VANCOUVER, BC, May 11, 2026 /CNW/ - Integra Resources Corp. ("Integra" or the "Company") (TSXV:ITR) (NYSE:ITRG) is pleased to announce financial and operating results for the three months ended March 31, 2026 (the "first quarter" or "Q1 2026"). The Company will host a conference call to discuss first quarter 2026 results on Tuesday, May 12, 2026 at 11:00 AM Eastern Time / 8:00 AM Pacific Time.
(All amounts expressed in United States ("U.S.") dollars unless otherwise stated)
First Quarter 2026 Highlights:
Mined 3.0M tonnes of ore and 3.9M tonnes of waste at a strip ratio of 1.30 at the Florida Canyon Mine (the "Florida Canyon Mine" or "Florida Canyon" or the "Mine") for Q1 2026. As a result, ore mining rates were 33,421 tonnes per day ("tpd") and total tonnes mined were 76,800 tpd, a record for the Mine.
In Q1 2026, Florida Canyon produced 12,635 gold ounces and sold 12,518 gold ounces at a record average realized price of $4,854 per gold ounce.
Quarterly revenue of $61.7 million in Q1 2026, compared to revenue of $57.0 million in Q1 2025.
Mine operating earnings of $24.9 million in Q1 2026 compared to $15.5 million in Q1 2025. Operating margin of 40% in Q1 2026 was improved from the 27% operating margin recorded in Q1 2025.
Q1 2026 adjusted earnings(1) of $12.9 million, or $0.07 per share, compared to $4.4 million, or $0.03 per share in Q1 2025. Adjustments were largely related to unrealized gains associated with the bullion contracts, losses on the disposal of mineral properties, plant, and equipment, and deferred tax expenses.
Q1 2026 net earnings of $12.5 million, or $0.06 earnings per share improved from the net earnings of $1.0 million, or $0.01 earnings per share recorded in Q1 2025.
Cash costs(1) averaged $2,422 per gold ounce and Mine-site all in sustaining costs(1) ("Mine-site AISC") averaged $3,310 per gold ounce in Q1 2026, both impacted by lower gold ounces sold, higher royalties and excise taxes on gold sales from higher than planned metal prices, and increased diesel prices.
Operating cash flow of $13.8 million decreased from $15.7 million in Q1 2025, largely due to a $12.1 million increase in cash used for working capital, largely inventory buildups, partially offset by stronger mine operating earnings supported by higher metal prices.
Free cash flow(1) was $3.0 million, or $0.02 per share, for Q1 2026.
Cash and cash equivalents of $105.8 million at March 31, 2026, an increase from $63.1 million at December 31, 2025 and benefitting from the $57.5 million bought deal public offering completed during the quarter.
The Company commissioned six new Caterpillar 785 haul trucks during the quarter, materially enhancing mining capacity and supporting higher sustained mining rates going forward.
The Company raised gross proceeds of $61.6 million ($57.5 million net of underwriting commissions and issuance costs of $4.1 million), through a bought deal public offering in Q1 2026 significantly strengthening the Company's balance sheet and funding near-term growth initiatives at the DeLamar Project (the "DeLamar Project" or "DeLamar"). Net proceeds are expected to be used to commence pre-production expenditures at the DeLamar Project and funded the $12.5 million acquisition of a strategic land position near the DeLamar Project.
Continued advancement of the resource growth drilling program at Florida Canyon in Q1 2026. The drilling program marks the first phase of a multi-year growth strategy designed to expand mineral reserves and resources. The Florida Canyon technical report is on track and expected to be released in the third quarter of 2026.
Continued engagement with stakeholders across Nevada, Idaho, and Oregon, including local communities, civic and non-profit organizations, government officials, and Tribal Nations.
The Company filed its Feasibility Study Technical Report ("FS") for the DeLamar Project on February 2, 2026, with an effective date of December 8, 2025. The FS for DeLamar confirmed robust economics for a low-cost, large-scale, conventional open pit oxide heap leach operation, with competitive operating costs and a high rate of return.
(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:
"Q1 2026 demonstrated the continued strength of Integra's transformation into a growing and profitable U.S.-focused gold producer," said George Salamis, President, CEO and Director of Integra. "At Florida Canyon, we achieved record mining rates and strengthened operational flexibility during the quarter due to the significant reinvestment in our haulage fleet over the past 12 months. The Company continues to generate strong operating margins and free cash flow despite temporary production timing impacts that we expect to recover over the balance of the year. Importantly, we maintained our full-year production guidance, underscoring our confidence in the operation and the investments we have made to support higher sustained mining rates and future production growth.
In parallel, we significantly strengthened our balance sheet through a successful bought deal financing, ending the quarter with more than $105 million in cash to support near-term growth initiatives, including the continued advancement and de-risking of DeLamar. Over the past year, we have advanced DeLamar through feasibility work, permitting milestones, strategic land acquisitions, and FAST-41 coordination, while continuing to expand exploration and technical work across our broader portfolio. With an updated Florida Canyon mine plan and technical report expected later this year, permitting momentum at DeLamar, pre-feasibility work at Nevada North, a record-sized 50,000 meter exploration program and production expected to grow meaningfully in 2027 and 2028, we believe 2026 represents an important inflection point as we continue building a sustainable, multi-asset intermediate gold producer in the United States."
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
March 31,
Operating Highlights
Unit
2026
2025
Ore mined
kt
3,008
3,021
Waste mined
kt
3,902
1,799
Total Mined
kt
6,910
4,820
Crushed ore to pad
kt
1,784
1,764
Run of mine ore to pad
kt
1,074
1,199
Total placed
kt
2,858
2,963
Strip ratio
waste/ore
1.30
0.60
Ore mined/day
tpd
33,421
33,572
Total mined/day
tpd
76,772
53,555
Gold
Average grade
g/t
0.19
0.23
Recovery
%
59.9 %
60.4 %
Produced
oz
12,635
19,323
Sold
oz
12,518
19,540
Three months ended
March 31,
Financial Highlights
Unit
2026
2025
Revenue
$ millions
61.7
$ 57.0
Cost of sales
$ millions
(36.9)
$ (41.5)
Mine operating earnings
$ millions
24.9
$ 15.5
Earnings for the period
$ millions
12.5
$ 1.0
Earnings per share (basic)
$/share
0.06
$ 0.01
Adjusted earnings for the period(1)
$ millions
12.9
$ 4.4
Adjusted earnings per share (basic)(1)
$/share
0.07
$ 0.03
Operating cash flow
$ millions
13.8
$ 15.7
Operating cash flow per share (basic)
$/share
0.07
$ 0.09
Free cash flow(1)
$ millions
3.0
$ 9.7
Free cash flow per share (basic)
$/share
0.02
$ 0.06
Cash costs(1)
$/oz sold
2,422
$ 2,016
Mine-site AISC(1)
$/oz sold
3,310
$ 2,342
(1)
Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release.
Financial Position
March 31, 2026
December 31, 2025
Cash and cash equivalents
$ millions
$ 105.8
$ 63.1
Working capital(1)
$ millions
$ 139.7
$ 92.9
(1)
Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release.
Mining
In Q1 2026, the Company mined 3.0M tonnes of ore from its open pit operations at ...
