Integra Reports Third Quarter 2025 Results; Strong Production from Florida Canyon MINE, Record Adjusted Net Earnings, and Improved Financial Position
1050 – 400 Burrard Street
Vancouver, British Columbia,
Canada, V6C 3A6
Email: [email protected]
FOR IMMEDIATE RELEASE TSXV: ITR; NYSE American: ITRG
November 12, 2025 www.integraresources.com
INTEGRA REPORTS THIRD QUARTER 2025 RESULTS; STRONG PRODUCTION FROM FLORIDA CANYON MINE,
RECORD ADJUSTED NET EARNINGS, AND IMPROVED FINANCIAL POSITION
Vancouver, British Columbia – Integra Resources Corp. (“Integra” or the “Company”) (TSXV: ITR; NYSE American:
ITRG) is pleased to announce financial and operating results for the three months ended September 30, 2025 (the
“third quarter” or “ Q3 2025”). The Company will host a conference call to discuss third quarter 2025 results on
Thursday, November 13, 2025 at 11:00 AM Eastern Time / 8:00 AM Pacific Time.
(All amounts expressed in United States (“U.S.”) dollars unless otherwise stated)
Third Quarter 2025 Highlights:
• Mined 2.5 million (“M”) tonnes of ore and 3.4M tonnes of waste at a strip ratio of 1.34 at the Florida
Canyon Mine (“Florida Canyon”). As a result, mining rates were 27,538 tonnes per day (“tpd”).
• Florida Canyon produced 20,653 gold ounces and s old 20,265 gold ounces at a record average realized
price of $3,464 per gold ounce.
• Record quarterly revenue of $70.7 million which exceeded Q2 2025 revenue of $60.6 million.
• Record mine operating earnings of $28.6 million exceeded the $25.2 million in Q2 2025. Operating margin
was 40% in Q3 2025 which was in line with the 41% operating margin achieved in Q2 2025.
• Adjusted earnings(1) of $16.3 million, or $0.10 per share, which exceeded the $11.8 million, or $0.07 per
share in Q2 2025. Adjustments were largely related to unrealized derivative losses on the debt conversion
feature and bullion contracts, deferred tax expenses, and a non-cash adjustment to production costs from
the fair value adjustment to inventories recognized upon the acquisition of Florida Canyon.
• Net loss of $8.2 million, or $0.05 loss per share, compared to net earnings of $11.6 million, or $0.07
earnings per share in Q2 2025. This loss is largely attributed to $17.7 million in unrealized derivative losses
on the debt conversion feature noted above and higher tax expenses in Q3 2025.
• Cash costs(1) averaged $1,876 per gold ounce in Q3 2025, a slight increase from $1,849 in Q2 2025. Year-
to-date (“YTD”) 2025 cash costs of $1,915 per gold ounce were marginally above the Company's guidance
range of $1,800 to $1,900 per ounce and are expected to end the year slightly above the upper range of
guidance. This increase is primarily due to higher royalties and excise taxes on gold sales from higher metal
prices.
• Mine-site all-in sustaining costs(1) (“Mine-site AISC”) averaged $2,647 per gold ounce in Q3 2025,
consistent with $2,641 in Q2 2025. YTD 2025 Mine-site AISC of $2,542 per gold ounce remains within the
guidance range of $2,450 to $2,550 per ounce.
• Operating cash flow of $35.6 million, increased from $16.3 million in Q2 2025 largely due to higher metal
prices. Operating cash flow before changes in working capital in the quarter was $21.4 million.
• Free cash flow generation was $20.2 million, or $0.12 per share, for the quarter.
• Ended the quarter with cash and cash equivalents of $81.2 million, an increase of 29% from $63.0 million
in Q2 2025 resulting from strong operating performance.
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• Advancement of the 2025 resource growth drilling program at Florida Canyon, which marks the first phase
of a multi-year growth strategy designed to expand mineral reserves and resources, extend mine life, and
enhance value.
• Entered into a Relationship Agreement with the Shoshone-Paiute Tribes of the Duck Valley Indian
Reservation (the “Shoshone-Paiute”), establishing a transformative and long-term partnership for the
development of the DeLamar Project (“DeLamar”).
• Completeness determination by the United States Bureau of Land Management (“BLM”) for the updated
Mine Plan of Operations (“MPO”) for DeLamar, marking a critical step in permitting, incorporating nearly
three years of environmental baseline studies, initial engineering design, and mine plan optimization.
(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.
George Salamis, President, CEO and Director of Integra commented: “We are pleased to report another strong
quarter for the Company, supported by excellent production results at Florida Canyon and material advancement
at our development stage assets, DeLamar and Nevada North. Florida Canyon continues to deliver on
expectations, generating meaningful cash flow to fund crucial reinvestment into the mine, while also supporting
the Company’s broader growth strategy. During the quarter, capital was deployed at Florida Canyon in the areas of
capitalized stripping, mining equipment enhancements, leach pad expansion, and growth drilling. Excellent
production results, combined with a strong gold price environment have allowed Integra to significantly increase
its quarter-over-quarter cash balance to ~$81 million, marking the strongest financial position in the Company’s
history. During the quarter, the Company also achieved several key milestones at DeLamar with the acceptance of
the Mine Plan of Operations and the signing of a historical Relationship Agreement with the Shoshone-Paiute.”
Financial and Operating Highlights
Unit abbreviations in tables: kt = thousand tonnes, g/t = grams per tonne, Au = gold, oz = troy ounce, $000s = thousands of U.S. dollars, $/sh
= U.S. dollars per share, $/oz = U.S. dollars per gold ounce, $/oz sold = U.S. dollars per gold ounce sold.
Three months ended
September 30,
Nine months ended
September 30,
Operating Highlights Unit 2025 2025
Ore mined kt 2,533 8,629
Ore mined/day tpd 27,538 31,494
Waste mined kt 3,399 8,164
Strip ratio waste/ore 1.34 0.95
Crushed ore to pad kt 2,003 5,649
Run of mine ore to pad kt 1,165 3,638
Total placed kt 3,168 9,287
Gold
Average grade g/t 0.20 0.22
Recovery % 60.7% 60.5%
Produced oz 20,653 58,063
Sold oz 20,265 57,999
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Three months ended
September 30,
Nine months ended
September 30,
Financial Highlights Unit 2025 2025
Revenue $ millions 70.7 188.8
Cost of sales $ millions (42.1) (119.5)
Mine operating earnings $ millions 28.6 69.3
Earnings for the period $ millions (8.2) 3.4
Earnings per share (basic) $/share (0.05) 0.02
Adjusted earnings for the period(1) $ millions 16.3 32.5
Adjusted earnings per share (basic)(1) $/share 0.10 0.19
Operating cash flow $ millions 35.6 67.6
Operating cash flow per share (basic) $/share 0.21 0.40
Free cash flow(1) $ millions 20.2 32.0
Free cash flow per share (basic) $/share 0.12 0.19
Cash costs(1) $/oz sold 1,876 1,915
Mine-site AISC(1) $/oz sold 2,647 2,542
(1) Non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section of this news release.
Financial Position September 30, 2025 December 31, 2024
Cash and cash equivalents $ millions $ 81.2 $ 52.2
Working capital(1) $ millions $ 46.5 $ 64.4
(1) Non-GAAP financial measure. Refer to the “Non-GAAP Financial Measures” section of this news release.
Mining
In Q3 2025, the Company mined 2.5M tonnes of ore from its open pit operations at Florida Canyon, an 18%
decrease compared to the 3.1M tonnes mined in Q2 2025. The Company also mined 3.4M tonnes of waste during
the quarter, resulting in a strip ratio of 1.34, up from 3.0M tonnes of waste and a strip ratio of 0.96 in Q2 2025.
The higher strip ratio in Q3 results from the Company’s stated commitment of reinvestment through increased
capitalized waste stripping and ramping up new mining areas, as outlined in its 2025 guidance. Waste mining rates
increased in Q3 2025 compared to Q2 2025, due to a provisional adjustment of the mine sequence to overcome
dust suppression challenges caused by a temporary water shortage in the dry summer months. The temporary
water shortage was caused by a problematic historic water well, which has since been successfully replaced.
YTD 2025, the Company mined a total of 8.6M tonnes of ore and 8.2M tonnes of waste, for a strip ratio of 0.95,
which reflects continued waste stripping in higher pits and increased run-of-mine tonnes placed.
Production
In Q3 2025, the Company produced 20,653 ounces of gold, compared to 18,087 ounces in Q2 2025. The increased
production in Q3 was supported by the recovery of gold ounces recently placed on the Phase IIIa heap leach pad
and by residual ounces recovered from Phases I and II heap leach pads. Strong production was also supported by
increased solution flow through the leach pads and the new carbon-in-column circuit commissioned in late 2024.
During Q3 2025, construction of the Phase IIIb heap leach pad at Florida Canyon continued with commissioning
expected in the fourth quarter 2025.
YTD 2025 the Company produced 58,063 ounces of gold, tracking in-line with the annual production guidance of
70,000 to 75,000 gold ounces.
Average gold process recoveries were 60.7% in Q3 2025 and 60.5% year-to-date, reflecting a slight improvement
from the 60.5% recovery achieved in Q2 2025. Annual recoveries remained in line with expectations.
Sustaining and Non-sustaining Capital
In Q3 2025, the Company invested $15.4 million in sustaining capital, bringing total YTD 2025 spending to $35.6
million. This reflects the Company's ongoing commitment to reinvesting in Florida Canyon through new leach pad
construction, increased capital stripping, and mobile equipment refurbishments.
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The Company also invested $1.8 million in non-sustaining growth capital during the third quarter, bringing total
YTD 2025 spending to $2.6 million. This spending was primarily directed toward the growth-focused drilling
program at Florida Canyon discussed further in the Exploration section below.
These expenditures are in line with the Company's 2025 Guidance.
Cash Costs and Mine-site AISC
Cash costs averaged $1,876 per gold ounce in Q3 2025 and $1,915 per gold ounce for YTD 2025. Mine-site AISC
averaged $2,647 per gold ounce in Q3 2025 and $2,542 per gold ounce YTD 2025.
The Company remains within Mine-site AISC guidance of $2,450 to $2,550 per ounce, but has been impacted by
higher royalty payments as a result of the increase in realized gold prices since issuing guidance.
Cash costs and Mine-site AISC are expected to slightly exceed the upper end of guidance by year-end, primarily
due to elevated royalty and tax related payments. Royalties and excise taxes, which constitute a material
component of cash costs and Mine-site AISC, are directly impacted by fluctuations in the gold price. At present, a
$100 per ounce change in the gold price results in an estimated $7 change to both cash costs and Mine-site AISC.
Exploration
In Q3 2025 the Company continued its resource growth-focused drilling program at Florida Canyon, completing
approximately 13,500 meters of reverse circulation and sonic drilling by the end of September. The program,
originally planned for approximately 10,000 meters, was subsequently expanded to 16,000 meters in Q2 2025 due
to its initial success. Drilling is focused on three key areas: (1) evaluating near-surface oxide potential from
historical waste areas; (2) expanding in-situ resources between existing open pits; and (3) testing lateral
extensions and conducting in-pit infill drilling. The program is specifically designed to support resource and reserve
growth and extend mine life at Florida Canyon.
Program expenditures totaled $1.3 million in Q3 and $2.5 million YTD.
Selected Q3 2025 Financial Results
Revenue
In Q3 2025, the Company sold 20,265 ounces of gold at average realized prices of $3,464 per ounce of gold
generating record revenue of $70.7 million, compared to 18,194 ounces at average realized prices of $3,332 per
ounce in Q2 2025, resulting in revenues of $61.1 million.
Net Earnings
Q3 2025 net loss of $8.2 million, or $0.05 per share, decreased compared to net earnings of $10.6 million, or $0.06
per share in Q2 2025. Net loss in the quarter was primarily driven by the non-cash unrealized derivative loss on the
conversion feature of the convertible debt facility, partially offset by higher average realized gold prices.
Q3 2025 adjusted earnings of $16.3 million, or $0.10 per share, increased compared to adjusted earnings of $11.8
million or $0.07 per share in Q2 2025. This increase was primarily related to $3.4 million in higher mine operating
earnings as a result of higher gold sales with higher average realized prices.
Cash Flow
In Q3 2025, cash flow generated by operating activities was $35.6 million, or $0.21 per share, an increase
compared to $16.3 million, or $0.10 per share, in Q2 2025. Operating cash flow before changes in working capital
was $21.4 million or $0.13 per share which compares to $16.6 million or $0.10 per share in Q2 2025.
The Company remitted tax payments of $5.5 million YTD.
During the quarter, the Company made payments of $17.4 million for mineral properties, plant and equipment,
and leases, of which $15.4 million and $1.8 million were related to sustaining and non-sustaining capital
expenditures at Florida Canyon, respectively. This increased from payments of $15.2 million for mineral property,
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plant and equipment, and leases made in Q2 2025, of which $14.2 million and $0.8 million were related to
sustaining and non-sustaining capital expenditures at Florida Canyon, respectively.
Q3 2025 free cash flow of $20.2 million, or $0.12 per share, was higher than $2.1 million, or $0.01 per share, in Q2
2025.
Financial Position
As at September 30, 2025, the Company had a cash and cash equivalent balance of $81.2 million, an increase of
$18.2 million from $63.0 million at the end of Q2 2025. The Company also has $15.0 million drawn and $5.0
million undrawn on its convertible debt facility as at September 30, 2025.
The Company’s working capital was $46.5 million on September 30, 2025, reflecting a $13.6 million decrease from
June 30, 2025. This decrease was mainly due to the non-cash unrealized derivative loss on the conversion feature
of the convertible debt facility and decrease in inventories, partially offset by a build-up in cash from strong
operating results. Working capital excluding derivatives was $70.9 million, a $4.2 million increase from $66.7
million as at June 30, 2025.
Development Projects
The MPO for DeLamar Project was submitted for review to the BLM and cooperating Federal and State agencies
early in 2025. In a letter dated August 19, 2025, the BLM notified Integra that the MPO met the content
requirements at 43 CFR 3809.401(b), and thus was determined to be administratively complete. The BLM, its third-
party National Environmental Policy Act ("NEPA") consultant, SWCA Environmental Consultants, and cooperating
agencies will now proceed with environmental review of the project (and a range of reasonable alternatives,
including a No Action Alternative) in accordance with the NEPA. Concurrently, Integra will work with Federal, state
and local regulatory authorities to obtain all necessary permits for mine construction, operations, and reclamation.
In Q3 2025 the Feasibility Study for DeLamar was advanced by completing an optimization exercise and resizing
the pit. The final mine design commenced which is to be followed by mine sequencing, production planning and
costing. This information will be used to update the metal recovery and economic models. The Feasibility Study is
expected to be released in late 2025.
During the quarter the Company also advanced the Nevada North Project (“Nevada North”), which consists of the
Wildcat Deposit (“Wildcat”) and the Mountain View Deposit (“Mountain View”). Metallurgical testing continued
during Q3 2025 on core from Wildcat, which will gather important data for future economic studies, mine design,
and permitting efforts. The environmental analysis for the Wildcat Exploration Plan of Operations (“EPO”) is
complete, and decision documentation will be complete pending approval of a Memorandum of Agreement with
the State Historical Preservation Office and Tribal governments. Once approved, the Wildcat EPO will provide
greater flexibility for significantly expanded exploration and drilling campaigns in the future. Hydrogeological
drilling at Wildcat, required for future permitting, is anticipated to be completed in Q4 2025 under an existing
notice. The Reclamation Permit from Nevada Division of Environmental Protection ("NDEP") Bureau of Mining
Regulation and Reclamation ("BMRR") is also in process and anticipated in Q4 2025. At Mountain View,
environmental analysis for the EPO is also complete. The Mountain View EPO was posted for a 30-day public
comment period (now complete), after which a Final Environmental Assessment will be published in Q4 2025 (with
no public comment period). The NDEP BMRR Reclamation Permit is anticipated on a similar approval timeframe.
Once approved, the Mountain View EPO will provide greater flexibility for significantly expanded exploration and
drilling campaigns in the future. Integra expects to begin work on an updated technical report for Nevada North in
2026 with a target release date in early 2027.
In Q3 2025, External Affairs activities included extensive site visits to the Company’s development projects in
Idaho and Nevada, as well as participation from all sites in various stakeholder engagement initiatives and events
during the summer months. Integra continued bi-weekly agency engagement for its projects in Idaho and Nevada,
and met with additional agency personnel at state and federal levels regarding various permitting milestones.
Notable advancements in Tribal Nation engagement during the quarter include the signing of a life-of-mine
Relationship Agreement (the "Agreement") between Integra and the Shoshone-Paiute, whose aboriginal territories
span the tri-state area of Idaho, Nevada, and Oregon. The Agreement establishes a transformative and long-term
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partnership for the development of DeLamar on Shoshone-Paiute Traditional Homelands, which aligns interests
across several key measures, including economic opportunities, environmental protection, cultural recognition,
and social performance. The Agreement provides Integra and the Shoshone-Paiute a framework to guide a
mutually beneficial long-term relationship over the life of mine at DeLamar.
Health, Safety and Environment
Integra experienced zero fatalities and one lost time incident for the first nine months of 2025. The one lost time
incident that occurred at Florida Canyon in Q3 2025 ended a 681 day period with no lost time incidents. Also,
three MSHA-reportable injuries occurred at Florida Canyon in Q3, which brings the year to date total to seven. The
2025 total recordable incident frequency rate ("TRIFR") at Florida Canyon is 2.39.
Integra recorded five minor reportable environmental spills, incidents, or non compliances for the first nine
months of 2025, three of which occurred in the third quarter.
Financial Statements
Integra’s consolidated financial statements and management’s discussion and analysis as at and for the three and
nine months ended September 30, 2025, are available on the Company’s website at www.integraresources.com,
and under the Company’s profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Hard copies of the
financial statements are available free of charge upon written request to [email protected].
Q3 2025 Conference Call and Webcast Details
The Company will host a conference call and webcast on Thursday, November 13, 2025 at 11:00 AM Eastern
Time / 8:00 AM Pacific Time to review its financial and operating results for the third quarter of 2025. Details for
the conference call and webcast are included below.
Dial-In Numbers / Webcast:
Conference ID: 2435675
Toll Free: (800) 715-9871
Toll: +1 (646) 307-1963
Webcast: https://events.q4inc.com/attendee/154141836
About Integra Resources Corp.
Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused
on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine,
located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach
projects: the past producing DeLamar Project located in southwestern Idaho and the Nevada North Project located
in western Nevada. Integra creates sustainable value for shareholders, stakeholders, and local communities
through successful mining operations, efficient project development, disciplined capital allocation, and strategic
M&A, while upholding the highest industry standards for environmental, social, and governance practices.
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO and Director
CONTACT INFORMATION
Corporate Inquiries: [email protected]
Company website: www.integraresources.com
Office phone: +1 (604) 416-0576
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Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by
Gregory Robinson (P.E., SME Registered Member), Integra’s General Manager of the Florida Canyon Mine. Mr.
Robinson is a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”).
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:
Three months ended
September 30,
Nine months ended
September 30,
2025 2025
Gold revenue $ 70,199 $ 187,249
Gold ounces sold during the period 20,265 57,999
Average realized gold price (per oz sold) $ 3,464 $ 3,228
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:
Three months ended
September 30,
Nine months ended
September 30,
2025 2025
Payments for mineral properties, plant and equipment $ 15,097 $ 31,886
Payments for equipment leases 2,027 6,268
Total capital expenditures 17,124 38,154
Less: Non-sustaining capital expenditures (1,756) (2,573)
Sustaining capital expenditures $ 15,368 $ 35,581
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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:
Three months ended
September 30,
Nine months ended
September 30,
2025 2025
Operating cash flow (1) $ 35,557 $ 67,594
Less: sustaining capital expenditures (15,368) (35,581)
Free cash flow $ 20,189 $ 32,013
Free cash flow per share (basic) $ 0.12 $ 0.19
Weighted average shares outstanding (basic) 169,007 168,882
Working capital
Working capital is calculated as current assets less current liabilities. The Company uses this measure to assess its
operational efficiency and short-term financial position.
Working capital excluding derivatives
Working capital excluding derivatives is calculated as current assets less current liabilities, excluding derivative
assets and liabilities. The Company uses this measure to assess its operational efficiency and short-term financial
position, excluding the effects of periodic revaluation of derivative instruments.
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:
Three months ended
September 30,
Nine months ended
September 30,
2025 2025
Revenue $ 70,678 $ 188,775
Mine operating earnings 28,584 69,278
Operating margin 40 % 37 %
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.
Three months ended
September 30,
Nine months ended
September 30,
2025 2025
Operating cash flow (1) $ 35,557 $ 67,594
Add: change in working capital (14,123) (17,258)
Operating cash flow before change in working capital $ 21,434 $ 50,336
Operating cash flow per share (basic) $ 0.21 $ 0.40
Operating cash flow before change in working capital per share (basic) $ 0.13 $ 0.30
Weighted average shares outstanding (basic) 169,007 168,882
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