Integra Resources Corp. press release

INTEGRA REPORTS FOURTH QUARTER 2025 RESULTS; STRONG ANNUAL PRODUCTION FROM FLORIDA CANYON MINE, RECORD ADJUSTED NET EARNINGS, AND STRENGTHENED FINANCIAL POSITION

2026-03-24

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, March 24, 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 and year ended December 31, 2025 (the "fourth quarter" or "Q4 2025" and "YE," respectively). The Company will host a conference call to discuss fourth quarter 2025 results on Thursday, March 25, 2026 at 11:00 AM Eastern Time / 8:00 AM Pacific Time.

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

Fourth Quarter and Year End 2025 Highlights:

Mined 3.4M and 12.0M tonnes of ore and 2.4M and 10.6M tonnes of waste at a strip ratio of 0.71 and 0.88 at the Florida Canyon Mine for Q4 2025 and YE 2025 periods, respectively. As a result, mining rates were 37,143 and 32,914 tonnes per day ("tpd"), for those respective periods. In Q4 2025, Florida Canyon produced 12,864 gold ounces and sold 12,920 gold ounces at a record average realized price of $4,229 per gold ounce. For YE 2025, Florida Canyon produced 70,927 gold ounces and sold 70,919 gold ounces at average realized price of $3,411 per gold ounce. Quarterly revenue of $55.2 million, compared to revenue of $70.7 million in Q3 2025. YE revenue of $243.9 million. Mine operating earnings of $25.3 million compared to $28.6 million in Q3 2025. Operating margin of 46% in Q4 2025 was improved from the 40% operating margin recorded in Q3 2025. YE mine operating earnings of $94.5 million at an operating margin of 39%. Q4 adjusted earnings(1)of $14.8 million, or $0.09 per share, compared to $16.3 million, or $0.10 per share in Q3 2025. YE adjusted earnings of $47.3 million, or $0.28 per share. Adjustments were largely related to realized derivative losses on the debt conversion feature, unrealized gains associated with the bullion contracts and debt conversion feature, and deferred tax expenses. Q4 net loss of $5.7 million, or $0.03 loss per share was slightly improved from the net loss of $8.2 million, or $0.05 earnings per share recorded in Q3 2025. YE net loss of $2.2 million, or $0.01 loss per share. The net losses in both the quarterly and annual periods were largely the result of non-cash revaluations and conversion of the derivative debt conversion feature driven by the appreciation of the Company's share price. Cash costs(1)averaged $2,036 per gold ounce in Q4 2025, increased from $1,876 in Q3 2025. YE cash costs of $1,937 per gold ounce were marginally above the Company's guidance range of $1,800 to $1,900 per ounce. This increase is primarily due to higher royalties and excise taxes on gold sales from higher than planned metal prices. Mine-site all in sustaining costs(1)("Mine-site AISC") averaged $3,371 per gold ounce in Q4 2025, compared to $2,647 in Q3 2025. Mine-site AISC was elevated as expected due to planned payments related to new equipment purchases made during the quarter. YE 2025 Mine-site AISC of $2,693 per gold ounce exceeded the guidance range of $2,450 to $2,550 per ounce, due to elevated royalties and excise taxes from higher than planned gold prices. Operating cash flow of $4.7 million, decreased from $35.6 million in Q3 2025 largely due to build-up of ounces in inventory which resulted from a one-time, temporary reduction in solution flow rates resulting from a liner tear in a solution pond which occurred and was repaired in the fourth quarter. Operating cash flow before changes in working capital in the quarter was $20.9 million. Operating cash flow and operating cash flow before changes in working capital for YE 2025 was $72.3 million and $71.2 million, respectively. Free cash outflow was $12.2 million, or $0.07 per share, for the quarter. Free cash inflow was $19.8 million, or $0.12 for the full year. Ended the quarter with cash and cash equivalents of $63.1 million, a decrease from $81.2 million in Q3 2025 resulting from reduced operating cash flow following metal inventory buildups as a result of the reduced solution flow rates preceding the liner repair which was completed in Q4 2025. The Company expects to recover these deferred ounces by drawing down inventories in 2026. Continued advancement of the 2025 resource growth drilling program at Florida Canyon. The drilling program marks the first phase of a multi-year growth strategy designed to expand mineral reserves and resources, extend mine life, and enhance the value of Florida Canyon. The Forida Canyon technical report is on track and expected to be completed 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 inclusive of the Company's Relationship Agreement with the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation, establishing a transformative and long-term partnership for the development of the DeLamar Project. The Company completed its Feasibility Study Technical Report ("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. At DeLamar, efforts in 2026 will focus on advancing and de-risking the project through detailed engineering, long lead equipment procurement, and permitting advancement under the National Environmental Policy Act ("NEPA"), guided by the federally regulated FAST-41 guidelines. In January 2026, the United States Bureau of Land Management ("BLM") formally established a federal permitting schedule under NEPA for DeLamar. Appointment of Chantal Lavoie to Board of Directors subsequent to year end. Mr. Lavoie is a mining engineer and seasoned executive with more than 40 years of experience in mine development, operations, capital project execution and corporate governance across gold, base metals, diamonds and iron ore. Appointment of Scott Guay, P.Eng., as Vice President, Project Development. Mr. Guay joins Integra from Kinross Gold Corporation, where he held senior leadership roles overseeing global mining project services and delivery of capital projects. During his more than 15-year tenure, he supported multiple complex, large-scale gold mine expansions and mine restart projects across North and South America and Africa, contributing to project planning, engineering management, procurement strategy, and execution governance for projects of significant strategic importance.

| (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:

"2025 marked a transformational year for Integra, as we delivered record cash flow from Florida Canyon, met our gold production guidance, and strengthened the operation through re-investment in fleet upgrades, operational improvements, and expansion drilling aimed at extending mine life. Costs were modestly above guidance, primarily reflecting higher gold prices and associated royalties.

At DeLamar, we advanced a robust feasibility study, secured our MPO approval, and achieved FAST-41 designation supporting a 15-month accelerated permitting timeline, while strengthening partnerships with Tribal Nations and advancing key land acquisition initiatives. Corporately, we also enhanced our leadership team, eliminated debt, and broadened our institutional shareholder base, driving strong share price performance and recognition as one of the TSX Venture Exchange's Top 50 performing companies in 2025.

Looking ahead, we expect 2026 to be a catalyst-rich year, including an updated technical report and mine plan for Florida Canyon, the initiation of a pre-feasibility study at Nevada North, expanded exploration programs across our portfolio, and continued advancement of DeLamar through permitting, early works, and detailed engineering. With production expected to grow to 80,000 to 90,000 ounces in 2027 and 2028, we believe 2026 will be an inflection point for the Company as we lay the groundwork for Integra's next phase of growth."

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

December 31, | Year ended

December 31, | | Operating Highlights | Unit | 2025 | 2025 | | Ore mined | kt | 3,418 | 12,047 | | Ore mined/day | tpd | 37,143 | 32,914 | | Waste mined | kt | 2,420 | 10,584 | | Strip ratio | waste/ore | 0.71 | 0.88 | | Crushed ore to pad | kt | 1,931 | 7,580 | | Run of mine ore to pad | kt | 2,008 | 5,646 | | Total placed | kt | 3,939 | 13,226 | | | | | | | Gold | | | | | Average grade | g/t | 0.24 | 0.22 | | Recovery | % | 59.2 % | 60.1 % | | Produced | oz | 12,864 | 70,927 | | Sold | oz | 12,920 | 70,919 |

| | | Three months ended

December 31, | Year ended

December 31, | | Financial Highlights | Unit | 2025 | 2025 | | Revenue | $ millions | 55.2 | 243.9 | | Cost of sales | $ millions | (29.9) | (149.4) | | Mine operating earnings | $ millions | 25.3 | 94.5 | | Earnings for the period | $ millions | (5.7) | (2.2) | | Earnings per share (basic) | $/share | (0.03) | (0.01) | | Adjusted earnings for the period(1) | $ millions | 14.8 | 47.3 | | Adjusted earnings per share (basic)(1) | $/share | 0.09 | 0.28 | | Operating cash flow | $ millions | 4.7 | 72.3 | | Operating cash flow per share (basic) | $/share | 0.03 | 0.43 | | Free cash flow(1) | $ millions | (12.2) | 19.8 | | Free cash flow per share (basic) | $/share | (0.07) | 0.12 | | Cash costs(1) | $/oz sold | 2,036 | 1,937 | | Mine-site AISC(1) | $/oz sold | 3,371 | 2,693 |

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

| Financial Position | | December 31, 2025 | December 31, 2024 | | Cash and cash equivalents | $ millions | $ 63.1 | $ 52.2 | | Working capital(1) | $ millions | $ 92.9 | $ 64.4 |

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

Mining

In Q4 2025, the Company mined 3.4M tonnes of ore from its open pit operations at Florida Canyon, a 35% increase over the 2.5M tonnes mined in Q3 2025. The Company also mined 2.4M tonnes of waste in Q4 2025, resulting in a strip ratio of 0.71, down from 3.4M tonnes of waste and a strip ratio of 1.34 in Q3 2025. Waste mining rates decreased in Q4 2025 compared to Q3 2025, due to a provisional adjustment of the mine sequence in Q3 to overcome dust suppression challenges caused by a temporary water shortage in the dry summer months. The temporary water shortage in Q3 was caused by a problematic historic water well, which has since been successfully replaced.

For the full year, the Company mined a total of 12.0M tonnes of ore and 10.6M tonnes of waste, for a strip ratio of 0.88, which reflects continued waste stripping in higher pits, and increased ROM tonnes placed.

Production

In Q4 2025, the Company produced 12,864 ounces of gold, compared to 20,653 ounces in Q3 2025. Production during the quarter was derived from gold placed on the Phase IIIa leach pad, together with residual recovery from Phases I and II. The decreased production in Q4 resulted from a one-time, temporary reduction in solution flow rates resulting from a liner tear in a solution pond identified during the fourth quarter. The liner was fully repaired by mid-November with no solution releases and no environmental impact. Solution flow rates were restored to normal levels prior to year-end. Preventative measures, including an additional protective liner and improved access to the affected area for personnel and equipment, have been implemented for more effective response in the unlikely event this occurs again in the future. Importantly, gold ounces associated with the reduced solution flow during the quarter were deferred, not lost, and are expected to remain recoverable through continued leaching. Based on leach pad inventories and normalized solution flow, the Company expects the majority of ounces deferred during the fourth quarter—estimated at approximately 2,000 to 3,000 ounces—to be recovered through ongoing leaching throughout 2026.

During the quarter, Florida Canyon completed construction of the Phase IIIb heap leach pad, with regulatory approval to begin leaching expected in the first quarter of 2026. The Company also advanced its fleet revitalization program with refurbishment of legacy haul trucks and loaders, while commissioning four new machines: a Hitachi EX3600 front shovel, a Caterpillar 992HL loader, and two Caterpillar 785 haul trucks. An additional six Caterpillar 785 haul trucks are expected to be commissioned in the first half of 2026. The upgraded fleet is expected to reduce reliance on expensive rental equipment, enhance productivity, and lower mining costs per tonne over the coming years.

Despite lower fourth quarter production relative to earlier quarters, Florida Canyon delivered 70,927 ounces of gold for the full year, achieving Integra's 2025 gold production guidance. Recovery rates for the year remained consistent with expectations, and the modest fourth quarter variance reflects timing rather than any change in ore quality or metallurgical performance.

Average gold process recoveries were 59.2% in Q4 2025 and 60.1% year-to-date, slightly less than the 60.7% recovery achieved in Q3 2025. Annual recoveries were in line with expectations.

Sustaining and Non-sustaining Capital

In Q4 2025, the Company invested $16.9 million in sustaining capital, bringing total spending to $52.4 million for the full year. This reflects the Company's ongoing commitment to reinvesting in the mine through new leach pad construction, increased capital stripping, and mobile equipment refurbishments.

The Company also invested $2.9 million in non-sustaining growth capital during the fourth quarter, bringing total spending to $5.5 million for the full year. This spending was primarily directed toward the growth-focused drilling program at the Florida Canyon Mine discussed further in the _Exploration_section below, as well as new equipment down payments.

These expenditures are in line with the Company's 2025 Guidance.

Cash Costs and Mine-site AISC

Cash costs averaged $2,036 per gold ounce in Q4 2025 and $1,937 per gold ounce for the full year. Mine-site AISC averaged $3,371 per gold ounce in Q4 2025 and $2,693 per gold ounce for YE, with both metrics elevated as expected due to planned payments related to new equipment purchases made during the quarter. The Company expects to continue commissioning additional equipment through early 2026.

The Company ended 2025 with an average AISC slightly higher than the stated guidance of $2,450 to $2,550 per ounce, mainly due to higher royalties as a result of the increase in realized gold prices since issuing guidance in the second quarter.

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. 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 Q4 2025, the Company also continued its growth focused drilling program at Florida Canyon, completing approximately 3,100 meters of reverse circulation and sonic drilling. The 2025 program, originally planned for approximately 10,000 meters, was subsequently expanded to 16,000 meters due to its initial success. Drilling is focused on three key areas: (1) evaluating near-surface oxide potential from historical waste areas; (2) expanding in-situ resources between existing open pits; and (3) testing lateral extensions and conducting in-pit infill drilling. The program is specifically designed to support resource and reserve growth and extend mine life at Florida Canyon. The 2025 drill program at Florida Canyon will support a mineral resource and reserve update and a revised life-of-mine plan in mid-2026.

Program expenditures totaled $1.4 million in Q4 2025 and $4.0 million for the year.

Selected Q4 and YE 2025 Financial Results

Revenue

In Q4 2025, the Company sold 12,920 ounces of gold at average realized prices of $4,229 per ounce of gold generating revenue of $55.2 million, compared to 11,382 ounces at average realized prices of $2,643 per ounce in Q4 2024, resulting in revenues of $30.1 million.

In 2025, the Company sold 70,919 ounces of gold at average realized prices of $3,411 per ounce of gold, generating revenue of $243.9 million, compared to 11,382 ounces of gold at average realized prices of $2,643 per ounce of gold in 2024, resulting in revenues of $30.1 million, representing 53 days of operation following the acquisition of the Florida Canyon Mine on November 8, 2024.

Net Earnings

During the three months and year ended December 31, 2025, net losses were $5.7 million and $2.2 million, respectively, compared to net earnings of $9.5 million and a net loss of $9.5 million for the same periods in 2024. The net loss in Q4 2025 and YE 2025 was primarily the result of the non-cash derivative loss realized on the conversion feature of the convertible debt facility.

Q4 2025 adjusted earnings of $14.8 million, or $0.09 per share, increased compared to adjusted earnings of $2.3 million or $0.02 per share in Q4 2024. The increase was primarily related to $19.9 million in higher mine operating earnings as a result of higher gold sales with higher average realized prices. YE 2025 adjusted earnings of $47.3 million, or $0.28 per share, increased compared to adjusted loss of $16.1 million, or $0.17 loss per share. This increase is primarily due to 2025 being the first full year of operations since the Florida Canyon Mine acquisition and improved operating margins.

Cash Flow

Cash flows provided by operations in Q4 2025 totaled $4.7 million, a decrease of $2.7 million compared to the $7.3 million generated in Q4 2024. The primary driver of this decrease is related to a $24.9 million increase in cash used for working capital, largely driven by inventory buildups, plus $3.0 million of income taxes paid in Q4 2025 with no amounts in the comparative period. These outflows exceeded the increased cash flow from improved mine operating earnings that benefited from higher metal prices.

Cash flows generated by operations for the year totaled $72.3 million, a $82.3 million increase compared to $10.1 million cash utilized in the comparable 2024 period, due to 2025 being the first full year of operations since the Florida Canyon Mine acquisition.

The Company remitted tax payments of $8.5 million for the full year.

During the fourth quarter, the Company made payments of $20.0 million for mineral properties, plant and equipment, and leases, of which $2.9 million were related to non-sustaining capital expenditures at Florida Canyon. This increased from payments of $4.3 million for mineral property, plant and equipment, and leases made in Q4 2024, which were related to sustaining capital expenditures at Florida Canyon.

Q4 2025 free cash flow utilized of $12.2 million, or $0.07 per share, was lower than $5.0 million, or $0.04 per share, generated in Q4 2024. YE 2025 free cash flow generated of $19.8 million, or $0.12 per share, increased from $12.4 million, or $0.13 per share, utilized in the comparable 2024 period.

Financial Position

As at December 31, 2025, the Company had a cash and cash equivalent balance of $63.1 million, an increase of $10.9 million from $52.2 million at December 31, 2024.

The Company's working capital was $92.9 million on December 31, 2025, reflecting a $28.5 million increase from December 31, 2024. This increase was mainly due to a decrease in debt and derivative liabilities due to the conversion of the Beedie loan facility, partially offset by a decrease in cash resulting from continued investment in the Florida Canyon Mine.