Integra Cuts Florida Canyon Gold Production Target to 59,000–62,000 Ounces
Key Facts
Integra Resources lowered its 2026 gold production forecast for the Florida Canyon mine on November 11 to 59,000–62,000 ounces, from a previous target of 70,000–75,000 ounces. The company said in its third-quarter results announcement that gold leaching rates had not kept pace with the higher mining rate, slowing recovery of gold stacked on the leach pad. The revision means the expansion of ore mining and stacking did not translate into recovered production at the same pace. The company decided to reduce mining rates for the rest of the year to protect pad performance and improve ore blending. The decision puts ore processing and recovery at the forefront of the mine's operational challenges for the remainder of 2026.
The previous annual production target was maintained on July 23 at 70,000–75,000 ounces, with the company then expecting production to increase in the second half of the year. In the second quarter, the mine produced 16,379 ounces, up 30% from the first quarter. Third-quarter production then reached 17,652 ounces, up 8% from the second quarter and 40% from the first quarter, according to the company. The quarterly comparisons show that production continued to rise during 2026, even as the company has now lowered its estimate for the full-year total. The October operational update had also pointed to improvements in mining and grades processed during the year, before the third-quarter results disclosed the impact of slower leaching on the annual forecast.
Average mining rose to 97,428 tonnes per day in the third quarter, from 64,488 tonnes per day in the same period of 2025, setting a record for material movement at the mine. The amount of run-of-mine ore placed on the leach pad increased to 3,318 thousand tonnes, from 1,165 thousand tonnes a year earlier. Total ore placed also rose to 5,207 thousand tonnes, compared with 3,168 thousand tonnes in the third quarter of 2025. But the gold recovery rate fell to 52.5% from 60.7% in the comparison period. The company attributed the lower blended rate to the larger share of run-of-mine ore, which it expected to have lower recovery than crushed ore; mining and stacking volumes therefore expanded while the recovery rate declined.
Chief Executive George Salamis said leaching had not kept pace with higher mining rates, and that reducing mining was intended to protect the leach pad's long-term performance and maintain effective blending. The company's statement said recovery of stacked gold had been delayed by slower leaching. The reduction in mining rates addresses the pressure that new volumes put on the processing operation, according to the company's explanation, while blending measures are intended to improve pad performance. Meanwhile, the financial results showed net income of $12.9 million in the third quarter, compared with a net loss of $8.2 million in the same period of 2025. Cash and cash equivalents totaled $119.5 million on September 30, 2026, compared with $63.1 million on December 31, 2025.
Integra expects mining to advance into higher-grade ore in the central pit during 2027, supporting improved leach performance and production. The company said in February that stripping and pit expansion work was intended to make higher-production ore available in 2027 and 2028, with annual production expected to be about 80,000–90,000 ounces in those years. The 2026 plan at the time included mining about 13.9 million tonnes of ore and 19.3 million tonnes of waste to support expansion of the central pit. The company is set to reduce mining rates for the rest of 2026, according to its operational update. The third-quarter results call was also scheduled for November 12, 2026, at 10:00 a.m. Eastern time.