Integra Resources Corp. press release

INTEGRA REPORTS FIRST QUARTER 2026 RESULTS; RECORD TOTAL TONNES MINED, AND STRENGTHENED FINANCIAL POSITION

2026-05-11

TSXV - TSX Venture Exchange · Gold · Silver · Arsenic · Mercury · Antimony · Selenium · Copper · Canada · Corporate Finance

PR Newswire

TSXV: ITR; NYSE American: ITRG www.integraresources.com

VANCOUVER, BC, May 11, 2026/PRNewswire/ - 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 March 31, 2026 (the "first quarter" or "Q1 2026"). The Company will host a conference call to discuss first quarter 2026 results on Tuesday, May 12, 2026 at 11:00 AM Eastern Time / 8:00 AM Pacific Time.

[](https://mma.prnewswire.com/media/2977214/Integra_Resources_CorpINTEGRA_REPORTS_FIRST_QUARTER_2026_RESUL.html)

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

First Quarter 2026 Highlights:

Mined 3.0M tonnes of ore and 3.9M tonnes of waste at a strip ratio of 1.30 at the Florida Canyon Mine (the "Florida Canyon Mine" or "Florida Canyon" or the "Mine") for Q1 2026. As a result, ore mining rates were 33,421 tonnes per day ("tpd") and total tonnes mined were 76,800 tpd, a record for the Mine. In Q1 2026, Florida Canyon produced 12,635 gold ounces and sold 12,518 gold ounces at a record average realized price of $4,854 per gold ounce. Quarterly revenue of $61.7 million in Q1 2026, compared to revenue of $57.0 million in Q1 2025. Mine operating earnings of $24.9 million in Q1 2026 compared to $15.5 million in Q1 2025. Operating margin of 40% in Q1 2026 was improved from the 27% operating margin recorded in Q1 2025. Q1 2026 adjusted earnings(1)of $12.9 million, or $0.07 per share, compared to $4.4 million, or $0.03 per share in Q1 2025. Adjustments were largely related to unrealized gains associated with the bullion contracts, losses on the disposal of mineral properties, plant, and equipment, and deferred tax expenses. Q1 2026 net earnings of $12.5 million, or $0.06 earnings per share improved from the net earnings of $1.0 million, or $0.01 earnings per share recorded in Q1 2025. Cash costs(1)averaged $2,422 per gold ounce and Mine-site all in sustaining costs(1)("Mine-site AISC") averaged $3,310 per gold ounce in Q1 2026, both impacted by lower gold ounces sold, higher royalties and excise taxes on gold sales from higher than planned metal prices, and increased diesel prices. Operating cash flow of $13.8 million decreased from $15.7 million in Q1 2025, largely due to a $12.1 million increase in cash used for working capital, largely inventory buildups, partially offset by stronger mine operating earnings supported by higher metal prices. Free cash flow(1)was $3.0 million, or $0.02 per share, for Q1 2026. Cash and cash equivalents of $105.8 million at March 31, 2026, an increase from $63.1 million at December 31, 2025 and benefitting from the $57.5 million bought deal public offering completed during the quarter. The Company commissioned six new Caterpillar 785 haul trucks during the quarter, materially enhancing mining capacity and supporting higher sustained mining rates going forward. The Company raised gross proceeds of $61.6 million ($57.5 million net of underwriting commissions and issuance costs of $4.1 million), through a bought deal public offering in Q1 2026 significantly strengthening the Company's balance sheet and funding near-term growth initiatives at the DeLamar Project (the "DeLamar Project" or "DeLamar"). Net proceeds are expected to be used to commence pre-production expenditures at the DeLamar Project and funded the $12.5 million acquisition of a strategic land position near the DeLamar Project. Continued advancement of the resource growth drilling program at Florida Canyon in Q1 2026. The drilling program marks the first phase of a multi-year growth strategy designed to expand mineral reserves and resources. The Florida Canyon technical report is on track and expected to be released in the third quarter of 2026. Continued engagement with stakeholders across Nevada, Idaho, and Oregon, including local communities, civic and non-profit organizations, government officials, and Tribal Nations. The Company filed its Feasibility Study Technical Report ("FS") for the DeLamar Project on February 2, 2026, with an effective date of December 8, 2025. The FS 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.

| (1) | 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 these measures. |

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

"Q1 2026 demonstrated the continued strength of Integra's transformation into a growing and profitable U.S.-focused gold producer," said George Salamis, President, CEO and Director of Integra. "At Florida Canyon, we achieved record mining rates and strengthened operational flexibility during the quarter due to the significant reinvestment in our haulage fleet over the past 12 months. The Company continues to generate strong operating margins and free cash flow despite temporary production timing impacts that we expect to recover over the balance of the year. Importantly, we maintained our full-year production guidance, underscoring our confidence in the operation and the investments we have made to support higher sustained mining rates and future production growth.

In parallel, we significantly strengthened our balance sheet through a successful bought deal financing, ending the quarter with more than $105 million in cash to support near-term growth initiatives, including the continued advancement and de-risking of DeLamar. Over the past year, we have advanced DeLamar through feasibility work, permitting milestones, strategic land acquisitions, and FAST-41 coordination, while continuing to expand exploration and technical work across our broader portfolio. With an updated Florida Canyon mine plan and technical report expected later this year, permitting momentum at DeLamar, pre-feasibility work at Nevada North, a record-sized 50,000 meter exploration program and production expected to grow meaningfully in 2027 and 2028, we believe 2026 represents an important inflection point as we continue building a sustainable, multi-asset intermediate gold producer in the United States."

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

March 31, | | | Operating Highlights | Unit | 2026 | 2025 | | Ore mined | kt | 3,008 | 3,021 | | Waste mined | kt | 3,902 | 1,799 | | Total Mined | kt | 6,910 | 4,820 | | | | | | | Crushed ore to pad | kt | 1,784 | 1,764 | | Run of mine ore to pad | kt | 1,074 | 1,199 | | Total placed | kt | 2,858 | 2,963 | | | | | | | Strip ratio | waste/ore | 1.30 | 0.60 | | Ore mined/day | tpd | 33,421 | 33,572 | | Total mined/day | tpd | 76,772 | 53,555 | | | | | | | Gold | | | | | Average grade | g/t | 0.19 | 0.23 | | Recovery | % | 59.9 % | 60.4 % | | Produced | oz | 12,635 | 19,323 | | Sold | oz | 12,518 | 19,540 |

| | | Three months ended

March 31, | | | Financial Highlights | Unit | 2026 | 2025 | | Revenue | $ millions | 61.7 | $ 57.0 | | Cost of sales | $ millions | (36.9) | $ (41.5) | | Mine operating earnings | $ millions | 24.9 | $ 15.5 | | Earnings for the period | $ millions | 12.5 | $ 1.0 | | Earnings per share (basic) | $/share | 0.06 | $ 0.01 | | Adjusted earnings for the period(1) | $ millions | 12.9 | $ 4.4 | | Adjusted earnings per share (basic)(1) | $/share | 0.07 | $ 0.03 | | Operating cash flow | $ millions | 13.8 | $ 15.7 | | Operating cash flow per share (basic) | $/share | 0.07 | $ 0.09 | | Free cash flow(1) | $ millions | 3.0 | $ 9.7 | | Free cash flow per share (basic) | $/share | 0.02 | $ 0.06 | | Cash costs(1) | $/oz sold | 2,422 | $ 2,016 | | Mine-site AISC(1) | $/oz sold | 3,310 | $ 2,342 |

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

| Financial Position | | March 31, 2026 | December 31, 2025 | | Cash and cash equivalents | $ millions | $ 105.8 | $ 63.1 | | Working capital(1) | $ millions | $ 139.7 | $ 92.9 |

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

Mining

In Q1 2026, the Company mined 3.0M tonnes of ore from its open pit operations at Florida Canyon, consistent with tonnes mined in Q1 2025. The Company also mined 3.9M tonnes of waste in Q1 2026 in line with plan, resulting in a strip ratio of 1.30, up from 1.8M tonnes of waste and a strip ratio of 0.60 in Q1 2025. The higher strip ratio in Q1 2026 results from the Company's stated commitment of reinvestment through increased capitalized waste stripping and ramping up new mining areas, as outlined in its 2026 guidance.

Mining activities at Florida Canyon during the first quarter 2026 increased significantly, achieving a record mining rate of 76,800 total tonnes per day and positioning the operation to deliver improved operational flexibility and production consistency in future quarters. This increase was driven by the addition of the six Caterpillar 785 haul trucks commissioned during the quarter, completing the expansion of the fleet since 2025 to include eight Caterpillar 785 haul trucks, one Caterpillar 992HL loader and one Hitachi EX3600 front shovel. With increased haulage capacity and an enhanced mining fleet, the operation is better equipped to manage the historical waste stripping inherited from prior operators.

The Company expects production to trend higher through the balance of 2026 as mining rates remain elevated and leach pad performance continues to normalize.

Production

In Q1 2026, the Company produced 12,635 ounces of gold, compared to 19,323 ounces in Q1 2025. Approximately 3,000 ounces were deferred from current quarter production due to temporarily reduced solution flow rates to a specific Phase II leach pad cell. The cell contains fine ore from the newly opened N2 pit, and a blending strategy has been developed to maintain nominal leach rates for this fine material. With this approach, together with the ramp up of the Phase IIIB leach pad, the Company expects to meet its annual gold production guidance of 70,000 to 75,000 ounces, with the majority of deferred first quarter ounces expected to be recovered through ongoing leaching over the remainder of 2026.

Average gold process recoveries were 59.9% in Q1 2026 slightly less than the 60.4% recovery achieved in Q1 2025. Annual recoveries were in line with expectations.

Sustaining and Non-sustaining Capital

The first 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.

In Q1 2026, the Company invested $10.8 million in sustaining capital, compared to $6.0 million in Q1 2025. This increase reflects the Company's reinvestment strategy through new equipment leases, increased capital stripping, and mobile equipment refurbishments. The Company expects increased investment in sustaining capital expenditures to continue into Q2.

The Company also invested $1.8 million in non-sustaining growth capital during the first quarter with no comparative amount in Q1 2025. This spending was primarily directed toward the growth-focused capital stripping and drilling programs at the Florida Canyon Mine discussed further in the _Exploration_section below, as well as equipment lease payments for the expanded fleet.

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

Cash Costs and Mine-site AISC

Cash costs averaged $2,422 per gold ounce and Mine-site AISC averaged $3,310 per gold ounce in Q1 2026, both metrics were elevated, with cash costs above the Company's guidance range of $1,900 to $2,100 per ounce and Mine-site AISC above the Company's guidance range of $2,750 to $2,950 per ounce due to lower gold ounces sold, higher royalties and excise taxes on gold sales from higher than planned metal prices, and increased diesel prices.

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 guidance assumed an average gold price of $3,800 per ounces, and a $100 per ounce change in the gold price results in an estimated $7 change to both cash costs and Mine-site AISC.

Exploration

In Q1 2026, the Company completed 8,530 meters 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; (3) Standard Mine area targets; and (4) greenfield exploration targets. The program is specifically designed to support resource and reserve growth and extend mine life at Florida Canyon.

Program expenditures totaled $1.5 million in Q1 2026.

Selected Q1 Financial Results

Revenue

In Q1 2026 the Company sold 12,518 ounces of gold at average realized prices of $4,854 per ounce of gold generating revenue of $61.7 million, compared to 19,540 ounces at average realized prices of $2,888 per ounce in Q1 2025, resulting in revenues of $57.0 million.

Net Earnings

During the three months ended March 31, 2026, net earnings were $12.5 million compared to net earnings of $1.0 million for the same period in 2025. The net earnings in Q1 2026 largely resulted from strong mine operating earnings supported by record average realized gold prices.

Q1 2026 adjusted earnings of $12.9 million, or $0.07 per share, increased compared to adjusted earnings of $4.4 million or $0.03 per share in Q1 2025. The increase was primarily related to $9.4 million in higher mine operating earnings as a result of higher gold sales with higher average realized prices.

Cash Flow

Cash flows provided by operations in Q1 2026 totaled $13.8 million, a decrease of $1.9 million compared to the $15.7 million generated in Q1 2025. The primary driver of this decrease is related to a $12.1 million increase in cash used for working capital, largely driven by inventory buildups, partially offset by increased cash flow from improved mine operating earnings that benefited from higher metal prices.

During the first quarter, the Company made payments of $30.4 million for mineral properties, plant and equipment, and leases, which included $17.7 million invested at the DeLamar Project, largely on de-risking activities, of which $3.4 million related to an initial deposit to Idaho Power for planning work on upgrading the existing power infrastructure, and $12.5 million for the acquisition of a strategic land position near the DeLamar Project. Additionally, $10.8 million in payments were related to sustaining capital and $1.8 million were related to non-sustaining capital expenditures at Florida Canyon. This increased from payments of $6.4 million for mineral property, plant and equipment, and leases made in Q1 2025, which were related to sustaining capital expenditures at Florida Canyon.

Q1 2026 free cash flow generated of $3.0 million, or $0.02 per share, was lower than $9.7 million, or $0.06 per share, generated in Q1 2025.

Financial Position

As at March 31, 2026, the Company had a cash and cash equivalent balance of $105.8 million, an increase of $42.7 million from $63.1 million at December 31, 2025.

The Company's working capital was $139.7 million on March 31, 2026, reflecting a $46.8 million increase from December 31, 2025. This improvement was largely attributable to a $42.7 million increase in cash, benefiting from the $57.5 million bought deal public offering and robust operational performance, the payment of $6.9 million in trade and other payables, the buildup of $4.8 million in inventories, partially offset by a buildup of $2.8 million in tax liabilities, and $2.4 million in current lease liabilities from new equipment.

Development Projects

Capital and exploration expenses

In Q1 2026, the Company incurred $4.0 million in exploration and development expenses, largely for engineering and permitting work at the DeLamar Project. In addition, the Company invested $17.7 million in mineral property, plant, and equipment at DeLamar, including $16.5 million in de-risking activities, of which $3.4 million related to an initial deposit to Idaho Power to begin planning work on upgrading the existing power infrastructure, and $12.5 million for the acquisition of a strategic land position near the DeLamar Project.

Permitting

Integra's 2025 DeLamar Project Mine Plan of Operations ("MPO") Version 4.1 was determined to be administratively complete in August 2025, meeting the content requirements at 43 CFR 3809.401(b). Through the preparation of environmental resource modeling and completion of the FS, select project refinements have been incorporated to reduce potential environmental impacts. An optimized MPO Version 4.3 has been developed and was submitted to the United States Bureau of Land Management (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 the National Environmental Policy Act ("NEPA"). Following the publishing of the Notice of Intent in Q2 2026, public and agency scoping will identify environmental concerns (issues) associated with project implementation. These issues will inform the development of potential alternatives. Environmental effects analysis of the DeLamar Project and a no action alternative will be issued in an Environmental Impact Statement ("EIS") . In the EIS and accompanying record of decision, anticipated in Q3 2027, 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's permitting timeline was posted to the FAST-41 project dashboard on 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 – maintaining 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 FS for the DeLamar Project with an effective date December 8, 2025. The FS 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 FS 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 net present value ("NPV5%") 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 NPV5% 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.