Integra Resources (NYSEAMERICAN:ITRG) reported higher gold production, revenue and operating cash flow in the second quarter of 2026 as its Florida Canyon mine reached record throughput. Management also outlined an updated life-of-mine plan for the Nevada operation that extends its active mining life and is intended to provide cash flow for the company’s development pipeline.
Florida Canyon produced 16,379 ounces of gold during the quarter, a 30% increase from the prior quarter, while selling 15,794 ounces. The mine generated $70.8 million in revenue and $22.8 million in operating cash flow, according to President and CEO George Salamis.
Florida Canyon Throughput and Costs
Chief Operating Officer Cliff Lafleur said Florida Canyon processed a record 87,867 total tons per day in the second quarter, supported by new mining equipment, integration of the expanded fleet and shorter haul distances. The company mined 4.4 million tons of ore and 3.6 million tons of waste, for a strip ratio of 0.81, while average gold recovery was 57.8%.
Mine-site all-in sustaining costs were $3,371 per ounce sold, at the low end of Integra’s revised guidance range. Cash costs were $2,495 per ounce sold. Lafleur attributed cost pressure to higher mining, hauling and stacking activity; royalties and excise taxes associated with stronger gold prices; and higher diesel and explosives costs.
Integra maintained 2026 production guidance of 70,000 to 75,000 ounces of gold from Florida Canyon. However, it previously raised annual mine-site AISC guidance to $3,300 to $3,500 per ounce sold and cash-cost guidance to $2,300 to $2,500 per ounce sold. The revised guidance assumes a gold price of $4,200 per ounce, with royalties remaining sensitive to changes in gold prices.
The company invested $13.5 million in sustaining capital during the quarter, including equipment leases, capital stripping and mobile-equipment refurbishments, along with $0.8 million of non-sustaining capital. Management said sustaining-capital investment would continue into the third quarter.
During the question-and-answer session, Lafleur said costs could begin to moderate in 2027 as the company accesses central mining areas with higher grades. He said planned fleet and infrastructure investments over the next three to four years are expected to support a return to roughly $2,300 to $2,400 per ounce in AISC.
Updated Mine Plan Extends Florida Canyon Life
Integra released an updated technical report and life-of-mine plan for Florida Canyon in June. The plan outlines eight years of active mining plus two years of residual leaching, compared with a mine life that management said has been extended by three years.
According to Salamis, the updated plan increases average annual gold production by approximately 17%, to roughly 82,000 ounces from about 70,000 ounces previously. Proven and probable reserves increased 74% to nearly 1.2 million ounces of gold, despite mining depletion, while oxide measured-and-indicated resources rose 128% and oxide inferred resources increased 57%.
The company’s updated plan estimates total payable gold production of 685,000 ounces, life-of-mine AISC of approximately $2,331 per ounce, after-tax net present value of about $600 million and approximately $770 million of after-tax free cash flow over the mine life. Salamis said the company expects cash generated by Florida Canyon to fund the mine’s expansion and contribute to pre-production capital for the DeLamar project.
Management expects capital spending to increase in the second half of 2026, particularly for stripping and the Phase 3C heap-leach-pad expansion. Lafleur said the company had moved the pad expansion from 2027 into 2026 under the updated mine plan.
Financial Results and Development Pipeline
Chief Financial Officer Andrée St-Germain said Integra ended the quarter with $111.1 million in cash and working capital of $146.5 million. Apart from mobile-equipment financing, the company has been debt-free since December 2025, she said.
Cost of sales totaled $47.4 million, resulting in mine operating earnings of $23.4 million and a 33% operating-profit margin. Adjusted earnings were $13.1 million, or $0.06 per share, compared with $11.8 million, or $0.07 per share, in the second quarter of 2025. Free cash flow was $9.3 million, or $0.05 per share, versus $2.1 million, or $0.01 per share, a year earlier.
At DeLamar, Integra said the federal permitting process advanced after the Bureau of Land Management published a Notice of Intent on May 29, initiating the National Environmental Policy Act review. Public scoping concluded June 29, and the agency is reviewing comments. The company expects a final environmental impact statement and record of decision in the second half of 2027.
Integra has engaged Ausenco for detailed engineering and procurement at DeLamar, with work expected to continue through the first quarter of 2027. On-site work includes truck-shop refurbishment, communications infrastructure, crushing optimization and other state-of-good-repair initiatives.
At Nevada North, the company received approvals for its Wildcat exploration plan and reclamation permit. Drilling at Wildcat was scheduled to begin in August 2026, while Integra said it also expects drill results from its 50,000-meter campaign across its three projects during the remainder of the year.
About Integra Resources (NYSEAMERICAN:ITRG)
Integra Resources Corp. is a mineral exploration and development company focused on the acquisition, characterization and advancement of precious metals projects in North America. The company’s flagship asset is the DeLamar Gold-Silver Project in southwestern Idaho, a historic mining district that produced both gold and silver from the late 19th century through the mid-20th century. Integra’s business model emphasizes resource delineation, metallurgical optimization and progression through permitting and engineering phases toward potential production.
Since its incorporation in 2017, Integra Resources has undertaken multiple drilling campaigns and metallurgical studies aimed at upgrading and expanding the known mineral inventory at DeLamar.
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