Integra Resources Q1 Earnings Call Highlights

Key Points

• Florida Canyon production came in below expectations in Q1, with 12,635 ounces of gold produced after temporary leach-rate issues tied to fine ore from the N2 Pit. Management still expects to hit full-year guidance of 70,000 to 75,000 ounces as deferred ounces are recovered later in 2026.
• Costs rose during a reinvestment phase, with cash costs at $2,422/oz and all-in sustaining costs at $3,310/oz, driven by lower ounces sold, higher royalties/taxes, and more diesel expense. Integra also boosted capital spending to support fleet additions, waste stripping, and mine optimization at Florida Canyon.
• DeLamar permitting and development are advancing, with the Mine Plan of Operations submitted to the BLM and the NEPA process expected to begin in May 2026. The company also launched a 50,000-meter exploration program across Nevada and Idaho, its largest U.S. gold-focused drilling campaign to date.

Integra Resources NYSEAMERICAN: ITRG reported first-quarter 2026 results that management said reflected a deliberate reinvestment phase at its Florida Canyon mine, alongside continued permitting and technical work at its DeLamar and Nevada North development projects.

President, CEO and Director George Salamis said Integra’s 2026 plan prioritizes “mine site operational safety, reliability, maintenance discipline, and targeted reinvestment” at Florida Canyon, with the goal of positioning the Nevada operation as “a sustainable, high-quality producing gold mine rather than simply a transitional one.”

The company ended the quarter with $105.8 million in cash and working capital of $139.7 million. Chief Financial Officer Andrée St-Germain said Integra completed an equity financing during the quarter for net proceeds of $57.5 million, intended to fund pre-production expenditures at DeLamar and the acquisition of strategic land near the project.

Florida Canyon Production Below Near-Term Expectations, Guidance Maintained

Integra produced 12,635 ounces of gold in the first quarter at Florida Canyon. Chief Operating Officer Clifford Lafleur said about 3,000 ounces were deferred from the quarter because of temporarily reduced solution flow rates to a specific Phase II heap leach pad cell containing fine ore from the newly opened N2 Pit.

Lafleur said a blending strategy has been developed to maintain nominal leach rates from fine N2 material going forward. With that approach and the commissioning of the Phase IIIB leach pad, Integra said it expects to meet its full-year gold production guidance of 70,000 to 75,000 ounces. Management said most of the deferred first-quarter ounces are expected to be recovered through ongoing leaching over the remainder of 2026.

The mine recorded a mining rate of 76,800 total tons per day at the start of leaching on the Phase IIIB pad. Integra mined 3 million tons of ore and 3.9 million tons of waste during the quarter, resulting in a strip ratio of 1.3. Lafleur said the higher strip ratio reflected the company’s reinvestment plan, including increased capitalized waste stripping and the ramp-up of new mining areas.

Integra has been adding equipment at Florida Canyon, including eight Caterpillar 785 haul trucks, one Caterpillar 992 high lift loader and one Hitachi EX3600 front shovel since 2025. Lafleur said the expanded fleet is intended to help manage historical waste stripping inherited from prior operators.

Costs Elevated During Reinvestment Period

First-quarter cash costs averaged $2,422 per gold ounce, while mine site all-in sustaining costs averaged $3,310 per ounce. Lafleur said both metrics were above the company’s guidance ranges because of lower ounces sold, higher royalties and excise taxes tied to higher realized gold prices, and increased diesel prices.

The company invested $10.8 million in sustaining capital at Florida Canyon during the quarter. Lafleur said the increase reflected new equipment leases, capital stripping and mobile equipment refurbishments. Integra also spent $1.8 million in non-sustaining growth capital, primarily for growth-focused capital stripping and drilling programs at Florida Canyon, as well as equipment lease payments for the enhanced fleet.

During the question-and-answer session, Florida Canyon General Manager Gregory Robinson said the mine budgets “right around $1 million a month” for fuel at Florida Canyon, based on lower diesel prices than the company is currently seeing.

Revenue and Earnings Rise on Higher Realized Gold Price

Integra reported first-quarter revenue of $61.7 million and cost of sales of $36.9 million, resulting in mine operating earnings of $24.9 million. St-Germain said that represented a 40% operating profit margin, compared with 27% in the prior-year period, largely due to higher realized gold prices.

The company’s average realized gold price was $4,854 per ounce in the first quarter, compared with $2,888 per ounce in the first quarter of 2025. Adjusted earnings were $12.9 million, or $0.07 per share, compared with $4.4 million, or $0.03 per share, a year earlier.

In response to an analyst question, St-Germain said Integra had purchased put options in late 2025 and early 2026 to protect downside risk on about 40% to 50% of production. She said the put options are set at $3,500 gold and maintain full exposure to upside gold prices. She added that the company will monitor the gold price and may potentially roll the strategy into 2027.

DeLamar Permitting Advances Toward NEPA Review

At DeLamar in Idaho, Lafleur said the company continued to advance and de-risk its flagship development asset. The Mine Plan of Operations was refined and submitted to the Bureau of Land Management in February 2026, and the BLM determined that version would serve as the project’s proposed action for environmental review under the National Environmental Policy Act.

The Notice of Intent is expected to be published on May 22, 2026, initiating the NEPA process. Lafleur said the BLM schedule targets a 15-month process to a Record of Decision anticipated in late 2027. The project’s permitting timeline was posted to the FAST-41 project dashboard in January.

Integra also began de-risking activities at DeLamar during the quarter, including an initial deposit to Idaho Power for planning work on upgrading existing power infrastructure and the acquisition of a strategic land position near the project.

The company filed the DeLamar feasibility study technical report in early February. Lafleur said the study outlines a conventional open-pit oxide heap leach operation, with an after-tax net present value of approximately $774 million and an after-tax internal rate of return of 46% under the study’s base case assumptions. He said the after-tax NPV rises to approximately $1.9 billion and the IRR to 97% using recent gold and silver prices cited by the company.

Largest U.S. Exploration Campaign Underway

Salamis said Integra launched a 50,000-meter drill program across its Nevada and Idaho portfolio in early April, calling it the largest gold-focused exploration campaign in the company’s U.S. history.

• At Florida Canyon, 42,500 meters of drilling are planned, focused on near-mine oxide gold targets and the nearby past-producing Standard Mine area.
• At DeLamar, 2,500 meters of advanced engineering drilling are planned to support future development.
• At Nevada North, 5,500 meters of development and resource conversion drilling are planned to support a future pre-feasibility study and resource growth.

Salamis said initial drill results are expected in summer 2026 and will continue through the year. Portions of the Florida Canyon program will support an updated feasibility study, mine plan and NI 43-101 technical report expected by the end of June 2026.

At Nevada North, Lafleur said the Wildcat exploration plan of operations is fully approved, providing greater flexibility for expanded exploration and technical drilling. He said Integra expects to begin work on an updated technical report for Nevada North in 2026, targeting release in early 2027.

Salamis said Integra’s priorities for 2026 include optimizing gold production and cash flow at Florida Canyon, advancing DeLamar through permitting and de-risking work, and progressing Nevada North toward future development. He said the company remains focused on disciplined capital allocation and will continue evaluating strategic and accretive merger-and-acquisition opportunities over the longer term.

About Integra Resources NYSEAMERICAN: ITRG

Integra Resources Corp. is a mineral exploration and development company focused on the acquisition, characterization and advancement of precious metals projects in North America. The company's flagship asset is the DeLamar Gold-Silver Project in southwestern Idaho, a historic mining district that produced both gold and silver from the late 19th century through the mid-20th century. Integra's business model emphasizes resource delineation, metallurgical optimization and progression through permitting and engineering phases toward potential production.

Since its incorporation in 2017, Integra Resources has undertaken multiple drilling campaigns and metallurgical studies aimed at upgrading and expanding the known mineral inventory at DeLamar.

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