INTEGRA REPORTS SECOND QUARTER 2025 RESULTS; CONSISTENT PERFORMANCE AND SIGNIFICANT CAPITAL INVESTMENT AT FLORIDA CANYON GOLD MINE
Integra Resources (NYSE: ITRG) reported strong Q2 2025 financial results, with record quarterly revenue of $61.1 million and net earnings of $10.6 million ($0.06 per share). The Florida Canyon Gold Mine produced 18,087 gold ounces and sold 18,194 ounces at a record average price of $3,332 per ounce.
The company achieved record mine operating earnings of $25.2 million, representing a 41% operating margin. Cash costs decreased to $1,849 per gold ounce from $2,016 in Q1. The company ended Q2 with $63.0 million in cash, up 3% from Q1.
Integra plans to invest ~$55 million into Florida Canyon this year for improvements and expansion, including heap leach pad expansions, capitalized stripping, and mining fleet enhancements. The company is also advancing its DeLamar Project in Idaho with an expected Feasibility Study in H2 2025.
Integra Resources (NYSE: ITRG) ha riportato solidi risultati finanziari nel 2° trimestre 2025, con ricavi trimestrali record di $61.1 milioni e utili netti di $10.6 milioni ($0.06 per share). La Florida Canyon Gold Mine ha prodotto 18,087 once d'oro e ne ha vendute 18,194 a un prezzo medio record di $3,332 per oncia.
La società ha realizzato un utile operativo della miniera record di $25.2 milioni, corrispondente a un margine operativo del 41%. I costi in contanti sono scesi a $1,849 per oncia d'oro rispetto a $2,016 nel 1° trimestre. La società ha chiuso il 2° trimestre con $63.0 milioni di liquidità, in aumento del 3% rispetto al 1° trimestre.
Integra prevede di investire circa $55 milioni a Florida Canyon quest'anno per interventi di miglioramento ed espansione, inclusi l'ampliamento dei piazzali di heap leach, la capitalizzazione delle attività di stripping e il potenziamento della flotta mineraria. La società sta inoltre portando avanti il Progetto DeLamar in Idaho, con uno studio di fattibilità previsto nella seconda metà del 2025.
Integra Resources (NYSE: ITRG) presentó sólidos resultados financieros en el 2T 2025, con ingresos trimestrales récord de $61.1 millones y utilidades netas de $10.6 millones ($0.06 por acción). La Florida Canyon Gold Mine produjo 18,087 onzas de oro y vendió 18,194 onzas a un precio medio récord de $3,332 por onza.
La compañía registró unas ganancias operativas de la mina récord de $25.2 millones, lo que representa un margen operativo del 41%. Los costos en efectivo bajaron a $1,849 por onza de oro desde $2,016 en el 1T. La compañía cerró el 2T con $63.0 millones en efectivo, un 3% más que en el 1T.
Integra planea invertir aproximadamente $55 millones en Florida Canyon este año para mejoras y expansión, incluyendo la ampliación de las plataformas de lixiviación en pilas (heap leach pads), la capitalización del stripping y mejoras en la flota minera. Además, avanza su Proyecto DeLamar en Idaho, con un estudio de factibilidad esperado en la segunda mitad de 2025.
Integra Resources (NYSE: ITRG)는 2025년 2분기 실적에서 분기 기준 최고 매출인 $61.1 million과 순이익 $10.6 million ($0.06 per share)을 보고했습니다. Florida Canyon 금광은 18,087 온스의 금을 생산했고 18,194온스를 판매했으며, 판매 평균 가격은 온스당 $3,332로 사상 최고였습니다.
회사는 광산 영업이익에서 사상 최대인 $25.2 million을 기록했으며, 이는 영업이익률 41%에 해당합니다. 현금 비용은 온스당 $1,849로 1분기 $2,016에서 감소했습니다. 2분기 말 현금은 $63.0 million으로 1분기 대비 3% 증가했습니다.
Integra는 올해 Florida Canyon에 약 $55 million을 투자해 힙리치(Heap Leach) 패드 확장, 스트리핑 비용의 자본화, 채굴 장비 업그레이드 등 개선 및 확장을 추진할 예정입니다. 또한 아이다호의 DeLamar 프로젝트도 진전시키고 있으며, 2025년 하반기 타당성 조사(Feasibility Study)를 예상하고 있습니다.
Integra Resources (NYSE: ITRG) a publié de solides résultats financiers pour le 2T 2025, avec un chiffre d'affaires trimestriel record de $61.1 millions et un bénéfice net de $10.6 millions ($0.06 par action). La mine Florida Canyon a produit 18,087 onces d'or et vendu 18,194 onces à un prix moyen record de $3,332 par once.
L'entreprise a dégagé un résultat d'exploitation minier record de $25.2 millions, correspondant à une marge d'exploitation de 41%. Les coûts cash ont diminué à $1,849 par once d'or contre $2,016 au T1. L'entreprise a clôturé le 2T avec $63.0 millions de trésorerie, en hausse de 3% par rapport au T1.
Integra prévoit d'investir environ $55 millions à Florida Canyon cette année pour des améliorations et l'expansion, incluant l'agrandissement des plateformes de lixiviation en tas (heap leach pads), la capitalisation des travaux de stripping et le renforcement de la flotte d'exploitation. La société fait également progresser son projet DeLamar dans l'Idaho, avec une étude de faisabilité attendue au second semestre 2025.
Integra Resources (NYSE: ITRG) meldete starke Finanzergebnisse für Q2 2025, mit rekordhohen Quartalsumsätzen von $61.1 Millionen und einem Nettogewinn von $10.6 Millionen ($0.06 pro Aktie). Die Florida Canyon Gold Mine produzierte 18.087 Unzen Gold und verkaufte 18.194 Unzen zu einem Rekorddurchschnittspreis von $3,332 pro Unze.
Das Unternehmen erzielte rekordverdächtige Bergbau-Betriebsergebnisse von $25.2 Millionen, entsprechend einer operativen Marge von 41%. Die Cash-Kosten sanken auf $1,849 pro Unze Gold gegenüber $2,016 im Q1. Das Unternehmen beendete Q2 mit $63.0 Millionen an Barmitteln, ein Anstieg von 3% gegenüber Q1.
Integra plant, dieses Jahr rund $55 Millionen in Florida Canyon zu investieren für Verbesserungen und Ausbau, darunter die Erweiterung der Heap-Leach-Pads, kapitalisierte Stripping-Kosten und Aufrüstungen der Bergbauflotte. Außerdem treibt das Unternehmen das DeLamar-Projekt in Idaho voran, mit einer erwarteten Machbarkeitsstudie in H2 2025.
- Record quarterly revenue of $61.1 million, up from $57.0 million in Q1 2025
- Record mine operating earnings of $25.2 million with 41% operating margin
- Net earnings increased to $10.6 million from $1.0 million in Q1 2025
- Cash costs decreased to $1,849 per gold ounce from $2,016 in Q1
- Strong cash position of $63.0 million, up 3% from Q1 2025
- Record average realized gold price of $3,332 per ounce
- Gold production decreased to 18,087 ounces from 19,323 ounces in Q1 2025
- Mine-site AISC increased to $2,641 per gold ounce from $2,342 in Q1 2025
- H1 2025 cash costs of $1,936 per gold ounce exceeded guidance range of $1,800-1,900
- Working capital decreased by $3.7 million from March 31, 2025
Insights
Integra delivered record Q2 revenue and margins despite higher costs, with significant reinvestment to secure Florida Canyon's future profitability.
Integra Resources delivered record quarterly revenue of
The company's net earnings increased significantly to
Florida Canyon's cash costs improved to
The company is executing on its plan to invest approximately
The cash position improved to
Integra's development pipeline advances with regulatory progress at DeLamar and Nevada North projects, strengthening growth prospects beyond Florida Canyon.
Beyond the strong financial performance at Florida Canyon, Integra is making meaningful progress on its development assets, which represent significant future value drivers. The DeLamar Project in Idaho continues to advance through the permitting process, with the Mine Plan of Operation currently under review by the Bureau of Land Management and cooperating agencies. A full environmental review under the National Environmental Policy Act is expected to commence in H2 2025, representing a critical regulatory milestone.
Concurrently, Integra is finalizing its Feasibility Study for DeLamar, with optimization work underway on pit sizing and sequencing. The completion of this study, expected in H2 2025, will provide greater clarity on capital requirements, operating parameters, and project economics. This study will be particularly important given the current elevated gold price environment.
At the Nevada North Project, which includes the Wildcat and Mountain View deposits, the company has achieved significant de-risking steps. Environmental analyses for both deposits' Exploration Plans of Operation have been completed, with a Finding of No Significant Impact for Wildcat. Reclamation permits from Nevada regulatory authorities are expected in H2 2025. Hydrological drilling at Wildcat is planned for H2 2025, which will provide essential data for future development scenarios.
The resource growth drilling program at Florida Canyon has been expanded from 10,000 to 16,000 meters based on initial positive results. This expanded program, focused particularly on historical waste areas, supports the company's strategy of extending mine life and enhancing the operation's value. With results from this program, Integra plans to release an updated mineral reserve and resource estimate along with a new life-of-mine plan in H1 2026, which should provide better visibility into Florida Canyon's long-term production profile.
(All amounts expressed in
Second Quarter 2025 Highlights:
- Mined 3,074,440 tonnes of ore and 2,966,291 tonnes of waste at a strip ratio of 0.96 at the Florida Canyon Mine ("Florida Canyon"). The resulting mining rate for the quarter was 33,785 tonnes per day ("tpd"), a
1% increase from Q1 2025. - Florida Canyon produced 18,087 gold ounces and sold 18,194 gold ounces at a record average realized price of
$3,332 - Record quarterly revenue of
$61.1 million $57.0 million - Record mine operating earnings of
$25.2 million 41% operating margin(1), which exceeded the$15.5 million 27% operating margin achieved in Q1 2025. - Adjusted earnings(1) of
$11.8 million $0.07 $4.4 million $0.03 - Net earnings were
$10.6 million $0.06 $1.0 million $0.01 - Cash costs(1) of
$1,849 $2,016 $1,936 $1,800 $1,900 - Mine-site all-in sustaining costs(1) ("AISC") increased to
$2,641 $2,342 $8.2 million $2,486 $2,450 $2,550 - Operating cash flow of
$16.3 million $16.1 million $16.6 million $1.7 million - Free cash flow(1) generation was
$2.1 million $0.01 - Ended the quarter with cash and cash equivalents of
$63.0 million 3% from$61.1 million
(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 consistent gold production from Florida Canyon and positive financial results from the Company for the second quarter of 2025. Florida Canyon continues to deliver on our expectations, generating meaningful cash flow to fund significant re-investment into the mine, while also supporting the Company's broader growth strategy. Integra's growing cash balance ideally positions the Company to complete important mine-site capital projects at Florida Canyon including, heap leach pad expansions, capitalized stripping, growth drilling, and mining fleet additions and enhancements. The Company plans to invest over
Financial and Operating Highlights
Unit abbreviations in tables: kt = thousand tonnes, g/t = grams per tonne, Au = gold, oz = troy ounce,
Three months ended June 30, | Six months ended June 30, | ||
Operating Highlights | Unit | 2025 | 2025 |
Ore mined | kt | 3,074 | 6,096 |
Waste mined | kt | 2,966 | 4,765 |
Crushed ore to pad | kt | 1,882 | 3,646 |
Run of mine ore to pad | kt | 1,275 | 2,474 |
Total placed | kt | 3,157 | 6,120 |
Processed grade | g/t | 0.21 | 0.22 |
Recovery | % | 60.5 % | 60.4 % |
Gold produced | oz | 18,087 | 37,410 |
Gold sold | oz | 18,194 | 37,734 |
Three months ended June 30, | Six months ended June 30, | ||
Financial Highlights | Unit | 2025 | 2025 |
Revenue | 61,072 | 118,097 | |
Cost of sales | (35,862) | (77,403) | |
Mine operating earnings | 25,210 | 40,694 | |
Earnings for the period | 10,642 | 11,625 | |
Earnings per share (basic) | $/share | 0.06 | 0.07 |
Adjusted earnings for the period(1) | 11,772 | 16,206 | |
Adjusted earnings per share (basic)(1) | $/share | 0.07 | 0.10 |
Operating cash flow | 16,305 | 32,037 | |
Operating cash flow per share (basic) | $/share | 0.10 | 0.19 |
Free cash flow(1) | 2,111 | 11,824 | |
Free cash flow per share (basic) | $/share | 0.01 | 0.07 |
Cash costs(1) | $/oz sold | 1,849 | 1,936 |
Mine-site AISC(1) | $/oz sold | 2,641 | 2,486 |
Total AISC(1) | $/oz sold | 2,777 | 2,605 |
(1) Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release. |
Financial Position | June 30, 2025 | December 31, 2024 | |
Cash and cash equivalents | $ 63,033 | $ 52,190 | |
Working capital(1) | $ 60,112 | $ 64,403 |
(1) Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release. |
Mining
In Q2 2025, the Company mined 3,074,440 tonnes of ore from its open pit operations at Florida Canyon, a
In H1 2025, the Company mined a total of 6,095,897 tonnes of ore and 4,764,792 tonnes of waste, resulting in a strip ratio of 0.78. Mining rates are expected to remain elevated in H2 2025 due to continued waste stripping in higher pits, and increased run-of-mine ("ROM") tonnes placed. This is consistent with the Company's full year guidance.
Production
In Q2 2025, Florida Canyon produced 18,087 ounces of gold, compared to 19,323 ounces in Q1 2025. Q2 2025 production was lower than Q1 2025 due to a one-time efficiency improvement project that added approximately 2,000 ounces in Q1 2025. Consistent production was supported by the recovery of gold ounces placed on the Phase IIIa heap leach pad during the first half of 2025, as well as residual ounces leached from Phase I and II heap leach pads. During the second quarter 2025 construction of the Phase IIIb heap leach pad at Florida Canyon was initiated, with commissioning expected in late 2025.
During H1 2025 Florida Canyon produced 37,410 ounces of gold, in line with the annual guidance of 70,000 to 75,000 gold ounces. H2 2025 will benefit from higher ounces placed as ROM tonnes increases and from improved grades from the North Pit. Additionally, we expect continued recovery of residual ounces from Phase I and II heap leach pads.
Average process recoveries in the quarter of
Capital
In Q2 2025, the Company invested
The Company also invested
Cash Costs and Mine-site AISC
Cash costs averaged
Exploration & Growth
In Q2 2025, the Company initiated a resource growth-focused drill program at Florida Canyon, completing approximately 5,700 meters of drilling by the end of June. The 2025 program was originally designed for approximately 10,000 meters of reverse circulation ("RC") drilling 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 Company intends to release an updated mineral reserve and resource estimate and an updated life-of-mine plan in H1 2026.
Following the initial success of the drilling, the scope of the program was expanded by approximately 6,000 meters to a total of approximately 16,000 meters, with a focus on historical waste areas.
Program expenditures totaled
Selected Q2 2025 Financial Results
Revenue
In Q2 2025, the Company sold 18,194 ounces of gold at average realized prices of
Net Earnings
Q2 2025 net earnings of
Q2 2025 adjusted earnings of
Cash Flow
In Q2 2025, cash flow generated by operating activities was
During the quarter, the Company remitted
During the quarter, the Company made payments of
Q2 2025 free cash flow was
Financial Position
As at June 30, 2025, the Company had a cash and cash equivalent balance of
The Company's working capital was
Development Projects
In Q2 2025, the Company continued to advance and de-risk its flagship development asset, the DeLamar Project ("DeLamar") located in
During the quarter, the Feasibility Study for DeLamar was further advanced with mine planning refinements, which include optimizing pit sizing and sequencing to develop the final mine plan for the study. Operating and capital cost estimates will be finalized following the final mine plan. The Feasibility Study results are expected to be released in H2 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"). At Wildcat, metallurgical and humidity cell testing is being completed on core gathered through previous drilling campaigns. The environmental analysis for the Exploration Plan of Operations ("EPO") for Wildcat is complete, indicating a Finding of No Significant Impact ("FONSI"), and decision documentation will be complete pending a Memorandum of Agreement with the State Historical Preservation Office and Tribal governments. The Reclamation Permit from Nevada Division of Environmental Protection ("NDEP") Bureau of Mining Regulation and Reclamation ("BMRR") is also in process and anticipated in H2 2025. Hydrological drilling at Wildcat is expected to be completed in H2 2025, initiated under an existing approved Notice of Intent, and completed under additional pending EPO approvals.
Environmental analysis for the Mountain View EPO has also been completed. A Final Environmental Assessment is expected to be published shortly. The NDEP BMRR Reclamation Permit is also expected to be completed imminently.
External affairs efforts for the quarter at the Company's development projects were focused on regional outreach in
Health, Safety and Environment
Integra experienced zero fatalities and zero lost time incidents in Q2 2025 and for the first six months of 2025. Two Mine Safety and Health Administration reportable injuries occurred at Florida Canyon in Q2 2025, which brings the year to date total to four. The 2025 total recordable incident frequency rate ("TRIFR") at Florida Canyon is 1.89.
Integra experienced zero reportable environmental spills in Q2 2025 and for the first six months of 2025. The Company experienced zero other environmental non-compliances in Q2 2025, which leaves the total reportable non-compliances at two for the first six months of 2025.
Financial Statements
Integra's consolidated financial statements and management's discussion and analysis as at and for the three and six months ended June 30, 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.
Q2 2025 Conference Call and Webcast Details
The Company will host a conference call and webcast on Thursday, August 14, 2025 at 11:00 AM Eastern Time / 8:00 AM Pacific Time to review its financial and operating results for the second 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/915207495
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
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Gregory Robinson (P.E., SME Registered Member), Integra's General Manager of the Florida Canyon Mine. Mr. Robinson 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 | |
2025 | 2025 | |
Gold revenue | $ 60,620 | $ 117,050 |
Gold ounces sold during the period | 18,194 | 37,734 |
Average realized gold price (per oz sold) | $ 3,332 | $ 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 | |
2025 | 2025 | |
Payments for mineral properties, plant and equipment | $ 13,004 | $ 16,789 |
Payments for equipment leases | 2,007 | 4,241 |
Total capital expenditures | 15,011 | 21,030 |
Less: Non-sustaining capital expenditures | (817) | (817) |
Sustaining capital expenditures | $ 14,194 | $ 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 | |
2025 | 2025 | |
Operating cash flow (1) | $ 16,305 | $ 32,037 |
Less: sustaining capital expenditures | (14,194) | (20,213) |
Free cash flow | $ 2,111 | $ 11,824 |
Free cash flow per share (basic) | $ 0.01 | $ 0.07 |
Weighted average shares outstanding (basic) | 168,930 | 168,820 |
Working capital
Working capital is calculated as current assets less current liabilities. The Company uses working capital as a measure of the Company's operational efficiency and short-term financial health.
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 | |
2025 | 2025 | |
Revenue | $ 61,072 | $ 118,097 |
Mine operating earnings | 25,210 | 40,694 |
Operating margin | 41 % | 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 | |
2025 | 2025 | |
Operating cash flow (1) | $ 16,305 | $ 32,037 |
Add: change in working capital | 297 | (3,135) |
Operating cash flow before change in working capital | $ 16,602 | $ 28,902 |
Operating cash flow per share (basic) | $ 0.10 | $ 0.19 |
Operating cash flow before change in working capital per share (basic) | $ 0.10 | $ 0.17 |
Weighted average shares outstanding (basic) | 168,930 | 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 | |
2025 | 2025 | |
Production costs | $ 28,299 | $ 62,781 |
Royalties and excise taxes | 4,185 | 7,917 |
Fair value adjustment to production costs on sale of acquired inventories | 1,615 | 3,385 |
Less: Silver revenue | (452) | (1,047) |
Total cash costs | 33,647 | 73,036 |
Reclamation accretion expense | 210 | 567 |
Sustaining capital expenditures | 14,194 | 20,213 |
Mine-site AISC | $ 48,051 | $ 93,816 |
General and administrative expenses | $ 1,862 | $ 3,536 |
Total AISC | $ 49,913 | $ 97,352 |
Gold ounces sold (oz) | 18,194 | 37,734 |
Cash costs (per Au sold) | $ 1,849 | $ 1,936 |
Mine-site AISC (per Au sold) | $ 2,641 | $ 2,486 |
AISC (per Au sold) | $ 2,777 | $ 2,605 |
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 | |
2025 | 2025 | |
Net earnings | $ 10,642 | $ 11,625 |
Increase (decrease) due to: | ||
Transaction and integration costs | 36 | 2,131 |
Fair value adjustment to production costs on sale of acquired inventories | (1,615) | (3,385) |
Unrealized losses (gains) on derivatives | 1,888 | 4,971 |
Mineral properties, plant and equipment losses (gains) | 15 | 51 |
Deferred tax expense | 806 | 813 |
Adjusted earnings | 11,772 | 16,206 |
Weighted average shares outstanding (in 000's) Basic | 168,930 | 168,820 |
Adjusted basic earnings per share | $ 0.07 | $ 0.10 |
Forward-looking Statements
Certain information set forth in this news release contains "forward‐looking statements" and "forward‐looking information" within the meaning of applicable Canadian securities legislation and in applicable
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 ability to complete its planned exploration and development programs; the absence of adverse conditions at the Projects; satisfying ongoing covenants under the Company's loan facilities; 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 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; benefits of certain technology usage; 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 public 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. Readers are advised to study and consider risk factors disclosed in Integra's Annual Information Form dated March 26, 2025 for the fiscal year ended December 31, 2024, which is available on the SEDAR+ issuer profile for the Company at www.sedarplus.ca and available as Exhibit 99.1 to Integra's Form 40-F, which is available on the EDGAR 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 news release 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. Investors are urged to read the Company's filings with Canadian securities regulatory agencies, which can be viewed online under the Company's profile on SEDAR+ at www.sedarplus.ca.
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.
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