Integra’s Q4 Gold Sold at $4,229/oz Supports 46% Mine Margin
In Q4 2025, Florida Canyon produced 12,864 ounces, sold 12,920 ounces at a record $4,229/oz, driving $55.2M revenue and $25.3M mine operating earnings at a 46% margin. Adjusted earnings were $14.8M ($0.09/share) while the company posted a $5.7M net loss and saw cash costs climb to $2,036/oz, above guidance.
1. Q4 Financial and Operating Results
In Q4 2025, Integra’s Florida Canyon Mine produced 12,864 gold ounces, sold 12,920 at a record average realized price of $4,229/oz, driving revenue of $55.2M and mine operating earnings of $25.3M at a 46% margin. Adjusted earnings were $14.8M ($0.09/share), while a net loss of $5.7M ($0.03/share) reflected non-cash revaluations on derivative debt.
2. Cost Performance and Cash Flow
Cash costs averaged $2,036 per gold ounce in Q4, up from $1,876 in Q3 and above the $1,800-$1,900 guidance range due to higher royalties and excise taxes. Mine-site AISC rose to $3,371/oz driven by planned equipment payments, and operating cash flow fell to $4.7M from $35.6M as ounces built up in inventory after a solution pond liner tear.
3. Balance Sheet and Inventory Outlook
Ending the quarter with $63.1M in cash and equivalents, down from $81.2M, the company expects to draw down deferred inventory ounces in 2026 to recover lost production. Free cash outflow was $12.2M in Q4, while free cash inflow for the full year reached $19.8M.
4. Growth Programs and Project Development
The 2025 resource growth drilling program at Florida Canyon continues, aiming to expand reserves, extend mine life and complete the technical report in Q3 2026. Engagements in Nevada, Idaho and Oregon advance the DeLamar project, with the Feasibility Study technical report now finalized.