Integra Resources (ITR) Q1 2026 earnings summary

Executive summary

• Q1 2026 featured a strong financial position with $105.8 million in cash and $139.7 million in working capital, driven by operational safety, reliability, and reinvestment at Florida Canyon, DeLamar, and Nevada North.

• Generated $61.7 million in revenue and $24.9 million in mine operating earnings, with a 40% operating profit margin, up from 27% YoY.

• Produced 12,635 ounces of gold at Florida Canyon, with 12,518 ounces sold; deferred ~3,000 ounces expected to be recovered later in 2026.

• Completed $57.5 million equity financing to fund DeLamar pre-production and strategic land acquisition.

• Commissioned six new Caterpillar 785 haul trucks, enhancing mining capacity and operational flexibility.

Financial highlights

• Q1 2026 revenue was $61.7 million, with cost of sales at $36.9 million, resulting in $24.9 million in mine operating earnings and a 40% operating profit margin.

• Adjusted earnings reached $12.9 million ($0.07/share), up from $4.4 million ($0.03/share) YoY.

• Operating cash flow was $13.8 million; free cash flow was $3.0 million after $10.8 million in sustaining capital expenditures.

• Average realized gold price was $4,854/oz, up from $2,888/oz in Q1 2025.

• Cash costs averaged $2,422/oz and mine site AISC averaged $3,310/oz, both above guidance due to lower sales, higher royalties, and increased diesel prices.

Outlook and guidance

• Full-year gold production guidance maintained at 70,000–75,000 ounces, with deferred Q1 ounces expected to be recovered.

• Sustaining capital expenditures at Florida Canyon expected to remain elevated into Q2.

• Florida Canyon technical report expected in late Q2/early Q3 2026; DeLamar pre-production capital expenditures planned for 2026–2027.

• Nevada North pre-feasibility study to commence in late 2026; expanded exploration and drilling campaigns scheduled.

• DeLamar permitting advancing, with NEPA process to begin in May 2026 and Record of Decision targeted for late 2027.