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Integra Resources Corp.
8/14/2025
second quarter 2025 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. Thank you. I would now like to turn the meeting over to Jason Banducci, Vice President, Corporate Development and Investor Relations. Please go ahead, Mr. Banducci.
Thank you, operator. I would also like to welcome everyone to Integra's second quarter 2025 operating and financial results conference call. Before we begin, I would like to note that we will be making forward-looking statements during today's call. I will direct you to the second slide of the earnings presentation, which contains important cautionary notes regarding these forward-looking statements. The cautionary notes can also be found on Integra's corporate website. All dollar amounts discussed today will refer to U.S. dollars unless otherwise noted. On the call today, I'm joined by Integra's President, CEO, and Director, George Salamis, Chief Operating Officer, Cliff LaFleur, Chief Financial Officer Andre St. Germain, Vice President Finance Sean Deisner, Vice President Permitting Dale Kerner, and General Manager of the Florida Canyon Mine Greg Robinson. Today we are pleased to provide an operating and financial update for the second quarter 2025, followed by a Q&A session. With that, I would like to hand the call over to George to kick things off.
Thanks, Jason. and good morning to everybody from boise idaho when we acquired the florida canyon mine in 2024 our primary goal was to secure a consistent and reliable source of cash flow that would allow the company to advance its flagship development stage projects delamar and nevada north and remove the need for annual equity financing florida canyon has successfully delivered on this objective In the current gold price environment, Florida Canyon is generating greater than expected cash flow, which has significantly improved the company's financial position and ability to execute on its strategy. As anticipated, Florida Canyon will see significant reinvestment during the remaining quarters of 2025 and into 2026 across several ongoing initiatives designed to support a profitable mining operation for many years to come. The next 18 months represents a capital-intensive phase of the long-term continuous improvement plan for Florida Canyon. Major investments are underway in key areas, including a heat bleach pad expansion, increased capitalized waste stripping, a revitalized mobile equipment fleet, process optimization, and enhanced mine plan. The goal is to sustain and grow Florida Canyon, extend its mine life, and address historical underinvestment. Integra is laying the foundation for a more efficient, longer life operation with an improved cost profile in the years ahead. The company's ongoing work at Florida Canyon will be incorporated into a new NI43-101 technical report expected to be published in the first half of 2026, in which Integra aims to highlight the improvements which can be made at this cornerstone asset. Florida Canyon's ability to generate cash flow has allowed the company to expedite and bolster initiatives at the Delamar project relating to the ongoing feasibility study and permitting efforts, with the expected commencement of federal mine permitting in the second half of 2025. The company's enhanced financial strength has also allowed for an increased budget for the Nevada North project to complete crucial test work onsite in the field to support future economic studies and permitting efforts. Integra is well positioned to deliver on its goals of profitability and project advancement while progressing its long-term vision of building a US-focused intermediate gold producer. Turning to slide five, we have highlighted several metrics that underscore our key successes in the second quarter of 2025. The major takeaway from Q2 is that Florida Canyon is doing its job and performing as expected. While there is still much work ahead of us, the mine is currently operating consistently and profitably, adding to Integra's cash balance to support the development and advancement of Delamar and Nevada North. In the second quarter, Florida Canyon demonstrated consistent performance with total production of 18,087 ounces of gold at cash costs of $1,849 per ounce and site level all-in sustaining costs of $2,641 per ounce. The average realized gold price during the quarter was $3,332 per ounce, allowing Integra to demonstrate its significant cash flow leverage to the spot gold price. Q2 revenue was a record $61.1 million, and operating cash flow generated from Florida Canyon was $16.3 million. Integra deployed $14.2 million of sustaining capital at Florida Canyon to support Important initiatives such as heat bleach pad expansions, fleet refurbishments, and capitalized stripping. We also spent $800,000 of growth capital during the quarter focused on resource expansion drilling at Florida Canyon, which has demonstrated excellent initial results. Integra ended the quarter with a robust cash balance of $63 million. I note that this marks the strongest ever financial position for the company, well positioning Integra to execute on all major objectives for the remainder of 2025 without having to return to the market for refinancing. We remain focused on advancing our flagship development stage project Delamar during the quarter. We made significant investments refining the mine plan of operations with the BLM and expect to initiate federal permitting in the second half of this year. We also made significant progress on the ongoing feasibility study, which we expect to announce in the second half of this year as well. I will now hand the call over to our CEO, Cliff, to discuss operating results for Florida Canyon in Q2. Over to you, Cliff.
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