Integra Resources(ITRG) - 2024 Q3 - Quarterly Report

Financial Performance - Revenues for the year ended December 31, 2023, were $312,479,000, a decrease of 19.5% compared to $388,341,000 in 2022[44] - Gross profit increased to $32,383,000 in 2023 from $23,828,000 in 2022, reflecting a gross margin improvement[44] - Net loss for 2023 was $16,607,000, significantly reduced from a net loss of $148,798,000 in 2022, indicating improved operational efficiency[44] - The company reported a basic and diluted loss per share of $(0.26) for 2023 compared to $(2.29) for 2022, indicating a significant improvement[44] - Total comprehensive loss for 2023 was $16,607,000, consistent with the net loss reported, indicating no significant adjustments[44] - Net loss for the year ended December 31, 2023, was $16,607,000, a significant improvement from a net loss of $148,798,000 in 2022, representing an 88.85% reduction[53] - The company reported a loss from operations of $13,212 for 2023, an improvement from a loss of $128,348 in 2022[177] Assets and Liabilities - Total assets decreased to $298,712,000 in 2023 from $342,481,000 in 2022, primarily due to a reduction in mineral properties[47] - Current liabilities decreased to $114,039,000 in 2023 from $142,134,000 in 2022, showing improved liquidity management[47] - Shareholders' equity declined to $111,906,000 in 2023 from $128,513,000 in 2022, primarily due to the net loss incurred[49] - Cash and cash equivalents at the end of 2023 were $41,064,000, slightly down from $42,843,000 at the end of 2022, a decrease of 4.16%[53] - The company maintained cash and cash equivalents of $41,064,000 as of December 31, 2023, slightly down from $42,843,000 in 2022[47] - Trade accounts payable decreased to $16.3 million in 2023 from $25.2 million in 2022, representing a reduction of approximately 35.5%[165] - The company's financial assets at amortized cost increased to $101.010 million in 2023 from $82.376 million in 2022, while financial liabilities at amortized cost decreased to $108.536 million from $148.325 million[210] Cash Flow and Investments - Net cash provided by operating activities increased to $39,693,000 in 2023 from $15,411,000 in 2022, marking a 157.66% increase[53] - Net cash used in investing activities improved to $(23,522,000) in 2023 compared to $(33,019,000) in 2022, a reduction of 28.73%[53] - The company reported expenditures on mineral properties, plant, and equipment of $(9,300,000) in 2023, down from $(37,849,000) in 2022, a decrease of 75.49%[53] - Capital expenditures for the year ended December 31, 2023, totaled $19,879, compared to $36,199 in 2022, reflecting a decrease of 45.0%[177] Impairments and Provisions - Impairment expense decreased to $28,994,000 in 2023 from $135,547,000 in 2022, reflecting a decrease of 78.65%[53] - The company recognized an impairment expense of $28.994 million in 2023, with significant contributions from the El Castillo mining complex and the Florida Canyon mine[215] - The company recognized an impairment of $29.0 million for mineral properties and plant and equipment in 2023, compared to $135.5 million in the prior year, indicating a significant reduction in impairments[161] - The company incurred reclamation provision costs based on estimated future reclamation expenses, which are subject to various uncertainties[131] - Reclamation provisions increased to $59,998 as of December 31, 2023, from $53,016 in 2022, representing an increase of 13.5%[171] Revenue and Production - The Florida Canyon mine generated revenues of $134,704 in 2023, up from $97,065 in 2022, marking an increase of 38.7%[175] - The total mining costs for 2023 were $104.514 million, a decrease of 20.2% from $131.048 million in 2022[139] - The company's total production costs amounted to $240.107 million in 2023, down from $301.172 million in 2022, reflecting a reduction of 20.3%[139] - The total cost of inventories recognized as an expense in cost of sales was $280.1 million in 2023, down from $364.5 million in 2022, reflecting a decrease of approximately 23.2%[155] Tax and Deferred Tax - The effective tax rate for 2023 was -13.0%, consistent with the previous year[142] - The deferred income tax liabilities netted to $(7.084) million as of December 31, 2023, compared to $(989) thousand in 2022[144] - Unrecognized Canadian operating loss carry-forwards amounted to $21.9 million, expiring between 2026 and 2041[144] - Unused tax losses increased to $142.4 million in 2023 from $127.4 million in 2022, reflecting a growth of approximately 11.5%[146] Strategic Developments - The company has two operating mines and is exploring additional strategic options for the La Colorada mine, which was placed on care and maintenance at the end of 2023[57] - Florida Canyon Gold Inc. was formed through a statutory amalgamation of several companies, indicating a strategic consolidation to enhance operational efficiency[55] - The company views the civil claim against its subsidiary Alio Gold Inc. as without merit, but the outcome remains indeterminable at this time[191] Market and Risk Factors - The company is exposed to commodity price risk, with revenues from precious metals sales subject to market fluctuations[200] - A 10% change in the Mexican peso would result in a $0.9 million change in the company's net foreign exchange for 2023, compared to a $1.8 million change in 2022[204] - The company maintains cash and cash equivalents to manage liquidity risk, continuously monitoring actual and forecasted cash flows[206]