Integra Resources (NYSEAMERICAN:ITRG) used its fourth-quarter and full-year 2025 results call to highlight a “transformative year” following the late-2024 acquisition of the Florida Canyon Mine, which shifted the company from a developer to a U.S. gold producer. Management emphasized that Florida Canyon’s cash flow is intended to fund advancement of Integra’s development-stage projects, including DeLamar in Idaho and Nevada North in Nevada, while the company continues investing in operational improvements at Florida Canyon.
Florida Canyon delivers 2025 guidance as reinvestment continues
CEO George Salamis said Florida Canyon generated record cash flows in 2025, supported by strong production and higher gold prices, even as the mine worked through “several unplanned production impacts.” He said Integra is in a capital-intensive phase of a long-term continuous improvement plan that will continue into 2026, including heap leach pad expansion, increased capitalized waste stripping, mobile equipment upgrades, process optimization, and enhanced mine planning. An updated life-of-mine plan is expected to be published in mid-2026.
In Q4, the mine produced 12,864 ounces of gold. Lafleur attributed the quarter-over-quarter production decline to a one-time, temporary reduction in solution flow rates to repair a liner tear in a solution pond. He said the tear was fully repaired by mid-November with no solution releases and no environmental impact, and flow rates were restored before year-end. Integra expects deferred ounces tied to the reduced solution flow to be recovered in 2026.
Operational updates also included the completion of construction on the Phase 3B heap leach pad, with regulatory approval to begin leaching expected early in 2026. The company advanced its fleet revitalization program, commissioning new equipment including a Hitachi EX3600 front shovel, a Caterpillar 992 HL loader, and two Caterpillar 785 haul trucks, with an additional six Caterpillar 785 trucks expected in the first half of 2026. Management said the upgraded fleet should reduce reliance on rental equipment, improve productivity, and lower unit mining costs over time.
Costs, capital spending, and drilling programs
Lafleur said Q4 cash costs averaged $2,036 per gold ounce, with mine-site AISC of $3,371 per ounce. Full-year AISC came in slightly above the company’s 2025 guidance, which management said was influenced in part by higher gold prices increasing royalty and tax payments. Lafleur noted that a $100 per ounce change in the gold price impacts cash costs and mine-site AISC by about $7 per ounce due to royalty and excise tax sensitivity.
Integra reported significant reinvestment into Florida Canyon in 2025. On the call, Lafleur said the company invested $16.9 million in sustaining capital in Q4 and $62.4 million for the full year, focused on heap leach pad construction, increased capital stripping, and equipment refurbishments and financings. The mine also invested $2.9 million in non-sustaining growth capital in Q4 and $5.5 million for the full year, supporting drilling to test lateral extensions, in-pit infill targets, and historic waste rock dumps.
The expanded exploration program totaled about 16,000 meters in 2025 and is expected to continue into 2026, with an updated technical report on track for the end of Q2 2026.
2026 guidance and outlook: steady production, higher stripping, growth to 2027-2028
Integra provided 2026 production and cost guidance for Florida Canyon, as well as longer-term production targets. For 2026, gold production is expected to remain in the 70,000 to 75,000 ounce range. The company plans to mine about 13.9 million tons of ore and 19.3 million tons of waste, for a strip ratio of 1.39. Management described the higher waste stripping as a continuation of make-up stripping left by previous owners and a targeted pit expansion.
- 2026 cash costs: $1,900 to $2,100 per ounce sold (including royalties, based on the assumed gold price)
- 2026 mine-site AISC: $2,750 to $2,950 per ounce sold
- 2026 sustaining capital: approximately $62 million to $68 million
- 2026 growth capital: $7.5 million to $9.5 million
Lafleur said 2026 plans include 31,000 meters of reverse circulation infill and development drilling designed to support oxide reserve and resource growth. Integra also allocated about $2.8 million to a growth exploration program outside the current area of operations, including roughly 8,000 meters of reverse circulation drilling and 1,000 meters of core drilling—an area of focus that management said has not occurred at Florida Canyon in many years.
Management said spending in 2025 and 2026 is expected to support increased annual gold production at Florida Canyon to approximately 80,000 to 90,000 ounces per year in 2027 and 2028.
DeLamar: FAST-41 timeline and feasibility study economics
At the DeLamar project in Idaho, Salamis said 2025 milestones included the mine plan of operations being deemed administratively complete by the Bureau of Land Management (BLM) and an accelerated permitting timeline under FAST-41. He said DeLamar’s permitting timeline was posted to the FAST-41 project dashboard on Jan. 13, 2026, showing an accelerated 15-month NEPA schedule from start to finish. Under FAST-41, Integra is expected to receive a dedicated project advisor from the Permitting Council to help monitor progress and interagency coordination.
Management also highlighted completion of a feasibility study on Dec. 8, 2025. According to the presentation on the call, the feasibility study outlines total production of 1.1 million gold equivalent ounces over a 10-year operating mine life, plus two additional years of residual leaching, for average annual production of 106,000 gold equivalent ounces. The company reported co-product mine-site AISC of $1,480 per gold equivalent ounce, initial capital costs of $389 million (including $38 million of owner’s costs), and life-of-mine sustaining capital of $305 million.
Based on assumed prices of $3,000 per ounce gold and $35 per ounce silver, Integra cited an after-tax net present value (NPV) of about $774 million and an after-tax internal rate of return (IRR) of 46%. Using “recent” prices of $4,500 per ounce gold and $65 per ounce silver, the company said after-tax NPV increases to about $1.9 billion with an after-tax IRR of 97%.
Salamis also emphasized a relationship agreement signed with the Shoshone-Paiute Tribes of the Duck Valley Reservation, describing it as unprecedented in the lower 48 states in recognizing tribal sovereignty while advancing economic development for a project on federally managed lands. He said the agreement provides a framework for collaboration and co-management across areas such as cultural and environmental protection, economic participation, and performance monitoring.
Nevada North advances permitting groundwork and studies
At the Nevada North project, Lafleur said Integra continued de-risking activities in Q4 2025. At the Wildcat deposit, the company completed four monitoring wells for hydrogeological data collection to support ongoing study and modeling work. He said humidity cell testing for geochemical characterization initiated in Q1 2025 is expected to finish in Q2 2026. Additional ongoing work includes spring and seep monitoring and wildlife surveys.
Lafleur said environmental analysis for the Wildcat Environmental Plan of Operations is complete, with final BLM signatures expected within a week of the call. Reclamation permitting with Nevada’s NDEP BMRR was described as in progress, with anticipated approval in Q2 2026. At Mountain View, Integra completed the public comment period and published a final environmental assessment in Q4 2025, with reclamation permit approval also expected in Q2 2026. With additional financial resources available, the company plans to begin work on an updated technical report at the PFS level in 2026, targeting release in the first half of 2027.
On the financial side, CFO Andrée St-Germain said Integra ended fiscal 2025 with $63.1 million in cash and $92.9 million in working capital. The company’s $50 million convertible loan with BD Capital was converted in December 2025, leaving the company debt-free except for mobile equipment leases at Florida Canyon. St-Germain reported Q4 revenue of $55.2 million and cost of sales of $29.9 million, resulting in mine operating earnings of $25.3 million (a 46% operating margin) as the company realized an average gold price of $4,229 per ounce in the quarter. For the full year, revenue totaled $243.9 million with cost of sales of $149.4 million, yielding mine operating earnings of $94.5 million (a 39% operating margin) on an average realized gold price of $3,411 per ounce. Adjusted earnings for 2025 were $47.3 million, or $0.28 per share.
During the Q&A, management said waste stripping in 2026 would be “weighted to the front half” of the year, with Greg Robinson, general manager of Florida Canyon, noting stripping should taper as the mine gets deeper. Lafleur added that stripping is expected to taper in Q1 2027. Salamis also said the company has seen increased generalist investor interest, including new institutional participation in a recent financing, and noted higher trading liquidity around its inclusion in the GDXJ ETF.
About Integra Resources (NYSEAMERICAN:ITRG)
Integra Resources Corp. is a mineral exploration and development company focused on the acquisition, characterization and advancement of precious metals projects in North America. The company’s flagship asset is the DeLamar Gold-Silver Project in southwestern Idaho, a historic mining district that produced both gold and silver from the late 19th century through the mid-20th century. Integra’s business model emphasizes resource delineation, metallurgical optimization and progression through permitting and engineering phases toward potential production.
Since its incorporation in 2017, Integra Resources has undertaken multiple drilling campaigns and metallurgical studies aimed at upgrading and expanding the known mineral inventory at DeLamar.
