INTEGRA REPORTS SECOND QUARTER 2025 RESULTS; CONSISTENT PERFORMANCE AND SIGNIFICANT CAPITAL INVESTMENT AT FLORIDA CANYON GOLD MINE
(All amounts expressed in
Second Quarter 2025 Highlights:
- Mined 3,074,440 tonnes of ore and 2,966,291 tonnes of waste at a strip ratio of 0.96 at the
Florida Canyon Mine ("Florida Canyon "). The resulting mining rate for the quarter was 33,785 tonnes per day ("tpd"), a 1% increase from Q1 2025. -
Florida Canyon produced 18,087 gold ounces and sold 18,194 gold ounces at a record average realized price of$3,332 per gold ounce. - Record quarterly revenue of
$61.1 million which exceeded Q1 2025 revenue of$57.0 million . - Record mine operating earnings of
$25.2 million , representing a 41% operating margin(1), which exceeded the$15.5 million and 27% operating margin achieved in Q1 2025. - Adjusted earnings(1) of
$11.8 million , or$0.07 per share, which exceeded the$4.4 million , or$0.03 per share in Q1 2025. - Net earnings were
$10.6 million , or$0.06 earnings per share, compared to$1.0 million , or$0.01 earnings per share, in Q1 2025. - Cash costs(1) of
$1,849 per gold ounce sold decreased from$2,016 in Q1 2025. H1 2025 cash costs of$1,936 per gold ounce were slightly higher than the Company's guidance range of$1,800 to$1,900 per gold ounce but are expected to remain within guidance for the year. - Mine-site all-in sustaining costs(1) ("AISC") increased to
$2,641 per gold ounce, up from$2,342 per gold ounce in Q1 2025 due to$8.2 million in planned sustaining capital expenditures related to equipment refurbishments, capitalized stripping, and heap leach pad expansions. Increased sustaining capital for the quarter is consistent with the Company's commitment to re-invest intoFlorida Canyon in 2025 and 2026 to ensure long-term profitability. H1 2025 mine-site AISC of$2,486 per gold ounce is within the guidance range of$2,450 to$2,550 per gold ounce. - Operating cash flow of
$16.3 million , increased from$16.1 million in Q1 2025 largely from higher metal prices. Operating cash flow before changes in working capital(1) in the quarter was$16.6 million . Both figures are net of the payment of income taxes, which totaled$1.7 million . - Free cash flow(1) generation was
$2.1 million , or$0.01 per share, for the quarter. - Ended the quarter with cash and cash equivalents of
$63.0 million , an increase of 3% from$61.1 million at the end of Q1 2025.
(1) 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 these measures. |
Financial and Operating Highlights
Unit abbreviations in tables: kt = thousand tonnes, g/t = grams per tonne, Au = gold, oz = troy ounce, $000s = thousands of
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Operating Highlights |
Unit |
2025 |
2025 |
Ore mined |
kt |
3,074 |
6,096 |
Waste mined |
kt |
2,966 |
4,765 |
Crushed ore to pad |
kt |
1,882 |
3,646 |
Run of mine ore to pad |
kt |
1,275 |
2,474 |
Total placed |
kt |
3,157 |
6,120 |
Processed grade |
g/t |
0.21 |
0.22 |
Recovery |
% |
60.5 % |
60.4 % |
Gold produced |
oz |
18,087 |
37,410 |
Gold sold |
oz |
18,194 |
37,734 |
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Financial Highlights |
Unit |
2025 |
2025 |
Revenue |
$000s |
61,072 |
118,097 |
Cost of sales |
$000s |
(35,862) |
(77,403) |
Mine operating earnings |
$000s |
25,210 |
40,694 |
Earnings for the period |
$000s |
10,642 |
11,625 |
Earnings per share (basic) |
$/share |
0.06 |
0.07 |
Adjusted earnings for the period(1) |
$000s |
11,772 |
16,206 |
Adjusted earnings per share (basic)(1) |
$/share |
0.07 |
0.10 |
Operating cash flow |
$000s |
16,305 |
32,037 |
Operating cash flow per share (basic) |
$/share |
0.10 |
0.19 |
Free cash flow(1) |
$000s |
2,111 |
11,824 |
Free cash flow per share (basic) |
$/share |
0.01 |
0.07 |
Cash costs(1) |
$/oz sold |
1,849 |
1,936 |
Mine-site AISC(1) |
$/oz sold |
2,641 |
2,486 |
Total AISC(1) |
$/oz sold |
2,777 |
2,605 |
(1) Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release. |
Financial Position |
|
|
|
Cash and cash equivalents |
$000s |
$ 63,033 |
$ 52,190 |
Working capital(1) |
$000s |
$ 60,112 |
$ 64,403 |
(1) Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release. |
Mining
In Q2 2025, the Company mined 3,074,440 tonnes of ore from its open pit operations at
In H1 2025, the Company mined a total of 6,095,897 tonnes of ore and 4,764,792 tonnes of waste, resulting in a strip ratio of 0.78. Mining rates are expected to remain elevated in H2 2025 due to continued waste stripping in higher pits, and increased run-of-mine ("ROM") tonnes placed. This is consistent with the Company's full year guidance.
Production
In Q2 2025,
During H1
Average process recoveries in the quarter of 60.5% Au, were slightly improved from the 60.4% Au achieved in Q1 2025. Average process recoveries in H1 2025 of 60.4% Au, were in line with expectations.
Capital
In Q2 2025, the Company invested
The Company also invested
Cash Costs and Mine-site AISC
Cash costs averaged
Exploration & Growth
In Q2 2025, the Company initiated a resource growth-focused drill program at
Following the initial success of the drilling, the scope of the program was expanded by approximately 6,000 meters to a total of approximately 16,000 meters, with a focus on historical waste areas.
Program expenditures totaled
Selected Q2 2025 Financial Results
Revenue
In Q2 2025, the Company sold 18,194 ounces of gold at average realized prices of
Net Earnings
Q2 2025 net earnings of
Q2 2025 adjusted earnings of
Cash Flow
In Q2 2025, cash flow generated by operating activities was
During the quarter, the Company remitted
During the quarter, the Company made payments of
Q2 2025 free cash flow was
Financial Position
As at
The Company's working capital was
Development Projects
In Q2 2025, the Company continued to advance and de-risk its flagship development asset, the
During the quarter, the Feasibility Study for DeLamar was further advanced with mine planning refinements, which include optimizing pit sizing and sequencing to develop the final mine plan for the study. Operating and capital cost estimates will be finalized following the final mine plan. The Feasibility Study results are expected to be released in H2 2025.
During the quarter the Company also advanced the
Environmental analysis for the Mountain View EPO has also been completed. A Final Environmental Assessment is expected to be published shortly. The NDEP BMRR Reclamation Permit is also expected to be completed imminently.
External affairs efforts for the quarter at the Company's development projects were focused on regional outreach in
Health, Safety and Environment
Integra experienced zero fatalities and zero lost time incidents in Q2 2025 and for the first six months of 2025. Two
Integra experienced zero reportable environmental spills in Q2 2025 and for the first six months of 2025. The Company experienced zero other environmental non-compliances in Q2 2025, which leaves the total reportable non-compliances at two for the first six months of 2025.
Financial Statements
Integra's consolidated financial statements and management's discussion and analysis as at and for the three and six months ended
Q2 2025 Conference Call and Webcast Details
The Company will host a conference call and webcast on
Dial-In Numbers / Webcast:
Conference ID: 2435675
Toll Free: (800) 715-9871
Toll: +1 (646) 307-1963
Webcast: https://events.q4inc.com/attendee/915207495
About
Integra is a growing precious metals producer in the
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by
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:
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2025 |
2025 |
Gold revenue |
$ 60,620 |
$ 117,050 |
Gold ounces sold during the period |
18,194 |
37,734 |
Average realized gold price (per oz sold) |
$ 3,332 |
$ 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:
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2025 |
2025 |
Payments for mineral properties, plant and equipment |
$ 13,004 |
$ 16,789 |
Payments for equipment leases |
2,007 |
4,241 |
Total capital expenditures |
15,011 |
21,030 |
Less: Non-sustaining capital expenditures |
(817) |
(817) |
Sustaining capital expenditures |
$ 14,194 |
$ 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:
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2025 |
2025 |
Operating cash flow (1) |
$ 16,305 |
$ 32,037 |
Less: sustaining capital expenditures |
(14,194) |
(20,213) |
Free cash flow |
$ 2,111 |
$ 11,824 |
Free cash flow per share (basic) |
$ 0.01 |
$ 0.07 |
Weighted average shares outstanding (basic) |
168,930 |
168,820 |
Working capital
Working capital is calculated as current assets less current liabilities. The Company uses working capital as a measure of the Company's operational efficiency and short-term financial health.
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:
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2025 |
2025 |
Revenue |
$ 61,072 |
$ 118,097 |
Mine operating earnings |
25,210 |
40,694 |
Operating margin |
41 % |
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.
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2025 |
2025 |
Operating cash flow (1) |
$ 16,305 |
$ 32,037 |
Add: change in working capital |
297 |
(3,135) |
Operating cash flow before change in working capital |
$ 16,602 |
$ 28,902 |
Operating cash flow per share (basic) |
$ 0.10 |
$ 0.19 |
Operating cash flow before change in working capital per share (basic) |
$ 0.10 |
$ 0.17 |
Weighted average shares outstanding (basic) |
168,930 |
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:
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2025 |
2025 |
Production costs |
$ 28,299 |
$ 62,781 |
Royalties and excise taxes |
4,185 |
7,917 |
Fair value adjustment to production costs on sale of acquired inventories |
1,615 |
3,385 |
Less: Silver revenue |
(452) |
(1,047) |
Total cash costs |
33,647 |
73,036 |
Reclamation accretion expense |
210 |
567 |
Sustaining capital expenditures |
14,194 |
20,213 |
Mine-site AISC |
$ 48,051 |
$ 93,816 |
General and administrative expenses |
$ 1,862 |
$ 3,536 |
Total AISC |
$ 49,913 |
$ 97,352 |
Gold ounces sold (oz) |
18,194 |
37,734 |
Cash costs (per Au sold) |
$ 1,849 |
$ 1,936 |
Mine-site AISC (per Au sold) |
$ 2,641 |
$ 2,486 |
AISC (per Au sold) |
$ 2,777 |
$ 2,605 |
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.
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2025 |
2025 |
Net earnings |
$ 10,642 |
$ 11,625 |
Increase (decrease) due to: |
|
|
Transaction and integration costs |
36 |
2,131 |
Fair value adjustment to production costs on sale of acquired inventories |
(1,615) |
(3,385) |
Unrealized losses (gains) on derivatives |
1,888 |
4,971 |
Mineral properties, plant and equipment losses (gains) |
15 |
51 |
Deferred tax expense |
806 |
813 |
Adjusted earnings |
11,772 |
16,206 |
Weighted average shares outstanding (in 000's) Basic |
168,930 |
168,820 |
Adjusted basic earnings per share |
$ 0.07 |
$ 0.10 |
Forward-looking Statements
Certain information set forth in this news release contains "forward‐looking statements" and "forward‐looking information" within the meaning of applicable Canadian securities legislation and in applicable
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 ability to complete its planned exploration and development programs; the absence of adverse conditions at the Projects; satisfying ongoing covenants under the Company's loan facilities; 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 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; benefits of certain technology usage; 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 public 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. Readers are advised to study and consider risk factors disclosed in Integra's Annual Information Form dated
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 news release 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. Investors are urged to read the Company's filings with Canadian securities regulatory agencies, which can be viewed online under the Company's profile on SEDAR+ at www.sedarplus.ca.
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
Neither the
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