Integra's Record Q3 Earnings and Cash Flow Strengthen Multi-Asset Growth Pipeline: Why Execution at Florida Canyon Signals a Potential Re-Rating for 2026

• Record Q3 2025 financial performance at Florida Canyon, including $70.7M revenue, $16.3M adjusted earnings, and $20.2M free cash flow, strengthens Integra's balance sheet and materially de-risks its growth plans.
• Operational momentum continues, with 20,653 oz produced and the highest quarterly realized gold price of $3,464/oz for the operation to date, reinforcing high-margin optionality in a rising gold price environment.
• Development catalysts advance, including the DeLamar MPO acceptance by the BLM on August 19, 2025 and expanded Florida Canyon drilling aimed at a 2026 updated reserve and life-of-mine plan.
• Strategic positioning in the Great Basin provides scarcity value: a self-funded, sequenced production platform targeting 286 koz AuEq per year over 20+ years based on current resource estimates across all three assets.
• Investment thesis for gold and U.S.-based producers centers on jurisdictional stability, cash-flow resilience, and multi-asset optionality, with Integra offering all three at a 0.46x P/NAV discount to peers.

What Integra's Record Q3 Results Signal for Investors

During the third quarter of 2025, gold markets responded to persistent macroeconomic uncertainty, with prices trading in the $3,400 to $3,500 per ounce range. High-margin U.S. producers with operating leverage to rising prices benefited disproportionately during this period.

Integra Resources' third quarter 2025 results provide quantitative evidence of a self-funded growth model gaining operational traction. The company reported record financial performance at its Florida Canyon mine, including $70.7 million in revenue, $16.3 million in adjusted net earnings, and $20.2 million in free cash flow. These results strengthen Integra's balance sheet materially and de-risk its development pipeline, which includes the DeLamar project advancing through federal permitting and the Nevada North exploration portfolio.

The company now operates a sequenced production platform: Florida Canyon serves as the cash-generating anchor, DeLamar progresses toward feasibility study completion, and Nevada North represents optionality for a third production center.This configuration positions Integra to achieve a combined production profile targeting 286,000 ounces of gold equivalent annually over a mine life exceeding 20 years. This reflects Florida Canyon's current 70,000 ounce annual production capacity, DeLamar's projected 136,000 ounce contribution, and Nevada North's 80,000 ounce potential, creating a platform where each asset enters production in stages.

Why Cash-Generating U.S. Gold Producers Are in Focus

The third quarter gold price environment reflected structural demand drivers. Inflation dynamics, shifting monetary policy expectations, and geopolitical fragmentation supported institutional and central bank interest in gold as a strategic asset. Producers operating in jurisdictions with regulatory transparency and established permitting frameworks benefited from reduced political risk and improved access to capital.

U.S. gold producers gained additional support from policy initiatives aimed at strengthening mineral supply chains. In March 2025, the Trump administration signed the Immediate Measures to Increase American Mineral Production Executive Order, which included provisions for streamlining permits and expanding land access for domestic critical mineral production.

Florida Canyon's third quarter performance illustrated this operating leverage. The mine achieved a realized gold price of $3,464 per ounce during the period, the highest quarterly average for the operation to date. At these pricing levels, producers with controlled cost structures generate significant free cash flow that can fund exploration, development capital, and balance sheet strengthening.

Florida Canyon Q3 2025: Operational Outperformance & Margin Resilience

Florida Canyon produced 20,653 ounces of gold during the third quarter, representing sequential improvement from Q2 levels and supporting the company's 2025 guidance range of 70,000 to 75,000 ounces. Year-to-date production reached 58,063 ounces through September, positioning the operation well within guidance parameters. Production performance reflected consistent ore delivery from Phase IIIa leach pad operations, increased solution flow rates, and contributions from residual recovery in older leach material.

Mining operations maintained steady ore placement despite a strip ratio of 1.34 to 1 during the quarter, compared to 0.96 to 1 in Q2. This increase reflects normal variability in heap leach mining sequences, where waste stripping concentrates in specific periods to access higher-grade zones.

Cost Profile and All-In Sustaining Cost Analysis

Florida Canyon reported mine-site all-in sustaining costs of $2,647 per ounce for the third quarter, with year-to-date costs of $2,542 per ounce remaining within the company's guidance range. The quarterly increase primarily reflects elevated sustaining capital expenditures concentrated in Q3, typical of heap leach operations where capital deployment follows cyclical patterns.

Integra's AISC calculation, which conforms to World Gold Council standards, includes royalty payments and federal excise taxes that move proportionally with gold prices. A $100 per ounce change in realized gold price translates to approximately $7 per ounce in AISC movement due to these revenue-linked cost components. The operational context behind these costs reflects substantial reinvestment requirements, as management noted the operation required catching up after years of deferred investment.

George Salamis, President, Chief Executive Officer and Director, explained the strategic rationale for elevated costs:

"All in sustaining costs high 2450 to 2550 because there's a reason for that and we're reinvesting a lot of money back into the operation."

The asset required significant catch-up investment, with management noting approximately $55 million worth of reinvestment directed toward pre-stripping, pad building, and equipment acquisitions. Salamis characterized the asset's condition upon acquisition:

"It's an asset that's been unloved for 10 years, so there's a lot of money to reinvest, there's a lot of catching up to do, pre-stripping, pad building, and new equipment to buy."

Margin Commentary

Florida Canyon generated mine operating earnings of $28.6 million during the third quarter, exceeding the $25.2 million in Q2 2025. Operating margins reached 40 percent despite the concentration of sustaining capital expenditures during the period. Sustaining capital expenditures totaled $15.4 million for the quarter, supporting plant, equipment, and leases.

Salamis emphasized the importance of this reinvestment strategy, noting that delivering consistent quarterly performance against guidance builds investor confidence while positioning the asset for expanded mine life and improved operational efficiency over time.

Financial Strength: Record Earnings, Free Cash Flow & Balance Sheet Expansion

Integra reported operating cash flow of $35.6 million, increased from $16.3 million in Q2 2025 largely due to higher metal prices. Operating cash flow before changes in working capital in the quarter was $21.4 million. Free cash flow generation totaled $20.2 million for the quarter, a substantial improvement from $2.1 million in Q2. This inflection point demonstrates Florida Canyon's transition from development-stage ramp-up to steady-state cash generation.

Integra's cash balance increased to $81.2 million at quarter-end, representing 29 percent sequential growth from Q2 levels. Working capital excluding derivatives reached $70.9 million, providing substantial flexibility for near-term obligations and growth investments.Salamis highlighted how the asset's financial performance supports the broader growth strategy:

"We got into this acquisition with the view that if it generated $ 20 to $30 million a year free cash flow that was good enough, now it's doing much more than that, and it's paying the bills across the board and that's music to our shareholders."

The strengthened balance sheet materially reduces dilution risk for existing shareholders. Management emphasized that Florida Canyon's cash generation now exceeds initial acquisition expectations and provides the financial capacity to fund activities across the entire portfolio without immediate need for equity financing.

Reinvestment into Long-Term Growth: How Q3 Spending Supports the 2026-2030 Expansion Window

Growth capital totaled $1.8 million for the quarter, focused primarily on the expanded drilling program. In Q3 2025 continued its resource growth-focused  drilling program at Florida Canyon, completing approximately 13,500 meters of reverse circulation and sonic drilling by the end of September. The program focuses on three primary objectives: evaluating near-surface oxide potential from historical waste areas, expanding in-situ resources between existing open pits, and testing lateral extensions while conducting in-pit infill drilling.Chief Operating Officer Clifford Lafleur articulated the focus areas:

"My number one priority is to work with the site team at Florida Canyon and our producing asset, looking at ways to expand the life of mine there and then looking at ways that we can increase the efficiencies and help to maintain our margin over time."

Results from this program will inform a comprehensive resource update and revised life-of-mine plan scheduled for release in 2026. Management confirmed that expanding Florida Canyon's mine life remains a top priority, supported by confidence that additional resources can be converted through systematic exploration and evaluation of previously uneconomic stockpiled material that becomes viable at current gold prices.

DeLamar: Permitting Milestones & Feasibility Study Progress

The Bureau of Land Management determined DeLamar's Mine Plan of Operations to be administratively complete on August 19, 2025, initiating formal review under the National Environmental Policy Act framework. This milestone follows nearly three years of baseline environmental studies, technical data collection, and regulatory consultation.

Feasibility study work continues at DeLamar with mine design finalization underway and expected release in late 2025. Management identified feasibility study completion as a second strategic priority following operational optimization at Florida Canyon. Engineering teams are incorporating 42.5 million tonnes of previously M&I resources, averaging approximately 0.37 grams per tonne gold equivalent, into the integrated mine plan. Clifford Lafleur described the project simplification:

"There's some changes to the DeLamar project since the PFS, we've taken out the plant so no sulfides, all oxides, heap leach, so simplified that aspect of the project for permitting, capital outlay, and getting it into operation sooner."

The project scope has been refined since the preliminary feasibility study, with the elimination of sulfide processing in favor of an all-oxide heap leach operation. This simplification reduces capital requirements, accelerates potential development timelines, and streamlines permitting complexity.

Integra signed a life-of-mine Relationship Agreement with the Shoshone-Paiute Tribes during the quarter, establishing a framework for cultural, environmental, and economic collaboration throughout DeLamar's development and operational phases. The agreement addresses stewardship, economic participation, governance, and life-of-mine commitment.

Nevada North: Early-Stage Advancement & Optionality for a Third Asset

Nevada North advancement continued during the quarter with ongoing metallurgical testing at the Wildcat target. Hydrogeological drilling is anticipated to be completed in Q4 2025, supporting water resource evaluation and permitting requirements. These programs support technical report preparation scheduled for 2026.

Exploration Plans of Operations for Wildcat and Mountain View targets are in final approval stages. The Wildcat EPO has completed environmental analysis, with decision documentation pending. The Mountain View EPO has completed environmental analysis and public comment, with a Final Environmental Assessment anticipated to be published in Q4 2025.

Why Integra Trades at a Discount Despite Record Results

Integra trades at a discount to junior producer peers when evaluated on price-to-net asset value multiples. The company's consensus P/NAV multiple stands at 46x, while peer multiples range from 0.29x to 2.08x. This discount persists despite the company's strengthened financial position, expanding production profile, and advancing development pipeline.

The valuation disconnect reflects several factors. Markets typically require sustained operational performance over multiple quarters before repricing companies upward. The company's history as a development-stage entity creates investor perception lag. DeLamar's permitting timeline introduces uncertainty that some investors price conservatively.

Strategic Positioning in the Great Basin: Jurisdictional Premium & Scarcity Value

The Great Basin region of Nevada and southwestern Idaho has historically been one of North America's significant gold mining districts. Infrastructure, including power transmission and transportation networks, supports regional mining operations. Florida Canyon benefits from its location adjacent to Interstate Highway 80.

U.S. policy has recently emphasized domestic mineral supply chain development as a strategic priority. The March 2025 Executive Order supporting domestic critical mineral production created supportive conditions for producers operating within U.S. jurisdictions. Integra's asset portfolio concentrates in jurisdictions that have historically maintained support for responsible mining development.

The Investment Thesis for Integra Resources

The investment case for Integra Resources centers on operational execution, financial discipline, and strategic asset positioning:

• Cash flow visibility has improved materially, with Florida Canyon generating $20.2 million in free cash flow during Q3 2025, providing self-funding capacity for development activities and reducing near-term dilution risk.
• The sequenced growth pipeline offers multi-asset expansion with staggered catalysts, as DeLamar advances through permitting and feasibility completion while Nevada North provides additional optionality for production growth beyond the initial two-asset platform.
• Permitting momentum demonstrates tangible progress, with MPO administrative acceptance on August 19, 2025 and the Tribal Relationship Agreement providing structural de-risking for the company's primary development asset.
• Resource upside potential exists across three assets totaling 7.0 million ounces gold equivalent measured and indicated and 3.1 million ounces gold equivalent inferred, with ongoing drilling programs designed to support reserve conversion and resource expansion at Florida Canyon.
• Valuation disconnect persists despite strengthening fundamentals, as Integra trades at a consensus P/NAV multiple of 0.46x compared to junior producer peers ranging from 0.29x to 2.08x.
• Jurisdictional positioning provides differentiation, with U.S.-based production benefiting from recent policy support including the March 2025 Executive Order, infrastructure access, and alignment with institutional investor preferences for regulatory clarity and geopolitical stability.

Why Integra's Q3 Results Mark an Inflection Point for 2026

Integra's third quarter 2025 results demonstrate operational maturity and financial strength that materially de-risk the company's growth pipeline. Record cash flow generation and earnings performance at Florida Canyon validate the asset's role as a consistent cash engine supporting development activities. The $81.2 million cash position positions the company to advance DeLamar and Nevada North without dilution pressure.

The convergence of operational execution, advancing permitting milestones, and technical study completion creates multiple catalysts for 2026. Florida Canyon's resource update will incorporate operational data and exploration results. DeLamar's feasibility study will establish definitive project economics and construction timelines. Nevada North's technical advancement will demonstrate pipeline depth beyond the company's primary assets.

For investors evaluating U.S. junior gold producers, Integra offers differentiated exposure: an operating cash-generating asset, a development project advancing through federal permitting with MPO acceptance achieved, and exploration optionality within established U.S. mining regions. As 2026 catalysts materialize, the market will have increasing evidence to support valuation rerating toward peer-group multiples.

TL;DR

Integra Resources reported record Q3 2025 results with Florida Canyon generating $20.2 million in free cash flow and $16.3 million in adjusted earnings, strengthening the company's cash position to $81.2 million. The operation produced 20,653 ounces at the highest realized gold price of $3,464/oz to date, with 40% operating margins despite significant reinvestment. DeLamar's Mine Plan of Operations received BLM acceptance on August 19, 2025, initiating NEPA review, while the feasibility study nears completion. The company's sequenced production platform targets 286,000 ounces gold equivalent annually across three assets over 20+ years, 70,000 from Florida Canyon, 136,000 from DeLamar, and 80,000 from Nevada North. Despite strengthening fundamentals, Integra trades at 0.40x P/NAV compared to peers ranging from 0.29x to 2.08x. Multiple 2026 catalysts including Florida Canyon's resource update and DeLamar's feasibility study completion create conditions for potential valuation re-rating.

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