Integra Resources (TSXV: ITR) closed Q4 2025 with revenue of $55.2 million, up from $30.1 million in Q4 2024 as Florida Canyon sold 12,920 ounces at a record realized price of $4,229 per ounce versus 11,382 ounces at $2,643 per ounce a year earlier. Full-year revenue reached $243.9 million in 2025 versus $30.1 million in 2024, which reflected only 53 days of post-acquisition operations.
Mine operating earnings were $25.3 million in Q4, down from $28.6 million in Q3, but operating margin improved to 46% from 40% due to higher realized pricing. Full-year mine operating earnings totaled $94.5 million with a 39% operating margin.
Reported earnings remained distorted by non-cash derivative revaluations and the debt conversion feature. Q4 net loss was $5.7 million compared with $9.5 million of net earnings in Q4 2024, while full-year net loss was $2.2 million versus a $9.5 million net loss in 2024.
On adjusted basis, Q4 earnings were $14.8 million, or $0.09 per share, up from $2.3 million in Q4 2024. Full-year adjusted earnings were $47.3 million versus an adjusted loss of $16.1 million in 2024.
Operating cash flow fell to $4.7 million from $7.3 million in Q4 2024, while operating cash flow before working capital changes was $20.9 million. The main drag was inventory buildup tied to reduced solution flow after a liner tear in a solution pond, plus $3.0 million of income taxes paid in the quarter.
Free cash flow turned negative in the quarter as Integra pushed capital spending through Florida Canyon. Q4 free cash outflow was $12.2 million versus positive free cash flow of $5.0 million in Q4 2024.
Cash and cash equivalents ended 2025 at $63.1 million, up from $52.2 million at December 31, 2024.
Florida Canyon’s operating statistics showed heavier mining but weaker quarterly production. Ore mined rose quarter over quarter to 3.4 million tonnes from 2.5 million tonnes in Q3. However, gold production dropped to 12,864 ounces from 20,653 ounces in Q3 after the temporary solution flow disruption.
For the year, the mine produced 70,927 ounces at a 60.1% recovery rate, meeting production guidance. The firm estimates 2,000 to 3,000 ounces were deferred, not lost, and expects most of those ounces to be recovered during 2026 as inventories are drawn down.
Cash costs rose to $2,036 per ounce from $1,876 in Q3, and mine-site AISC climbed to $3,371 per ounce from $2,647. Full-year, cash costs were $1,937 per ounce, above the $1,800 to $1,900 guidance range, while mine-site AISC of $2,693 per ounce exceeded the $2,450 to $2,550 range.
For 2026, Integra guided Florida Canyon production to 70,000 to 75,000 ounces, with roughly 45% expected in the first half. Cash costs are guided to $1,900 to $2,100 per ounce and mine-site AISC to $2,750 to $2,950 per ounce, based on a $3,800 gold price assumption. The firm also reiterated a step-up in Florida Canyon output to 80,000 to 90,000 ounces in both 2027 and 2028.
Integra last traded at $3.53 on the TSX Venture.
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