INTEGRA ANNOUNCES RECORD 2024 GOLD PRODUCTION OF 72,229 OUNCES FROM FLORIDA CANYON, STRONG YEAR-END CASH POSITION OF $52 MILLION, AND IMPLEMENTATION OF PRICE PROTECTION PROGRAM FOR 2025 PRODUCTION
Integra Resources announces record gold production of 72,229 ounces from Florida Canyon Mine in 2024, the highest in 21 years. The fourth quarter production reached 21,278 ounces. The company ended 2024 with a strong cash position of approximately $52 million.
The company exceeded its 2024 guidance metrics, with mined and placed tonnes surpassing expectations by 16%, contained gold ounces by 17%, and recoverable placed gold ounces by 14%. Performance was supported by the new Phase III-A South Heap Leach Pad construction and enhanced solution processing systems.
Integra has implemented a price protection program for 2025, purchasing put options for 37,800 gold ounces at a $2,400/ounce strike price, covering approximately 54% of anticipated 2025 production. The company plans to release 2025 production and cost guidance in late February.
Integra Resources annuncia una produzione record di oro di 72.229 once dalla Florida Canyon Mine nel 2024, il valore più alto degli ultimi 21 anni. La produzione del quarto trimestre ha raggiunto 21.278 once. L'azienda ha concluso il 2024 con una solida posizione di cassa di circa $52 milioni.
L'azienda ha superato i parametri guida per il 2024, con tonnellate estratte e collocate oltre le aspettative del 16%, once d'oro contenute superiori del 17% e once d'oro recuperabili collocate superiori del 14%. La performance è stata supportata dalla costruzione del nuovo Phase III-A South Heap Leach Pad e dai sistemi avanzati di elaborazione delle soluzioni.
Integra ha implementato un programma di protezione dei prezzi per il 2025, acquistando opzioni put per 37.800 once d'oro a un prezzo d'esercizio di $2.400/once, coprendo circa il 54% della produzione prevista per il 2025. L'azienda prevede di rilasciare le previsioni di produzione e costo per il 2025 a fine febbraio.
Integra Resources anuncia una producción récord de oro de 72,229 onzas de la mina Florida Canyon en 2024, la más alta en 21 años. La producción del cuarto trimestre alcanzó 21,278 onzas. La empresa terminó 2024 con una sólida posición de efectivo de aproximadamente $52 millones.
La empresa superó sus métricas de orientación para 2024, con toneladas extraídas y colocadas que superaron las expectativas en un 16%, onzas de oro contenidas en un 17% y onzas de oro recuperables colocadas en un 14%. El rendimiento se apoyó en la nueva construcción de la plataforma de lixiviación en pila Phase III-A South y en sistemas mejorados de procesamiento de soluciones.
Integra ha implementado un programa de protección de precios para 2025, comprando opciones put para 37,800 onzas de oro a un precio de ejercicio de $2,400/onza, cubriendo aproximadamente el 54% de la producción anticipada para 2025. La empresa planea publicar la guía de producción y costos para 2025 a finales de febrero.
Integra Resources는 2024년 플로리다 캐니언 광산에서 72,229온스의 기록적인 금 생산을 발표했습니다. 이는 21년 만에 가장 높은 수치입니다. 4분기 생산량은 21,278온스에 달했습니다. 이 회사는 2024년을 약 5200만 달러의 강력한 현금 보유고로 마감했습니다.
회사는 2024년 가이던스를 초과 달성했으며, 채굴 및 배치된 톤수가 예상보다 16%, 포함된 금 온스가 17%, 회수가 가능한 배치 금 온스가 14% 초과했습니다. 성과는 새로운 Phase III-A South Heap Leach Pad 건설과 개선된 용액 처리 시스템에 의해 지원되었습니다.
Integra는 2025년을 위한 가격 보호 프로그램을 시행하여, 37,800 온스의 금에 대해 스트라이크 가격 $2,400로 풋 옵션을 구매했으며, 이는 2025년 예상 생산량의 약 54%를 커버합니다. 이 회사는 2025년 생산 및 비용 가이던스를 2월 말에 발표할 예정입니다.
Integra Resources annonce une production record d'or de 72,229 onces provenant de la mine de Florida Canyon en 2024, le plus haut niveau depuis 21 ans. La production du quatrième trimestre a atteint 21,278 onces. L'entreprise a terminé 2024 avec une solide position de liquidités d'environ 52 millions de dollars.
L'entreprise a dépassé ses indicateurs de prévision pour 2024, avec des tonnes extraites et placées dépassant les attentes de 16 %, les onces d'or contenues de 17 %, et les onces d'or récupérables placées de 14 %. La performance a été soutenue par la construction de la nouvelle plate-forme de lixiviation Phase III-A South et par des systèmes de traitement des solutions améliorés.
Integra a mis en place un programme de protection des prix pour 2025, achetant des options de vente pour 37,800 onces d'or à un prix d'exercice de 2,400 $/once, couvrant environ 54 % de la production anticipée pour 2025. L'entreprise prévoit de publier les prévisions de production et de coûts pour 2025 fin février.
Integra Resources gibt eine rekordverdächtige Goldproduktion von 72.229 Unzen aus der Florida Canyon Mine im Jahr 2024 bekannt, die höchste in 21 Jahren. Die Produktion im vierten Quartal erreichte 21.278 Unzen. Das Unternehmen schloss das Jahr 2024 mit einer starken Liquiditätsposition von etwa 52 Millionen Dollar ab.
Das Unternehmen übertraf seine 2024er Prognosekennzahlen, wobei die abgebauten und platzierten Tonnen die Erwartungen um 16%, die enthaltenen Goldunzen um 17% und die recycelbaren platzierten Goldunzen um 14% übertrafen. Die Leistung wurde durch den Bau der neuen Phase III-A South Heap Leach Pad und verbesserte Lösungssysteme unterstützt.
Integra hat ein Preisschutzprogramm für 2025 implementiert und Put-Optionen für 37.800 Goldunzen zu einem Preis von 2.400 Dollar/Unze erworben, was etwa 54% der erwarteten Produktion für 2025 abdeckt. Das Unternehmen plant, die Produktions- und Kostenprognose für 2025 Ende Februar bekannt zu geben.
- Record annual gold production of 72,229 ounces in 2024
- Strong year-end cash position of $52 million
- Exceeded guidance metrics by 14-17% across key operational measures
- Implementation of price protection program securing downside protection while maintaining upside potential
- None.
Insights
Florida Canyon's record production of 72,229 gold ounces in 2024 marks a pivotal achievement for Integra Resources, demonstrating exceptional operational execution with production metrics exceeding guidance by
The company's financial position is notably robust with
The operational improvements are particularly noteworthy:
- Strip ratio of 0.69 indicates efficient mining operations
- Recovery rate of
60.5% shows steady processing performance - Enhanced solution processing systems and new heap leach pad construction suggest continued operational optimization
The combination of strong production performance, robust cash position and strategic price protection positions Integra favorably for 2025, supporting both Florida Canyon's operations and the advancement of development assets like DeLamar and Nevada North Projects.
(All amounts expressed in US dollars, as at December 31, 2024 and are unaudited)
TSXV: ITR; NYSE American: ITRG
www.integraresources.com
George Salamis, President, CEO and Director of Integra commented: "We are excited to announce record gold production of 72,229 ounces from Florida Canyon in 2024, marking the highest total production from the mine in 21 years. This represents a significant milestone for Integra as it marks the inaugural reported production for the Company. Integra ended the year with approximately
2024 Production Highlights
Fourth quarter 2024 production from Florida Canyon was 21,278 gold ounces. Full year 2024 production was 72,229 gold ounces, representing the highest production from Florida Canyon in the past 21 years.
Full year 2024 production at Florida Canyon met or exceeded previously stated guidance on several key operating and production metrics (refer to Argonaut Gold Inc. news release dated February 26, 2024 available on Argonaut Gold Inc.'s SEDAR+ profile):
- Mined and placed tonnes exceeded the top end of guidance by approximately
16% - Contained gold ounces mined exceeded the top end of guidance by approximately
17% - Recoverable placed gold ounces exceeded the top end of guidance by approximately
14%
Florida Canyon Mine - Fourth Quarter & Year End Operations Overview | |||
Unit | Q4 2024 | FY 2024 | |
Ore Mined | kt | 3,264 | 12,866 |
Waste Mined | kt | 1,485 | 8,829 |
Total Mined | kt | 4,749 | 21,695 |
Grade Mined | g/t Au | 0.27 | 0.28 |
Contained Ounces Mined | oz Au | 28,695 | 117,492 |
Strip Ratio | w/o | 0.46 | 0.69 |
Crushed Ore to Pad | kt | 1,824 | 6,935 |
ROM Ore to Pad | kt | 1,286 | 5,753 |
Total Placed | kt | 3,110 | 12,689 |
Crushed Grade | g/t Au | 0.33 | 0.36 |
ROM Grade | g/t Au | 0.20 | 0.20 |
Processed Grade | g/t Au | 0.28 | 0.28 |
Recovery Rate | % | 60.7 % | 60.5 % |
Recoverable Placed Ounces | oz Au | 16,745 | 70,374 |
Produced Ounces | oz Au | 21,278 | 72,229 |
Sold Ounces | oz Au | 21,134 | 72,089 |
Abbreviations & Conversions: Au = gold, koz = 1,000 troy ounces, kt = 1,000 metric tonnes, 0.9072 tonnes = 1 short ton, g/t = grams per tonne; Note: "Produced" gold ounces reflects ounces that have been poured and does not include ounces within recovery circuit.
Strong ounce production performance in 2024 at Florida Canyon was supported by the construction and commissioning of the new Phase III-A of the South Heap Leach Pad and enhancements to solution processing systems. Mined and placed material for both the fourth quarter and full year were above expectations as a result of excellent crusher performance and delivery of more Run-of-Mine ("ROM") ore to the leach pad than planned. The fourth quarter was particularly strong with the additional newly constructed carbon-in-column circuit coming online and beginning drawdown of the substantial gold inventory that was placed on the leach pads over the last few years.
The Company intends to release 2025 production and cost guidance in late February and at that point will provide further information on the planned release date for earnings and conference call details.
2024 Year End Cash Position
As at December 31, 2024, the Company's unaudited cash balance was
2025 Gold Price Protection Program
Integra is pleased to announce the implementation of a gold price protection program for 2025 production from Florida Canyon. The program is designed to secure margins at Florida Canyon, reduce gold price risk, and to enhance financial flexibility and strength for the Company to support the advancement of its key development assets, the DeLamar Project and the Nevada North Project.
The price protection program consists of the purchase of 37,800 gold ounces of put options with a strike price of
As the hedging program currently consists solely of put options, Integra retains the financial flexibility to later offset its initial cash outlay by converting the put options into a zero-cost collar or through the early monetization of the options, based on its assessment of market conditions and capital allocation priorities. Integra will continue to actively evaluate hedging strategies for 2025 and 2026 production at Florida Canyon.
Production hedged by put options represents approximately
About Integra Resources
Integra is a growing precious metals producer in the Great Basin of the
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO and Director
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Raphael Dutaut, Ph.D (P.Geo), Integra's Vice President, Geology and Mining. Mr. Dutaut is a "qualified person" as defined in National Instrument 43- 101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
Preliminary Financial Results
The financial results contained in this news release for the three- and twelve-month periods ended December 31, 2024 are preliminary. Such results represent the most current information available to the Company's management, as the Company completes its financial procedures. The Company's audited consolidated financial statements for such period may result in material changes to the financial information contained in this news release (including by any one financial metric, or all of the financial metrics, being below or above the figures indicated) as a result of the completion of normal accounting procedures and adjustments.
Forward Looking and Other Cautionary Statements
Certain information set forth in this news release contains "forward‐looking statements" and "forward‐looking information" within the meaning of applicable Canadian securities legislation and applicable
Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the Company's ability to conduct exploration and mining activities on its mineral properties; the absence of adverse conditions at mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold; the Company's ability to continue raising necessary capital to finance operations; tonnage of ore to be mined and processed; ore grades and recoveries; decommissioning and reclamation estimates; prices for energy inputs, labour, materials, supplies and services remaining as estimated; the timing of cash flows; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; that the Company's activities will be in accordance with the Company's public statements and stated goals; the ability to realize on the mineral resource and reserve estimates; and that there will be no material adverse change or disruptions affecting the Company and its mineral properties. There can be no assurances that such statements will prove to be accurate and actual results and future results could differ materially from those anticipated by such statements.
Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: uncertainty and variations in the estimation of mineral resources and mineral reserves; the Company's dependence on the Florida Canyon mine; integration risks; general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; water rights; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; risks related to guidance estimates and uncertainties inherent in the preparation of economic studies; uncertainty in estimates of production, capital, and operating costs and potential production and cost overruns; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; volatility in the market price of the Company's securities; the Company's limited operating history; litigation risks; intervention by non-governmental organizations; outside contractor risks; risks related to historical data; the Company not having paid a dividend; risks related to the Company's foreign subsidiaries; risks related to the Company's accounting policies and internal controls; enforcement of civil liabilities; information and cyber security; and management's ability to anticipate and manage the foregoing factors and risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Integra's annual report on Form 20-F dated March 28, 2024 for the fiscal year ended December 31, 2023 and Florida Canyon Gold Inc.'s listing application on TSX Venture Exchange Form 2B, each of which are available on the respective SEDAR+ issuer profiles for the Company and Florida Canyon Gold Inc. available at www.sedarplus.ca.
There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward‐looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company's plans, objectives and goals, and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forward‐looking statements.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
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SOURCE Integra Resources Corp.
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