Integra Resources (ITR) Q4 2025 earnings summary

Executive summary

• Achieved record annual gold production of 70,927 ounces at Florida Canyon, meeting 2025 guidance and delivering strong operational performance.

• Reported record adjusted net earnings of $47.3 million for the year, with a strengthened financial position and increased working capital.

• Advanced DeLamar Project with a completed feasibility study confirming robust economics, secured FAST-41 designation for accelerated permitting, and signed a groundbreaking tribal agreement.

• Enhanced leadership team, eliminated debt via Beedie loan conversion, and completed a $61.6 million equity financing post-year-end to fund project advancement.

• Expanded exploration and drilling programs at Florida Canyon and Nevada North, supporting future growth.

Financial highlights

• Full-year 2025 revenue reached $243.9 million, with Q4 revenue at $55.2 million; operating cash flow for the year was $72.3 million and free cash flow was $19.8 million.

• Full-year adjusted earnings were $47.3 million ($0.28/share); Q4 adjusted earnings were $14.8 million ($0.09/share).

• Q4 mine operating earnings were $25.3 million (46% margin); full-year mine operating earnings were $94.5 million (39% margin).

• Ended 2025 with $63.1 million in cash and $92.9 million in working capital; debt-free except for equipment leases.

• Q4 net loss was $5.7 million; full-year net loss was $2.2 million, mainly due to non-cash derivative revaluations.

Outlook and guidance

• 2026 gold production at Florida Canyon is guided at 70,000–75,000 ounces, with 2027–2028 expected to rise to 80,000–90,000 ounces annually.

• 2026 cash costs projected at $1,900–$2,100/oz; mine-site AISC at $2,750–$2,950/oz, reflecting capital-intensive phase and higher gold price assumptions.

• Sustaining capital for 2026 guided at $62–68 million; growth capital at $7.5–9.5 million.

• DeLamar and Nevada North project advancement spending in 2026 expected at $35–40 million, with $38–42 million for DeLamar pre-production capital and land acquisition.

• Waste stripping weighted to H1 2026, tapering in 2027, affecting cost distribution.