Precious metals exploration and development company Integra Resources has closed the previously announced royalty transaction with Wheaton Precious Metals and has received its first cash installment of about $4.88-million.
The company will use the cash boost from the first installment to advance the DeLamar project, in Idaho, towards a construction decision, said CEO and MD Jason Kosec.
Wheaton acquired a 1.5% net smelter return royalty on metal production from all claims of the DeLamar and Florida Mountain deposit, in Idaho, for $9.75-million.
The second installment will be paid in about four months, subject to certain closing conditions.
The transaction will help fund the development of DeLamar, including work to support a feasibility study and the advancement of National Environmental Policy Act permitting process in the US.
“The transaction represents a significant endorsement for both the quality of the DeLamar project and the team at Integra. We would like to thank Wheaton for the continued support in helping us achieve our ultimate goal of becoming a leading US-focused gold and silver producer,” said Kosec.