TSXV: ITR; NYSE American: ITRG
(All amounts expressed in
Second Quarter 2026 Highlights:
- Mined 4.4 million tonnes of ore and 3.6 million tonnes of waste at a strip ratio of 0.81 at the
Florida Canyon Mine (the "Florida Canyon Mine " or "Florida Canyon " or the "Mine") for Q2 2026. As a result, ore mining rates were 48,538 tonnes per day ("tpd") and total tonnes mined were 87,867 tpd, a record for the Mine. - Gold production increased 30% quarter-over-quarter to 16,379 ounces, driven by record total material movement, supporting a stronger production profile that is expected to continue through the remainder of the year.
- In Q2 2026,
Florida Canyon sold 15,794 gold ounces at an average realized price of$4,426 per gold ounce. - Quarterly revenue of
$70.8 million in Q2 2026, compared to revenue of$61.1 million in Q2 2025. - Mine operating earnings of
$23.4 million in Q2 2026 were comparable to$25.2 million in Q2 2025. - Q2 2026 adjusted earnings(1) of
$13.1 million , or$0.06 per share, was comparable to the$11.8 million , or$0.07 per share recorded in Q2 2025. - Q2 2026 net earnings of
$12.0 million , or$0.06 earnings per share was comparable to$10.6 million , or$0.06 in earnings per share recorded in Q2 2025. - Cash costs(1) averaged
$2,495 per gold ounce and mine-site all in sustaining costs(1) ("Mine-site AISC") averaged$3,371 per gold ounce in Q2 2026, both impacted by an increase in tonnes mined, stacked and processed to support production, lower gold ounces sold during the first quarter, increased royalties and excise taxes resulting from stronger-than-anticipated gold prices, and higher diesel fuel and explosive costs. - Operating cash flow of
$22.8 million increased from$16.3 million in Q2 2025, primarily driven by a$9.0 million decrease in cash used for working capital, largely driven by a build-up of payables, and partially offset by higher tax payments. - Free cash flow(1) was
$9.3 million , or$0.05 per share, for Q2 2026, a significant improvement from$2.1 million , or$0.01 per share in Q2 2025. - Cash and cash equivalents of
$111.1 million atJune 30, 2026 , an increase from$63.1 million atDecember 31, 2025 and benefitting from the$57 .5 million bought deal public offering completed in the first quarter of 2026. - The Company filed its updated Feasibility Study Technical Report (the "Technical Report") and Life of Mine Plan for
Florida Canyon datedJuly 28, 2026 , with an effective date ofMay 31, 2026 . The Technical Report outlined a larger scale, longer-life mine with an 8-year mine life, a 74% increase in Proven and Probable Mineral Reserves, a 17% increase in average annual gold production, approximately$0.8 billion in after-tax free cash flow over the life-of-mine, and$601 million after-tax net present value (5%)("NPV")(1),(2),(3) - The largest drill program in Company history is underway at
Florida Canyon focused on expanding resources and reserves, extending mine life and testing high-priority near-mine and regional targets to support the operation's long-term resource growth. - DeLamar entered the federal permitting process under the National Environmental Policy Act ("NEPA") in
May 2026 and commenced state-of-good-repair programs on site, including test mining, crush optimization analysis, truck shop refurbishment and general site readiness to shorten the development timeline and reduce execution risk at DeLamar. - The Company advanced the implementation of its partnership with the Shoshone-Paiute Tribes of the
Duck Valley Reservation , including the grant of 517,103 common shares with an aggregate value of$1.5 million in recognition of the parties' collaborative efforts to advance theDeLamar Project . Continued engagement underway with additional stakeholders across Nevada,Idaho andOregon , including local communities, civic and non-profit organizations and government officials.
(1) | This is a non-GAAP financial measure, please 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 this measure. |
(2) | Please see notes for Mineral Reserve Estimate on the Company's website at www.integraresources.com. |
(3) | NPV discounted to |
"Q2 2026 marked a significant improvement in gold production at
"In July, the Company filed the updated Technical Report for
Financial and Operating Highlights
Unit abbreviations in tables: kt = thousand tonnes, g/t = grams per tonne, Au = gold, oz = troy ounce, $000s = thousands of
Three months ended | Six months ended | ||||
Operating Highlights | Unit | 2026 | 2025 | 2026 | 2025 |
Ore mined | kt | 4,417 | 3,074 | 7,425 | 6,096 |
Waste mined | kt | 3,579 | 2,966 | 7,480 | 4,765 |
Total Mined | kt | 7,996 | 6,040 | 14,905 | 10,861 |
Crushed ore to pad | kt | 1,824 | 1,882 | 3,609 | 3,646 |
Run of mine ore to pad | kt | 2,332 | 1,275 | 3,406 | 2,474 |
Total placed | kt | 4,156 | 3,157 | 7,015 | 6,120 |
Strip ratio | waste/ore | 0.81 | 0.96 | 1.01 | 0.78 |
Ore mined/day | tpd | 48,538 | 33,785 | 41,021 | 33,494 |
Total mined/day | tpd | 87,867 | 66,382 | 82,350 | 60,004 |
Gold | |||||
Average grade | g/t | 0.23 | 0.21 | 0.22 | 0.22 |
Recovery | % | 57.8 % | 60.5 % | 58.5 % | 60.4 % |
Produced | oz | 16,379 | 18,087 | 29,014 | 37,410 |
Sold | oz | 15,794 | 18,194 | 28,312 | 37,734 |
Three months ended | Six months ended | ||||
Financial Highlights | Unit | 2026 | 2025 | 2026 | 2025 |
Revenue | $ millions | 70.8 | 61.1 | 132.5 | $ 118.1 |
Cost of sales | $ millions | (47.4) | (35.9) | (84.3) | $ (77.4) |
Mine operating earnings | $ millions | 23.4 | 25.2 | 48.2 | $ 40.7 |
Earnings for the period | $ millions | 12.0 | 10.6 | 24.6 | $ 11.6 |
Earnings per share (basic) | $/share | 0.06 | 0.06 | 0.12 | $ 0.07 |
Adjusted earnings for the period(1) | $ millions | 13.1 | 11.8 | 26.0 | $ 16.2 |
Adjusted earnings per share (basic)(1) | $/share | 0.06 | 0.07 | 0.13 | $ 0.10 |
Operating cash flow | $ millions | 22.8 | 16.3 | 36.6 | $ 32.0 |
Operating cash flow per share (basic) | $/share | 0.11 | 0.10 | 0.18 | $ 0.19 |
Free cash flow(1) | $ millions | 9.3 | 2.1 | 12.3 | $ 11.8 |
Free cash flow per share (basic) | $/share | 0.05 | 0.01 | 0.06 | $ 0.07 |
Cash costs(1) | $/oz sold | 2,495 | 1,849 | 2,463 | $ 1,936 |
Mine-site AISC(1) | $/oz sold | 3,371 | 2,641 | 3,344 | $ 2,486 |
(1) | Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release. |
Financial Position | |||
Cash and cash equivalents | $ millions | $ 111.1 | $ 63.1 |
Working capital(1) | $ millions | $ 146.5 | $ 92.9 |
(1) | Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release. |
Mining
In Q2 2026, the Company mined 4.4 million tonnes of ore, up 44% from 3.1 million in Q2 2025, and 3.6 million tonnes of waste, up 21% from 3.0 millon in Q2 2025 at a strip ratio of 0.81, 16% lower than 0.96 in Q2 2025. As a result, mining rates averaged 87,867 tpd compared to 66,382 tpd in Q2 2025, representing a record rate of total material movement at the Mine. This mining rate was achieved this quarter due to the new mining equipment integrated into the fleet over the previous two quarters and shorter haul distances.
Production
In Q2 2026, the Company produced 16,379 ounces of gold, compared to 18,087 ounces in Q2 2025. The blending strategy developed in the first quarter of 2026 for N2 ore continues to leach as expected. The Company ramped up mining and heap leach stacking rates through the second quarter of this year and expects to meet its annual gold production guidance of 70,000 to 75,000 ounces.
Average gold process recoveries were 57.8% in Q2 2026 slightly less than the 60.5% recovery achieved in Q2 2025.
Sustaining and Non-sustaining Capital
The second 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.
During Q2 2026, the Company invested
The Company also invested
These expenditures are in line with the Company's 2026 Revised Guidance.
Cash Costs and Mine-site AISC
Cash costs averaged
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 revised guidance assumed an average gold price of
Florida Canyon Exploration
In Q2 2026, the Company completed 8,501 meters of drilling, totaling 17,055 meters year to date, of its 42,500 meter 2026 growth focused drilling program at
Program expenditures, included in sustaining and non-sustaining capital, totaled
Florida Canyon Technical Report
The Company released the highlights of an updated Technical Report on
Development Projects
DeLamar capital and project expenses
In Q2 2026, the Company incurred
DeLamar permitting
Integra's 2025 DeLamar Project Mine Plan of Operations ("MPO") Version 4.3 was submitted to the BLM on
The Company completed its feasibility study for the
2026 Revised Guidance and Outlook
The Company revised its 2026 Mine-site AISC guidance at
The Company is also revising its 2026 total cash costs per ounce guidance to reflect the cost drivers impacting Mine-site AISC, and its 2026 non-sustaining capital expenditures guidance to reflect improvements included in the Technical Report including advancing heap leach pad construction which was originally planned for future years.
The Company has revised 2026 guidance as follows:
Unit (1) | Original | Change | Revised | |
2026 Total Cash Cost(2) | $/oz sold | |||
2026 Mine-Site All-In Sustaining Costs ("AISC")(2) | $/oz sold | |||
2026 Non-Sustaining (Growth) Capital Expenditures | $m | |||
(1) | Unit abbreviations: oz = troy ounce, $/oz sold = |
(2) | This is a non-GAAP financial measure, please 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 this measure. Calculation revised using an assumed average gold price of |
Selected Q2 Financial Results
Revenue
In Q2 2026 the Company sold 15,794 ounces of gold at average realized prices of
Net Earnings
During the three months ended
Q2 2026 adjusted earnings of
Cash Flow
Cash flows provided by operations in Q2 2026 totaled
During the second quarter, the Company made payments of
Q2 2026 free cash flow generated of
Financial Position
As at
The Company's working capital was
Health, Safety and Environment
Integra experienced zero fatalities and one lost time injury in Q2 2026. Three MSHA-reportable injuries occurred at
Integra experienced one quarterly reportable spill (one year-to-date), zero immediately reportable spills (zero year-to-date) and one minor reportable permit noncompliances for the quarter (three year-to-date), all at
Financial Statements
Integra's consolidated financial statements and management's discussion and analysis as at and for the three and six months ended
Q2 2026 Conference Call and Webcast Details
The Company will host a conference call and webcast on
Dial-In Numbers / Webcast:
Conference ID: 4645464
Toll Free: (800) 715-9871
Toll: +1 (646) 307-1963
Webcast: https://events.q4inc.com/attendee/102640394
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 Idaho and 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.
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO and Director
CONTACT INFORMATION
Corporate Inquiries: ir@integraresources.com
Company website: www.integraresources.com
Office phone: +1 (604) 416-0576
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by James Frost, P.Eng., Director, Technical Services of Integra, who is a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")
Non-GAAP Financial Measures
Management believes that the following non-GAAP financial measures will enable certain investors to better evaluate the Company's performance, liquidity, and ability to generate cash flow. These measures do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently.
Average realized gold price
Average realized gold price per ounce is calculated by dividing the Company's gross revenue from gold sales for the relevant period by the gold ounces sold, respectively. The Company believes the measure is useful in understanding the gold prices realized by the Company throughout the period. The following table reconciles revenue and gold sold during the period with average realized prices:
Three months ended | Six months ended | |||
2026 | 2025 | 2026 | 2025 | |
Gold revenue | $ 69,898 | $ 60,620 | $ 130,655 | $ 117,050 |
Gold ounces sold during the period | 15,794 | 18,194 | 28,312 | 37,734 |
Average realized gold price (per oz sold) | $ 4,426 | $ 3,332 | $ 4,615 | $ 3,102 |
Capital expenditures
Capital expenditures are classified into sustaining capital expenditures or non-sustaining capital expenditures depending on the nature of the expenditure. Sustaining capital expenditures are those required to support current production levels. Non-sustaining capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase production or extend mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of AISC.
The following table reconciles payments for mineral properties, plant and equipment, and equipment leases to sustaining and non-sustaining capital expenditures:
Three months ended | Six months ended | |||
2026 | 2025 | 2026 | 2025 | |
Payments for mineral properties, plant and equipment | $ 10,880 | $ 13,004 | $ 19,856 | $ 16,789 |
Payments for equipment leases | 3,399 | 2,007 | 6,991 | 4,241 |
Total capital expenditures | 14,279 | 15,011 | 26,847 | 21,030 |
Less: Non-sustaining capital expenditures | (811) | (817) | (2,599) | (817) |
Sustaining capital expenditures | $ 13,468 | $ 14,194 | $ 24,248 | $ 20,213 |
Free cash flow
Free cash flow, a non-GAAP financial metric, subtracts sustaining capital expenditures from net cash provided by operating activities, serving as a valuable indicator of our capacity to generate cash from operations post-sustaining capital investments. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS Accounting Standard measure:
Three months ended | Six months ended | |||
2026 | 2025 | 2026 | 2025 | |
Operating cash flow | $ 22,798 | $ 16,305 | $ 36,596 | $ 32,037 |
Less: sustaining capital expenditures | (13,468) | (14,194) | (24,248) | (20,213) |
Free cash flow | $ 9,330 | $ 2,111 | $ 12,348 | $ 11,824 |
Free cash flow per share (basic) | $ 0.05 | $ 0.01 | $ 0.06 | $ 0.07 |
Weighted average shares outstanding (basic) | 202,481 | 168,930 | 198,169 | 168,820 |
Working capital
Working capital is calculated as current assets less current liabilities. The Company uses this measure to assess its operational efficiency and short-term financial position.
Operating margin
Operating margin is calculated as mine operating earnings divided by revenue. The Company uses Operating Margin as a measure of the Company's profitability. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS Accounting Standard measure:
Three months ended | Six months ended | |||
2026 | 2025 | 2026 | 2025 | |
Revenue | $ 70,797 | $ 61,072 | $ 132,521 | $ 118,097 |
Mine operating earnings | 23,367 | 25,210 | 48,218 | 40,694 |
Operating margin | 33 % | 41 % | 36 % | 34 % |
Operating cash flow before change in working capital
The Company uses operating cash flow before change in working capital to determine the Company's ability to generate cash flow from operations, and it is calculated by adding back the change in working capital to operating cash flow as reported in the consolidated statements of cash flows.
Three months ended | Six months ended | |||
2026 | 2025 | 2026 | 2025 | |
Operating cash flow | $ 22,798 | $ 16,305 | $ 36,596 | $ 32,037 |
Change in working capital | (5,296) | 3,682 | 3,331 | 250 |
Operating cash flow before change in working capital | $ 17,502 | $ 19,987 | $ 39,927 | $ 32,287 |
Operating cash flow per share (basic) | $ 0.11 | $ 0.10 | $ 0.18 | $ 0.19 |
Operating cash flow before change in working capital per share (basic) | $ 0.09 | $ 0.12 | $ 0.20 | $ 0.19 |
Weighted average shares outstanding (basic) | 202,481 | 168,930 | 198,169 | 168,820 |
Cash costs
Cash costs are a non-GAAP financial metric which includes production costs, and government royalties. Management uses this measure to monitor the performance of its mining operation and ability to generate positive cash flow on a site basis.
AISC
All-in sustaining costs, a non-GAAP financial measure, starts with cash costs and includes general and administrative costs, reclamation accretion expense and sustaining capital expenditures. Management uses this measure to monitor the performance of its mining operation and ability to generate positive cash flow on an overall company basis.
Cash costs and AISC are calculated as follows:
Three months ended | Six months ended | |||
2026 | 2025 | 2026 | 2025 | |
Production costs | $ 35,751 | $ 28,299 | $ 63,045 | $ 62,781 |
Royalties and excise taxes | 4,492 | 4,185 | 8,391 | 7,917 |
Fair value adjustment to production costs on sale of acquired inventories (1) | 67 | 1,615 | 161 | 3,385 |
Less: Silver revenue | (899) | (452) | (1,866) | (1,047) |
Total cash costs | 39,411 | 33,647 | 69,731 | 73,036 |
Reclamation accretion expense | 358 | 210 | 691 | 567 |
Sustaining capital expenditures | 13,468 | 14,194 | 24,248 | 20,213 |
Mine-site AISC | $ 53,237 | $ 48,051 | $ 94,670 | $ 93,816 |
General and administrative expenses | 1,485 | 1,862 | 4,449 | 3,536 |
Share-based compensation | 956 | 610 | 1,325 | 961 |
Total AISC | $ 55,678 | $ 50,523 | $ 100,444 | $ 98,313 |
Gold ounces sold (oz) | 15,794 | 18,194 | 28,312 | 37,734 |
Cash costs (per Au sold) | $ 2,495 | $ 1,849 | $ 2,463 | $ 1,936 |
Mine-site AISC (per Au sold) | $ 3,371 | $ 2,641 | $ 3,344 | $ 2,486 |
AISC (per Au sold) | $ 3,525 | $ 2,777 | $ 3,548 | $ 2,605 |
(1) | This non-cash adjustment to production costs for the three and six months ended |
Adjusted earnings
Adjusted earnings and adjusted basic earnings per share (collectively, "Adjusted Earnings") are presented to remove items that are unrelated to ongoing operations. These metrics do not have a standardized definition under IFRS Accounting Standards and should not be considered as a substitute for results prepared in accordance with IFRS Accounting Standards. Other companies may calculate Adjusted Earnings differently. Adjusted Earnings excludes the tax-effected impact of transaction and integration costs, unrealized gains and losses on foreign currency derivative contracts, gains or losses from the disposal of mineral properties, plant and equipment, and deferred taxes.
Three months ended | Six months ended | |||
2026 | 2025 | 2026 | 2025 | |
Net earnings | $ 12,002 | $ 10,642 | $ 24,551 | $ 11,625 |
Increase (decrease) due to: | ||||
Transaction and integration costs | -- | 36 | -- | 2,131 |
Fair value adjustment to production costs on sale of acquired inventories (1) | (67) | (1,615) | (161) | (3,385) |
Unrealized (gains) losses on derivatives | (1) | 1,888 | (476) | 4,971 |
(Gain) loss on disposal of mineral properties, plant and equipment | (780) | 15 | (469) | 51 |
Current tax effect from adjusting items | (211) | -- | (127) | -- |
Deferred tax expense | 2,122 | 806 | 2,638 | 813 |
Adjusted earnings | $ 13,065 | $ 11,772 | $ 25,956 | 16,206 |
Weighted average shares outstanding (in 000's) Basic | 202,481 | 168,930 | 198,169 | 168,820 |
Adjusted basic earnings per share | $ 0.06 | $ 0.07 | $ 0.13 | $ 0.10 |
(1) | This non-cash adjustment to production costs for the three and six months ended |
Forward-looking Statements
Certain information set forth in this news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and
Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement was made. Assumptions and factors include: the Company's abilities to complete its planned exploration and development programs; the absence of adverse conditions at the Company's projects; no unforeseen operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Company's projects economic, as applicable; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond the Company's control and as well as those factors included herein and elsewhere in the Company's disclosure. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. This list in not exhaustive of the factors that may affect any of the Company's forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions and have attempted to identify important factors that could cause actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in the Company's Annual Information Form dated
Investors are cautioned not to put undue reliance on forward-looking statements. The forward looking-statements contained herein are made as of the date of this MD&A and, accordingly, are subject to change after such date. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
View original content to download multimedia:https://www.prnewswire.com/news-releases/integra-reports-second-quarter-2026-results-30-increase-in-quarterly-gold-production-record-total-tonnes-mined-and-strengthened-financial-position-302848918.html
SOURCE