The combination of strong operating performance, record cash flow, successful equity raise, and robust DeLamar Project economics positions Integra for growth. The 2026–2028 production ramp to 80,000–90,000 oz/year suggests significant leverage to gold prices. Traders should monitor recovery of deferred Q4 ounces and permitting progress at DeLamar under the FAST-41 timeline.
Price Chart
Executive Summary
Integra Resources reported strong full-year 2025 results with record adjusted earnings of $47.3 million and 70,927 gold ounces produced, meeting guidance. The company highlighted robust economics from its DeLamar Project feasibility study, strengthened financials with a $61.6 million equity raise, and provided 2026 guidance projecting 70,000–75,000 ounces of gold production. Despite a slight Q4 production dip due to a temporary liner tear, deferred ounces are expected to be recovered in 2026.
Key Facts
- Record annual adjusted earnings of $47.3 million ($0.28 per share) in 2025
- 70,927 gold ounces produced in 2025, meeting full-year guidance
- DeLamar Project feasibility study confirms strong economics: 106,000 oz/year, $1.48/oz AISC, 46% IRR at base case
- Completed $61.6 million bought-deal equity offering post-year-end
- Q4 2025 revenue of $55.2 million with 46% operating margin, despite temporary production disruption
- 2026 guidance: 70,000–75,000 oz production; 2027–2028 outlook raised to 80,000–90,000 oz/year
- Cash and equivalents increased to $63.1 million; working capital improved to $92.9 million
Financial Impact
Record $47.3 million adjusted earnings and $72.3 million operating cash flow in 2025, with $61.6 million in new capital raised. DeLamar Project shows $774 million NPV and 46% IRR.
Risk Factors
- Mine-site AISC of $2,693/oz exceeded guidance due to higher royalties from elevated gold prices
- Q4 2025 net loss of $5.7 million (though non-cash in nature)
- Free cash flow was negative in Q4 ($12.2 million outflow)
- Permitting timelines for DeLamar remain multi-year, with Record of Decision expected Q3 2027
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001722387-26-000006 |
| Document: form6-kfilingxq425.htm | 0001722387-26-000006 |
| Document: 0001722387-26-000006-index-headers.html | 0001722387-26-000006 |
| Document: 0001722387-26-000006-index.html | 0001722387-26-000006 |
| Document: 0001722387-26-000006.txt | 0001722387-26-000006 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 6-K | $2.21 | awaiting T+60 | — | $2.30 (+4.07%) |
Oct 22, 2026 5d ago | Press Release | $2.21 | awaiting T+60 | — | $2.30 (+4.07%) |
Oct 13, 2026 14d ago | 6-K | $2.48 | awaiting T+60 | — | $2.30 (−7.26%) |
Sep 23, 2026 4w ago | 6-K | $2.79 | awaiting T+60 | — | $2.30 (−17.56%) |
Aug 11, 2026 11w ago | Press Release | $2.70 | awaiting T+60 | — | $2.30 (−14.81%) |
Jul 6, 2026 16w ago | 6-K | $2.35 $2.66 | ▲ +13.19% | ▲ +11.28% | $2.30 (−2.13%) |
Jun 26, 2026 17w ago | 6-K | $2.22 $2.88 | ▲ +29.73% | ▲ +25.34% | $2.30 (+3.60%) |
Jun 2, 2026 21w ago | 6-K | $2.59 $2.91 | ▲ +12.36% | ▲ +11.24% | $2.30 (−11.20%) |
May 29, 2026 21w ago | 6-K | $2.74 $2.86 | ▲ +4.38% | ▲ +3.20% | $2.30 (−16.06%) |
May 26, 2026 22w ago | 6-K | $2.48 $2.83 | ▲ +14.11% | ▲ +11.39% | $2.30 (−7.26%) |
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