INTEGRA REPORTS SECOND QUARTER 2026 RESULTS; 30% INCREASE IN QUARTERLY GOLD PRODUCTION, RECORD TOTAL TONNES MINED AND STRENGTHENED FINANCIAL POSITION
Rhea-AI Summary
Integra Resources (TSXV: ITR, NYSE American: ITRG) reported Q2 2026 revenue of $70.8 million versus $61.1 million in Q2 2025, with mine operating earnings of $23.4 million and net earnings of $12.0 million, or $0.06 per share. Operating cash flow rose to $22.8 million and free cash flow to $9.3 million. Cash and cash equivalents increased to $111.1 million, supported by a $57.5 million bought deal completed earlier in 2026.
At Florida Canyon, Integra mined a record 7.996 million tonnes total, with ore mining up 44% year-over-year and a lower strip ratio of 0.81. Q2 gold production was 16,379 ounces, up 30% quarter-over-quarter but below Q2 2025, with 15,794 ounces sold at an average realized price of $4,426/oz. Cash costs were $2,495/oz and Mine-site AISC $3,371/oz, reflecting higher volumes, royalties, taxes and input costs.
Integra filed an updated Florida Canyon feasibility study outlining an 8-year mine life, a 74% increase in Proven and Probable Reserves, 17% higher average annual gold production, about $0.8 billion in after-tax life-of-mine free cash flow and a $601 million after-tax NPV (5%). According to Integra, major drilling programs are underway at Florida Canyon, while the DeLamar Project has entered the NEPA federal permitting process and is included in the U.S. FAST-41 transparency program.
Positive
- Revenue growth to $70.8 million in Q2 2026 from $61.1 million in Q2 2025
- Operating cash flow increased to $22.8 million from $16.3 million year-over-year
- Free cash flow improved to $9.3 million from $2.1 million in Q2 2025
- Cash balance rose to $111.1 million from $63.1 million at year-end 2025
- Record mining rates of 87,867 tpd total mined, with ore mined up 44% YoY
- 30% quarter-over-quarter gold production increase to 16,379 ounces
- Florida Canyon feasibility shows 74% reserve increase and $601 million after-tax NPV (5%)
- Life-of-mine after-tax free cash flow estimated at approximately $0.8 billion
- Large 2026 drilling program of 42,500 meters underway, with 17,055 meters completed year-to-date
- DeLamar Project advanced into NEPA permitting and selected for U.S. FAST-41 program
Negative
- Gold production decline year-over-year to 16,379 oz from 18,087 oz in Q2 2025
- First-half 2026 gold production decreased to 29,014 oz from 37,410 oz in 2025
- Cash costs rose to $2,495/oz from $1,849/oz year-over-year
- Mine-site AISC increased to $3,371/oz from $2,641/oz in Q2 2025
- Gold recovery rate declined to 57.8% from 60.5% in Q2 2025
- Sustaining capital spending remained high at $13.5 million in Q2 2026
- Higher royalties, taxes and fuel costs pressured unit operating margins
News Explained
Integra granted
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Q1 earnings report | Positive | -1.7% | Higher revenue and earnings, but elevated operating costs and financing context |
| Mar 24 | Q4 earnings report | Positive | +0.0% | Strong annual production and adjusted earnings with elevated quarterly operating costs |
| Nov 12 | Q3 earnings report | Positive | -5.8% | Record revenue and adjusted earnings offset by a quarterly GAAP net loss |
| Aug 13 | Q2 earnings report | Positive | +0.6% | Record revenue, operating earnings and production supported quarterly performance |
| Jul 17 | Q2 production report | Positive | -0.7% | Production met expectations while cash increased and expansion spending continued |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings history showed predominantly flat-to-negative reactions, with an average move of -1.53%.
Key Terms
strip ratio technical
heap leach technical
mine-site aisc financial
nepa regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
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 - Quarterly revenue of
$70.8 million $61.1 million - Mine operating earnings of
$23.4 million $25.2 million - Q2 2026 adjusted earnings(1) of
$13.1 million $0.06 $11.8 million $0.07 - Q2 2026 net earnings of
$12.0 million $0.06 $10.6 million $0.06 - Cash costs(1) averaged
$2,495 $3,371 - Operating cash flow of
$22.8 million $16.3 million $9.0 million - Free cash flow(1) was
$9.3 million $0.05 $2.1 million $0.01 - Cash and cash equivalents of
$111.1 million $63.1 million $57 - The Company filed its updated Feasibility Study Technical Report (the "Technical Report") and Life of Mine Plan for Florida Canyon dated July 28, 2026, with an effective date of May 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, a17% increase in average annual gold production, approximately$0.8 billion $601 million 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 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 January 1, 2026, and includes cash flows from January 1, 2026 to May 31, 2026. Base case gold prices: 2026 ( |
George Salamis, President, CEO and Director of Integra commented:
"Q2 2026 marked a significant improvement in gold production at Florida Canyon, with a
"In July, the Company filed the updated Technical Report for Florida Canyon which demonstrates the significant transformation expected at the Mine moving forward. Through strategic investments to expand the mineral reserve base, modernize the mining fleet and integrate future heap leach expansions into the mine plan, we have developed a more stable, longer-life operation with higher annual production and lower long-term operating costs. This executable mine plan will provide a solid foundation for the Company, generating strong cash flow that can be used to advance DeLamar through permitting and development while progressing Nevada North through increasingly advanced economic studies. The operation continues to advance in accordance with the plan we established and the potential we envisaged when we acquired Florida Canyon in late 2024."
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 | 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 June 30, | Six months ended June 30, | ||||
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 | June 30, 2026 | December 31, 2025 | |
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. |
Florida Canyon Mine
Mining
In Q2 2026, the Company mined 4.4 million tonnes of ore, up
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
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 Florida Canyon. The 2026 program continues on the success of the 2025 program focusing on four key areas: (1) Resource development at the Florida Canyon Mine Property; (2) underexplored extensions of Florida Canyon Gold mineralization exploration (3) Standard Mine area targets; and (4) green-field exploration targets. The program is specifically designed to support resource and reserve growth and extend mine life at Florida Canyon.
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 June 25, 2026. The Florida Canyon Technical Report highlighted a materially enhanced operation with an 8-year mine life, a
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 May 1, 2026. The MPO Version 4.3 is the project proposed action and will serve as the basis for BLM's environmental review of the DeLamar Project under NEPA. The BLM's NEPA process initiated with the publishing of the Notice of Intent on May 29, 2026, initiating a 30-day public scoping process to identify environmental concerns (issues) associated with project implementation. Environmental effects analysis of the DeLamar Project and a no action alternative will be issued in an Environmental Impact Statement ("EIS") and accompanying record of decision, anticipated in H2 2027. In the EIS, the BLM will identify a preferred alternative and any required mitigation measures required for the DeLamar Project implementation. Following the NEPA process, a final revised 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 DeLamar Project will commence construction.
The DeLamar Project was selected for inclusion in the
The Company completed its feasibility study for the DeLamar Project with an effective date December 8, 2025. The feasibility study 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 feasibility study 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
2026 Revised Guidance and Outlook
The Company revised its 2026 Mine-site AISC guidance at Florida Canyon on June 25, 2026. The adjustment to Mine-site AISC is primarily attributed to an increase in the tonnes, mined, stacked and processed to support production, lower gold ounces sold during H1 2026, increased royalties and excise taxes resulting from stronger-than-anticipated gold prices, and higher diesel fuel and explosive costs.
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 | |
Florida Canyon Mine | ||||
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 June 30, 2026, net earnings were
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 June 30, 2026, the Company had a cash and cash equivalent balance of
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 Florida Canyon in Q2 2026. The 2026, year-to-date total reportable incident frequency rate ("TRIFR") at Florida Canyon was 1.6 compared to 2.3 for H1 2025.
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 Florida Canyon.
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, 2026, 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 2026 Conference Call and Webcast Details
The Company will host a conference call and webcast on Wednesday, August 12, 2026 at 10:00 AM Eastern Time / 7:00 AM Pacific Time to review its financial and operating results for the second quarter of 2026. Details for the conference call and webcast are included below.
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 June 30, 2026, 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 | 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 June 30, 2026 and June 30, 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.