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

2025-11-12

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

Canada NewsWire

VANCOUVER, BC, Nov. 12, 2025/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 September 30, 2025 (the "third quarter" or "Q3 2025"). The Company will host a conference call to discuss third quarter 2025 results on Thursday, November 13, 2025 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)

Third Quarter 2025 Highlights:

Mined 2.5 million ("M") tonnes of ore and 3.4Mtonnes of waste at a strip ratio of 1.34 at the Florida Canyon Mine ("Florida Canyon"). As a result, mining rates were 27,538 tonnes per day ("tpd"). Florida Canyon produced 20,653 gold ounces and sold 20,265 gold ounces at a record average realized price of $3,464per gold ounce. Record quarterly revenue of $70.7 millionwhich exceeded Q2 2025 revenue of $60.6 million. Record mine operating earnings of $28.6 millionexceeded the $25.2 millionin Q2 2025. Operating margin was 40% in Q3 2025 which was in line with the 41% operating margin achieved in Q2 2025. Adjusted earnings(1) of $16.3 million, or $0.10per share, which exceeded the $11.8 million, or $0.07per share in Q2 2025. Adjustments were largely related to unrealized derivative losses on the debt conversion feature and bullion contracts, deferred tax expenses, and a non-cash adjustment to production costs from the fair value adjustment to inventories recognized upon the acquisition of Florida Canyon. Net loss of $8.2 million, or $0.05loss per share, compared to net earnings of $11.6 million, or $0.07earnings per share in Q2 2025. This loss is largely attributed to $17.7 millionin unrealized derivative losses on the debt conversion feature noted above and higher tax expenses in Q3 2025. Cash costs(1)averaged $1,876per gold ounce in Q3 2025, a slight increase from $1,849in Q2 2025. Year-to-date ("YTD") 2025 cash costs of $1,915per gold ounce were marginally above the Company's guidance range of $1,800to $1,900per ounce and are expected to end the year slightly above the upper range of guidance. This increase is primarily due to higher royalties and excise taxes on gold sales from higher metal prices. Mine-site all-in sustaining costs(1)("Mine-site AISC") averaged $2,647per gold ounce in Q3 2025, consistent with $2,641in Q2 2025. YTD 2025 Mine-site AISC of $2,542per gold ounce remains within the guidance range of $2,450to $2,550per ounce. Operating cash flow of $35.6 million, increased from $16.3 millionin Q2 2025 largely due to higher metal prices. Operating cash flow before changes in working capital in the quarter was $21.4 million. Free cash flow generation was $20.2 million, or $0.12per share, for the quarter. Ended the quarter with cash and cash equivalents of $81.2 million, an increase of 29% from $63.0 millionin Q2 2025 resulting from strong operating performance. Advancement of the 2025 resource growth drilling program at Florida Canyon, which marks the first phase of a multi-year growth strategy designed to expand mineral reserves and resources, extend mine life, and enhance value. Entered into a Relationship Agreement with the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation (the "Shoshone-Paiute"), establishing a transformative and long-term partnership for the development of the DeLamar Project ("DeLamar"). Completeness determination by the United States Bureau of Land Management ("BLM") for the updated Mine Plan of Operations ("MPO") for DeLamar, marking a critical step in permitting, incorporating nearly three years of environmental baseline studies, initial engineering design, and mine plan optimization.

| (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:"We are pleased to report another strong quarter for the Company, supported by excellent production results at Florida Canyon and material advancement at our development stage assets, DeLamar and Nevada North. Florida Canyon continues to deliver on expectations, generating meaningful cash flow to fund crucial reinvestment into the mine, while also supporting the Company's broader growth strategy. During the quarter, capital was deployed at Florida Canyon in the areas of capitalized stripping, mining equipment enhancements, leach pad expansion, and growth drilling. Excellent production results, combined with a strong gold price environment have allowed Integra to significantly increase its quarter-over-quarter cash balance to ~$81 million, marking the strongest financial position in the Company's history. During the quarter, the Company also achieved several key milestones at DeLamar with the acceptance of the Mine Plan of Operations and the signing of a historical Relationship Agreement with the Shoshone-Paiute."

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

September 30, | Nine months ended

September 30, | | Operating Highlights | Unit | 2025 | 2025 | | Ore mined | kt | 2,533 | 8,629 | | Ore mined/day | tpd | 27,538 | 31,494 | | Waste mined | kt | 3,399 | 8,164 | | Strip ratio | waste/ore | 1.34 | 0.95 | | Crushed ore to pad | kt | 2,003 | 5,649 | | Run of mine ore to pad | kt | 1,165 | 3,638 | | Total placed | kt | 3,168 | 9,287 | | | | | | | Gold | | | | | Average grade | g/t | 0.20 | 0.22 | | Recovery | % | 60.7 % | 60.5 % | | Produced | oz | 20,653 | 58,063 | | Sold | oz | 20,265 | 57,999 |

| | | Three months ended

September 30, | Nine months ended

September 30, | | Financial Highlights | Unit | 2025 | 2025 | | Revenue | $ millions | 70.7 | 188.8 | | Cost of sales | $ millions | (42.1) | (119.5) | | Mine operating earnings | $ millions | 28.6 | 69.3 | | Earnings for the period | $ millions | (8.2) | 3.4 | | Earnings per share (basic) | $/share | (0.05) | 0.02 | | Adjusted earnings for the period(1) | $ millions | 16.3 | 32.5 | | Adjusted earnings per share (basic)(1) | $/share | 0.10 | 0.19 | | Operating cash flow | $ millions | 35.6 | 67.6 | | Operating cash flow per share (basic) | $/share | 0.21 | 0.40 | | Free cash flow(1) | $ millions | 20.2 | 32.0 | | Free cash flow per share (basic) | $/share | 0.12 | 0.19 | | Cash costs(1) | $/oz sold | 1,876 | 1,915 | | Mine-site AISC(1) | $/oz sold | 2,647 | 2,542 |

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

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

Mining

In Q3 2025, the Company mined 2.5Mtonnes of ore from its open pit operations at Florida Canyon, an 18% decrease compared to the 3.1Mtonnes mined in Q2 2025. The Company also mined 3.4M tonnes of waste during the quarter, resulting in a strip ratio of 1.34, up from 3.0Mtonnes of waste and a strip ratio of 0.96 in Q2 2025. The higher strip ratio in Q3 results from the Company's stated commitment of reinvestment through increased capitalized waste stripping and ramping up new mining areas, as outlined in its 2025 guidance. Waste mining rates increased in Q3 2025 compared to Q2 2025, due to a provisional adjustment of the mine sequence to overcome dust suppression challenges caused by a temporary water shortage in the dry summer months. The temporary water shortage was caused by a problematic historic water well, which has since been successfully replaced.

YTD 2025, the Company mined a total of 8.6Mtonnes of ore and 8.2Mtonnes of waste, for a strip ratio of 0.95, which reflects continued waste stripping in higher pits and increased run-of-mine tonnes placed.

Production

In Q3 2025, the Company produced 20,653 ounces of gold, compared to 18,087 ounces in Q2 2025. The increased production in Q3 was supported by the recovery of gold ounces recently placed on the Phase IIIa heap leach pad and by residual ounces recovered from Phases I and II heap leach pads. Strong production was also supported by increased solution flow through the leach pads and the new carbon-in-column circuit commissioned in late 2024. During Q3 2025, construction of the Phase IIIb heap leach pad at Florida Canyon continued with commissioning expected in the fourth quarter 2025.

YTD 2025 the Company produced 58,063 ounces of gold, tracking in-line with the annual production guidance of 70,000 to 75,000 gold ounces.

Average gold process recoveries were 60.7% in Q3 2025 and 60.5% year-to-date, reflecting a slight improvement from the 60.5% recovery achieved in Q2 2025. Annual recoveries remained in line with expectations.

Sustaining and Non-sustaining Capital

In Q3 2025, the Company invested $15.4 millionin sustaining capital, bringing total YTD 2025 spending to $35.6 million. This reflects the Company's ongoing commitment to reinvesting in Florida Canyon through new leach pad construction, increased capital stripping, and mobile equipment refurbishments.

The Company also invested $1.8 millionin non-sustaining growth capital during the third quarter, bringing total YTD 2025 spending to $2.6 million. This spending was primarily directed toward the growth-focused drilling program at Florida Canyon discussed further in the _Exploration_section below.

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

Cash Costs and Mine-site AISC

Cash costs averaged $1,876per gold ounce in Q3 2025 and $1,915per gold ounce for YTD 2025. Mine-site AISC averaged $2,647per gold ounce in Q3 2025 and $2,542per gold ounce YTD 2025.

The Company remains within Mine-site AISC guidance of $2,450to $2,550per ounce, but has been impacted by higher royalty payments as a result of the increase in realized gold prices since issuing guidance.

Cash costs and Mine-site AISC are expected to slightly exceed the upper end of guidance by year-end, primarily due to elevated royalty and tax related payments. 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. At present, a $100per ounce change in the gold price results in an estimated $7change to both cash costs and Mine-site AISC.

Exploration

In Q3 2025 the Company continued its resource growth-focused drilling program at Florida Canyon, completing approximately 13,500 meters of reverse circulation and sonic drilling by the end of September. The program, originally planned for approximately 10,000 meters, was subsequently expanded to 16,000 meters in Q2 2025 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.

Program expenditures totaled $1.3 millionin Q3 and $2.5 millionYTD.

Selected Q3 2025 Financial Results

Revenue

In Q3 2025, the Company sold 20,265 ounces of gold at average realized prices of $3,464per ounce of gold generating record revenue of $70.7 million, compared to 18,194 ounces at average realized prices of $3,332per ounce in Q2 2025, resulting in revenues of $61.1 million.

Net Earnings

Q3 2025 net loss of $8.2 million, or $0.05per share, decreased compared to net earnings of $10.6 million, or $0.06per share in Q2 2025. Net loss in the quarter was primarily driven by the non-cash unrealized derivative loss on the conversion feature of the convertible debt facility, partially offset by higher average realized gold prices.

Q3 2025 adjusted earnings of $16.3 million, or $0.10per share, increased compared to adjusted earnings of $11.8 millionor $0.07per share in Q2 2025. This increase was primarily related to $3.4 millionin higher mine operating earnings as a result of higher gold sales with higher average realized prices.

Cash Flow

In Q3 2025, cash flow generated by operating activities was $35.6 million, or $0.21per share, an increase compared to $16.3 million, or $0.10per share, in Q2 2025. Operating cash flow before changes in working capital was $21.4 millionor $0.13per share which compares to $16.6 millionor $0.10per share in Q2 2025.

The Company remitted tax payments of $5.5 millionYTD.

During the quarter, the Company made payments of $17.4 millionfor mineral properties, plant and equipment, and leases, of which $15.4 millionand $1.8 millionwere related to sustaining and non-sustaining capital expenditures at Florida Canyon, respectively. This increased from payments of $15.2 millionfor mineral property, plant and equipment, and leases made in Q2 2025, of which $14.2 millionand $0.8 millionwere related to sustaining and non-sustaining capital expenditures at Florida Canyon, respectively.

Q3 2025 free cash flow of $20.2 million, or $0.12per share, was higher than $2.1 million, or $0.01per share, in Q2 2025.

Financial Position

As at September 30, 2025, the Company had a cash and cash equivalent balance of $81.2 million, an increase of $18.2 millionfrom $63.0 millionat the end of Q2 2025. The Company also has $15.0 milliondrawn and $5.0 millionundrawn on its convertible debt facility as at September 30, 2025.

The Company's working capital was $46.5 millionon September 30, 2025, reflecting a $13.6 milliondecrease from June 30, 2025. This decrease was mainly due to the non-cash unrealized derivative loss on the conversion feature of the convertible debt facility and decrease in inventories, partially offset by a build-up in cash from strong operating results. Working capital excluding derivatives was $70.9 million, a $4.2 millionincrease from $66.7 millionas at June 30, 2025.

Development Projects

The MPO for DeLamar Project was submitted for review to the BLM and cooperating Federal and State agencies early in 2025. In a letter dated August 19, 2025, the BLM notified Integra that the MPO met the content requirements at 43 CFR 3809.401(b), and thus was determined to be administratively complete. The BLM, its third-party National Environmental Policy Act ("NEPA") consultant, SWCA Environmental Consultants, and cooperating agencies will now proceed with environmental review of the project (and a range of reasonable alternatives, including a No Action Alternative) in accordance with the NEPA. Concurrently, Integra will work with Federal, state and local regulatory authorities to obtain all necessary permits for mine construction, operations, and reclamation.

In Q3 2025 the Feasibility Study for DeLamar was advanced by completing an optimization exercise and resizing the pit. The final mine design commenced which is to be followed by mine sequencing, production planning and costing. This information will be used to update the metal recovery and economic models. The Feasibility Study is expected to be released in late 2025.

During the quarter the Company also advanced the Nevada North Project ("Nevada North"), which consists of the

Wildcat Deposit ("Wildcat") and the Mountain View Deposit ("Mountain View"). Metallurgical testing continued during Q3 2025 on core from Wildcat, which will gather important data for future economic studies, mine design, and permitting efforts. The environmental analysis for the Wildcat Exploration Plan of Operations ("EPO") is complete, and decision documentation will be complete pending approval of a Memorandum of Agreement with the State Historical Preservation Office and Tribal governments. Once approved, the Wildcat EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns in the future. Hydrogeological drilling at Wildcat, required for future permitting, is anticipated to be completed in Q4 2025 under an existing notice. The Reclamation Permit from Nevada Division of Environmental Protection ("NDEP") Bureau of Mining Regulation and Reclamation ("BMRR") is also in process and anticipated in Q4 2025. At Mountain View, environmental analysis for the EPO is also complete. The Mountain View EPO was posted for a 30-day public comment period (now complete), after which a Final Environmental Assessment will be published in Q4 2025 (with no public comment period). The NDEP BMRR Reclamation Permit is anticipated on a similar approval timeframe. Once approved, the Mountain View EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns in the future. Integra expects to begin work on an updated technical report for Nevada Northin 2026 with a target release date in early 2027.

In Q3 2025, External Affairs activities included extensive site visits to the Company's development projects in Idahoand Nevada, as well as participation from all sites in various stakeholder engagement initiatives and events during the summer months. Integra continued bi-weekly agency engagement for its projects in Idahoand Nevada, and met with additional agency personnel at state and federal levels regarding various permitting milestones.

Notable advancements in Tribal Nation engagement during the quarter include the signing of a life-of-mine Relationship Agreement (the "Agreement") between Integra and the Shoshone-Paiute, whose aboriginal territories span the tri-state area of Idaho, Nevada, and Oregon. The Agreement establishes a transformative and long-term partnership for the development of DeLamar on Shoshone-Paiute Traditional Homelands, which aligns interests across several key measures, including economic opportunities, environmental protection, cultural recognition, and social performance. The Agreement provides Integra and the Shoshone-Paiute a framework to guide a mutually beneficial long-term relationship over the life of mine at DeLamar.

Health, Safety and Environment

Integra experienced zero fatalities and one lost time incident for the first nine months of 2025. The one lost time incident that occurred at Florida Canyon in Q3 2025 ended a 681 day period with no lost time incidents. Also, three MSHA-reportable injuries occurred at Florida Canyon in Q3, which brings the year to date total to seven. The 2025 total recordable incident frequency rate ("TRIFR") at Florida Canyon is 2.39.

Integra recorded five minor reportable environmental spills, incidents, or non compliances for the first nine months of 2025, three of which occurred in the third quarter.

Financial Statements

Integra's consolidated financial statements and management's discussion and analysis as at and for the three and nine months ended September 30, 2025, are available on the Company's website at www.integraresources.com, and under the Company's profiles on SEDAR+ at www.sedarplus.caand EDGAR at www.sec.gov. Hard copies of the financial statements are available free of charge upon written request to info@integraresources.com.

Q3 2025 Conference Call and Webcast Details

The Company will host a conference call and webcast on Thursday, November 13, 2025 at 11:00 AM Eastern Time/ 8:00 AM Pacific Timeto review its financial and operating results for the third quarter of 2025. Details for the conference call and webcast are included below.

Dial-In Numbers / Webcast:

Conference ID: 2435675 Toll Free: (800) 715-9871 Toll: +1 (646) 307-1963 Webcast: https://events.q4inc.com/attendee/154141836

About Integra Resources Corp.

Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idahoand the Nevada North Project located in western Nevada. Integra creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined capital allocation, and strategic M&A, while upholding the highest industry standards for environmental, social, and governance practices.