ITRG · Integra Resources Corp.

Integra’s Q1 2026 results reflect a pivotal operational and financial inflection point: record mining throughput (76,800 tpd) at Florida Canyon — the highest ever achieved — signals successful execution of its fleet modernization strategy, including eight Caterpillar 785 haul trucks and supporting equipment. Though gold production declined year-over-year (12,635 oz vs. 19,323 oz), management explicitly attributed the shortfall to temporary leach pad constraints — specifically reduced solution flow in a Phase II cell processing fine ore from the new N2 pit — and affirmed full-year guidance of 70,000–75,000 oz, expecting deferred ounces to be recovered through ongoing leaching. The 40% operating margin (up from 27%) and $24.9M mine operating earnings were driven overwhelmingly by the record $4,854/oz average realized gold price, which more than offset higher input costs (diesel, royalties, excise taxes) and lower volume. Notably, cash costs ($2,422/oz) and Mine-site AISC ($3,310/oz) exceeded guidance ranges due to gold price sensitivity — the filing quantifies a $100/oz gold price increase adding ~$7/oz to both metrics — underscoring the Company’s exposure to metal price volatility. Financially, the $57.5M net proceeds from the bought deal offering materially de-risked the balance sheet, lifting cash to $105.8M and enabling accelerated investment: $12.5M for strategic land near DeLamar, $3.4M for Idaho Power infrastructure planning, and $17.7M in total DeLamar de-risking spend. With the DeLamar Feasibility Study filed and Florida Canyon’s updated technical report expected in Q3 2026, Integra is transitioning from a single-asset operator to a multi-project developer — positioning 2026 as the foundation year for sustained production growth in 2027–2028.