Integra Resources Corp.

Good morning. My name is Eric and I will be your conference operator today. At this time, I would like to welcome everyone to the Integra Resources third 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, press star one again. Thank you. I'd 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 third 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'll 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 of Finance, Sean Deisner, and the General Manager of the Florida Canyon Mine, Greg Robinson. Today, we are pleased to provide an operating and financial result and financial update for the third quarter of 2025, followed by a live Q&A session. With that, I'd like to hand the call over to George to kick things off.

Thanks, Jason. 2025 continues to be a transformative year for Integra. When the company acquired the Florida Canyon mine in late 2024, Integra transformed overnight from gold developer to gold producer. The primary goal of acquiring Florida Canyon 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 dilutive annual equity financings. For the third quarter in a row, Florida Canyon has successfully delivered on this objective. In the current gold price environment, Florida Canyon is generating significant cash flow. which has transformed the company's financial position and strengthened our ability to execute on our strategy. As anticipated, Florida Canyon will see significant reinvestment during the remainder of 2025 and into 2026 across several ongoing initiatives to support a profitable mining operation for many years to come. The next few quarters represent a capital-intensive phase of a long-term continuous improvement plan for Florida Canyon. Major investments are underway in key areas, including a heap leach pad expansion, increased capital waste stripping, a revitalized mobile equipment fleet, process optimization, and enhanced mine planning. 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-lived operation with an improved cost profile in the years ahead. The company's ongoing work at Florida Canyon will be incorporated into an updated life of mine plan, expected to be published in the first half of 2026, in which Integra aims to highlight the exciting future for this cornerstone asset. Florida Canyon's ability to generate cash flow has allowed the company to expedite and bolster initiatives at the Delamar project, including the ongoing feasibility study and advanced mine permitting efforts. The company's enhanced financial strength has also allowed for an increased budget for the Nevada North project to complete crucial test work to support future economic studies and permitting. Integra is well positioned to deliver on its goals of profitability and project advancement while progressing its long-term vision of building a U.S.-focused intermediate coal producer. Turning to slide five, we have highlighted several metrics that underscore our key successes in the third quarter of 2025. As you can see, 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 third quarter, Florida Canyon demonstrated consistent performance with a total of 20,653 ounces of gold produced. at cash costs of $1,876 per ounce and mine site all-in sustaining costs of $2,647 per ounce. The average realized gold price during the quarter was $3,464 per ounce, allowing Integra to demonstrate its significant cash flow leverage to the spot gold price. Q3 revenue was a record $70.7 million, and operating cash flow generated from Florida Canyon was $35.6 million. During the quarter, Integra deployed $17.1 million of sustaining and growth capital at Florida Canyon to support important initiatives such as heat bleach pad expansion, fleet refurbishments, capitalized stripping, and growth drilling. Third quarter adjusted earnings for the company was a record $16.3 million, or 10 cents per share. Integra ended the quarter with a robust cash balance of $81.2 million. This marks the strongest financial position in the history of the company, well positioning us to execute on all of our major objectives. Integra also remains focused on advancing our flagship development stage asset, the Delamar project. During the quarter, we were pleased to announce the acceptance of the mine plan of operations by the Bureau of Land Management and expect to have clarity on the path ahead for federal permitting in early 2026. During the quarter, we also made significant progress on the ongoing feasibility study, which we expect to announce in Q4 of 2025. Lastly, we are also extremely proud to announce the signing of a relationship agreement with the Shoshone Paiute in August. establishing a transformative and long-term partnership for the development of delamar i will provide further commentary on this historic relationship agreement later on in the call now i will hand the call over to our chief operating officer cliff to discuss the operating results for florida canyon in q3 thanks george turning to slide six we've outlined the key operating metrics for florida canyon in the third quarter of 2025