Unaudited Condensed Interim Consolidated Financial Statements and Notes FOR THE THREE AND NINE MONTHS ENDING SEPTEMBER 30, 2025 Condensed Interim Consolidated Statements of Financial Position (unaudited, in thousands of U.S. dollars) | | | September 30, | December 31, | | --- | --- | --- | --- | | | | 2025 | 2024 | | Assets | | | | | Current assets | | | | | Cash and cash equivalents | $ | 81,192 $ | 52,190 | | Investments | | 380 | 363 | | Inventories (Note 8) | | 42,283 | 58,020 | | Prepaids and other ass ...

Core Viewpoint - Integra Resources Corp. reported strong financial and operational results for Q3 2025, highlighting significant production at Florida Canyon and advancements in development projects, leading to the highest cash balance in the company's history [3][6][26]. Financial Highlights - Revenue for Q3 2025 reached $70.7 million, an increase from $61.1 million in Q2 2025, driven by higher gold sales at an average realized price of $3,464 per ounce [6][18]. - Mine operating earnings were $28.6 million, up from $25.2 million in Q2 2025, resulting in an operating margin of 40% [6][47]. - Adjusted earnings for the period were $16.3 million, or $0.10 per share, compared to $11.8 million, or $0.07 per share in Q2 2025 [6][20]. - The company reported a net loss of $8.2 million, or $0.05 per share, primarily due to unrealized derivative losses [6][19]. Operational Highlights - The company mined 2.5 million tonnes of ore and 3.4 million tonnes of waste at Florida Canyon, with a strip ratio of 1.34 [6][9]. - Gold production for the quarter was 20,653 ounces, an increase from 18,087 ounces in Q2 2025, with year-to-date production tracking in line with annual guidance [11][12]. - Cash costs averaged $1,876 per gold ounce, slightly up from $1,849 in Q2 2025, while mine-site all-in sustaining costs averaged $2,647 per gold ounce [15][16]. Development Projects - The company made significant progress on the DeLamar Project, including the acceptance of the Mine Plan of Operations and a new partnership agreement with the Shoshone-Paiute Tribes [3][28][31]. - The feasibility study for DeLamar is advancing, with updates expected in late 2025 [29]. - The Nevada North Project is also progressing, with metallurgical testing and environmental analysis ongoing [29]. Cash Flow and Financial Position - Operating cash flow for Q3 2025 was $35.6 million, a significant increase from $16.3 million in Q2 2025 [21]. - Free cash flow for the quarter was $20.2 million, or $0.12 per share, compared to $2.1 million, or $0.01 per share in Q2 2025 [25]. - As of September 30, 2025, the company had cash and cash equivalents of $81.2 million, up from $63.0 million at the end of Q2 2025 [26].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing heavily in AI, with hundreds of billions directed towards developing smarter technologies and automating industries, raising concerns about the energy supply needed to support this growth [2][6] - The energy consumption of AI technologies is unprecedented, with data centers consuming as much energy as small cities, leading to potential crises in power grids and rising electricity prices [2][3] Company Profile - The company in focus is not a chipmaker or cloud platform but is positioned as a vital player in the energy sector, set to benefit from the surge in demand for electricity driven by AI [3][6] - It owns significant nuclear energy infrastructure, making it a central figure in America's future power strategy and capable of executing large-scale energy projects [7][8] Financial Position - The company is noted for being debt-free and holding a substantial cash reserve, which is nearly one-third of its market capitalization, providing it with a strong financial foundation [8][10] - It has an equity stake in another AI-related company, offering investors indirect exposure to multiple growth opportunities in the AI sector without the associated high premiums [9][10] Market Trends - The current market environment is characterized by a shift towards onshoring and increased U.S. LNG exports, driven by political policies, which the company is well-positioned to capitalize on [5][7][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the long-term growth potential of investments in AI [12][13]

Core Insights - First Principles Partners specializes in equity research focused on technology, innovation, and sustainability investment, utilizing a unique approach to identify overlooked investment opportunities [1] Group 1: Company Overview - First Principles Partners employs a "First Principles" methodology that breaks down complex financial and technological problems to their basic elements, facilitating the discovery of investment opportunities [1] - The firm has a strong background in investment, private equity, and venture capital, demonstrating a proven track record of delivering strong returns [1] Group 2: Research Focus - Articles produced by First Principles Partners on Seeking Alpha concentrate on emerging technologies, sustainable investing, and the intersection of innovation and finance [1] - The company aims to share insights with a broader audience and engage with fellow investors to promote positive change and sustainability [1]

Core Insights - Integra Resources Corp is focused on gold and silver exploration and development in North America, particularly advancing its DeLamar Project in Idaho [1] - The company competes with other mining firms to capitalize on the demand for precious metals [1] Stock Performance - ITRG has experienced a 30-day gain of approximately 8.03%, indicating strong investor interest and positive market sentiment [2][5] - The stock has faced a 10-day decline of about 4.52%, which may present a strategic entry point for investors [2] Growth Potential - The company has a stock price growth potential of 60.47%, suggesting significant upside for investors [3] - Analysts have set a target price of $4.75 for ITRG, reflecting confidence in the stock's ability to reach this valuation [4] Financial Health - ITRG's financial health is robust, evidenced by a Piotroski Score of 8, indicating strong fundamentals and efficient operations [4][5]

Core Viewpoint - Integra Resources Corp. reports a strong operational update for Q3 2025, highlighting significant cash flow generation and operational improvements at the Florida Canyon Mine, with a cash balance of approximately $81 million, marking the company's strongest financial position to date [2][7]. Operational Update - Florida Canyon Mine produced 20,653 ounces of gold and sold 20,265 ounces during Q3 2025, aligning with company expectations [4]. - The mine's operational performance was bolstered by increased solution flow rates and the commissioning of a new carbon-in-column circuit [4]. - The strip ratio increased to 1.34 due to enhanced capitalized waste stripping and adjustments in mining sequence to address dust suppression challenges [3][5]. Financial Position - As of September 30, 2025, the company reported cash and cash equivalents of $81.192 million [7]. - The financial results for Q3 2025 will be released on November 12, 2025, followed by a conference call on November 13, 2025 [1][8]. Future Developments - Construction of the Phase IIIb heap leach pad is ongoing, with commissioning expected in Q4 2025 [6]. - The company is revitalizing its mining fleet, including refurbishing existing equipment and ordering new haul trucks and loaders, which is anticipated to enhance mining productivity and reduce costs [6].

Market Overview - U.S. stock futures are lower, with Dow futures dropping over 200 points on Friday [1] Company-Specific Movements - Bitfarms Ltd (NASDAQ:BITF) shares fell 9.5% to $4.78 in pre-market trading after announcing the pricing of upsized $500 million convertible senior notes [1] - American Battery Technology Co (NASDAQ:ABAT) shares tumbled 19.8% to $4.55 in pre-market trading, following a 37% decline on Thursday due to the termination of a Department of Energy grant [3] - HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares dipped 18.2% to $4.78 in pre-market trading after a 14% decline on Thursday [3] - Standard Lithium Ltd (NYSE:SLI) shares declined 17.3% to $4.45 in pre-market trading after pricing a $130 million underwritten public offering [3] - Almonty Industries Inc (NASDAQ:ALM) slipped 16.4% to $7.11 in pre-market trading after a 12% dip on Thursday [3] - Mesoblast Ltd (NASDAQ:MESO) declined 13.7% to $15.63 in pre-market trading [3] - Jumia Technologies AG – ADR (NYSE:JMIA) shares fell 13.2% to $10.31 in pre-market trading [3] - Terawulf Inc (NASDAQ:WULF) shares fell 13.1% to $12.05 after reporting the pricing of $3.2 billion of senior secured notes [3] - Diginex Ltd (NASDAQ:DGNX) shares slipped 13.1% to $14.45 after an 18% decline on Thursday [3] - Aeluma Inc (NASDAQ:ALMU) shares fell 12.1% to $16.46 in pre-market trading [3] - Compass Diversified Holdings (NYSE:CODI) declined 11.7% to $6.60 in pre-market trading after an 8% gain on Thursday [3] - Integra Resources Corp (NYSE:ITRG) fell 11.3% to $2.89 in pre-market trading [3] - Forward Industries Inc (NASDAQ:FORD) fell 10.8% to $22.00 in pre-market trading [3] - Bruker Corp (NASDAQ:BRKR) declined 10.3% to $34.25 in pre-market trading [3] - Inter & Co Inc (NASDAQ:INTR) fell 10% to $8.04 in pre-market trading [3] - Hut 8 Corp (NASDAQ:HUT) fell 8.5% to $44.59 in pre-market trading after a 10% dip on Thursday [3] - Bitdeer Technologies Group (NASDAQ:BTDR) fell 8.2% to $23.75 in pre-market trading [3] - CleanSpark Inc (NASDAQ:CLSK) fell 7.5% to $18.49 in pre-market trading [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) fell 5.3% to $83.96 in pre-market trading [3]

Market Overview - U.S. stock futures are lower, with Dow futures dropping over 200 points on Friday [1] Company-Specific Movements - Bitfarms Ltd (NASDAQ:BITF) shares fell 9.5% to $4.78 in pre-market trading after announcing the pricing of upsized $500 million convertible senior notes [1] - American Battery Technology Co (NASDAQ:ABAT) shares tumbled 19.8% to $4.55 in pre-market trading, following a 37% decline on Thursday due to the termination of a Department of Energy grant [3] - HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares dipped 18.2% to $4.78 in pre-market trading after a 14% decline on Thursday [3] - Standard Lithium Ltd (NYSE:SLI) shares declined 17.3% to $4.45 in pre-market trading after pricing a $130 million underwritten public offering [3] - Almonty Industries Inc (NASDAQ:ALM) slipped 16.4% to $7.11 in pre-market trading after a 12% dip on Thursday [3] - Mesoblast Ltd (NASDAQ:MESO) declined 13.7% to $15.63 in pre-market trading [3] - Jumia Technologies AG – ADR (NYSE:JMIA) shares fell 13.2% to $10.31 in pre-market trading [3] - Terawulf Inc (NASDAQ:WULF) shares fell 13.1% to $12.05 after reporting the pricing of $3.2 billion of senior secured notes [3] - Diginex Ltd (NASDAQ:DGNX) shares slipped 13.1% to $14.45 after an 18% decline on Thursday [3] - Aeluma Inc (NASDAQ:ALMU) shares fell 12.1% to $16.46 in pre-market trading [3] - Compass Diversified Holdings (NYSE:CODI) declined 11.7% to $6.60 in pre-market trading after an 8% gain on Thursday [3] - Integra Resources Corp (NYSE:ITRG) fell 11.3% to $2.89 in pre-market trading [3] - Forward Industries Inc (NASDAQ:FORD) fell 10.8% to $22.00 in pre-market trading [3] - Bruker Corp (NASDAQ:BRKR) declined 10.3% to $34.25 in pre-market trading [3] - Inter & Co Inc (NASDAQ:INTR) fell 10% to $8.04 in pre-market trading [3] - Hut 8 Corp (NASDAQ:HUT) fell 8.5% to $44.59 after a 10% dip on Thursday [3] - Bitdeer Technologies Group (NASDAQ:BTDR) fell 8.2% to $23.75 in pre-market trading [3] - CleanSpark Inc (NASDAQ:CLSK) fell 7.5% to $18.49 in pre-market trading [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) fell 5.3% to $83.96 in pre-market trading [3]

Core Insights - Integra Resources Corp. has published its 2024 Sustainability Report, highlighting its strong performance during a transitional year as it moved into production with the acquisition of the Florida Canyon Mine in northern Nevada [1][3]. Environmental Highlights - The company maintained zero reportable spills across its development projects and operating sites since acquiring Integra [5]. - Water management performance was sustained with no breaches in water discharge permits and strict adherence to environmental standards [5]. - The Memorandum of Understanding with Trout Unlimited was expanded to include additional conservation efforts near Integra's operations in northern Nevada [5]. Social Highlights - Integra contributed over US$90,000 to local communities through donations, sponsorships, and in-kind support, benefiting over 22,500 people [5]. - The company engaged with more than 12,000 individuals through outreach and stakeholder engagement efforts [5]. - Exemplary health and safety performance was noted at the Florida Canyon Mine, with nine team members receiving safety awards from the Nevada Mining Association [5]. - The company achieved zero lost-time injuries across all assets, showing year-over-year improvement in the total incident frequency rate [5]. Governance Highlights - The acquisition of Florida Canyon was successfully completed, enhancing operational capacity and supporting strategic growth [5]. - 30% of corporate objectives were linked to ESG metrics, with 100% of these metrics fulfilled [5]. Company Overview - Integra is a growing precious metals producer focused on profitability and operational excellence at the Florida Canyon Mine in Nevada [4]. - The company is also advancing its development-stage heap leach projects, including the DeLamar Project in Idaho and the Nevada North Project in Nevada [4]. - Integra aims to create sustainable value for shareholders and local communities through efficient project development and disciplined capital allocation while upholding high standards for environmental, social, and governance practices [4].

Core Insights - Integra Resources Corp. (ITRG) shows a significant improvement in earnings outlook, making it an attractive investment option [1] - Analysts are increasingly optimistic about the company's earnings prospects, leading to higher earnings estimates which are expected to positively impact the stock price [2] - The Zacks Rank system indicates strong agreement among analysts in revising earnings estimates upward, resulting in improved consensus estimates for both the next quarter and the full year [3] Current-Quarter Estimate Revisions - For the current quarter, Integra Resources is expected to earn $0.11 per share, reflecting a substantial increase of +237.5% from the previous year's reported figure [7] - Over the past 30 days, the Zacks Consensus Estimate for the company has risen by 11.11%, with one estimate moving higher and no negative revisions [7] Current-Year Estimate Revisions - The full-year earnings estimate for Integra Resources is projected at $0.25 per share, representing a change of +247.1% from the prior year [8] - The current year's revisions trend is positive, with two estimates moving higher in the last month and no negative revisions, leading to a 19.03% increase in the consensus estimate [8][9] Favorable Zacks Rank - The positive estimate revisions have earned Integra Resources a Zacks Rank 2 (Buy), indicating strong potential for outperformance [10] - Research shows that stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) tend to significantly outperform the S&P 500 [10] Bottom Line - The stock has gained 15.7% over the past four weeks, driven by solid estimate revisions, suggesting that the earnings growth prospects may lead to further stock price increases [11]