Integra Resources Corp. press release

INTEGRA REPORTS SECOND QUARTER 2026 RESULTS; 30% INCREASE IN QUARTERLY GOLD PRODUCTION, RECORD TOTAL TONNES MINED AND STRENGTHENED FINANCIAL POSITION

2026-08-11

TSXV - TSX Venture Exchange · Gold · Silver · Arsenic · Mercury · Antimony · Selenium · Copper · Canada · Production & Operations

Canada NewsWire

TSXV: ITR; NYSE American: ITRG

www.integraresources.com

VANCOUVER, BC, Aug. 11, 2026/CNW/-- Integra Resources Corp. ("Integra" or the "Company")(TSXV: ITR) (NYSE American: ITRG) is pleased to announce financial and operating results for the three months ended June 30, 2026 (the "second quarter" or "Q2 2026"). The Company will host a conference call to discuss second quarter 2026 results on Wednesday, August 12, 2026 at 10:00 AM Eastern Time / 7:00 AM Pacific Time.

(All amounts expressed in United States ("U.S.") dollars unless otherwise stated)

Second Quarter 2026 Highlights:

Mined 4.4 million tonnes of ore and 3.6 million tonnes of waste at a strip ratio of 0.81 at the Florida Canyon Mine (the "Florida Canyon Mine" or "Florida Canyon" or the "Mine") for Q2 2026. As a result, ore mining rates were 48,538 tonnes per day ("tpd") and total tonnes mined were 87,867 tpd, a record for the Mine. Gold production increased 30% quarter-over-quarter to 16,379 ounces, driven by record total material movement, supporting a stronger production profile that is expected to continue through the remainder of the year. In Q2 2026, Florida Canyon sold 15,794 gold ounces at an average realized price of $4,426 per gold ounce. Quarterly revenue of $70.8 million in Q2 2026, compared to revenue of $61.1 million in Q2 2025. Mine operating earnings of $23.4 million in Q2 2026 were comparable to $25.2 million in Q2 2025. Q2 2026 adjusted earnings(1)of $13.1 million, or $0.06 per share, was comparable to the $11.8 million, or $0.07 per share recorded in Q2 2025. Q2 2026 net earnings of $12.0 million, or $0.06 earnings per share was comparable to $10.6 million, or $0.06 in earnings per share recorded in Q2 2025. Cash costs(1)averaged $2,495 per gold ounce and mine-site all in sustaining costs(1)("Mine-site AISC") averaged $3,371 per gold ounce in Q2 2026, both impacted by an increase in tonnes mined, stacked and processed to support production, lower gold ounces sold during the first quarter, increased royalties and excise taxes resulting from stronger-than-anticipated gold prices, and higher diesel fuel and explosive costs. Operating cash flow of $22.8 million increased from $16.3 million in Q2 2025, primarily driven by a $9.0 million decrease in cash used for working capital, largely driven by a build-up of payables, and partially offset by higher tax payments. Free cash flow(1)was $9.3 million, or $0.05 per share, for Q2 2026, a significant improvement from $2.1 million, or $0.01 per share in Q2 2025. Cash and cash equivalents of $111.1 million at June 30, 2026, an increase from $63.1 million at December 31, 2025 and benefitting from the $57.5 million bought deal public offering completed in the first quarter of 2026. The Company filed its updated Feasibility Study Technical Report (the "Technical Report") and Life of Mine Plan for Florida Canyon dated July 28, 2026, with an effective date of May 31, 2026. The Technical Report outlined a larger scale, longer-life mine with an 8-year mine life, a 74% increase in Proven and Probable Mineral Reserves, a 17% increase in average annual gold production, approximately $0.8 billion in after-tax free cash flow over the life-of-mine, and $601 million after-tax net present value (5%)("NPV")(1),(2),(3) The largest drill program in Company history is underway at Florida Canyon focused on expanding resources and reserves, extending mine life and testing high-priority near-mine and regional targets to support the operation's long-term resource growth. DeLamar entered the federal permitting process under the National Environmental Policy Act ("NEPA") in May 2026 and commenced state-of-good-repair programs on site, including test mining, crush optimization analysis, truck shop refurbishment and general site readiness to shorten the development timeline and reduce execution risk at DeLamar. The Company advanced the implementation of its partnership with the Shoshone-Paiute Tribes of the Duck Valley Reservation, including the grant of 517,103 common shares with an aggregate value of $1.5 million in recognition of the parties' collaborative efforts to advance the DeLamar Project. Continued engagement underway with additional stakeholders across Nevada, Idaho and Oregon, including local communities, civic and non-profit organizations and government officials.

| (1) | This is a non-GAAP financial measure, please refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release and associated MD&A for a description and calculation of this measure. | | (2) | Please see notes for Mineral Reserve Estimate on the Company's website at www.integraresources.com. | | (3) | NPV discounted to January 1, 2026, and includes cash flows from January 1, 2026 to May 31, 2026. Base case gold prices: 2026 ($4,344/oz), 2027 ($4,414/oz), 2028 ($4,169/oz), 2029 ($3,824), 2030 to 2035 ($3,600/oz). |

George Salamis, President, CEO and Director of Integra commented:

"Q2 2026 marked a significant improvement in gold production at Florida Canyon, with a 30% increase over the first quarter. The Company achieved record mining rates for a second consecutive quarter as new mining equipment was integrated into the existing fleet, allowing for increased material movement across the Mine. Approximately 4.2 million tonnes of ore were placed on the heap leach pads during the quarter, a 45% increase over the first quarter, creating a large inventory of recoverable gold ounces that is expected to support stronger gold production through the balance of the year. With ore stacking on the heap leach pad exceeding expectations, the Company is maintaining its full year production guidance of 70,000 to 75,000 ounces of gold."

"In July, the Company filed the updated Technical Report for Florida Canyon which demonstrates the significant transformation expected at the Mine moving forward. Through strategic investments to expand the mineral reserve base, modernize the mining fleet and integrate future heap leach expansions into the mine plan, we have developed a more stable, longer-life operation with higher annual production and lower long-term operating costs. This executable mine plan will provide a solid foundation for the Company, generating strong cash flow that can be used to advance DeLamar through permitting and development while progressing Nevada North through increasingly advanced economic studies. The operation continues to advance in accordance with the plan we established and the potential we envisaged when we acquired Florida Canyon in late 2024."

Financial and Operating Highlights

Unit abbreviations in tables: kt = thousand tonnes, g/t = grams per tonne, Au = gold, oz = troy ounce, $000s = thousands of U.S. dollars, $/sh = U.S. dollars per share, $/oz = U.S. dollars per gold ounce, $/oz sold = U.S. dollars per gold ounce sold.

| | | Three months ended

June 30, | Six months ended

June 30, | | | | Operating Highlights | Unit | 2026 | 2025 | 2026 | 2025 | | Ore mined | kt | 4,417 | 3,074 | 7,425 | 6,096 | | Waste mined | kt | 3,579 | 2,966 | 7,480 | 4,765 | | Total Mined | kt | 7,996 | 6,040 | 14,905 | 10,861 | | | | | | | | | Crushed ore to pad | kt | 1,824 | 1,882 | 3,609 | 3,646 | | Run of mine ore to pad | kt | 2,332 | 1,275 | 3,406 | 2,474 | | Total placed | kt | 4,156 | 3,157 | 7,015 | 6,120 | | | | | | | | | Strip ratio | waste/ore | 0.81 | 0.96 | 1.01 | 0.78 | | Ore mined/day | tpd | 48,538 | 33,785 | 41,021 | 33,494 | | Total mined/day | tpd | 87,867 | 66,382 | 82,350 | 60,004 | | | | | | | | | Gold | | | | | | | Average grade | g/t | 0.23 | 0.21 | 0.22 | 0.22 | | Recovery | % | 57.8 % | 60.5 % | 58.5 % | 60.4 % | | Produced | oz | 16,379 | 18,087 | 29,014 | 37,410 | | Sold | oz | 15,794 | 18,194 | 28,312 | 37,734 |

| | | Three months ended

June 30, | Six months ended

June 30, | | | | Financial Highlights | Unit | 2026 | 2025 | 2026 | 2025 | | Revenue | $ millions | 70.8 | 61.1 | 132.5 | $ 118.1 | | Cost of sales | $ millions | (47.4) | (35.9) | (84.3) | $ (77.4) | | Mine operating earnings | $ millions | 23.4 | 25.2 | 48.2 | $ 40.7 | | Earnings for the period | $ millions | 12.0 | 10.6 | 24.6 | $ 11.6 | | Earnings per share (basic) | $/share | 0.06 | 0.06 | 0.12 | $ 0.07 | | Adjusted earnings for the period(1) | $ millions | 13.1 | 11.8 | 26.0 | $ 16.2 | | Adjusted earnings per share (basic)(1) | $/share | 0.06 | 0.07 | 0.13 | $ 0.10 | | Operating cash flow | $ millions | 22.8 | 16.3 | 36.6 | $ 32.0 | | Operating cash flow per share (basic) | $/share | 0.11 | 0.10 | 0.18 | $ 0.19 | | Free cash flow(1) | $ millions | 9.3 | 2.1 | 12.3 | $ 11.8 | | Free cash flow per share (basic) | $/share | 0.05 | 0.01 | 0.06 | $ 0.07 | | Cash costs(1) | $/oz sold | 2,495 | 1,849 | 2,463 | $ 1,936 | | Mine-site AISC(1) | $/oz sold | 3,371 | 2,641 | 3,344 | $ 2,486 | | | | | | | |

| (1) | Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release. |

| Financial Position | | June 30, 2026 | December 31, 2025 | | Cash and cash equivalents | $ millions | $ 111.1 | $ 63.1 | | Working capital(1) | $ millions | $ 146.5 | $ 92.9 | | | | | |

| (1) | Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release. |

Florida Canyon Mine

Mining

In Q2 2026, the Company mined 4.4 million tonnes of ore, up 44% from 3.1 million in Q2 2025, and 3.6 million tonnes of waste, up 21% from 3.0 millon in Q2 2025 at a strip ratio of 0.81, 16% lower than 0.96 in Q2 2025. As a result, mining rates averaged 87,867 tpd compared to 66,382 tpd in Q2 2025, representing a record rate of total material movement at the Mine. This mining rate was achieved this quarter due to the new mining equipment integrated into the fleet over the previous two quarters and shorter haul distances.

Production

In Q2 2026, the Company produced 16,379 ounces of gold, compared to 18,087 ounces in Q2 2025. The blending strategy developed in the first quarter of 2026 for N2 ore continues to leach as expected. The Company ramped up mining and heap leach stacking rates through the second quarter of this year and expects to meet its annual gold production guidance of 70,000 to 75,000 ounces.

Average gold process recoveries were 57.8% in Q2 2026 slightly less than the 60.5% recovery achieved in Q2 2025.

Sustaining and Non-sustaining Capital

The second quarter of 2026 continued to mark a capital-intensive period across the Company's portfolio of assets with several key activities during the quarter. These investments reflect a deliberate focus on de-risking the portfolio and positioning the Company for sustainable production growth.

During Q2 2026, the Company invested $13.5 million in sustaining capital, compared to $14.2 million in Q2 2025. Spending in the second quarter of 2026 reflects the Company's continued reinvestment strategy including new equipment leases, capital stripping, and mobile equipment refurbishments. The Company expects investments in sustaining capital expenditures to continue into the third quarter.

The Company also invested $0.8 million in Q2 2026, in non-sustaining growth capital, comparable to $0.8 million invested in the second quarter of 2025. This spending was primarily directed toward equipment leases for the expanded fleet, engineering and permitting work on Phase IIIC heap leach pad facility and growth-focused drilling programs at the Florida Canyon Mine discussed further in the Exploration section below.

These expenditures are in line with the Company's 2026 Revised Guidance.

Cash Costs and Mine-site AISC

Cash costs averaged $2,495 per ounce in Q2 2026 and Mine-site AISC averaged $3,371 per ounce in Q2 2026. These metrics were impacted by increased mined, stacked and processed tonnes to support production, lower gold ounces sold during the first quarter, increased royalties and excise taxes resulting from stronger-than-anticipated gold prices, and higher diesel fuel and explosive costs. See Guidance Section below for further details on the 2026 revised guidance.

Royalties and excise taxes, which constitute a material component of cash costs and Mine-site AISC, are directly impacted by fluctuations in the gold price. The Company's revised guidance assumed an average gold price of $4,200 per ounce, and a $100 per ounce change in the gold price results in an estimated $7 change to both cash costs and Mine-site AISC.

Florida Canyon Exploration

In Q2 2026, the Company completed 8,501 meters of drilling, totaling 17,055 meters year to date, of its 42,500 meter 2026 growth focused drilling program at Florida Canyon. The 2026 program continues on the success of the 2025 program focusing on four key areas: (1) Resource development at the Florida Canyon Mine Property; (2) underexplored extensions of Florida Canyon Gold mineralization exploration (3) Standard Mine area targets; and (4) green-field exploration targets. The program is specifically designed to support resource and reserve growth and extend mine life at Florida Canyon.

Program expenditures, included in sustaining and non-sustaining capital, totaled $2.3 million in Q2 2026 and $3.8 million in H1 2026.

Florida Canyon Technical Report

The Company released the highlights of an updated Technical Report on June 25, 2026. The Florida Canyon Technical Report highlighted a materially enhanced operation with an 8-year mine life, a 74% increase in Proven and Probable Mineral Reserve, a 17% increase in annual gold production, a $0.8 billion in after-tax free cash flow and a $601 million after-tax NPV. The results of the Florida Canyon 43-101 technical report were released in a press release "Florida Canyon Feasibility Study Delivers Substantial Increase in Mineral Reserve, Gold Production Over an 8-Year Mine Life and US$0.8 Billion in After-Tax Free Cash Flow"released June 25, 2026. The Technical Report was filed on July 30, 2026.

Development Projects

DeLamar capital and project expenses

In Q2 2026, the Company incurred $5.7 million in exploration and project expenses, largely for engineering and permitting work, and 712 meters of development drilling at the DeLamar Project. In addition, the Company invested $4.6 million in mineral property, plant, and equipment at DeLamar, including $2.2 million for permitting and engineering activities, and $2.0 million in de-risking activities, of which $1.7 million was for securing equipment.

DeLamar permitting

Integra's 2025 DeLamar Project Mine Plan of Operations ("MPO") Version 4.3 was submitted to the BLM on May 1, 2026. The MPO Version 4.3 is the project proposed action and will serve as the basis for BLM's environmental review of the DeLamar Project under NEPA. The BLM's NEPA process initiated with the publishing of the Notice of Intent on May 29, 2026, initiating a 30-day public scoping process to identify environmental concerns (issues) associated with project implementation. Environmental effects analysis of the DeLamar Project and a no action alternative will be issued in an Environmental Impact Statement ("EIS") and accompanying record of decision, anticipated in H2 2027. In the EIS, the BLM will identify a preferred alternative and any required mitigation measures required for the DeLamar Project implementation. Following the NEPA process, a final revised MPO will be prepared that incorporates the preferred alternative and any identified mitigation measures. Once all applicable federal, state and local permits are obtained, the DeLamar Project will commence construction.

The DeLamar Project was selected for inclusion in the U.S. Federal Permitting Improvement Steering Council FAST-41 transparency projects program January 13, 2026. The FAST-41 transparency project program is a federal permitting framework designed to streamline environmental reviews, improve interagency coordination, and increase transparency. Agencies must develop and maintain a coordinated, project-specific timetable for all required environmental review and permitting actions. Integra will be designated a dedicated project advisor from the Permitting Council, who will monitor the advancement of the project and support active engagement and coordination across multiple regulatory agencies. The Permitting Council provides high-level oversight to ensure that federal agencies adhere to established timetables. The DeLamar Project's permitting timeline posted to the FAST-41 project dashboard highlights an accelerated 15 month NEPA schedule from start to finish.

The Company completed its feasibility study for the DeLamar Project with an effective date December 8, 2025. The feasibility study for DeLamar confirmed robust economics for a low-cost, large-scale, conventional open pit oxide heap leach operation, with competitive operating costs and a high rate of return. The feasibility study outlines total production of 1.1 million ounces of gold equivalent ("AuEq") over a 10-year operating mine life (plus two years of residual leaching), resulting in an average annual production profile of 106,000 ounces AuEq per annum at a co-product Mine-site AISC of $1,480 per ounce ("/oz") AuEq. Initial capital cost are $389 million, including $38 million of owners' cost, and sustaining capital of $305 million over the mine life. The DeLamar Project generates an after-tax NPV of approximately $774 million with an after-tax internal rate of return ("IRR") of 46% at base case gold and silver prices of $3,000/oz and $35/oz, respectively. After-tax NPV improves to approximately $1.9 billion and after-tax IRR to 97% using recent gold and silver prices of $4,500/oz and $65/oz, respectively.

2026 Revised Guidance and Outlook

The Company revised its 2026 Mine-site AISC guidance at Florida Canyon on June 25, 2026. The adjustment to Mine-site AISC is primarily attributed to an increase in the tonnes, mined, stacked and processed to support production, lower gold ounces sold during H1 2026, increased royalties and excise taxes resulting from stronger-than-anticipated gold prices, and higher diesel fuel and explosive costs.

The Company is also revising its 2026 total cash costs per ounce guidance to reflect the cost drivers impacting Mine-site AISC, and its 2026 non-sustaining capital expenditures guidance to reflect improvements included in the Technical Report including advancing heap leach pad construction which was originally planned for future years.

The Company has revised 2026 guidance as follows:

| | Unit(1) | Original Guidance Range | Change | Revised Guidance Range | | Florida Canyon Mine | | | | | | 2026 Total Cash Cost(2) | $/oz sold | $1,900 - $2,100 | $400 | $2,300 - $2,500 | | 2026 Mine-Site All-In Sustaining Costs ("AISC")(2) | $/oz sold | $2,750 - $2,950 | $550 | $3,300 - $3,500 | | 2026 Non-Sustaining (Growth) Capital Expenditures | $m | $7.5 - $9.5 | $9 | $16.5 - $18.5 | | | | | | |

| (1) | Unit abbreviations: oz = troy ounce, $/oz sold = U.S. dollars per gold ounce sold, $m = million of U.S. dollars | | (2) | This is a non-GAAP financial measure, please refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release and associated MD&A for a description and calculation of this measure. Calculation revised using an assumed average gold price of $4,200 per ounce; a $100 per ounce change in the gold price is estimated to result in an approximately $7 change in each metric. |

Selected Q2 Financial Results

Revenue

In Q2 2026 the Company sold 15,794 ounces of gold at average realized prices of $4,426 per ounce of gold generating revenue of $70.8 million, compared to 18,194 ounces at average realized prices of $3,332 per ounce in Q2 2025, resulting in revenues of $61.1 million.

Net Earnings

During the three months ended June 30, 2026, net earnings were $12.0 million comparable to net earnings of $10.6 million for the same period in 2025. The net earnings in Q2 2026 largely resulted from strong mine operating earnings supported by strong average realized gold prices.

Q2 2026 adjusted earnings of $13.1 million, or $0.06 per share, was comparable to adjusted earnings of $11.8 million or $0.07 per share in Q2 2025.