Integra Resources (TSXV: ITR) produced 16,379 ounces of gold at its Florida Canyon mine in Nevada during the second quarter, a 30% increase over the first quarter, and sold 15,794 ounces.
The improvement came mostly from volume. The company mined 4.4 million tonnes of ore and 3.6 million tonnes of waste, cutting the strip ratio to 0.81 from 1.30 and lifting ore mined 47% quarter over quarter. Roughly 4.2 million tonnes of ore reached the heap leach pads, a 45% increase.
Average mining rates of 87,867 tonnes per day were the highest the operation has recorded, which Integra attributes to new equipment entering the fleet and shorter haul distances.
Grade helped as well. Processed grade rose to 0.23 g/t gold from 0.19 g/t. Recoveries however moved the other way, slipping to 57.8% from 59.9%.
First half output now stands at 29,014 ounces. Integra reiterated full-year guidance of 70,000 to 75,000 ounces, though its February outlook had called for roughly 45% of annual production in the first half. The actual split lands closer to 40%, which leaves a heavier lift for the back half of the year. Management expects ore already stacked to convert into stronger third and fourth quarter production, and says July stacking rates have run ahead of plan.
Silver production totalled 12,392 ounces. Cash and equivalents were $111.1 million at June 30.
“Florida Canyon continued to build operational momentum during the second quarter,” said president and chief executive George Salamis, pointing to the ore inventory sitting on the pads as the basis for stronger output over the balance of the year.
Looking further out, an updated feasibility study released in June set out an eight-year mine life and US$0.8 billion in after-tax free cash flow, while company guidance calls for 80,000 to 90,000 ounces annually in 2027 and 2028.
Second quarter financial results are due August 11.
Integra Resources last traded at $3.00 on the TSX Venture.