Integra Resources Corp.

Integra reported Q2 2026 revenue of $70.8 million, cost of sales of $47.4 million, mine operating earnings of $23.4 million, operating cash flow of $22.8 million, adjusted earnings of $13.1 million, and free cash flow of $9.3 million. Cash ended the quarter at $111 million and working capital at $146.5 million. Florida Canyon produced 16.4 thousand ounces of gold and sold 15.8 thousand ounces; average recovery was 57.8%, cash costs were about $2.5 thousand per ounce sold, and mine-site AISC was $3.37 thousand per ounce sold. For 2026, the company maintained gold production guidance at 70 thousand to 75 thousand ounces, revised mine-site AISC guidance to $3.3 thousand to $3.5 thousand per ounce sold, raised total cash cost guidance to $2.3 thousand to $2.5 thousand per ounce sold, and lifted non-sustaining growth capital guidance to $16.5 million to $18.5 million. Management said the revised guidance assumes a gold price of $4.2 thousand per ounce.

George Salamis framed Q2 as pivotal and said Florida Canyon has become a much more stable, executable, and cash-generative asset than when Integra bought it in 2024. He emphasized that the updated life-of-mine plan shows longer mine life, higher annual production, lower operating costs, and strong free cash flow, and said the company can use that cash flow to support DeLamar and Nevada North. His tone was confident and strategic, with repeated focus on building a multi-asset, U.S.-focused mid-tier precious metals producer.

Andree St-Germain highlighted Integra’s strongest financial position to date, with $111 million in cash and $147 million in working capital, and said the company has been debt free since December 2025 except for mobile equipment financing. He cited Q2 revenue of $70.8 million, cost of sales of $47.4 million, mine operating earnings of $23.4 million for a 33% operating profit margin, operating cash flow of $22.8 million, adjusted earnings of $13.1 million, and free cash flow of $9.3 million. On capital allocation, management stressed continued investment in sustaining capital and a higher non-sustaining spend profile tied to the Phase IIIc heap leach pad and other growth work at Florida Canyon.

Analysts focused on three areas: what 2027 and beyond could look like for Florida Canyon costs, how to reconcile the year’s capital spending versus prior guidance and the technical report, and whether Integra might buy a development asset to fill the gap before DeLamar. Management said costs should improve over the next several years as the fleet is upgraded, tonnage from the heap leach pads normalizes, and grades improve in the central pits, though Clifford Lafleur avoided firm long-term numeric guidance without the technical report in front of him. On M&A, George Salamis said the company is always looking but that suitable North American assets are rare. On capital spend, management said back-half spending should rise as heap expansion and stripping accelerate.