Integra Resources (ITR) Q1 2025 earnings summary

Executive summary

• Achieved first full quarter as a U.S. gold producer after acquiring Florida Canyon Mine, producing 19,323 ounces and selling 19,540 ounces at an average realized price of $2,888/oz, marking a strategic transformation from development-stage to production.

• Generated $57 million in revenue, $15.5 million in gross profit, and $4.4 million in adjusted earnings ($0.03/share) for Q1 2025, with operating cash flow of $16.1 million and a cash balance of $61.1 million at quarter-end.

• Strengthened executive team with key appointments in operations, finance, and permitting, including Clifford Lafleur (COO), Dale Kerner (VP, Permitting), and Sean Deissner (VP, Finance).

Financial highlights

• Produced 19,323 ounces of gold and sold 19,540 ounces at Florida Canyon in Q1 2025, with a realized gold price of $2,888/oz.

• Q1 revenues were $57 million, cost of sales $41.5 million, and gross profit $15.5 million (27% margin); net income was $0.98 million ($0.01/share).

• Adjusted earnings were $4.4 million ($0.03/share), with operating cash flow of $16.1 million and working capital of $63.8 million.

• Mine-site AISC at Florida Canyon was $2,342/oz; total cash cost per ounce sold was $2,016.

Outlook and guidance

• Formal 2025 guidance to be provided ahead of Q2 results, focusing on optimizing Florida Canyon, advancing DeLamar permitting and feasibility, and de-risking Nevada North.

• A 10,000-meter drill program at Florida Canyon is underway to expand resources and extend mine life, with results expected in summer 2025.

• Sustaining capital expenditures include $12 million for south heap leach pad expansion, scheduled for Q2–Q3 2025.