Integra Resources (TSXV: ITR) has lowered its 2026 production guidance for the Florida Canyon mine to 59,000 to 62,000 ounces of gold. That’s a cut of 17% from the 70,000 to 75,000 ounces it reaffirmed in June, and follows slower than expected leaching of the ore placed on the heap leach pads.
The problem comes from the company’s own push to speed up mining. Florida Canyon moved a record 97,428 tonnes per day in the third quarter, and much of that ore went straight to the pads without crushing. Run of mine material leaches more slowly than crushed ore, and recovery fell to 52.5% for the period.
“Leaching has not kept pace with these higher mining rates,” said President and CEO George Salamis. Integra will slow mining for the rest of the year, which Salamis said “should stabilize leach rates as we move into the Central Pit next year.” The company expects to reach higher grade ore there.
Sponsored · Silver47 Exploration Inc.
The revised range also points to a weak finish to the year. Florida Canyon produced 46,666 ounces through September, so the new guidance leaves roughly 12,300 to 15,300 ounces for the fourth quarter. That is well short of the 17,652 ounces produced between July and September.
Third quarter output was up 8% from the second quarter, and that lifted the financial results. Revenue reached US$72.4 million, compared with US$70.8 million in the prior quarter, even though the realized gold price slipped to US$4,272 per ounce from US$4,426. Net earnings rose to US$12.9 million from US$12.0 million. Both basic and adjusted earnings per share held at US$0.06.
Free cash flow improved to US$11.1 million and lifted cash to US$119.5 million at the end of September.
The quarter also brought lower unit costs. All-in sustaining costs fell to US$3,248 per ounce sold from US$3,525 in the second quarter, and cash costs fell to US$2,419 from US$2,495. Cost guidance was raised once already this year and was left unchanged, with mine site all-in sustaining costs expected at US$3,300 to US$3,500 per ounce.
Integra has spent much of 2026 stripping waste rock from the Central Pit to reach better grades. The guidance cut effectively pushes the payoff from that work into next year.
Integra Resources last traded at $3.00 on the TSX Venture.
