The Q1 production miss and cost overruns are concerning, but management maintains full-year guidance with deferred ounces expected to be recovered. The strong balance sheet ($105.8M cash) and DeLamar project momentum provide a positive long-term narrative. Watch for Q2 production recovery and the Florida Canyon technical report expected in Q3 2026. The elevated AISC vs guidance is a near-term headwind that needs to normalize.
Price Chart
Executive Summary
Integra Resources reported Q1 2026 results showing strong earnings growth driven by record gold prices, but with a significant production decline and cost overruns. Revenue rose 8% YoY to $61.7M and net earnings surged to $12.5M from $1.0M, driven by a record average realized gold price of $4,854/oz. However, gold production fell 35% to 12,635 oz due to leach pad issues, and cash costs of $2,422/oz and Mine-site AISC of $3,310/oz both exceeded full-year guidance ranges. The company raised $57.5M in a bought deal offering, ending the quarter with $105.8M cash to fund DeLamar project development.
Key Facts
- Q1 2026 revenue of $61.7M, up 8% from $57.0M in Q1 2025
- Net earnings of $12.5M ($0.06/share) vs $1.0M ($0.01/share) in Q1 2025
- Gold production fell 35% to 12,635 oz from 19,323 oz in Q1 2025
- Record average realized gold price of $4,854/oz vs $2,888/oz in Q1 2025
- Cash costs of $2,422/oz exceeded guidance range of $1,900-$2,100/oz
- Mine-site AISC of $3,310/oz exceeded guidance range of $2,750-$2,950/oz
- Operating cash flow of $13.8M, down from $15.7M in Q1 2025
- Free cash flow of $3.0M, down from $9.7M in Q1 2025
- Cash and cash equivalents of $105.8M, up from $63.1M at Dec 31, 2025
- Completed $57.5M bought deal public offering in February 2026
- Acquired 6,600-acre ranch near DeLamar for $12.5M
- Maintained 2026 production guidance of 70,000-75,000 oz
- DeLamar FS shows after-tax NPV5% of $774M and IRR of 46% at base case prices
Financial Impact
Revenue +$4.7M YoY, net earnings +$11.6M YoY; production -6,688 oz YoY; cash costs +$406/oz YoY
Risk Factors
- Gold production down 35% YoY with leach pad issues may persist
- Cash costs and AISC above full-year guidance ranges
- Significant capital spending at DeLamar ($17.7M in Q1) before production
- Class action lawsuit against Alio subsidiary with uncertain outcome
- Dilution from 18.1M share offering (9.3% of pre-offering shares)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001722387-26-000009 |
| Document: mda-q126.htm | 0001722387-26-000009 |
| Document: earningsnewsrelease-q126.htm | 0001722387-26-000009 |
| Document: form6-kfilingxq126.htm | 0001722387-26-000009 |
| Document: ceo52-109f2xq126.htm | 0001722387-26-000009 |
| Document: cfo52-109f2xq126.htm | 0001722387-26-000009 |
| Document: consentofjamesfrost-q126.htm | 0001722387-26-000009 |
| Document: 0001722387-26-000009-index-headers.html | 0001722387-26-000009 |
| Document: 0001722387-26-000009-index.html | 0001722387-26-000009 |
| Document: 0001722387-26-000009.txt | 0001722387-26-000009 |
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%) |
US Market Status
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