Integra Resources (ITR) Q4 2025 earnings summary

Executive summary

• Achieved record revenue, adjusted net earnings of $47.3 million, and free cash flow in 2025, driven by strong gold production at Florida Canyon and higher realized gold prices.

• Florida Canyon produced 70,927 oz gold, meeting guidance, with ongoing reinvestment and operational improvements.

• Advanced DeLamar with a robust feasibility study, permitting milestones, and a historic tribal agreement; Nevada North progressed environmental and permitting work.

• Strengthened financial position with $63.1M cash, $92.9M working capital, and conversion of the Beedie loan, leaving only equipment leases as debt.

• Enhanced management, completed significant equity financing post-year-end, and achieved index inclusions, boosting trading liquidity and investor base.

Financial highlights

• Full year 2025 revenue reached $243.9M, with operating cash flow of $72.3M, adjusted earnings of $47.3M ($0.28/share), and free cash flow of $19.8M.

• Q4 2025 revenue was $55.2M, with a 46% operating margin; Q4 mine operating earnings were $25.3M.

• Q4 adjusted earnings were $14.8M ($0.09/share); full-year net loss was $2.2M, mainly due to non-cash derivative revaluations.

• Ended 2025 with $63.1M in cash and $92.9M in working capital.

• Sustaining capital expenditures totaled $52.4M in 2025.

Outlook and guidance

• Florida Canyon 2026 gold production guidance: 70,000–75,000 oz; expected to rise to 80,000–90,000 oz annually in 2027–2028.

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

• Sustaining capital for 2026: $62–$68M; growth capital: $7.5–$9.5M.

• DeLamar and Nevada North advancement spending in 2026 expected at $35–40M; DeLamar pre-production capital and land at $38–42M.

• DeLamar pre-production program fully financed via $61M equity raise in early 2026.