Integra’s June mine plan lifts Florida Canyon reserves 74%; September drilling tests further growth

Key Facts

Integra Resources announced a 74% increase in proven and probable reserves at its Florida Canyon mine in Nevada on June 25, 2026. The revised estimate put reserves at 1.19 million ounces of gold. On September 23, 2026, the company reported drilling results near existing operations that could open another path to growth. Those results concern exploration targets and were not part of the reserve increase announced in June. Their value depends on establishing the extent of mineralization and whether it can be mined economically, steps that require more work than recording gold-bearing drill intercepts.

The estimate of 1.19 million ounces compares with an adjusted baseline of 685,000 ounces, yielding the company’s reported increase of about 506,000 ounces, or 74%. That baseline draws on the 2024 reserve statement after accounting for gold mined subsequently. The original report for that year listed 861,000 ounces before the depletion adjustment. Growth would therefore read differently if the new estimate were compared with the original figure instead of the adjusted base used by Integra. These numbers describe contained gold in reserve estimates, not ounces already sold or revenue earned; they are also separate from the newer drilling results.

Reserves matter to ITRG’s valuation because they describe material assessed against a mine design and assumptions about costs, recoveries and economic viability. The June estimate assumed a gold price of $2,400 an ounce and recovery rates of 43% to 67%, depending on the ore. If realized prices, operating costs or recoveries differ, cash generation could diverge from what the estimated gold inventory suggests. A larger mineable inventory can spread some costs over a longer production period if the plan is delivered. Finding gold in an exploration hole, however, does not by itself establish profitable extraction or a place in the production schedule.

The reserve expansion reflected several changes, including confirmatory and exploration drilling, a refined geological interpretation and revised open-pit designs. Integra also brought some historic waste-rock piles into the assessment where they met the plan’s criteria. In selected areas, geotechnical work allowed the slope angle between pit benches to increase from 38 to 42 degrees, adding material to the economic pit design. Actual operating experience informed the cost assumptions and mining schedule, changing the estimate of what could be extracted. Those revisions explain how reserves grew even though earlier production had depleted part of the original inventory.

The September results tested areas near existing pits and infrastructure, but did not recalculate the reserves in the June plan. At Central / Radio Tower Saddle, Integra reported an intercept grading 1.30 grams of gold per tonne over 62.5 metres and another grading 0.59 grams over 167.6 metres. At Madre Shear North, one intercept graded 0.48 grams per tonne over 54.9 metres. Nearby mineralization could mean shorter haulage and less new infrastructure if further drilling establishes a viable deposit. Intercept width and grade alone cannot establish the size of an economic resource, its extraction cost or when it could enter production.

The June plan projects average annual production of 82,000 ounces over 8 years of active mining, compared with 70,000 ounces in the earlier plan, an increase of 17%. The updated estimate extends active mining through 2033 rather than 2030 and envisages about 2 years of residual gold recovery from the leach pads. The mining period differs from the period of gold sales because some metal is recovered after ore has been placed on the pads. Reaching the annual average depends on moving and processing ore and recovering gold at the assumed rates. Operational delivery, rather than reserve size alone, will test the value of the longer mine life.

Integra maintained its 2026 production guidance at 70,000 to 75,000 ounces while raising site-level all-in sustaining cost guidance from $2,750–$2,950 to $3,300–$3,500 an ounce. It attributed the cost increase to higher mining and processing volumes and input-price pressure, including diesel and explosives. That near-term range contrasts with a projected life-of-mine average of about $2,331 an ounce. The gap means later margin improvement depends on the production and cost path in the plan being achieved. If operating pressure lasts longer than expected, the financial benefit of additional reserves could narrow.

The plan calls for about $92 million in growth investment, including $55 million to expand heap-leach capacity and $37 million to modernize and partly replace the equipment fleet. Processing capacity is needed to turn a longer mining schedule into saleable gold; extracted ore does not produce cash before metal is recovered. Integra estimated about $0.8 billion in after-tax free cash flow over the mine’s life. It also put the base plan’s after-tax net present value at about $601 million, a measure that discounts forecast cash flows to their present value. Both estimates depend on delivering the assumed investment, output and costs.

ITRG closed at $2.79 on September 23, 2026, after trading between $2.72 and $2.85, according to EL7 data. Its September 22 close was $2.88, above the following session’s close. A single session cannot isolate the effect of the drilling announcement from other forces affecting a mining stock. For a holder or prospective buyer, the new targets matter if they add economic ore or improve when it can be mined. Investors positioned for a decline will watch whether actual costs and recoveries erode projected cash generation despite the larger reserve base.

Integra had completed 30,140 metres of reverse-circulation drilling at Florida Canyon in 2026 by its September announcement and plans another 2,000 metres at Madre Shear North. It also plans 7,000 metres of drilling around Standard Mine, 8 kilometres south of Florida Canyon. The next results will help show whether mineralization continues between drill holes, an important condition for defining a developable resource. Bringing any additional material into reserves would require an updated mine design, production schedule and economic assessment. Until then, the established reserve plan underpins operating expectations, while the drilling represents a possible source of further growth.