#Canada #Vancouver #Integra Resources #Gold Production #Florida Canyon Mine

Integra Resources Reports Strong Fourth Quarter and Year-End Results for 2024

Integra Resources Corp. (TSXV: ITR, NYSE American: ITRG) has revealed impressive financial and operational results for the fourth quarter and full year of 2024. The company underwent a major transformation after acquiring Florida Canyon Gold Inc. (FCGI) and successfully transitioning into a gold producer at the Florida Canyon Mine in Imlay, Nevada. This strategic acquisition enabled Integra to produce a remarkable 72,229 ounces of gold throughout the year, well surpassing prior guidance targets.

Key Highlights

During the period from November 8 to December 31, 2024, the Florida Canyon Mine showcased robust production figures, with gold production of 10,984 ounces and gold sales reaching 11,382 ounces. The company reported a significant cash cost of $1,884 per ounce, alongside an All-In Sustaining Cost (AISC) of $2,103 per ounce sold. The fourth quarter saw a net income of $9.5 million, equating to $0.07 per share, with adjusted earnings of $2.3 million or $0.02 per share. These metrics demonstrate Integra's improved profitability in its transition phase.

Financial Position

As of December 31, 2024, Integra reported a robust financial position with a cash balance of $52.2 million and working capital of $64.4 million. The company allocated $2.7 million for exploration and project activities during Q4, totaling $14.2 million for the complete fiscal year. This expenditure reflects Integra’s commitment to enhancing its existing projects, namely the DeLamar and Nevada North mines.

Operational Insights

The operational aspect of the Florida Canyon Mine proved to be exceptional, supported by the successful commissioning of a new carbon-in-column (CIC) circuit and the advancement of the Phase III-A Heap Leach Pad. The total crushed material from November to December amounted to 1.6 million tonnes, showcasing excellent crusher performance and a favorable strip ratio of 0.45. The fourth quarter’s production performance not only exceeded expectations but testified to the operational capabilities at Florida Canyon.

Future Prospects

Looking towards 2025, Integra plans to focus on optimizing operations at Florida Canyon and advancing key projects such as DeLamar. The strategic aim is to enhance profitability further and publish a comprehensive feasibility study while continuing to mitigate risks associated with the Nevada North Project. The company is set to initiate an expanded exploration program at Florida Canyon in Q2 2025 to extend the mine life by drilling into existing deposit structures.

Recent Appointments

To solidify its leadership and operational prowess, Integra has appointed Clifford Lafleur as Chief Operating Officer and Dale Kerner as Vice President of Permitting. Their extensive backgrounds in mining operations and regulatory compliance are expected to greatly benefit the company's growth trajectory and project advancement strategies.

Conclusion

Overall, Integra Resources demonstrates remarkable progress and strategic foresight in its operations. With the successful transition to a gold producer status and continued dedication to project development, Integra is well positioned for sustained growth in the precious metals sector. As they gear up for further operational enhancements in 2025, stakeholders can anticipate exciting developments within the company and its initiatives in Nevada and Idaho.

For more detailed financial statements, visit the Integra Resources website or consult their profiles on SEDAR+ and EDGAR.