Integra Resources Reports Record Output Amid Rising Costs
In its Q2 report, Integra Resources (NYSEAMERICAN:ITRG) announced record gold production of 16,379 ounces and a significant increase in mining volume at the Florida Canyon mine. The company mined 4.4 million tonnes of ore during the quarter—a 44% year-over-year rise—while revenue climbed to $70.8 million from $61.1 million last year. Despite these gains, Integra faced rising costs: cash costs averaged $2,495 per ounce and all-in sustaining costs reached $3,371 per ounce in the quarter, both above prior-year levels. The company raised its full-year cost guidance accordingly. Free cash flow improved to $9.3 million from $2.1 million a year earlier, while cash reserves grew due partly to a recent equity offering. The DeLamar project showed strong potential with an after-tax net present value of up to $1.9 billion at current gold and silver prices. However, environmental review delays mean construction is still years away.
Topics: financial performance free cash flow gold production heap leaching