INTEGRA REPORTS THIRD QUARTER 2025 RESULTS; STRONG PRODUCTION FROM FLORIDA CANYON MINE, RECORD ADJUSTED NET EARNINGS, AND IMPROVED FINANCIAL POSITION

Integra Resources reported its third-quarter 2025 financial and operating results. The company highlighted strong performance from its Florida Canyon Mine, which produced 20,653 ounces of gold and sold 20,265 ounces. This resulted in record revenue of $70.7 million, record adjusted net earnings of $16.3 million, and strong operating cash flow of $35.6 million. The company's cash position improved significantly, ending the quarter with $81.2 million.

However, the company reported a GAAP net loss of $8.2 million for the quarter. All-in sustaining costs (AISC) were reported at $2,647 per ounce sold. The company also announced that its life-of-mine Relationship Agreement with the Shoshone-Paiute Tribes for the DeLamar Project is now effective, marking a key de-risking milestone.

The third-quarter results are materially positive, primarily because they confirm the company's core strategy is working effectively: the Florida Canyon mine is a robust cash-generating asset that can fully fund the advancement of its development pipeline without relying on dilutive equity financing. The generation of $20.2 million in free cash flow in a single quarter is substantial and has fortified the balance sheet to a record $81.2 million in cash.

However, a critical analysis reveals several points of concern that temper the positive headline numbers: - High Costs & Guidance Miss: AISC of $2,647/oz is well above the company's 2025 guidance range of $2,450 to $2,550/oz. While the company is in a heavy capital reinvestment cycle at Florida Canyon, a miss on cost guidance is a negative operational signal that needs to be watched closely. - GAAP Loss vs. Adjusted Earnings: There is a significant and unexplained discrepancy of $24.5 million between the highlighted "record adjusted net earnings" of $16.3 million and the GAAP net loss of $8.2 million. While companies often use non-GAAP metrics, such a large variance warrants scrutiny. Without the full financial statements, this could be due to non-cash charges like reclamation adjustments or derivative losses, but it obscures the true profitability of the quarter. - Anomalous Gold Price: The reported average realized gold price of $3,464/oz is exceptionally high and likely unsustainable. This outlier price was a major driver of the record revenue and cash flow. Future quarters at more normalized gold prices will provide a truer test of the mine's cash-generating potential, especially given the high AISC.

Despite these concerns, the positive impact of self-funding its high-quality DeLamar project, which was significantly de-risked by both the BLM's acceptance of its mine plan in September and the now-effective tribal agreement, outweighs the negatives. The market has been waiting to see if Florida Canyon could perform as advertised, and these results, particularly the cash flow, provide strong confirmation.

Integra Resources Corp. is a U.S.-focused gold and silver producer and developer. The company operates the Florida Canyon gold mine in Nevada, an open-pit, heap-leach operation that provides cash flow to fund growth.

The company's flagship development asset is the DeLamar Project in southwestern Idaho. DeLamar is a large, past-producing gold-silver project being advanced through a feasibility study and the U.S. federal and state permitting processes. The company also holds the Nevada North Project, a development-stage asset comprised of the Wildcat and Mountain View deposits. Integra's strategy is to use the cash flow from Florida Canyon to build a leading U.S.-focused intermediate gold producer.