Integra Resources Reports Record Mining Rates & Strengthened Balance Sheet in First Quarter 2026

• Florida Canyon achieved a record total mining rate of 76,800 tonnes per day in First Quarter 2026, following the commissioning of six new Caterpillar 785 haul trucks, completing the fleet expansion that positions the operation for improved operational flexibility.
• Production of 12,635 gold ounces sold at a record average realised price of $4,854 per ounce generated mine operating earnings of $24.9 million with 40% operating margin, while the company maintained 2026 production guidance of 70,000 to 75,000 ounces despite approximately 3,000 ounces temporarily deferred due to leach pad flow rates.
• Cash and cash equivalents strengthened to $105.8 million at March 31, 2026, from $63.1 million at 31 December 2025, benefitting from $57.5 million net proceeds raised through a bought deal public offering
• The DeLamar Project Feasibility Study filed in February 2026 outlines 1.1 million ounces of gold equivalent production over a 10-year mine life, generating an after-tax net present value of $774 million and 46% internal rate of return at $3,000 per ounce gold and $35 per ounce silver base case
• Optimised Mine Plan of Operations Version 4.3 submitted to Bureau of Land Management (BLM) on May 1, 2026, for National Environmental Policy Act review, with Environmental Impact Statement anticipated in the Third Quarter 2027 under accelerated 15-month FAST-41 permitting schedule

Company Overview

Integra Resources Corp. [TSXV: ITR |  NYSE American: ITRG] is a precious metals producer in the Great Basin of the Western United States operating the Florida Canyon Mine in Nevada. The company is advancing two development-stage heap leach projects: the DeLamar Project in southwestern Idaho and the Nevada North Project in western Nevada.

Florida Canyon Mining Operations Achieve Record Throughput Following Fleet Expansion

Integra Resources mined 3.0 million tonnes of ore and 3.9 million tonnes of waste at a strip ratio of 1.30 at the Florida Canyon Mine during the three months ended March 31, 2026, according to the company's First Quarter 2026 results released May 11, 2026. Total tonnes mined reached 76,800 tonnes per day, representing a record for the operation, with ore mining rates averaging 33,421 tonnes per day.

The First Quarter 2026 strip ratio increased from 0.60 in First Quarter 2025 as the company advanced capitalised waste stripping in line with its stated 2026 guidance commitments. Mining activities increased significantly following the commissioning of six new Caterpillar 785 haul trucks during the quarter, completing a fleet expansion that added eight Caterpillar 785 haul trucks, one Caterpillar 992HL loader, and one Hitachi EX3600 front shovel to the operation since 2025.

President and Chief Executive Officer of Integra Resources, George Salamis, stated: 

"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."

Production Impacted by Leach Pad Flow Rates; Annual Guidance Maintained at 70,000 to 75,000 Ounces

Integra produced 12,635 gold ounces during First Quarter 2026 compared to 19,323 ounces in First Quarter 2025. Approximately 3,000 ounces were deferred from current quarter production due to temporarily reduced solution flow rates to a specific Phase II leach pad cell containing fine ore from the newly opened N2 pit. Average gold process recoveries reached 59.9% in First Quarter 2026, slightly below the 60.4% recovery achieved in First Quarter 2025.

The company developed a blending strategy to maintain nominal leach rates for the fine N2 pit material. Combined with the ramp-up of the Phase IIIB leach pad, Integra targets meeting its annual gold production guidance of 70,000 to 75,000 ounces, with the majority of deferred First Quarter ounces expected to be recovered through ongoing leaching over the remainder of 2026.

Salamis stated: 

"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."

Revenue & Margins Benefit from Record Gold Prices; Operating Margin Expands to 40%

Integra sold 12,518 gold ounces at an average realised price of $4,854 per gold ounce during First Quarter 2026, generating revenue of $61.7 million. This compares to sales of 19,540 gold ounces at an average realised price of $2,888 per ounce in First Quarter 2025, which produced revenue of $57.0 million. Mine operating earnings increased to $24.9 million from $15.5 million in the prior year period, with operating margin improving to 40% from 27%.

Net earnings totalled $12.5 million, or $0.06 per share, in First Quarter 2026 compared to net earnings of $1.0 million, or $0.01 per share, in First Quarter 2025. Adjusted earnings reached $12.9 million, or $0.07 per share, versus $4.4 million, or $0.03 per share, in the prior year period, primarily related to $9.4 million in higher mine operating earnings resulting from gold sales at higher average realised prices.

Cash Costs & Mine-site AISC Exceed Guidance on Lower Ounces Sold & Higher Royalties

Cash costs averaged $2,422 per gold ounce sold in First Quarter 2026, above the company's full-year guidance range of $1,900 to $2,100 per ounce. Mine-site all-in sustaining costs (AISC) averaged $3,310 per gold ounce sold, exceeding the guidance range of $2,750 to $2,950 per ounce. Both metrics were elevated due to lower gold ounces sold, higher royalties and excise taxes on gold sales resulting from higher-than-planned metal prices, and increased diesel prices.

The company's 2026 guidance assumed an average gold price of $3,800 per ounce. A $100 per ounce change in the gold price results in an estimated $7 change to both cash costs and Mine-site AISC, according to the company's sensitivity analysis. Royalties and excise taxes amounted to $3.9 million in First Quarter 2026 versus $3.7 million in the prior year period.

Operating Cash Flow Impacted by Working Capital Build; Free Cash Flow Totals $3.0 Million

Cash flows provided by operations totalled $13.8 million in First Quarter 2026, a decrease of $1.9 million compared to $15.7 million generated in First Quarter 2025. The primary driver related to a $12.1 million increase in cash used for working capital, largely driven by inventory buildups, partially offset by increased cash flow from improved mine operating earnings that benefited from higher metal prices. Free cash flow generated in First Quarter 2026 totalled $3.0 million, or $0.02 per share, lower than the $9.7 million generated in the prior year period.

The company made payments of $30.4 million for mineral properties, plant and equipment, and leases during First Quarter 2026. This included $17.7 million invested at the DeLamar Project, of which $3.4 million related to an initial deposit to Idaho Power for planning work on upgrading existing power infrastructure and $12.5 million for the acquisition of a strategic land position near the project. Additionally, $10.8 million related to sustaining capital and $1.8 million related to non-sustaining capital expenditures at Florida Canyon.

Balance Sheet Strengthened Through $57.5 Million Net Equity Raise

Integra raised gross proceeds of $61.6 million through a bought deal public offering in the first quarter of 2026, receiving net proceeds of $57.5 million after deducting underwriting commissions and issuance costs of $4.1 million. Net proceeds are expected to be used to commence pre-production expenditures at the DeLamar Project and to fund the $12.5 million acquisition of a strategic land position near the project.

Cash and cash equivalents totalled $105.8 million at 31 March 2026, an increase of $42.7 million from $63.1 million at 31 December 2025. Working capital reached $139.7 million at quarter's end, reflecting a $46.8 million increase, largely attributable to the bought deal public offering and the payment of $6.9 million in trade and other payables, partially offset by buildups in inventories and tax liabilities.

Capital Expenditures & Florida Canyon Growth Initiatives

Integra invested $10.8 million in sustaining capital during First Quarter 2026 compared to $6.0 million in First Quarter 2025, reflecting the company's reinvestment strategy through new equipment leases, increased capital stripping, and mobile equipment refurbishments. Non-sustaining growth capital totalled $1.8 million during the quarter, primarily directed toward growth-focused capital stripping and drilling programmes at Florida Canyon, as well as equipment lease payments for the expanded fleet. The company anticipates increased investment in sustaining capital expenditures to continue into the Second Quarter 2026.

Integra completed 8,530 metres of its 42,500 metre 2026 growth-focused drilling programme at Florida Canyon during First Quarter 2026. The programme focuses on four key areas: resource development at the Florida Canyon Mine Property, underexplored extensions of Florida Canyon gold mineralisation, Standard Mine area targets, and greenfield exploration targets. Programme expenditures totalled $1.5 million in First Quarter 2026. The drilling programme is specifically designed to support resource and reserve growth and extend mine life at Florida Canyon. The Florida Canyon technical report remains on track and is expected to be released in the third quarter of 2026.

DeLamar Project Advances with Feasibility Study & Permitting Milestones

Integra filed its Feasibility Study Technical Report for the DeLamar Project on February 2, 2026, with an effective date of December 8, 2025. The Feasibility Study outlines total production of 1.1 million ounces of gold equivalent over a 10-year operating mine life, plus 2 years of residual leaching, resulting in an average annual production profile of 106,000 ounces of gold equivalent per annum at a co-product Mine-site AISC of $1,480 per ounce gold equivalent. Initial capital costs total $389 million, including $38 million of owners' costs, with sustaining capital of $305 million over the mine life. The DeLamar Project generates an after-tax net present value at a 5% discount rate (NPV5%) of approximately $774 million with an after-tax internal rate of return (IRR) of 46% at base case gold and silver prices of $3,000 per ounce and $35 per ounce, respectively.

Integra submitted the optimised DeLamar Project Mine Plan of Operations (MPO) Version 4.3 to the United States Bureau of Land Management (BLM) on May 1, 2026. The MPO Version 4.3 represents the project proposed action and will serve as the basis for BLM's environmental review under the National Environmental Policy Act (NEPA). Following the publishing of the Notice of Intent in Second Quarter 2026, public and agency scoping will identify environmental concerns associated with project implementation, with the Environmental Impact Statement (EIS) and accompanying record of decision anticipated in Third Quarter 2027. The DeLamar Project's permitting timeline was posted to the FAST-41 project dashboard on January 13, 2026, highlighting an accelerated 15-month NEPA schedule from start to finish.

During First Quarter 2026, the company incurred $4.0 million in exploration and development expenses and invested $17.7 million in mineral property, plant, and equipment at DeLamar.

Safety & Stakeholder Engagement

Integra experienced zero fatalities and zero lost time incidents in the First Quarter 2026. Zero Mine Safety and Health Administration-reportable injuries occurred at Florida Canyon during the quarter, with the 2026 year-to-date total recordable incident frequency rate at zero compared to 1.79 for 2025. External affairs activities maintained broad stakeholder engagement totalling over 4,250 stakeholders engaged in Nevada, Idaho, and Oregon, including residents, civic and non-profit organisations, government and elected officials, and Tribal Nations.

Next Steps: Florida Canyon Technical Report, DeLamar Notice of Intent & Nevada North Drilling

At Florida Canyon, the company targets releasing an updated technical report in the third quarter of 2026, incorporating results from the ongoing 42,500 metre drilling programme. Production is expected to trend higher through the balance of 2026 as mining rates remain elevated and leach pad performance continues to normalise, with the majority of the approximately 3,000 ounces deferred from First Quarter 2026 expected to be recovered through ongoing leaching over the remainder of the year.

At the DeLamar Project, the company anticipates publication of the Notice of Intent in Second Quarter 2026, initiating public and agency scoping under the NEPA review process. The EIS and accompanying record of decision remain anticipated in the Third Quarter of 2027. At Nevada North, significantly expanded exploration and hydrogeological drilling campaigns are scheduled to begin in the Second Quarter of 2026 at Wildcat, with work on an updated Nevada North technical report targeted to begin in 2026 for release in early 2027.

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