The final production numbers are in for Integra Resources (TSXV: ITR) at their Florida Canyon Mine in Nevada. The mine managed to produce 72,229 ounces of gold in 2024, which is a new record for the mine.
For the fourth quarter, 3,264 tonnes of ore was mined with an average grade of 0.27 g/t gold, leading to recoveries of 21,278 ounces.
Guidance previously released for the mine at the start of 2024 indicated it would produce between 63,000 and 70,000 ounces of gold.
In a demonstration of how tumultuous the year was for Florida Canyon however, that guidance was issued by Argonaut Gold, before a transaction with Alamos Gold saw the Florida Canyon mine spun off into its own venture known as Florida Canyon Gold Inc. Florida Canyon Gold in July then announced a transaction to be acquired by Integra Resources, establishing Integra as a gold producer.
Despite the numerous ownership changes, production in 2024 was the highest ever in the mine’s 21 year history. 12,866 tonnes of ore was mined in 2024, which had an average grade of 0.28 g/t gold. Recoveries stood at 60.5%,
The growth in 2024 was credited to the construction of the Phase III-A south heap leach pad, and changes made to solution processing systems.
As of the end of the quarter, Integra is said to have a cash balance of $52.0 million. The company has also hedged a portion of its 2025 production, with the company securing put options for 37,800 ounces of gold at a price of $2,400 an ounce. The figure is expected to represent 54% of production in 2025, with the options equally spread out from January through to December.
Production and cost guidance for 2025 is slated to be released in late February.
Integra Resources last traded at $1.19 on the TSX Venture.
Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
