04:35 PM EDT, 07/08/2024 (MT Newswires) -- Integra Resources ( ITRG ) said Monday it received the final instalment of US$4.88 million from Wheaton Precious Metals ( WPM ) for a 1.5% net smelter returns royalty on metal production from all claims on Integra's DeLamar and Florida Mountain Deposit

Wheaton acquired a 1.5% net smelter returns royalty production from the claims that make up the two projects for US$9.75 million, paid in two instalments. Integra received the first instalment of US$4.875 million on March 7.

Proceeds will be used for the continued development of DeLamar, including work to support a feasibility study and the advancement of the National Environmental Policy Act permitting process in the United States.

"We are pleased to receive the second and final payment of US$4.875 million from our partners at Wheaton, which will be used directly for the advancement of DeLamar toward a construction decision," chief executive Jason Kosec said in a release.

The past producing DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver deposits, is in southwest Idaho.

The company's shares closed down $0.01 to $1.29 on the Toronto Stock Exchange.