What Integra Resources (ITRG) Said on Its Q3 Earnings Call

Key Points

• Integra cut its 2026 gold production forecast for Florida Canyon to 59,000–62,000 ounces from 70,000–75,000, as leaching lagged behind mining. The company plans to slow mining and improve ore blending; it expects the ounces already on the heap leach pad to be recovered over time.
• Florida Canyon produced 17,652 ounces in Q3, up 8% from Q2, but recovery averaged 52.5%. Mine-site all-in sustaining costs were $3,059 per ounce sold, while operating cash flow fell to $21.8 million, partly due to inventory buildup.
• Integra is advancing development plans at DeLamar, targeting key environmental approvals in the second half of 2027, and has engaged an adviser to assess financing options. At Nevada North, exploration drilling is underway to support future technical and economic studies.

Integra Resources NYSEAMERICAN: ITRG lowered its 2026 gold production forecast for the Florida Canyon mine after leaching rates failed to keep pace with increased mining, even as the operation posted a second consecutive quarter of production growth.

The company now expects to produce 59,000 to 62,000 ounces of gold in 2026, down from its previous forecast of 70,000 to 75,000 ounces. Chief Operating Officer Cliff Lafleur said Integra is reducing mining rates for the rest of the year to maintain effective blending and protect the long-term performance of its heap leach pad.

Florida Canyon produced 17,652 ounces of gold in the third quarter, up 8% from the previous quarter and 40% from the first quarter. Production for the first nine months totaled 46,666 ounces.

Leaching Constraints Prompt Revised Outlook

Lafleur said mining rates rose during the first three quarters as Integra stripped the Central Pit to reach higher-grade ore. However, variations in the fine material produced from other mining areas made it difficult to maintain the blending needed to support leaching rates, particularly given limited space on the existing pad.

President and CEO George Salamis said the affected ounces are already on the pad but are leaching more slowly than expected. He said the company expects to recover them over time.

Lafleur said Integra has advanced construction of additional heap leach pad space to provide more flexibility. He did not give a specific fourth-quarter stacking target but said the rate would be closer to levels in the first and second quarters.

The company has maintained stripping rates at the Central Pit, Lafleur said, and expects higher-grade ore from the area to ramp up in the first half of 2027. He said Integra was still working on next year’s guidance but was not seeing major production impacts at the time of the call. The company was not ready to release a 2027 cost forecast.

Third-Quarter Costs and Cash Flow

Florida Canyon mined a record average of approximately 97,400 total tons per day in the third quarter, including 5.3 million tons of ore and 3.6 million tons of waste. Average gold recovery was 52.5%, down approximately 5%, which Lafleur attributed to greater placement of run-of-mine ore rather than crushed ore on the leach pad.

Mine-site all-in sustaining costs were $3,059 per ounce sold, while cash costs averaged $2,419 per ounce sold. Lafleur said costs were affected by elevated mining, hauling and stacking rates, as well as higher diesel, labor and explosives costs.

Integra reported $72.4 million in quarterly revenue and $23.3 million in mine operating earnings. Florida Canyon sold 16,760 ounces at an average realized gold price of $4,272 per ounce, compared with 20,265 ounces at $3,464 per ounce a year earlier.

Chief Financial Officer Andrée St-Germain said operating cash flow fell to $21.8 million from $35.6 million a year earlier, largely because of a $16.3 million increase in cash used for working capital, primarily from inventory buildup. Adjusted earnings declined to $12.8 million, or $0.06 per share, from $16.3 million, or $0.10 per share.

Integra ended the quarter with $119.5 million in cash and $159.5 million in working capital. St-Germain said the company has been debt-free since December 2025, except for mobile equipment financing.

Development Projects Advance

At the DeLamar project in Idaho, Integra is advancing engineering, procurement, permitting and financing preparations ahead of a potential construction decision. Lafleur said the company expects the Environmental Impact Statement and Record of Decision in the second half of 2027, with principal orders for long-lead equipment expected by the end of 2026.

Integra appointed GenCap Mining Advisory to help evaluate financing alternatives for DeLamar. At Nevada North, exploration drilling is underway to support an updated technical report and advanced economic studies in 2027, Salamis said.

At Florida Canyon, Salamis highlighted drilling at the Central Pit Radio Tower Saddle target, where results included 1.3 grams per ton of gold over 62.5 meters and 0.59 grams per ton over 167.6 meters. The company plans another 54 drill holes at the target.

About Integra Resources (NYSEAMERICAN:ITRG)

Integra Resources Corp. is a Canadian mining company focused on exploring, developing and operating precious-metals projects in the western United States. Its activities include gold and silver production, project development and mineral exploration. The company operates the Florida Canyon Mine in Nevada and is advancing the DeLamar project in Idaho, a gold-and-silver development project. Integra also holds exploration properties in Nevada, including the Wildcat and Mountain View projects. Integra expanded its portfolio through its 2024 acquisition of Florida Canyon Gold, which brought the Florida Canyon operation into the company.

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