I would like to turn the meeting over to Andrée St-Germain, Chief Financial Officer. Please go ahead, Andrée.
Thank you, Operator. I would like to welcome everyone to Integra's fourth quarter and full year 2025 operating and financial results conference call. Before we begin, I'd like to note that we will be making forward-looking statements during today's call. I will direct you to the second slide of the earnings presentation, which contains important cautionary notes regarding these forward-looking statements. The cautionary notes can also be found on Integra's corporate website. Also note that all dollar amounts discussed today will refer to U.S. dollars unless otherwise indicated. On the call today, I am joined by Integra's President, CEO, and Director, George Salamis; Chief Operating Officer, Clifford Lafleur; Vice President, Finance, Sean Deissner; and our General Manager of the Florida Canyon Mine, Gregory Robinson.
Today, we are pleased to provide an operating and financial update for the fourth quarter and full year of 2025, followed by a live Q&A session. With that, I would like to hand the call over to George to kick off team talks.
Okay. Thanks, Andrée. 2025 has indeed been a transformative year for Integra. I think everybody is aware of the tremendous transformation that we underwent when the company acquired the Florida Canyon Mine in late 2024. The company transformed overnight from gold developer to gold producer in the United States. The primary goal of acquiring Florida Canyon was indeed to secure a consistent and reliable source of cash flow that would allow the company to advance its flagship development stage projects, DeLamar and Nevada North. In the current gold price environment, Florida Canyon is generating significant cash flow, which has transformed the company's financial position and strengthened our ability to execute on our strategy. The company achieved many key milestones in 2025, and I'll just mention a few. At Florida Canyon, we achieved record cash flows due to strong production levels and high gold prices.
We met production guidance after managing through several unplanned production impacts. We achieved the integration of a new mining fleet and many other operational improvements at Florida Canyon. At Florida Canyon as well, we initiated the first major drilling program within the immediate mine area in many years, which resulted in several points of growth and increased mine life in the future. At DeLamar, Cliff LaFleur and his team delivered a positive and very robust feasibility study. In addition to that, at DeLamar in 2025, the mine plan of operations was also deemed complete by the Bureau of Land Management. Lastly, Integra obtained a shortened NEPA timeline of just 15 months to a record of decision and a FAST-41 federal approval.
Lastly, led by Mark Stockton and his great team, we executed a relationship benefit agreement with the tribal nations in Idaho, which is a first of its kind in the United States. Moving now to the corporate level. We strengthened the management team and with the addition of a COO, VP permitting, and VP finance, some of whom are on the call today. Integra saw a record share price performance, which resulted in our top 50 TSX Venture Performer Award in 2025. At the corporate level as well, the year was highlighted by debt elimination from our balance sheet and the conversion of the Beedie convertible loan. Lastly, we broadened the shareholder base to include a much larger and broader range of new institutional funds as owners of Integra, including large generalist funds in the United States and Canada.
We are included on the Solactive Global Silver Miners Index in 2025. Lastly, we experienced a marked increase in trading liquidity that has led us recently to the GDXJ ETF inclusion. I would like to add that I'm very proud of the entire team at Integra, who have worked very hard at accomplishing this amazing transition and all of the other amazing related accomplishments in the space of just 12 months. What we achieved last year was phenomenal. As anticipated, Florida Canyon saw significant investments in 2025 across several ongoing initiatives to support a profitable mining operation for many years to come. This capital-intensive phase of the long-term continuous improvement plan for Florida Canyon will continue into 2026. Major investments are underway in key areas, including a heap leach pad expansion, increased capitalized waste stripping, a revitalized mobile equipment fleet, process optimization, and enhanced mine planning.
The goal here is to sustain and grow Florida Canyon, extend its mine life, and address historical underinvestment. Integra is laying the foundation for a more efficient, longer-lived operation with an improved production and cost profile in the years to come. The company's ongoing work at Florida Canyon will be incorporated into an updated life of mine plan expected to be published in mid-2026, in which Integra aims to highlight the exciting future for this cornerstone asset. Florida Canyon's ability to generate cash flow has allowed the company to expedite and bolster initiatives at the DeLamar project and advance mine permitting efforts on that project. The company's enhanced financial strength has also allowed for an increased 2025 budget for the Nevada North project to complete crucial test work to support future economic studies and permitting.
That should be 2025. Integra is well positioned to deliver on its goal of profitability and project advancement while progressing its long-term vision of building a U.S.-focused intermediate gold producer. Turning now to Slide 5, we have highlighted several metrics that underscore our key successes in 2025, our first full year of operations. While there's still much work ahead of us, the mine currently is operating consistently and profitably, adding to Integra's cash balance to support the development and advancement of DeLamar and Nevada North. We met production guidance in 2025 as Florida Canyon demonstrated consistent performance with a total of 70,927 ounces of gold produced at cash costs of $1,937 per ounce and mine all-in sustaining costs of $2,693 per ounce.
The average realized gold price during the year was $3,411 per ounce, allowing Integra to demonstrate its significant cash flow leverage to the gold spot price. Full year 2025 revenue was a record $243.9 million, and operating cash flow generated from Florida Canyon was $72.3 million. During the year, Integra deployed $52.4 million of sustaining and growth capital at Florida Canyon to support important initiatives such as heap leach pad expansions, fleet refurbishments, capitalized stripping, and growth drilling. Full year 2025 adjusted earnings for the company was a record $47.3 million or $0.28 per share. Integra ended the quarter with a robust cash balance of $63.1 million, positioning us to execute on all major objectives.
At DeLamar, 2025 was marked by significant milestones, including the signing of a relationship agreement with the Shoshone-Paiute Tribes of the Duck Valley Reservation in August, the acceptance of our mine plan of operations by the BLM in September 2025, and last but not least, ending the year with a very robust feasibility study at DeLamar. We will provide further commentary on these important milestones later on in the call. Now I will hand the call over to our Chief Operating Officer, Cliff, to discuss the operating results for Florida Canyon in Q4 and full year 2025. Over to you, Cliff.
Thank you, George, and hello, everyone. Now on Slide 6, here we've outlined key operating metrics for Florida Canyon in the fourth quarter and full year of 2025. We mined approximately 3.4 million tons of ore and 2.4 million tons of waste in Q4 2025, resulting in a strip ratio of 0.71. The waste mining rates decreased in Q4 2025 compared to Q3 2025 due to a provisional adjustment of the mine sequence in Q3 to overcome dust suppression challenges caused by a temporary water shortage in the dry summer months. The temporary water shortage in Q3 2025 was caused by a problematic historic water well, which has since been successfully replaced.
For the full year 2025, the company mined a total of 12 million tons of ore and 10.6 million tons of waste, resulting in a strip ratio of 0.88, which reflects continued investment in increased waste stripping in higher pits and increased run of mine tons placed. Florida Canyon produced 12,864 ounces of gold in the fourth quarter of 2025. The decrease in production in Q4 compared to Q3 2025 was due to a one-time temporary reduction in solution flow rates to repair a liner tear in a solution pond. The tear was fully repaired by mid-November with no solution releases and no environmental impact. An additional protective layer was added to the liner where the tear occurred, and access for personnel and equipment was improved for inspections.
Solution flow rates were restored to normal levels before the end of the year, and deferred gold ounces associated with this temporary solution reduction are expected to be recovered in 2026. During the quarter, Florida Canyon completed construction of the Phase 3B heap leach pad, with regulatory approval to begin leaching expected early in 2026. The company also advanced its fleet revitalization program and refurbishment of some legacy haul trucks and loaders while also commissioning four new machines, brand new Hitachi EX3600 front shovel, a Caterpillar 992 HL loader, and two Caterpillar 785 haul trucks. An additional six Caterpillar 785 haul trucks are expected to be commissioned in the first half of 2026, and refurbishment of legacy pieces will continue.
The upgraded fleet is expected to reduce reliance on expensive rental equipment, enhance productivity, and lower mining unit rate costs over the coming years. Despite the dust suppression and liner tear challenges faced in 2025, I'm proud to announce that the team at Florida Canyon produced a total of 70,927 gold ounces for 2025, which is within the company's annual guidance of 70,000-75,000 gold ounces for that year. Average gold process recoveries in the quarter and for the full year 2026 were 59.2% and 60.1% respectively in line with our expectations.
Cash costs averaged $2,036 per gold ounce in quarter four 2025 and $1,937 per gold ounce for the full year. Mine site AISC averaged $3,371 per gold ounce in Q4 2025 and $2,693 per gold ounce for the full year. This is slightly higher than the company's 2025 AISC guidance. Like many of our peers, elevated gold prices are adding cost pressure in the form of increased royalty and tax payments. These royalties and excise taxes make up a material component of our cash costs and mine site AISC, and are directly impacted by fluctuations in the gold price. For instance, a $100 per ounce change in the gold price impacts cash cost and mine site AISC by approximately $7 per gold ounce.
In Q4 2025, the company invested $16.9 million in sustaining capital and $62.4 million for the full year 2025, reflecting the company's continued commitment to reinvesting in Florida Canyon through new heap leach pad construction, catch-up and increased capital stripping, and mobile equipment refurbishments and financings. The company also invested $2.9 million in non-sustaining growth capital during Q4 2025 and $5.5 million for the full year. This spending was focused on testing lateral extensions and in-pit infill drilling as well as historic waste rock dump drilling. The expanded 2025 exploration program completed approximately 16,000 meters in 2025 and will continue into 2026.
Drilling is focused on three key areas, evaluating near surface oxide potential from historic waste areas, expanding in-situ resources between existing open pits, and testing lateral extensions and conducting in-pit infill drilling. The program is specifically designed to support resource and reserve growth and extend mine life for Florida Canyon. The information from this program will be included in an updated technical report, which is on track for the end of Q2 2026. Moving on to Slide 7. Here, we're highlighting Integra's 2026 production and cost guidance for Florida Canyon, as well as our 2027 and 2028 production guidance. Gold production from Florida Canyon is expected to be within 70,000-75,000 gold ounces in 2026.
The company is planning to mine approximately 13.9 million tons of ore and 19.3 million tons of waste for a total of 33.2 million tons, resulting in a strip ratio of 1.39. The expected increase in waste stripping in 2026 is a continuation of the make-up stripping left by previous owners, in addition to a targeted pit expansion. 2026 cash costs at Florida Canyon are expected to range between $1,900-$2,100 per gold ounce sold, including royalties at the assumed gold price. The increase to the cash cost guidance range in 2026 versus 2025 is primarily a result of the higher gold price assumption.
2026 sustaining capital expenditures of approximately $62 million-$68 million are focused on capitalized waste stripping, mobile fleet rebuild and replacement financing, infill and development drilling, as well as other projects. Infill and development drilling at Florida Canyon will consist of 31,000 meters of reverse circulation drilling focused on near mine targets designed to support oxide mineral reserve and resource growth. 2026 mine site AISC for Florida Canyon is expected to range from $2,750-$2,950 per ounce of gold sold, which reflects the capital-intensive period at Florida Canyon expected in 2026, continuing from 2025.
The increase to the mine site AISC guidance range in 2026 versus 2025 is primarily a result of the higher gold price assumptions impacting royalty costs, increased fleet rebuild financing, increased infill and development drilling, and increased waste stripping, all of which are designed to increase gold production in 2027 and 2028. The spending in 2025 and 2026 is expected to support increased annual gold production at Florida Canyon to approximately 80,000-90,000 ounces per year. Growth capital between $7.5 million-$9.5 million at Florida Canyon will be deployed in 2026 on expansion projects and studies whose results will be included in the updated technical report, which again is to be released at the end of the second quarter of 2026.
These funds will also be used to fund growth exploration outside of the current area of operations. The technical report will include the results of the oxide growth drilling program from 2025 and early 2026, which focused on the near mine targets, including intra-pit areas and historical low-grade stockpiles. Approximately $2.8 million has been allocated to support the 2026 growth exploration program, with approximately 8,000 meters of reverse circulation drilling and 1,000 meters of core drilling focused on testing and finding new targets outside of the current area of operations, something which has not occurred at Florida Canyon in many years. I'll now pass the call back to George to discuss key 2025 highlights from the DeLamar Project.
Okay, thanks, Cliff. In 2025, the company continued to advance and de-risk its flagship development asset, the DeLamar Project, located in Idaho. These efforts led to multiple significant milestones in 2025 and early 2026. From a permitting perspective, the mine plan of operations for DeLamar, which was submitted for review to the BLM and cooperating federal and state agencies in early 2025, was determined to be administratively complete in August of 2025. The BLM and its third-party NEPA consultant, SWCA, and cooperating agencies will now proceed with environmental review of the project and a range of reasonable alternatives, including a no-action alternative, in accordance with the NEPA guidelines. Concurrently, Integra is working with federal, state, and local regulatory authorities to obtain all necessary permits for mine construction, operations, and reclamation.
The DeLamar project's permitting timeline was posted to the FAST-41 project dashboard on January 13th, 2026. The FAST-41 Transparency Project Program is a federal permitting framework designed to streamline environmental reviews, improve interagency coordination, and increase transparency. Agencies must develop and maintain a coordinated, project-specific timeline for all required environmental review and permitting actions. Integra will be designated a dedicated project advisor from the Permitting Council, who will monitor the advancement of the project, maintaining active engagement and coordination across multiple regulatory agencies. The Permitting Council provides high-level oversight to ensure that federal agencies adhere to established timetables. The DeLamar project's permitting timeline posted to the FAST-41 project dashboard highlights an accelerated 15-month NEPA schedule from start to finish. From an engineering perspective, Integra advanced detailed engineering work in 2025 and completed in December 2025 its feasibility study.
The PFS for DeLamar confirmed robust economics for a low-cost, large-scale, conventional open pit oxide heap leach operation with competitive operating costs and a high rate of return. Cliff will touch on the key feasibility study highlights on the next slide. Lastly, I'm pleased to report that in the third quarter of 2025, a historic relationship agreement was executed with the Shoshone-Paiute Tribes of the Duck Valley Reservation, establishing a transformative and long-term partnership for the development of DeLamar. I will now pass the call back to Cliff for further comments on the DeLamar feasibility study. Over to you, Cliff.
Thanks, George. As noted, the company completed its feasibility study for the DeLamar project. This occurred on December 8th, 2025. The FS outlines total production of 1.1 million ounces of gold equivalent ounces over a 10-year operating mine life, with an additional two years of residual leaching, resulting in average annual production profile of 106,000 gold equivalent ounces per year at a co-product mine site AISC of $1,480 per gold equivalent ounce. Initial capital costs for the project were estimated at $389 million, including $38 million of owner's costs. Life of mine sustaining capital costs are estimated at $305 million.
The project generates an after-tax net present value of approximately $774 million with an after-tax internal rate of return of 46%, assuming base case gold and silver prices of $3,000 an ounce and $35 an ounce respectively. After-tax NPV improves to approximately $1.9 billion and after-tax IRR of 97% using recent gold and silver prices of $4,500 an ounce and $65 an ounce respectively. Now I'll hand the call back to George to discuss our groundbreaking relationship agreement between Integra and Shoshone-Paiute.
Thanks, Cliff. In August, Integra announced that it entered into a relationship agreement with the Shoshone-Paiute Tribes of the Duck Valley Reservation, whose aboriginal territories cover much of the tri-state area of Idaho, Nevada, and Oregon. This groundbreaking agreement established a transformative and long-term partnership for the development of the DeLamar project on Shoshone-Paiute traditional homelands. This agreement is unprecedented in the lower forty-eight states in both recognizing tribal sovereignty and collaboratively advancing sustainable long-term economic development for a project located on federally managed lands. The agreement is the result of five years of co-collaboration between the Shoshone-Paiute and Integra and will serve to guide the partnership throughout the entire life of mine at the DeLamar project.
The agreement provides a framework to foster collaboration and co-management of various aspects related to the DeLamar project, including, but not limited to indigenous recognition, economic empowerment and participation, cultural and environmental protection, consensus-based regulatory collaboration, and community investment and performance monitoring. Integra is incredibly proud to enter into this partnership with the Shoshone-Paiute Tribes as we work hard to build long-lasting, respectful, trusting, and collaborative relationships that drive tangible value. Through this partnership, we are establishing durable and long-term predictability while providing the foundational platform for local and regional economic opportunities to thrive. I will now pass the call back to Cliff to provide an update on Nevada North on Slide 11. Over to you, Cliff.
Thanks, George. During Q4 2025, the company continued to advance the Nevada North project, which consists of the Wildcat and Mountain View deposits. At the Wildcat deposit, field work in late 2025 consisted of the completion of four monitoring wells to collect hydrogeological data for ongoing study and modeling work, which will continue into 2026. The study and modeling work will be important for supporting upcoming permitting activities. Also, the geochemical characterization of ore and waste rock work by humidity cell testing that was initiated in Q1 2025 is expected to be completed in Q2 2026. Additional studies that are underway at Wildcat include spring and seep monitoring, as well as raptor and migratory bird surveys. The environmental analysis for the Wildcat Environmental Plan of Operations, or EPO, is complete, and final signatures required from the BLM are expected in the next week.
After final sign-off, the Wildcat EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns that we will initiate in 2026. The reclamation permit from Nevada Division of Environmental Protection, Bureau of Mining Regulation and Reclamation, or NDEP BMRR, is also in progress with anticipated approval in Q2 2026. At Mountain View, environmental analysis of the EPO is also complete. The Mountain View EPO has completed its 30-day public comment period, and a final environmental assessment was published in Q4 2025. The NDEP BMRR reclamation permit approval for the Mountain View deposit is expected in Q2 2026 as well. Once approved, the Mountain View EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns in the future.
With favorable financial resources available, we are moving to advance the de-risking activities at Nevada North, beginning work on an updated technical report at PFS level in 2026. Targeted release date in H1, 2027. I'll now pass the call to our CFO, Andrée, to provide an overview of the Q4 and full year financial results.
Thanks, Cliff. Integra closed fiscal 2025 in a strong financial position with a cash balance of $63.1 million and working capital of $92.9 million. Our $50 million convertible loan with Beedie Capital was converted in December 2025. The company is now debt-free, with the exception of mobile equipment leases at Florida Canyon. The company reported Q4 revenues of $55.2 million and cost of sales of $29.9 million, resulting in $25.3 million in mine operating earnings, which equates to a strong 46% operating margin. The increasing profit margin is a result of an increase in gold price. This quarter, we realized an average gold price of $4,229 per ounce.
We reported full year 2025 revenues of $243.9 million and cost of sales of $149.4 million, resulting in $94.5 million in mine operating earnings, which equates to a 39% operating profit margin. The increasing profit margin versus 2024 is a result of an increase in gold price. As mentioned by George earlier, this year, we realized an average gold price of $3,411 per ounce. Integra reported a full year 2025 adjusted earnings of $47.3 million or $0.28 per share. The stronger adjusted earnings in 2025 versus 2024 reflects a full year of operations in 2025 versus 2024, which only included roughly two months of operation.
I will now pass the call back to George to discuss strategic objectives for 2026.
Thanks a lot, Andrée. Looking forward, our priorities for 2026 remain in line with our strategy to become a leading mid-tier gold producer. At Florida Canyon, we've got a lot of great things to accomplish this year. We aim to optimize production, grow cash flow, and continue to demonstrate growth potential through the completion of an updated mineral resource estimate and life of mine plan in 2026. We believe that this updated technical report for Florida Canyon will be a game-changer for the company and demonstrate to the market that this mine has a long and profitable future ahead of itself. At DeLamar, we continue to refine the feasibility study with an expected release date in 2025. We are very excited to share this long-awaited update for our flagship development asset.
On the permitting front, we continue to work closely with the Bureau of Land Management to determine the project advancement schedule which we expect to receive priority on in early 2026. DeLamar remains one of the very few large-scale precious metal projects in the U.S. at a feasibility stage that is actively being advanced through federal mine permitting, underscoring the scarcity value of this project. To summarize at Nevada North, we continue to de-risk the project and lay the foundation for future development. On the capital market side, we also continue to bolster our profile and investor awareness, leading to enhanced trading liquidity and index inclusion, which we have just recently experienced. In recent months, we have seen a significant benefit for our NYSE American listing, which has provided a significant increase in our overall trading liquidity and investment appeal.
On the longer-term horizon, we continue to evaluate strategic and accretive M&A opportunities that support our strategic goal of becoming a mid-tier gold producer. I would now like to end the formal part of the presentation with Slide 14 as it captures our strategy. Production, growth, scale, jurisdiction, and team. We now produce gold and generate cash flow to advance our high-quality U.S.-focused development portfolio, supporting our peer-leading growth profile. We hold one of the largest inventories of gold and silver in the Great Basin of the U.S. not controlled by a major mining company. Our pipelined development projects are being efficiently de-risked without dilution. We operate in Idaho and Nevada, two of the best mining jurisdictions globally. Lastly, our people are our most important asset. We have a handpicked team with a track record of success and deep industry experience.
Integra is a U.S. gold producer with a growth runway and a clear strategy to become a mid-tier producer. At this point, I would like to turn the call back to the operator to begin with the Q&A.
Thank you. At this time, I would like to remind everyone, in order to ask a question, press star then the number one on your telephone keypad. We'll pause just a moment. We'll take our first question from Heiko Ihle at H.C. Wainwright.
Hey, George and team. Thanks for taking my questions, and obviously congratulations to Chantal on this appointment there. The waste stripping seen in the higher pits, how should we model this quarter by quarter for the year? I assume there's not really a scientific direct answer to this, but maybe just a roundabout impact on costs, like a quantifiable impact on costs.
Okay. Heiko, hi. Thanks for dialing in for the call. I'm gonna pass that call over to Cliff and Greg. I think they can handle that one.
Yeah, this is Greg. You're right, that's not a straightforward answer. We will be heavily stripping definitely in the first part of the year. As we get deeper in the deposit, it should start to taper off, maybe not super visibly in the second half, but it will start tapering off. We'll start seeing more ore in those pits as we progress deeper. Like you say, it's not a straightforward answer, but you can expect waste stripping all year, I guess.
Okay.
Yeah. Just to answer-
I'm fine with it.
Sorry, Heiko, just to jump in. Like, this was expected for 2025, 2026. Then, it'll be tapering off in Q1 2027. This is what's allowing the higher production predicted in 2027, 2028.
Got it. Okay. Cost-wise, essentially just trend line it every quarter?
Cliff, Greg, over to you.
It's a little bit weighted to the front half. I think we had something like 55% of the sustaining costs in H1 and 45% in H2, something like that. Which, the waste stripping has a large component of it.
Got it. That's exactly what I needed. Perfect. Okay, and then purely out of curiosity, have you seen any incremental interest from investors that maybe you didn't have before following the GDXJ inclusion? I mean, just wondering if the phone's been ringing a little bit more from more random or the more generalist funds that maybe hadn't really heard your name before.
Yeah. Heiko, maybe I can address that one. The bespoke financing that we did, which was focused on the DeLamar early works programs, you know, a lot of the demand for that financing was led by a lot of new institutions and specifically three large generalist funds which were not previously on our registry. Which was great news. Obviously, you know, we're in a market that's been expecting the generalist funds to show up, right? We're certainly seeing that. Various conferences that we've attended, we've seen more generalist interest to hear the story, which is great. Now addressing the GDXJ inclusion, all I can say about that is, you know, we did experience increased trading liquidity in advance of the actual GDXJ announcement.
As you know, there's a certain element of pre-warning that GDXJ is coming and not by us, obviously. By you know newsletter writers and by research analysts that we you know met all of the criteria well in advance. Can I say that the generalists piled in in the anticipation of that news? I don't have any firm proof of that, but all I can say is that we now have some pretty significant generalist ownership on our registry again as a result of that financing.
Very good. I will get back in queue. Thank you very much, and congratulations.
Thanks. Thank you.
As a reminder, if you would like to ask a question, please press star one. We'll pause just a moment. We have no further questions at this time. Mr. Salamis, I will turn the conference back over to you.
Thank you very much. I'd like to thank everybody for attending this call. You know, this is a very exciting time for Integra. We accomplished so much in 2025, and we've got a lot more to accomplish this year. Our tasks are well laid out in front of us. Please do not hesitate to reach out to myself or anybody in the Integra team. For anybody on this call, you know, our phone lines are always on, our email inboxes are always open to questions. Should you have any follow-up questions, please do not hesitate. Thank you very much, operator.
Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect.