Integra Resources (ITR) Q2 2025 earnings summary

Executive summary

• Florida Canyon Mine generated strong cash flow and record revenue, supporting development of DeLamar and Nevada North projects while reducing reliance on equity financing.

• Major reinvestment at Florida Canyon underway, including heap leach pad expansion, equipment upgrades, and process optimization to extend mine life and improve efficiency.

• The company is advancing DeLamar (Idaho) and Nevada North (Nevada) heap leach projects, with feasibility and permitting milestones expected in H2 2025.

• Strategic objectives for H2 2025 include mine optimization, growth drilling, permitting, feasibility study delivery, and enhanced capital markets profile.

• Florida Canyon is operating profitably, adding to cash reserves and supporting project advancement.

Financial highlights

• Q2 2025 revenue reached a record $61.1 million, with operating cash flow of $16.3 million and gross profit of $25.2 million at a 41% margin.

• Adjusted earnings were $11.8 million ($0.07/share), up from $4.4 million ($0.03/share) in Q1 2025.

• Ended Q2 with a cash balance of $63 million, the strongest in company history.

• Q2 cash cost: $1,849/oz; mine site AISC: $2,641/oz.

• Free cash flow for Q2 was $2.1 million ($0.01/share); working capital at quarter-end was $60.1 million.

Outlook and guidance

• Florida Canyon 2025 gold production guidance: 70,000–75,000 ounces; H1 2025 production of 37,410 ounces is on track.

• Cash costs expected at $1,800–$1,900/oz; mine site AISC at $2,450–$2,550/oz.

• Sustaining capital expenditures for 2025 forecast at $48–$53 million, with growth capital of $8–$10 million.

• Elevated sustaining costs expected in Q3 due to major leach pad and fleet investments.

• DeLamar feasibility study and federal permitting expected to commence in H2 2025; updated Florida Canyon reserve/resource estimate expected H1 2026.