INTEGRA REPORTS FOURTH QUARTER AND YEAR END 2024 RESULTS, DEMONSTRATING EXCELLENT PERFORMANCE FROM FLORIDA CANYON MINE AND STRENGTHENED FINANCIAL POSITION
TSXV: ITR; NYSE American: ITRGwww.integraresources.com
VANCOUVER, BC, March 26, 2025 /PRNewswire/ - Integra Resources Corp. ("Integra" or the "Company") (TSXV:ITR) (NYSE:ITRG) is pleased to announce financial and operating results for the fourth quarter and year ended December 31, 2024.
(All amounts expressed in U.S. dollars unless otherwise stated)
Fourth Quarter and Full Year 2024 Highlights:
On November 8, 2024, the Company completed the acquisition of Florida Canyon Gold Inc. ("FCGI"), the owner of the Florida Canyon Mine ("Florida Canyon"), a producing, open pit, heap leach mining operation located in Imlay, Nevada. This transaction represented a significant milestone for the Company, transitioning Integra from development stage to gold producer.
Gold production from November 8 to December 31, 2024 was 10,984 ounces and gold sold was 11,382 ounces.
Full year 2024 gold production was a record 72,229 ounces, exceeding previously stated guidance on several key operating and production metrics (refer to Argonaut Gold Inc. news release dated February 26, 2024 available on Argonaut Gold Inc.'s SEDAR+ profile at www.sedarplus.ca).2
Cash costs and all-in sustaining costs ("AISC")1 from November 8 to December 31, 2024 were $1,884 and $2,103 per ounce of gold sold, respectively.
Net income for the fourth quarter was $9.5 million or $0.07 per share.
Adjusted earnings1 for the fourth quarter were $2.3 million or $0.02 per share.
Exploration and project expenditure at the DeLamar Project ("DeLamar"), Nevada North Project ("Nevada North"), and other exploration properties was $2.7 million during the fourth quarter and $14.2 million for the fiscal year 2024.
Strong financial position as at December 31, 2024, with a cash balance of $52.2 million and working capital1 of $64.4 million.
George Salamis, President, CEO and Director of Integra commented: "2024 marked a transformational year for Integra as the Company officially transitioned from developer to gold producer status with the acquisition of Florida Canyon. We are pleased to report inaugural earnings results as a producing company and demonstrating the capabilities of Florida Canyon to generate cash flow to support the advancement of our key development projects, DeLamar and Nevada North. Integra's focus in 2025 will be on demonstrating profitability and optimizing operations at Florida Canyon, publishing a feasibility study and significant permit advancement at DeLamar, and continued de-risking at Nevada North."
________________________1 Non-IFRS measure. Refer to the "Non-IFRS Measures" section of this news release.
2 Information provided includes Florida Canyon pre-acquisition statistics.
Financial and Operating Highlights
Unit abbreviations in tables: ounce = oz, $/oz = U.S. dollars per ounce sold, $m = millions of U.S. dollars, $000s = thousands of U.S. dollars, $/oz sold = U.S. dollars per gold ounce sold, $/sh = U.S. dollars per share.
Operating
Nov. 8 - Dec. 31, 2024
Year Ended Dec. 31, 20242
Gold produced
oz
10,984
72,229
Gold sold
oz
11,382
72,089
Average realized gold price1
$/oz
2,643
n/a
Production costs
$m
23.1
n/a
Cash cost per ounce1
$/oz sold
1,884
n/a
All-in sustaining cost per ounce1
$/oz sold
2,103
n/a
Financial 3
Three Months-Ended December 31, 20243
Year Ended Dec. 31, 20243
Revenue
$m
30.4
30.4
Production costs
$m
(23.1)
(23.1)
Exploration and evaluation expenses
$m
(2.7)
(14.2)
Net income (Loss)
$m
9.5
(9.5)
Adjusted earnings (Loss)1
$m
2.3
(16.1)
Earnings per share1
$/sh
0.07
(0.10)
Adjusted earnings per share1
$/sh
0.02
(0.17)
Financial Position as of December 31, 2024
Cash and cash equivalents
$m
52.2
Working capital1
$m
64.4
1. Non-IFRS measure. Refer to the "Non-IFRS Measures" section of this news release.
2. Information provided includes Florida Canyon pre-acquisition statistics.
3. Financial highlights only include Florida Canyon from November 8 to December 31, 2024.
Fourth Quarter & Full Year 2024 Financial and Operating Summary
Total crushed and run-of-mine ("ROM") material to the pad from November 8 to December 31, 2024 was 1.6 million tonnes with a strip ratio of 0.45. The average grade of ore processed during the period was 0.25 grams per tonne ("g/t") gold. Mined and placed material for the fourth quarter exceeded expectations as a result of excellent crusher performance and delivery of more ROM material to the leach pad than planned. Strong production performance in 2024 at Florida Canyon was also supported by the construction and commissioning of the new Phase III-A of the South Heap Leach Pad and enhancements to solution processing systems.
Gold produced from November 8 to December 31, 2024 was 10,984 ounces. Production during the fourth quarter was particularly strong as a result of the newly constructed, carbon-in-column ("CIC") circuit which came online during the quarter. Gold sold from November 8 to December 31, 2024 was 11,382 ounces at an average realized gold price of $2,643 per ounce, for total revenue of $30.4 million. Cash costs and AISC during the period totaled $1,884 and $2,103 per ounce of gold sold, respectively. For ...
