ITRG Integra Resources Corp.
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Executive Summary
Integra Resources reported strong full-year 2025 results with record adjusted earnings of $47.3 million and 70,927 gold ounces produced, meeting guidance. The company highlighted robust economics from its DeLamar Project feasibility study, strengthened financials with a $61.6 million equity raise, and provided 2026 guidance projecting 70,000–75,000 ounces of gold production. Despite a slight Q4 production dip due to a temporary liner tear, deferred ounces are expected to be recovered in 2026.
Actionable Insight
The combination of strong operating performance, record cash flow, successful equity raise, and robust DeLamar Project economics positions Integra for growth. The 2026–2028 production ramp to 80,000–90,000 oz/year suggests significant leverage to gold prices. Traders should monitor recovery of deferred Q4 ounces and permitting progress at DeLamar under the FAST-41 timeline.
Key Facts
- Record annual adjusted earnings of $47.3 million ($0.28 per share) in 2025
- 70,927 gold ounces produced in 2025, meeting full-year guidance
- DeLamar Project feasibility study confirms strong economics: 106,000 oz/year, $1.48/oz AISC, 46% IRR at base case
- Completed $61.6 million bought-deal equity offering post-year-end
- Q4 2025 revenue of $55.2 million with 46% operating margin, despite temporary production disruption
- 2026 guidance: 70,000–75,000 oz production; 2027–2028 outlook raised to 80,000–90,000 oz/year
- Cash and equivalents increased to $63.1 million; working capital improved to $92.9 million
Financial Impact
Record $47.3 million adjusted earnings and $72.3 million operating cash flow in 2025, with $61.6 million in new capital raised. DeLamar Project shows $774 million NPV and 46% IRR.
Risk Factors
- Mine-site AISC of $2,693/oz exceeded guidance due to higher royalties from elevated gold prices
- Q4 2025 net loss of $5.7 million (though non-cash in nature)
- Free cash flow was negative in Q4 ($12.2 million outflow)
- Permitting timelines for DeLamar remain multi-year, with Record of Decision expected Q3 2027
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001722387-26-000006 |
| Document: form6-kfilingxq425.htm | 0001722387-26-000006 |
| Document: 0001722387-26-000006-index-headers.html | 0001722387-26-000006 |
| Document: 0001722387-26-000006-index.html | 0001722387-26-000006 |
| Document: 0001722387-26-000006.txt | 0001722387-26-000006 |
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Jun 2, 2026
7d ago
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6-K
| $2.59 $2.51 | ▼ −3.09% | ▼ −2.37% | $2.34 (−9.65%) |
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May 29, 2026
11d ago
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6-K
| $2.74 $2.62 | ▼ −4.38% | ▼ −4.66% | $2.34 (−14.60%) |
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May 26, 2026
14d ago
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6-K
| $2.48 $2.50 | ▲ +0.81% | ▲ +0.79% | $2.34 (−5.65%) |
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May 11, 2026
29d ago
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6-K
| $2.88 $2.88 | · 0.00% | ▼ −0.54% | $2.34 (−18.75%) |
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Apr 14, 2026
8w ago
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6-K
| $3.13 $3.11 | ▼ −0.64% | ▼ −1.41% | $2.34 (−25.24%) |
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Apr 13, 2026
8w ago
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6-K
| $3.05 $3.13 | ▲ +2.62% | ▲ +1.41% | $2.34 (−23.28%) |
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Apr 9, 2026
8w ago
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6-K
| $2.99 $3.00 | ▲ +0.33% | ▲ +0.40% | $2.34 (−21.74%) |
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Mar 25, 2026
11w ago
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6-K
| $2.72 $2.51 | ▼ −7.72% | ▼ −5.95% | $2.34 (−13.97%) |
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