include a pivotal production shaft scenario."

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Thibaut Lepouttre, Caesars Report(9/14/16)

"Integra Gold Corp. is in the middle of a 90-100,000m drill program which has been budgeted at CA$12-14M. . .Integra Gold isn't slowing down at all. . .one of the most exciting targets, which is currently being drilled, is the Lamaque Deep zone. . .there's little doubt an upcoming updated resource estimate will lift the Lamaque South resources to in excess of 2 Moz. . .this will reconfirm Integra's status as a potential takeover target, as multimillion ounce assets with a permitted mill in a safe region are quite scarce."

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Joe Reagor, ROTH Capital Partners (8/31/16)

"We believe Integra Gold Corp. is progressing its flagship Sigma-Lamque project well and that it has a number of significant catalysts on the horizon. . .Thus, we are reiterating our Buy rating and CAD$1.00 price target. . .We base our valuation of Integra Gold Corp. on a standard 9% DCF. . .We use a 9% discount rate due to the near-term need for capital to begin construction of the project. . .We also adjust for year end 2015 net cash of CAD$16.1 million and add a $75 million or $0.10 per share premium for future resource growth potential."

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More Expert Comments

Experts Following This Company

	Ralph Aldis, Portfolio Manager, Gold and Natural Resources– U.S. Global Investors
	Barry Allan, Vice Chair of Mining Group, and Senior Mining Analyst– Mackie Research Capital
	Brent Cook, Analyst, Geologist– Exploration Insights
	Michael Curran, Managing Director, Research Analyst– Beacon Securities Ltd.
	Michael Gray, Analyst– Macquarie Capital Markets
	Jason Hamlin, Founder– Gold Stock Bull
	Jeb Handwerger, Author– Gold Stock Trades
	Frank Holmes, Chairman– U.S. Global Investors
	Byron King, Editor– Agora Financial
	Eric Lemieux, Analyst– PearTree Securities
	Thibaut Lepouttre, Editor– Caesars Report
	Derek Macpherson, VP Mining Analysis– Red Cloud Klondike Strike Inc.
Lauren McConnell– Paradigm Capital
Stuart McDougall, VP Research Analyst– Jennings Capital
Andrew Mikitchook, Analyst– M Partners
	Gwen Preston, Founder– Resource Maven
	Joe Reagor, Analyst– ROTH Capital Partners
Phil Russo, Research Associate– Raymond James
	David Sadowski, Analyst– Raymond James
Kerry Smith, Analyst– Haywood Securities
Eric Zaunscherb, Analyst– Canaccord Genuity