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- **Record Financial Performance**: Q3 revenue of $70.7 million and adjusted earnings of $16.3 million mark Integra’s strongest quarter in history.
- **Florida Canyon Growth**: $17.1 million invested in expansion initiatives, with 34-56 million tons of new potential ore identified in historical waste dumps.
- **Delamar Milestone**: Mine plan of operations declared complete by BLM, setting stage for late 2025 feasibility study release.
- **Strategic Partnership**: Historic agreement with Shoshone-Paiute Tribe establishes framework for tribal involvement in Delamar development.
- **Cash Position**: $81.2 million cash balance provides liquidity for growth without dilution.

**【CEO Summary Section】**
- Florida Canyon Mine generated record Q3 revenue of $70.7 million and operating cash flow of $35.6 million, with 20,653 ounces of gold produced at a cash cost of $1,876/oz.
- The company invested $17.1 million in sustaining and growth capital, including heap leach pad expansion and mobile equipment upgrades.
- Delamar Project permitting advanced with the Bureau of Land Management declaring the mine plan of operations administratively complete, and a historic relationship agreement with the Shoshone-Paiute Tribe was signed.
- Nevada North Project metallurgical testing and permitting activities progressed, with a goal to release an updated technical report in early 2027.
- Integra ended Q3 with a record cash balance of $81.2 million, the strongest financial position in company history.

**【CFO Financial Commentary】**
- Q3 adjusted earnings were $16.3 million ($0.10/share), driven by a 40% operating profit margin and an average realized gold price of $3,464/oz.
- Year-to-date 2025, Florida Canyon produced 58,063 ounces of gold at a mine site AISC of $2,542/oz, with costs pressured by higher royalty payments due to elevated gold prices.
- Sustaining capital expenditures for 2025 are expected to reach $48-53 million, with $35.6 million spent year-to-date.
- The company remains debt-free and well-positioned to execute on growth initiatives without dilutive financing.

**【Q&A Key Highlights】**
- **Residual Ounces**: Florida Canyon continues to benefit from residual gold recovery, with half of Q3 production coming from historical leach pads. This trend is expected to persist for years.
- **Permitting Timeline**: Delamar Project permitting remains on track, with clarity on the federal permitting schedule expected in early 2026. The government shutdown had no impact due to Integra funding BLM staff directly.
- **Capital Allocation**: 2026 capital spending will focus on Florida Canyon expansion (heap leach pad, waste stripping) and Delamar feasibility study completion. Mobile equipment upgrades are ongoing with eight new trucks arriving through Q1 2026.
- **Mine Life Extension**: The 2025 oxide growth drilling program has identified 34-56 million tons of potentially minable material in historical waste dumps, with grades ranging from 0.11-0.25 g/t. An updated life-of-mine plan is expected in H1 2026.
- **Gold Price Assumptions**: Economic studies for Florida Canyon and Delamar will use a gold price assumption in the $2,500-$3,000/oz range, consistent with peer practices and recent market conditions.

Integra Resources Corp (ITRG) Q3 2025 Earnings Call Transcript

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