Integra Resources Maintains Steady Gold Production, Boosts Cash Position to $63 Million

• Integra Resources is a growing precious metals producer operating primarily in the Great Basin of the Western United States.
• The Vancouver-based company focuses on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine in Nevada.
• Beyond its producing asset, Integra is committed to advancing its flagship development-stage heap leach projects including the past producing DeLamar Project in southwestern Idaho and the Nevada North Project in western Nevada.
• The company creates sustainable value for shareholders through successful mining operations, efficient project development, disciplined capital allocation, and strategic mergers and acquisitions.
• Integra maintains high environmental, social, and governance standards while building its portfolio of precious metals assets in established mining jurisdictions.

Operational Performance at Florida Canyon Mine

Production Results Meet Expectations

The Florida Canyon Mine met production expectations during the second quarter of 2025, producing 18,086 ounces of gold and selling 18,194 ounces. Gold production came from multiple sources: newly processed ore from the Phase IIIa heap leach pad and continued recovery from older Phase I and II pads.

During the quarter, the mine processed 3.2 million tonnes of ore with an average gold grade of 0.21 grams per tonne and achieved a 60.5% gold recovery rate. Year-to-date production totaled 37,410 ounces produced and 37,734 ounces sold, demonstrating consistent operational performance.

Mining Operations & Capital Investment Strategy

The Florida Canyon Mine extracted 6,041 thousand tonnes of material during the second quarter, consisting of 3,075 thousand tonnes of ore and 2,966 thousand tonnes of waste. The strip ratio of 0.96 waste to ore during the quarter reflected the company's strategic re-investment approach at the operation.

President, CEO and Director George Salamis explained the operational context:

"Florida Canyon continues to deliver on our expectations, generating meaningful cash flow to fund significant re-investment into the mine, while also supporting the Company's broader growth strategy. As described in our 2025 guidance, between sustaining and growth capital, the Company plans to invest over ~$55 million into Florida Canyon this year. Capital that not only supports near-term improvements but also positions the mine for long-term growth and profitability."

The increased strip ratio during the second quarter resulted from increased capitalized waste stripping as part of the company's re-investment strategy at Florida Canyon, which was outlined in the company's 2025 guidance. This strategic approach demonstrates the company's commitment to optimizing the mine's long-term potential rather than maximizing short-term production.

Infrastructure Development & Future Growth

Phase IIIb Heap Leach Pad Construction

A significant milestone during the second quarter was the initiation of construction on the Phase IIIb heap leach pad at Florida Canyon. This expansion project represents a key component of the company's growth strategy, with commissioning expected in late 2025. The new pad will provide additional capacity for ore processing and support the mine's production profile in future periods.

The development of Phase IIIb follows the successful implementation of Phase IIIa, which contributed to the consistent gold production during the reported quarter. This sequential approach to infrastructure development demonstrates the company's methodical expansion strategy and commitment to maintaining operational efficiency during growth phases.

Financial Position & Cash Flow Generation

Strengthened Balance Sheet

Integra Resources reported a cash and cash equivalents position of $63.0 million as of June 30, 2025, representing a significant increase that strengthens the company's financial flexibility. This enhanced cash position provides the company with resources to execute its planned capital investment program at Florida Canyon while maintaining operational stability.

The improved cash position reflects the mine's ability to generate meaningful cash flow from operations, supporting both the substantial re-investment program and the company's broader growth strategy. The cash generation capability demonstrates the operational effectiveness of the Florida Canyon Mine and its contribution to the company's overall financial health.

Capital Allocation Strategy

The company's planned investment of over $55 million into Florida Canyon during 2025 encompasses both sustaining and growth capital expenditures. This substantial capital commitment reflects management's confidence in the mine's long-term potential and the strategic importance of the asset to the company's overall portfolio.

Salamis emphasized the strategic nature of these investments:

"Overall, we are very pleased with the consistent operational delivery from Florida Canyon and the momentum it is helping us build across the business." 

The capital allocation approach balances near-term operational requirements with long-term positioning for enhanced profitability and growth.

Operational Efficiency & Recovery Performance

Processing & Recovery Metrics

The Florida Canyon Mine maintained stable processing performance during the second quarter, with the gold recovery rate of 60.5% closely matching the six-month average of 60.4%. This consistency in recovery performance indicates stable metallurgical conditions and effective operational control at the processing facilities.

The processed grade of 0.21 grams per tonne during the quarter compared to 0.22 grams per tonne for the six-month period, reflecting the expected variability in ore grades as mining progresses through different areas of the deposit. The company's ability to maintain consistent production despite minor grade variations demonstrates operational resilience and effective mine planning.

Strategic Context & Market Position

Portfolio Development Strategy

Beyond the Florida Canyon Mine, Integra Resources continues to advance its development-stage assets, including the DeLamar Project in southwestern Idaho and the Nevada North Project in western Nevada. These projects represent potential future sources of production and cash flow generation, providing the company with a pipeline of development opportunities.

The company's focus on heap leach projects aligns with its operational expertise and provides a consistent approach to asset development. The geographic concentration in the Great Basin region offers potential operational synergies and reduces execution risk associated with diverse geographic exposure.

Management Outlook & Execution

The company's management expressed satisfaction with the operational performance and strategic progress during the quarter. The consistent delivery from Florida Canyon provides a stable foundation for executing the broader growth strategy while maintaining financial discipline.

The planned release of complete financial results on August 13, 2025, followed by a management conference call on August 14, 2025, will provide additional detail on the company's financial performance and strategic initiatives. These communications will offer investors further insight into the company's operational results and future planning.

Risk Factors & Forward-Looking Considerations

Operational & Market Risks

The company's forward-looking statements acknowledge various risks and uncertainties that may affect future performance, including operational risks inherent in mining operations, market conditions affecting precious metals prices, and regulatory considerations. The company's Annual Information Form provides detailed disclosure of these risk factors for investor consideration.

The substantial capital investment program at Florida Canyon, while strategically important, represents execution risk that investors should consider in their evaluation of the company's prospects. The successful completion of the Phase IIIb heap leach pad construction and the realization of expected benefits from the capital investment program will be key factors in the company's future performance.

For Investors

Integra Resources demonstrated operational consistency during the second quarter of 2025, with gold production meeting expectations and a strengthened cash position supporting strategic investments. The company's focus on generating cash flow from the Florida Canyon Mine while simultaneously investing in long-term growth positions it for potential future expansion. The substantial capital investment program of over $55 million planned for 2025 represents both an opportunity for enhanced future performance and an execution risk that requires monitoring.

The company's strategic approach to developing its asset portfolio through heap leach projects in the Great Basin region provides a focused geographic and operational framework for growth. Investors should consider the company's consistent operational delivery, strengthened financial position, and strategic development pipeline when evaluating Integra Resources as an investment opportunity, while remaining mindful of the inherent risks associated with mining operations and capital-intensive growth strategies.