Integra Resources' Strong Q1 2025 Gold Production, Cash Position Reaches Record $61.1 Million

• Integra Resources achieved a milestone first quarter as a gold producing company, generating 19,323 ounces of gold production and selling 19,540 ounces from its Florida Canyon Mine.
• The company strengthened its financial position significantly, ending Q1 2025 with a cash balance of $61.1 million and working capital of $63.8 million, representing its strongest financial position in company history.
• Operating performance delivered adjusted earnings of $4.4 million  and operating cash flow of $16.1 million, demonstrating the mine's ability to generate consistent cash flow.
• Strategic development progressed across multiple projects, including formal submission of an updated Mine Plan of Operations for the DeLamar Project and advancement of feasibility studies expected in H2 2025.
• Key executive appointments were also completed during the quarter, including Clifford Lafleur as Chief Operating Officer, Dale Kerner as Vice President of Permitting, and Sean Deissner as Vice President of Finance.

Integra Resources Corp. (TSXV:ITR) is a growing precious metals producer focused on the Great Basin region of the Western United States. The company operates the Florida Canyon Mine in Nevada as its principal asset while advancing two flagship development-stage heap leach projects: the DeLamar Project in southwestern Idaho and the Nevada North Project in western Nevada. The company's Q1 2025 results mark a significant transition period as it establishes itself as a consistent gold producer while advancing its development pipeline.

Here is a recent interview with CEO George Salamis.

Operational Performance at Florida Canyon

Production Metrics & Financial Results

Florida Canyon delivered strong operational performance in its first full quarter under Integra's ownership. The mine processed 3.0 million tonnes of gold mineralized material with a strip ratio of 0.60 and an average grade of 0.23 grams per tonne gold. Gold production exceeded expectations, partly due to operational improvements and efficiency gains.

George Salamis, President, CEO and Director of Integra Resources commented:

“We are pleased to report strong gold production and positive financial results from Florida Canyon for the first quarter of 2025. The mine continues to demonstrate its ability to generate cash flow to support Integra’s growth strategy, which was the basis for its acquisition in late 2024."

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Cost Structure & Margins

The mine's cost structure remained competitive during the quarter, with cash costs of $2,016 per ounce of gold sold and mine-site all-in sustaining costs (AISC) of $2,342 per ounce. Total AISC for the company reached $2,446 per ounce of gold sold. The company attributed increased costs to a ramp up of capital spending for pre-stripping activities, higher royalty payments due to the increased spot gold price, and increased tax-related production costs.

Revenue for the quarter totaled $57.0 million, generating a gross profit of $15.5 million. The strong financial performance contributed to positive operating cash flow of $16.1 million and adjusted earnings of $4.4 million.

Strategic Development Projects

DeLamar Project Advancement

Significant progress occurred on the DeLamar Project during Q1 2025, with Integra submitting an updated and refined Mine Plan of Operations (MPO) to the U.S. Bureau of Land Management (BLM) in late March. This submission initiates the formal environmental review process under the National Environmental Policy Act (NEPA).

The updated MPO represents substantial improvements from previous iterations. According to the company's news release, Integra's recently updated and submitted MPO for DeLamar reflects a significantly optimized and environmentally enhanced mine plan, including a more compact project footprint and design modifications aimed at reducing projected carbon emissions and water usage.

The environmental review process is expected to span approximately two years, following a structured pathway from Notice of Intent through Draft Environmental Impact Statement to Final Environmental Impact Statement and Record of Decision. The company anticipates publishing feasibility study results in H2 2025, contemplating an open-pit gold and silver heap leaching operation on site.

Nevada North Project Progress

The Nevada North Project, consisting of the Wildcat and Mountain View deposits, achieved important permitting milestones during the quarter. The BLM published the Final Environmental Assessment and Finding of No Significant Impact for the Wildcat Exploration Plan of Operations on April 17, 2025.

The company is advancing technical studies at Nevada North, with plans to complete a metallurgical test work program for Wildcat in H2 2025 and commencing a geochemical sampling program designed to assess future development criteria for mineralized material and waste rock, in Q2 2025.

Executive Leadership Strengthening

The company made strategic executive appointments during Q1 2025 to support its operational and growth objectives.

• Clifford Lafleur joined as Chief Operating Officer, bringing more than 25 years of experience spanning mine development, operations, and mine optimization. Lafleur previously played a key role at SilverCrest Metals Inc., contributing to its $1.7 billion acquisition by Coeur Mining Inc.

• Dale Kerner was appointed Vice President of Permitting, with more than 25 years of experience in environmental permitting and regulatory compliance. Kerner joins from Perpetua Resources Corp., who was instrumental in successfully permitting the Stibnite Gold Project in Idaho.

• Sean Deissner assumed the role of Vice President of Finance, contributing over 15 years of experience in the mining industry, specializing in financial reporting, corporate finance, and strategic leadership.

Financial Position & Outlook

Planned Capital Expenditures

Integra outlined significant capital investment plans for 2025, focusing on Florida Canyon optimization and expansion. The company expects to invest $12 million in the South Heap Leach Pad Phase III-b expansion, scheduled to begin in Q2 2025 and complete in Q3 2025.

Additional capital investments will target mobile equipment fleet upgrades and component replacements planned for 2025 and 2026. The company is conducting several optimization studies evaluating metallurgy and gold recovery, mine sequencing, and pit slope/geotechnical studies aimed at reducing future waste stripping campaigns.

Exploration Investment

In May 2025, Integra initiated a 10,000-meter reverse circulation drill program at Florida Canyon with a $1.5 million budget. The program focuses on near-mine gold exploration targets identified at Florida Canyon, designed to support oxide gold mineral reserve and resource growth and mine life extension. Results are expected during summer 2025, supporting a mineral resource and reserve update and revised life-of-mine plan expected in early 2026.

Balance Sheet Strength

Integra's financial position strengthened considerably during Q1 2025, with cash and cash equivalents reaching $61.1 million compared to $52.2 million at December 31, 2024. Working capital totaled $63.8 million, providing substantial financial flexibility for planned investments and development activities.

President and CEO George Salamis commented on the company's financial position:

"Solid performance from Florida Canyon this quarter resulted in an increased cash balance to $61.1 million at the end of the quarter, marking the Company's strongest financial position ever."

For Investors

Integra Resources demonstrated operational competency and financial discipline in its first quarter as a gold producer, establishing a foundation for sustained cash generation from Florida Canyon while advancing its development pipeline. The company's strengthened balance sheet provides financial flexibility to execute planned capital investments and development activities across its project portfolio.

The successful integration of Florida Canyon, combined with strategic executive appointments and advancement of the DeLamar and Nevada North projects, positions Integra as a growing precious metals producer with multiple value creation opportunities. Investors should monitor the company's ability to maintain operational consistency at Florida Canyon while advancing its development projects through permitting and feasibility studies, particularly the anticipated DeLamar feasibility study results in H2 2025.

The company's focus on sustainable mining practices, disciplined capital allocation, and strategic project advancement in the prolific Great Basin region provides a compelling investment proposition for investors seeking exposure to North American gold production and development opportunities.