Integra's Recovery Dip Sets Up a Gold Price & Grade Test for 2027

• Integra produced 17,652 ounces of gold in the third quarter, up 8% from the second quarter and 40% from the first quarter.
• The gold recovery rate fell to 52.5% from 57.8% in the second quarter as more run-of-mine ore reached the leach pads.
• The Florida Canyon mine moved a record quarter of material, about 9.0 million tons, and the company maintained 2026 guidance of 70,000 to 75,000 ounces.
• Mine plans point to higher-grade Central Pit ore in 2027, with a 2026 technical report showing an after-tax net present value at a 5% discount rate of US$601 million.
• The technical report also shows US$723 million at a gold price of US$4,200 per ounce, which ties the outlook to both price and recovery.

What Has Happened

Integra Resources Corp. (TSXV: ITR | NYSE American: ITRG) produced 17,652 ounces of gold in the third quarter and sold 16,760 ounces. Output rose 8% from the second quarter and 40% from the first quarter. Ore mined climbed 21% from the second quarter to 5.35 million tons, while the strip ratio fell to 0.68, down 16% from the second quarter and 48% from the first quarter. Processed grade improved to 0.25 grams per tonne of gold, up 9% from the second quarter and 32% from the first quarter.

Year-to-date production reached 46,666 ounces, and the company maintained 2026 guidance of 70,000 to 75,000 ounces. Total material mined was a record for the mine at about 9.0 million tons, averaging about 97,428 tons per day. Integra ended the quarter with US$119 million in cash.

Why Recovery Moved

Higher volumes of ore reaching the leach pads drove this quarter's gold recovery rate. The gold recovery rate was 52.5%, compared with 57.8% in the second quarter, 58.5% for the first half and 55.7% for the 9 months. The change follows a shift in what went onto the leach pads. Run-of-mine ore, which goes straight to the pads without crushing, rose to 3.318 million tons from 2.332 million tons in the second quarter, while crushed ore edged up to 1.889 million tons from 1.824 million tons. Total ore placed grew 25% to 5.207 million tons.

Integra states that run-of-mine ore is expected to recover less gold than crushed ore, so more run-of-mine ore lowers the blended rate. Ore placed rose 25% and processed grade rose 9% from the second quarter, while gold produced rose 8%. The company says it is monitoring and refining the blending strategy. Recovery now sets how much of each added ton of ore turns into gold.

What Gold Price Leverage Depends On

The 2026 technical report shows how much of Florida Canyon's value rests on the gold price. After-tax net present value at a 5% discount rate (NPV5%) is US$601 million at a life-of-mine weighted average gold price of US$3,873 per ounce, and US$723 million at a spot price of US$4,200 per ounce. A 10% rise in the gold price lifts NPV5% and free cash flow by about 25%, taking NPV5% to US$752 million, while a 10% decline lowers NPV5% to US$443 million.

Processing costs differ by ore type. Reserves assume US$4.23 per tonne to process run-of-mine ore and US$6.51 per tonne for crushed oxide ore, with recoveries between 43% and 67% and a gold price of US$2,400 per ounce.

Costs are the other lever. First-half mine-site all-in sustaining costs of US$3,344 per ounce sold sit within 2026 guidance of US$3,300 to US$3,500, against a life-of-mine figure of US$2,331 per ounce. The report shows life-of-mine free cash flow of US$0.8 billion and average production of 82,000 ounces per year, with mine life to 2033.

Why Higher-Grade Ore Is the 2027 Test

Integra is pre-stripping the Central Pit to reach higher-grade ore, and the company says strategic investments at Florida Canyon will continue into 2027 at a lower expected rate. George Salamis, President and Chief Executive Officer of Integra, described how much that changes the feed:

"Much higher grade. We're talking almost twice the grade of what we're processing right now."

Next year's targets rest on that change. Management is targeting 80,000 to 85,000 ounces per year, in line with the technical report, and costs materially below US$3,000 per ounce.

What to Watch Next

Integra plans to release its third-quarter 2026 financial results after market close on Wednesday, November 11, 2026, and will host its conference call on Thursday, November 12, 2026, at 10:00 a.m. Eastern Time. Investors can look for fourth-quarter output against the 70,000 to 75,000 ounce guidance, any update on the gold recovery rate as the blending strategy is refined, and progress on Central Pit stripping toward higher-grade ore in 2027. Beyond Florida Canyon, the company is targeting a final investment decision on DeLamar in the second half of 2027.

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