Integra Resources Corp. (CVE: ITR) (NYSE American: ITRG) reported stronger second-quarter operating results from its Florida Canyon mine in Nevada on Thursday, producing 16,379 ounces of gold as higher mining rates and improved ore placement supported a 30 per cent increase from the previous quarter.
The company maintained its full-year production forecast of 70,000 to 75,000 ounces, expecting output to continue rising through the second half of 2026.
The improvement followed several operational gains across the mine during the three months ended June 30. Florida Canyon set a record for total material moved while increasing ore production, boosting ore stacked on heap leach pads and reducing the amount of waste rock mined.
Additionally, Integra said stronger mining activity created a larger inventory of gold-bearing ore on the heap leach pads. Because heap leach operations recover gold gradually over time, the added ore is expected to support higher gold production during the third and fourth quarters.
The company mined about 8 million tonnes of material during the quarter. That total included 4.4 million tonnes of ore and 3.6 million tonnes of waste, producing a strip ratio of 0.81. Mining operations averaged roughly 87,867 tonnes per day, marking the highest material movement rate achieved at the mine.
Ore mining increased 47 per cent from the first quarter. Meanwhile, total tonnes mined rose 16 per cent, while ore placed on the heap leach pads climbed 45 per cent. Processed ore grade also improved by 21 per cent, allowing the mine to recover more gold from each tonne of material.
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Integra attributed much of its improvement to higher mining rates
Waste mining moved in the opposite direction. The amount of waste mined declined 8 per cent from the previous quarter, while the strip ratio fell 38 per cent. Lower strip ratios generally reduce mining costs because operators move less waste to access valuable ore.
Florida Canyon produced 16,379 ounces of gold during the quarter and sold 15,794 ounces. Consequently, year-to-date production reached 29,014 ounces through the first six months of 2026.
Integra attributed much of the operational improvement to higher mining rates made possible by additional equipment. The company said it successfully integrated new mining equipment into its fleet over the past two quarters. This has allowed crews to move more material while also benefiting from shorter haul distances.
Additionally, management said a blending strategy introduced earlier this year continues to perform as expected. The company developed the approach for ore from the N2 mining area during the first quarter. This involves combining different ore types before placing them on the heap leach pads to improve recovery performance.
Heap leach mines recover gold differently than conventional milling operations. Instead of processing ore immediately through a mill, operators stack crushed ore on specially designed pads and apply a chemical solution that gradually dissolves the gold. The recovery process can continue for months, meaning production often trails mining activity.
That timing helps explain why Integra expects stronger output later this year. Ore stacking accelerated during the second quarter. It exceeded company expectations after the quarter ended in July, providing a larger inventory of material that will continue producing gold over the coming months.
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The study forecast a 17% increase in annual gold production
As a result, the company kept its annual production guidance unchanged at 70,000 to 75,000 ounces. Management expects production to strengthen across the remainder of 2026 as additional ore continues moving through the recovery process.
Beyond near-term operations, Integra also pointed to longer-range improvements outlined in a technical report released in late June.
The updated feasibility study projected an eight-year mine life for Florida Canyon. Furthermore, the report estimated a 74 per cent increase in proven and probable mineral reserves compared with previous estimates.
The study also forecast a 17 per cent increase in annual gold production over the life of the operation. In addition, it projected approximately USD$0.8 billion in after-tax free cash flow, reflecting stronger production and lower expected operating costs.
President and chief executive George Salamis said Florida Canyon continued building momentum during the second quarter as production, mining activity and ore placement all improved substantially from the opening three months of the year. He said the significant increase in ore stacked on the heap leach pads created a growing inventory of recoverable gold that should support stronger production through the rest of 2026.
Salamis also said the company has already begun positioning Florida Canyon for longer-term growth. He said the improvements outlined in the June technical report point toward higher annual production, reduced operating costs and stronger cash flow beginning in 2027.
Meanwhile, he said those expected gains would provide a stable operating foundation while Integra advances its DeLamar project in Idaho and its Nevada North exploration portfolio.
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