Millennial Precious Metals Corp.

Integra reported Q2 2026 revenue of $70.8 million, cost of sales of $47.4 million, mine operating earnings of $23.4 million, and a 33% operating profit margin. Operating cash flow was $22.8 million, or $0.11 per share, versus $16.3 million, or $0.10 per share, in Q2 2025; adjusted earnings were $13.1 million, or $0.06 per share, versus $11.8 million, or $0.07 per share; and free cash flow was $9.3 million, or $0.05 per share, versus $2.1 million, or $0.01 per share, in Q2 2025. Florida Canyon produced 16.4 thousand ounces and sold 15.8 thousand ounces, with average gold recovery of 57.8% and mine-site AISC of $3.37 thousand per ounce sold. The company ended the quarter with $111 million in cash and $147 million in working capital, and said it remains debt free except for mobile equipment financing. For 2026, Integra maintained production guidance of 70 thousand to 75 thousand ounces at Florida Canyon, revised mine-site AISC guidance to $3.3 thousand to $3.5 thousand per ounce sold, increased total cash cost guidance to $2.3 thousand to $2.5 thousand per ounce sold, and raised non-sustaining growth capital guidance to $16.5 million to $18.5 million, up by $9 million. Management said the revised guidance assumes a gold price of $4.2 thousand per ounce.

George Gregory Salamis framed Q2 as a pivotal quarter and said Florida Canyon has become a much more stable and executable asset after nearly two years under Integra ownership. He emphasized that the updated life-of-mine plan supports a longer mine life, higher annual production, and strong free cash flow that can help fund DeLamar and the rest of the pipeline. His tone was confident and strategic, with repeated focus on disciplined execution, self-funding growth, and building a U.S.-focused intermediate gold producer.

Andree St-Germain highlighted the company’s strongest financial position to date, citing $111 million in cash and $147 million in working capital. She noted Q2 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, with the company debt free since December 2025 except for mobile equipment financing. On capital allocation, she and Clifford pointed to $13.5 million of sustaining capital and $800 thousand of non-sustaining capital in the quarter, plus a higher 2026 non-sustaining capital plan tied to bringing the heap leach expansion forward into 2026 from 2027.

Analysts pressed management on how Florida Canyon costs could trend in 2027 and beyond, and Clifford said sustaining costs should reflect fleet replacement starting in 2027 while cash costs should ease as the mine accesses the central pits and grades improve. They also asked about a reportable spill; Greg Robinson said it was a small pipeline leak on an old line, quickly repaired, and not the kind of incident that typically leads to enforcement unless it becomes a serious repeat issue. Other questions focused on whether Integra might pursue an asset to bridge the production gap before DeLamar and whether full-year production guidance still held; management said it is always looking for M&A but such assets are rare, and it remains very comfortable with 2026 production guidance thanks to fleet additions and refurbishments.