INTEGRA REPORTS FOURTH QUARTER 2025 RESULTS; STRONG ANNUAL PRODUCTION FROM FLORIDA CANYON MINE, RECORD ADJUSTED NET EARNINGS, AND STRENGTHENED FINANCIAL POSITION
Rhea-AI Summary
Integra Resources (NYSE American: ITRG) reported Q4 2025 and full-year results with strong annual production from Florida Canyon and record adjusted net earnings. FY 2025 revenue was $243.9M, gold production 70,927 oz, adjusted earnings $47.3M, and year-end cash of $63.1M.
Q4 2025 saw 12,864 oz produced, revenue of $55.2M, Q4 adjusted earnings of $14.8M, and elevated cash costs and Mine-site AISC driven by higher gold prices and planned equipment payments.
Positive
- Revenue of $243.9 million for FY 2025
- Gold production of 70,927 ounces in 2025
- Record adjusted earnings of $47.3 million in 2025
- Year-end cash balance of $63.1 million
- Operating cash flow of $72.3 million for 2025
Negative
- Q4 net loss of $5.7 million
- FY net loss of $2.2 million
- Cash costs $1,937/oz, above guidance
- Mine-site AISC $2,693/oz, above guidance
- Q4 operating cash flow fell to $4.7 million
Key Figures
Market Reality Check
Peers on Argus
ITRG is down 0.37% while peers MUX and ASM appear in momentum scans, up about 2.48% and 2.68% respectively. Other peers show mixed moves, suggesting today’s slight dip is more stock-specific than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | -5.8% | Record Q3 revenue and cash flow from Florida Canyon operations. |
| Aug 13 | Q2 2025 earnings | Positive | +0.6% | Record Q2 revenue, strong margins, and reduced cash costs. |
| Jul 17 | Q2 2025 ops update | Positive | -0.7% | Consistent Q2 gold production and higher cash balance at Florida Canyon. |
| May 14 | Q1 2025 earnings | Positive | -3.3% | Strong Q1 results with solid production and rising cash position. |
| Apr 22 | Q1 2025 ops update | Positive | -4.3% | Strong Q1 production, recovery improvements and higher cash balance. |
Earnings releases with generally positive operating metrics have often seen negative next-day moves, indicating a recurring divergence between fundamentals and immediate price reactions.
Across 2025, Integra’s earnings updates highlighted ramp-up at Florida Canyon with rising revenue, positive adjusted earnings, and growing cash balances. Q1 through Q3 2025 results emphasized strong production, improving margins, and advancing DeLamar permitting. Despite this, four of the last five earnings-tagged releases saw negative 24-hour price reactions. Today’s Q4/YE 2025 report continues that narrative of solid operational performance and a stronger financial position, while the modest share pullback fits the historical pattern of cautious short-term trading around Integra’s earnings events.
Historical Comparison
Past earnings-related releases for ITRG averaged a -2.7% next-day move. Today’s roughly -0.37% reaction to Q4/YE 2025 results is a milder downside response but directionally consistent.
Earnings releases over 2025 showed Florida Canyon scaling from strong quarterly production to full-year 70,927 oz, while DeLamar advanced to a completed Feasibility Study, illustrating a steady transition from single-asset ramp-up toward a broader growth pipeline.
Market Pulse Summary
This announcement details a full year of commercial production at Florida Canyon with 70,927 oz of gold, record annual revenue of $243.9M, and adjusted earnings of $47.3M. It also highlights a solid balance sheet, including $63.1M in cash and $92.9M in working capital, alongside elevated 2025 Mine-site AISC of $2,693/oz. Investors can track how Integra manages cash costs, commissions new mining equipment, and advances DeLamar through NEPA and FAST‑41 timelines as key markers of execution quality.
Key Terms
strip ratio technical
heap leach pad technical
mine-site all in sustaining costs financial
feasibility study technical
national environmental policy act regulatory
nepa regulatory
fast-41 regulatory
AI-generated analysis. Not financial advice.
TSXV: ITR; NYSE American: ITRG
www.integraresources.com
(All amounts expressed in
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 $3,411 - Quarterly revenue of
$55.2 million $70.7 million $243.9 million - Mine operating earnings of
$25.3 million $28.6 million 46% in Q4 2025 was improved from the40% operating margin recorded in Q3 2025. YE mine operating earnings of$94.5 million 39% . - Q4 adjusted earnings(1) of
$14.8 million $0.09 $16.3 million $0.10 $47.3 million $0.28 - Q4 net loss of
$5.7 million $0.03 $8.2 million $0.05 $2.2 million $0.01 - Cash costs(1) averaged
$2,036 $1,876 $1,937 $1,800 $1,900 - Mine-site all in sustaining costs(1) ("Mine-site AISC") averaged
$3,371 $2,647 $2,693 $2,450 $2,550 - Operating cash flow of
$4.7 million $35.6 million $20.9 million $72.3 million $71.2 million - Free cash outflow was
$12.2 million $0.07 $19.8 million $0.12 - Ended the quarter with cash and cash equivalents of
$63.1 million $81.2 million - 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 , andOregon , 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 andAfrica , 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,
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
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
Sustaining and Non-sustaining Capital
In Q4 2025, the Company invested
The Company also invested
These expenditures are in line with the Company's 2025 Guidance.
Cash Costs and Mine-site AISC
Cash costs averaged
The Company ended 2025 with an average AISC slightly higher than the stated guidance of
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
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
Selected Q4 and YE 2025 Financial Results
Revenue
In Q4 2025, the Company sold 12,920 ounces of gold at average realized prices of
In 2025, the Company sold 70,919 ounces of gold at average realized prices of
Net Earnings
During the three months and year ended December 31, 2025, net losses were
Q4 2025 adjusted earnings of
Cash Flow
Cash flows provided by operations in Q4 2025 totaled
Cash flows generated by operations for the year totaled
The Company remitted tax payments of
During the fourth quarter, the Company made payments of
Q4 2025 free cash flow utilized of
Financial Position
As at December 31, 2025, the Company had a cash and cash equivalent balance of
The Company's working capital was
Subsequent to year-end, the Company completed a bought deal public offering of 18,121,600 common shares of the Company at a price of
Development Projects
Integra's 2025 DeLamar Project Mine Plan of Operations (the "MPO"), has been determined to be administratively complete, meeting the content requirements at 43 CFR 3809.401(b). The MPO will serve as the basis for BLM's environmental review of the Project under NEPA. Following the publishing of the NOI in Q2 2026, Public and Agency Scoping will identify environmental concerns (issues) associated with project implementation. These issues will inform the development of potential alternatives. Environmental effects analysis of the DeLamar Project and a reasonable range of alternatives will then proceed and an EIS will be prepared. In the EIS and accompanying record of decision, anticipated in Q3 2027, the BLM will identify a Preferred Alternative and any required mitigation measures required for Project implementation. Following the NEPA process, a final revised Project MPO will be prepared that incorporates the Preferred Alternative and any identified mitigation measures. Once all applicable Federal, State and Local permits are obtained, the Project will commence construction.
The DeLamar Project's permitting timeline posted to the FAST-41 project dashboard on January 13, 2026. The FAST-41 Transparency Project program is a federal permitting framework designed to streamline environmental reviews, improve interagency coordination, and increase transparency. Agencies must develop and maintain a coordinated, project-specific timetable for all required environmental review and permitting actions. Integra will be designated a dedicated project advisor from the Permitting Council, who will monitor the advancement of the project – maintaining active engagement and coordination across multiple regulatory agencies. The Permitting Council provides high-level oversight to ensure that Federal agencies adhere to established timetables. The DeLamar Project's permitting timeline posted to the FAST-41 project dashboard highlights an accelerated 15 month NEPA schedule from start to finish.
The Company completed its FS for DeLamar Heap Leach 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. The FS outlines total production of 1.1 million ounces of gold equivalent ("AuEq") over a 10-year operating mine life (plus two years of residual leaching), resulting in an average annual production profile of 106,000 ounces AuEq per annum at a co-product Mine-site AISC of
During the quarter the Company also advanced the Nevada North Project. A preliminary hydrogeological study was initiated at Wildcat to develop a hydrogeological conceptual site model ("HCSM") and to assess potential water management and supply issues impacting mining and reclamation planning. Four monitoring wells have been installed under an existing notice authorization, and will provide data related to groundwater depth, flow direction and water quality. Further hydrogeological studies are planned for 2026 and will be informed by these preliminary data. 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 that will initiate in 2026. The Reclamation Permit from Nevada Division of Environmental Protection ("NDEP") Bureau of Mining Regulation and Reclamation ("BMRR") is also in process and anticipated in Q2 2026.
At Mountain View, environmental analysis for the EPO is also complete. The Mountain View EPO has completed its 30-day public comment period, and a Final Environmental Assessment was published in Q4 2025. The NDEP BMRR Reclamation Permit is anticipated in Q2 2026. 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 North in 2026 with a target release date in early 2027.
External Affairs activities for the quarter maintained broad stakeholder engagement, with the most frequent stakeholder categories including local residents, civic and non-profit organizations, government and elected officials, and Tribal nations, totaling over 4,250 stakeholders engaged in
Health, Safety and Environment
Integra experienced zero fatalities and zero lost time incidents in Q4 2025. Three MSHA-reportable injuries occurred at Florida Canyon in Q4, which brought the full-year total to seven. The 2025 total recordable incident frequency rate ("TRIFR") at Florida Canyon was 1.79.
Integra recorded six minor reportable environmental spills, incidents, or non-compliances in 2025, one of which occurred in the fourth quarter.
2026 Guidance and Outlook
Integra provides the following annual guidance for 2026:
Unit (1) | Guidance Range | |
Florida Canyon Mine | ||
2026 Gold Production | oz | 70,000 - 75,000 |
2027 Gold Production | oz | 80,000 - 90,000 |
2028 Gold Production | oz | 80,000 - 90,000 |
2026 Total Cash Cost(2) | $/oz sold | |
2026 Mine-Site All-In Sustaining Costs ("AISC")(2) | $/oz sold | |
2026 Sustaining Capital Expenditures and Leases | $m | |
2026 Non-Sustaining (Growth) Capital Expenditures | $m | |
Development Projects | ||
2026 DeLamar and Nevada North Project Advancement Expenses | $m | |
2026 DeLamar Pre-Production Capital Expenditures and Land Acquisitions | $m | |
Corporate | ||
2026 General and Administrative Expenses(3) | $m |
(1) | Unit abbreviations: oz = troy ounce, $/oz sold = |
(2) | Non-GAAP measure. Please refer to "10. Non-GAAP Financial Measures" section of this news release. Calculated using an assumed average gold price of |
(3) | Excludes non-cash stock-based compensation expense and depreciation expense. |
2026 Production, Cost, and Growth Outlook – Florida Canyon Mine
Gold production from the Florida Canyon Mine ("Florida Canyon" or the "Mine") is expected to be 70,000 to 75,000 ounces in 2026 with approximately
Cash costs at Florida Canyon are expected to range from
Sustaining capital expenditures of approximately
Mine-Site AISC at Florida Canyon is expected to range from
Growth capital between
2026-2028 Production Outlook – Florida Canyon Mine
Sustaining and growth investments made in 2025 and 2026 are expected to support increased annual gold production at Florida Canyon of approximately 80,000 to 90,000 ounces per year in 2027 and 2028. This improved gold production profile is driven by targeted pit expansion and continued investment in the mobile mining fleet.
Continuing from the investments made in 2025, approximately
The Company also made significant investments into its mobile fleet in 2025, with further upgrades continuing into 2026. Key investment areas include the purchase of new equipment such as an excavator, a loader, eight haul trucks and several auxiliary pieces as well as rebuilding several existing pieces of mobile equipment. This work is expected to enhance operating capacity, productivity and overall mining performance.
2026 Development Outlook – The DeLamar Project and the Nevada North Project
Integra remains committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project ("DeLamar") located in southwestern
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 NEPA, guided by the federally regulated FAST-41 guidelines. In January 2026 the BLM formally established a federal permitting schedule under NEPA for DeLamar. The BLM-defined schedule contemplates publication of a Notice of Intent ("NOI") in the second quarter of 2026, followed by an anticipated 15-month NEPA review period, culminating in the issuance of an Environmental Impact Statement ("EIS") and Record of Decision ("ROD") in the third quarter of 2027. In addition to project advancement spending at DeLamar, a total of
Nevada North consists of two mineral exploration deposits, the Wildcat Deposit ("Wildcat") and the Mountain View Deposit ("Mountain View"). At Nevada North, the Company has allocated approximately
Financial Statements
Integra's consolidated financial statements and management's discussion and analysis as at and for the years ended December 31, 2025, are available on the Company's website at www.integraresources.com, and under the Company's profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Hard copies of the financial statements are available free of charge upon written request to info@integraresources.com.
Q4 2025 Conference Call and Webcast Details
The Company will host a conference call and webcast on Wednesday, March 25, 2026 at 11:00 AM Eastern Time / 8:00 AM Pacific Time to review its financial and operating results for the fourth quarter of 2025. Details for the conference call and webcast are included below.
Dial-In Numbers / Webcast:
Conference ID: 1860723
Toll Free: (800) 715-9871
Toll: +1 (647) 932-3411
Webcast: https://events.q4inc.com/attendee/743710418
About Integra Resources Corp.
Integra is a growing precious metals producer in the Great Basin of the
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 | Year ended | |
2025 | 2025 | |
Gold revenue | $ 54,637 | $ 241,886 |
Gold ounces sold during the period | 12,920 | 70,919 |
Average realized gold price (per oz sold) | $ 4,229 | $ 3,411 |
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 | Year ended | |
2025 | 2025 | |
Payments for mineral properties, plant and equipment | $ 14,569 | $ 46,455 |
Payments for equipment leases | 5,238 | 11,506 |
Total capital expenditures | 19,807 | 57,961 |
Less: Non-sustaining capital expenditures | (2,943) | (5,516) |
Sustaining capital expenditures | $ 16,864 | $ 52,445 |
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 | Year ended | |
2025 | 2025 | |
Operating cash flow (1) | $ 4,660 | $ 72,254 |
Less: sustaining capital expenditures | (16,864) | (52,445) |
Free cash flow | $ (12,204) | $ 19,809 |
Free cash flow per share (basic) | $ (0.07) | $ 0.12 |
Weighted average shares outstanding (basic) | 170,654 | 169,329 |
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 | Year ended | |
2025 | 2025 | |
Revenue | $ 55,151 | $ 243,926 |
Mine operating earnings | 25,269 | 94,547 |
Operating margin | 46 % | 39 % |
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 | Year ended | |
2025 | 2025 | |
Operating cash flow (1) | $ 4,660 | $ 72,254 |
Change in working capital | 16,217 | (1,041) |
Operating cash flow before change in working capital | $ 20,877 | $ 71,213 |
Operating cash flow per share (basic) | $ 0.03 | $ 0.43 |
Operating cash flow before change in working capital per share (basic) | $ 0.12 | $ 0.42 |
Weighted average shares outstanding (basic) | 170,654 | 169,329 |
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 | Year ended | |
2025 | 2025 | |
Production costs | $ 23,289 | $ 119,520 |
Royalties and excise taxes | 3,367 | 15,740 |
Fair value adjustment to production costs on sale of acquired inventories (1) | 163 | 4,133 |
Less: Silver revenue | (514) | (2,040) |
Total cash costs | 26,305 | 137,353 |
Reclamation accretion expense | 384 | 1,212 |
Sustaining capital expenditures | 16,864 | 52,445 |
Mine-site AISC | $ 43,553 | $ 191,010 |
General and administrative expenses | $ 1,661 | $ 7,090 |
Share-based compensation | $ 499 | $ 1,970 |
Total AISC | $ 45,713 | $ 200,070 |
Gold ounces sold (oz) | 12,920 | 70,919 |
Cash costs (per Au sold) | $ 2,036 | $ 1,937 |
Mine-site AISC (per Au sold) | $ 3,371 | $ 2,693 |
AISC (per Au sold) | $ 3,538 | $ 2,821 |
(1) | This non-cash adjustment to production costs for the years ended December 31, 2025, results from the fair value adjustment to inventories recognized upon the acquisition of the Florida Canyon Mine. |
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 | Twelve months ended | |
2025 | 2025 | |
Net (loss) earnings | $ (5,678) | $ (2,243) |
Increase (decrease) due to: | ||
Transaction and integration costs | 53 | 2,198 |
Fair value adjustment to production costs on sale of acquired inventories (1) | (163) | (4,133) |
Unrealized (gains) losses on derivatives | (21,568) | 326 |
Realized loss on debt facility conversion | 38,361 | 38,361 |
(Gain) loss on disposal of mineral properties, plant and equipment | (27) | 239 |
Current tax effect from adjusting items | (7) | 65 |
Deferred tax expense (recovery) | 3,804 | 12,506 |
Adjusted earnings (loss) | $ 14,775 | $ 47,319 |
Weighted average shares outstanding (in 000's) Basic | 170,654 | 169,329 |
Adjusted basic earnings (loss) per share | $ 0.09 | $ 0.28 |
(1) | This non-cash adjustment to production costs for the years ended December 31, 2025, results from the fair value adjustment to inventories recognized upon the acquisition of the Florida Canyon Mine. |
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 March 24, 2026 for the fiscal year ended December 31, 2025, which is available on the SEDAR+ issuer profile for the Company at www.sedarplus.ca and on the EDGAR issuer profile for the Company at www.sec.gov.
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 Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Integra Resources Corp.
FAQ
What were Integra Resources (ITRG) full-year 2025 revenue and adjusted earnings?
How much gold did ITRG produce and sell at Florida Canyon in 2025?
Why did ITRG report a Q4 2025 net loss while showing adjusted earnings?
What drove Integra's elevated cash costs and Mine-site AISC in Q4 2025?
How did operating cash flow change for ITRG in Q4 versus full year 2025?
What near-term catalysts and project timelines did Integra highlight for 2026–2028 (ITRG)?
