Integra Resources (ITR) Q1 2026 earnings summary

Executive summary

• Q1 2026 focused on operational safety, reliability, and reinvestment to extend mine life and support growth at Florida Canyon, DeLamar, and Nevada North, with record total tonnes mined at Florida Canyon and daily mining rates of 76,800 tpd.

• Produced 12,635 gold ounces and sold 12,518 ounces at a record average realized price of $4,854/oz, generating $61.7M in revenue.

• Net earnings rose to $12.5M ($0.06/share) from $1.0M ($0.01/share) YoY, with adjusted earnings of $12.9M ($0.07/share).

• Cash and cash equivalents increased to $105.8M, supported by a $57.5M bought deal public offering.

• Commissioned six new Caterpillar 785 haul trucks, enhancing mining capacity and operational flexibility.

Financial highlights

• Q1 2026 revenue was $61.7M, with cost of sales at $36.9M, resulting in $24.9M in mine operating earnings and a 40% operating profit margin (up from 27% YoY).

• Average realized gold price was $4,854/oz in Q1 2026, up from $2,888/oz in Q1 2025.

• Adjusted earnings were $12.9M ($0.07/share) in Q1 2026, compared to $4.4M ($0.03/share) in Q1 2025.

• Operating cash flow was $13.8M, down from $15.7M, mainly due to increased working capital needs.

• Free cash flow was $3.0M ($0.02/share), down from $9.7M ($0.06/share) in Q1 2025.

Outlook and guidance

• Full-year gold production guidance maintained at 70,000–75,000 ounces, with deferred Q1 ounces expected to be recovered.

• Sustaining capital expenditures at Florida Canyon expected to remain elevated into Q2.

• Production expected to trend higher through 2026 as mining rates remain elevated and leach pad performance normalizes.

• Ongoing focus on optimizing production, cash flow, and updating mineral resource estimates and mine plans.

• DeLamar permitting advancing, with NEPA process to begin in May 2026 and Record of Decision targeted for late 2027.