Published: March 1, 2023 |

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Integra Resources and Millennial Precious Metals have entered into an arm’s length definitive agreement for an at-market merger, which Integra and Millennial have agreed to combine their respective companies by way of a court-approved plan of arrangement.

In connection with the transaction, concurrent equity financings for aggregate gross proceeds of C$35 million will fund an updated mineral resource estimate and mine plan of operations at the DeLamar Project, the preparation of a mineral resource estimate, and preliminary economic assessment (PEA) on Millennial’s Wildcat and Mountain View Projects, as well as on-going baseline work for additional permitting and exploration at the companies’ respective projects. The equity participation of Wheaton Precious Metals in connection with the transaction provides significant project and transaction validation while also creating a partnership for future project financing. The equity financing also includes participation by Beedie Investments Ltd., an existing lender and shareholder of Integra.

The combination of Integra and Millennial will create one of the largest precious metals development and exploration companies in the Great Basin, with the goal of becoming a mid-tier heap leach gold-silver producer. The combined company will feature a diversified portfolio of assets including Integra’s past producing gold-silver DeLamar Project in southwest Idaho and Millennial’s oxide-focused Wildcat and Mountain View Projects in western Nevada. The combined company will boast one of the largest gold-silver endowments in the Great Basin not controlled by a major mining company. In addition to the development pipeline, meaningful exploration potential exists in the BlackSheep, War Eagle and non-oxide targets at DeLamar and the Dune, Eden, Marr, Ocelot, Cerro Colorado, and Red Canyon Projects from Millennial.

“The merger with Millennial is an exciting combination that provides balanced benefits to both sets of shareholders and streamlines the permitting and development of three high-quality, oxide, heap leach projects. The industry is in need of consolidation, and the support amongst the investment community and from Wheaton for this merger and concurrent financing has been resoundingly positive,” said George Salamis, president and chief executive officer of Integra.

“The result of this transaction will be a combined company with a greatly strengthened balance sheet, an enhanced leadership team, and a high-quality asset portfolio with three flagship heap leach projects in the Great Basin. This represents a significant step toward our long-term vision of building an industry leading USA-focused mid-tier gold producer,” said Jason Kosec, president and chief executive officer of Millennial.

“We are pleased to support this transaction between Integra and Millennial and the much-needed consolidation in the industry. We look forward to becoming a meaningful shareholder of the combined entity, which provides Wheaton the opportunity of gaining exposure to high-quality exploration and development assets in one of the top mining jurisdictions in the world,” said Randy Smallwood, president and chief executive officer of Wheaton Precious Metals.

MANAGEMENT TEAM AND BOARD OF DIRECTORS

The combined company’s board of directors will be led by George Salamis as executive chairman and will be comprised of six board members nominated by Integra and three board members nominated Millennial. Apart from his duties as executive chairman, Salamis will be focusing his efforts executing on permitting and advanced feasibility studies on the combined company’s flagship DeLamar gold-silver deposit in Idaho.

Reporting to the executive chairman, the combined company will be managed by Jason Kosec, as president and chief executive officer; Timothy Arnold, as chief operating officer; Andree St-Germain, as chief financial officer; and Josh Serfass, as vice president. Jason Kosec brings extensive industry and capital markets experience to the leadership team and he, alongside the broader team, will be focused on advancing the oxide projects in Nevada. Millennial’s vice president of Corporate Development, Jason Banducci, and its vice president of Exploration, Raphael Dutaut, will also be joining the combined management team.

About Integra Resources
Integra is a development-stage mining company focused on the exploration and de-risking of the past producing DeLamar gold-silver project in Idaho. Integra is led by the management team from Integra Gold Corp. which successfully grew, developed, and sold the Lamaque Project, in Quebec, for C$600 million in 2017. Since acquiring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver deposits, in late 2017, Integra has demonstrated significant resource growth and conversion while providing robust economic studies in its maiden preliminary economic assessment and now pre-feasibility study.

To stop by Integra’s website, CLICK HERE

About Millennial Precious Metals
Millennial is an exploration and development company focused on unlocking quality ounces through the responsible expansion of its eight gold and silver projects located in Nevada and Arizona. Millennial plans to accelerate the development of its two flagship projects located in Nevada: Wildcat and Mountain View. Millennial is led by an experienced management team and board of directors with a proven track record of success in financing and developing high-quality mining projects. Millennial is well positioned to create value for all stakeholders by applying a systematic strategy to advance and de-risk all eight projects over the next few years.

To stop by Millennial’s website, CLICK HERE

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