Integra Resources Corp (TSE:ITR)
:ITR
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Integra Resources Corp
(ITR)
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Rating:54Neutral
Price Target:
C$4.00
▲(0.25% Upside)
Action:DowngradedDate:03/26/26
The score is primarily supported by improved 2025 fundamentals—strong revenue growth, solid operating margins, better balance sheet leverage, and positive operating/free cash flow. This is offset by a weak technical setup (below major moving averages with negative MACD) and valuation constraints from ongoing net losses (negative P/E).
Positive Factors
2025 Revenue & Margins
A clear 2025 inflection with strong top-line growth and healthy operating margins indicates the business is achieving scale and operating leverage. Sustained mid-20s+ EBIT/30%+ EBITDA margins enhance project economics and provide durable capacity to fund development and absorb cost volatility.
Negative Factors
Bottom-line Returns
Despite stronger revenue and margins, the company has not translated gains into positive net income or shareholder returns. A negative ROE indicates retained capital is not yet delivering sustainable profitability, leaving long-term return generation and value creation unproven.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 Revenue & Margins
A clear 2025 inflection with strong top-line growth and healthy operating margins indicates the business is achieving scale and operating leverage. Sustained mid-20s+ EBIT/30%+ EBITDA margins enhance project economics and provide durable capacity to fund development and absorb cost volatility.
Read all positive factors
Integra Resources Corp (ITR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$806.61M
Dividend YieldN/A
Average Volume (3M)900.37K
Price to Earnings (P/E)―
Beta (1Y)2.50
Revenue GrowthN/A
EPS GrowthN/A
CountryCA
Employees305
SectorGeneral
Sector StrengthN/A
IndustryOther Precious Metals
Share Statistics
EPS (TTM)0.12
Shares Outstanding202,158,810
10 Day Avg. Volume725,510
30 Day Avg. Volume900,369
Financial Highlights & Ratios
PEG Ratio4.78
Price to Book (P/B)5.05
Price to Sales (P/S)3.77
P/FCF Ratio40.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$9.64Price Target Upside141.60% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.64
Revenue Forecast (FY)C$422.62M
Integra Resources Corp Business Overview & Revenue Model
Company Description
Integra Resources Corp., a mineral resources company, engages in the acquisition, exploration, and development of mineral properties in the Americas. It primarily focuses on the development of DeLamar project that consists of DeLamar and Florida M...
How the Company Makes Money
Integra’s business model is to create value by advancing gold-and-silver mineral assets through exploration, technical studies, permitting, and project development, with the objective of ultimately generating cash flow from mining operations or re...
Integra Resources Corp Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The earnings call reflected a generally positive outlook, with record revenues and strong cash flow from Florida Canyon, successful growth drilling results, and strategic advancements at key projects. However, there were mentions of increased costs and a slight decrease in gold production.Positive Updates
Record Q2 Revenue and Cash Flow
Q2 revenue was a record $61.1 million, with operating cash flow generated from Florida Canyon at $16.3 million. The company ended the quarter with a robust cash balance of $63 million, marking the strongest financial position for Integra.
Negative Updates
Increased Strip Ratio and Costs at Florida Canyon
The strip ratio increased to 0.96 in Q2, up from 0.6 in Q1 2025, reflecting increased capitalized waste stripping. Mine site AISC averaged $2,641 per gold ounce in Q2 2025.
Read all updates
Q2-2025 Updates
Positive
Negative
Record Q2 Revenue and Cash Flow
Q2 revenue was a record $61.1 million, with operating cash flow generated from Florida Canyon at $16.3 million. The company ended the quarter with a robust cash balance of $63 million, marking the strongest financial position for Integra.
Read all positive updates
Company Guidance
In the second quarter of 2025, Integra Resources reported significant financial and operational achievements, showcasing the success of its Florida Canyon mine. The mine produced 18,087 ounces of gold at cash costs of $1,849 per ounce and site-level all-in sustaining costs of $2,641 per ounce, against an average realized gold price of $3,332 per ounce. This resulted in record revenue of $61.1 million and an operating cash flow of $16.3 million. The company invested $14.2 million in sustaining capital for initiatives like heap leach pad expansions and fleet refurbishments, while $800,000 focused on growth capital through resource expansion drilling. Ending the quarter with a robust cash balance of $63 million, Integra is well positioned to support the DeLamar Project and Nevada North's development, while maintaining plans for significant investments in the Florida Canyon mine over the next 18 months. The company expects to produce 70,000 to 75,000 ounces of gold in 2025, with cash costs ranging between $1,800 and $1,900 per ounce, and is committed to executing its strategic objectives without returning to the market for financing.Integra Resources Corp Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
72
Positive
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 248.20M | 30.35M | 0.00 | 0.00 | 0.00 |
| Gross Profit | 75.40M | 5.37M | -2.80M | -969.00K | -928.00K |
| EBITDA | 83.83M | -3.82M | -35.11M | -22.37M | -39.00M |
| Net Income | -2.28M | -9.50M | -38.45M | -20.40M | -33.12M |
Balance Sheet | |||||
| Total Assets | 310.66M | 237.08M | 108.64M | 61.42M | 75.16M |
| Cash, Cash Equivalents and Short-Term Investments | 63.34M | 52.55M | 11.68M | 15.92M | 14.34M |
| Total Debt | 21.79M | 25.42M | 11.90M | 12.78M | 3.00M |
| Total Liabilities | 125.75M | 106.53M | 55.21M | 40.10M | 46.09M |
| Stockholders Equity | 184.91M | 130.56M | 53.43M | 21.32M | 29.08M |
Cash Flow | |||||
| Free Cash Flow | 23.33M | -9.43M | -26.46M | -18.33M | -31.81M |
| Operating Cash Flow | 71.31M | -9.43M | -26.46M | -18.10M | -30.51M |
| Investing Cash Flow | -49.01M | 27.33M | -4.19M | -95.09K | -1.29M |
| Financing Cash Flow | -11.73M | 25.51M | 23.47M | 19.78M | 17.08M |
Integra Resources Corp Technical Analysis
Neutral
3.99
Price Trends
4.90
Negative
5.03
Negative
4.05
Negative
Market Momentum
-0.39
Negative
43.20
Neutral
58.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ITR, the sentiment is Neutral. The current price of 3.99 is below the 20-day moving average (MA) of 4.17, below the 50-day MA of 4.90, and below the 200-day MA of 4.05, indicating a bearish trend. The MACD of -0.39 indicates Negative momentum. The RSI at 43.20 is Neutral, neither overbought nor oversold. The STOCH value of 58.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:ITR.
Integra Resources Corp Risk Analysis
Integra Resources Corp disclosed 31 risk factors in its most recent earnings report. Integra Resources Corp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
The Wheaton Royalty Q4, 2023
2.
No Revenue and Negative Cash Flow Q4, 2023
3.
Liquidity and Capital Resources Q4, 2023
Integra Resources Corp Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$1.06B | 16.04 | 10.23% | ― | 104.08% | 832.86% | |
66 Neutral | C$1.54B | 33.89 | 15.48% | ― | 65.77% | 458.38% | |
65 Neutral | C$509.18M | ― | 8.03% | 0.97% | 11.95% | -44.15% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | C$806.61M | -409.55 | 9.65% | ― | ― | ― | |
49 Neutral | C$1.11B | -98.41 | -3.20% | ― | ― | 40.00% |
* General Sector Average
TSE:ITR
Integra Resources Corp
4.03
2.33
137.06%
TSE:ASM
Avino Silver & Gold
9.05
6.75
293.48%
TSE:GGD
GoGold Resources
2.69
1.05
64.02%
TSE:MTA
Metalla Royalty & Streaming
9.49
5.52
139.04%
TSE:NUAG
New Pacific Metals
6.02
4.47
288.39%
TSE:VOXR
Vox Royalty
7.39
3.54
91.95%
Integra Resources Corp Corporate Events
Business Operations and StrategyExecutive/Board Changes
Integra Resources Grants Broad-Based Equity Incentive Awards to Align Staff With Long-Term Growth
Positive
Mar 30, 2026
Integra Resources Corp., a precious metals producer focused on gold and silver in the Great Basin of the Western United States, operates the Florida Canyon Mine in Nevada and is advancing its DeLamar and Nevada North heap leach projects. The compa...
Business Operations and StrategyFinancial Disclosures
Integra Resources posts strong 2025 gold output and record adjusted earnings
Positive
Mar 24, 2026
Integra Resources reported strong full-year 2025 performance at its Florida Canyon Mine, producing 70,927 ounces of gold and generating US$243.9 million in revenue, alongside record annual adjusted net earnings of US$47.3 million. Despite a small ...
Business Operations and StrategyFinancial Disclosures
Integra Resources posts record adjusted earnings and strong 2025 output at Florida Canyon
Positive
Mar 24, 2026
Integra Resources reported strong 2025 performance at its Florida Canyon Mine, producing about 71,000 gold ounces and generating $243.9 million in revenue, with mine operating earnings of $94.5 million and a 39% margin. Despite a small annual net ...
Business Operations and StrategyExecutive/Board Changes
Integra Resources Adds Veteran Operator Chantal Lavoie to Board to Bolster U.S. Growth Plans
Positive
Mar 12, 2026
Integra Resources Corp., a U.S.-focused precious metals producer with core operations at the Florida Canyon Mine in Nevada and development-stage heap leach projects in Idaho and Nevada, continues to build out its growth platform in the Great Basin...
Business Operations and StrategyExecutive/Board Changes
Integra Resources Taps Former Kinross Executive to Drive DeLamar Project Toward Construction
Positive
Mar 2, 2026
Integra Resources has appointed veteran mining engineer Scott Guay as Vice President, Project Development, to oversee engineering, procurement, construction management and project controls across its development-stage assets. His primary mandate w...
Business Operations and Strategy
Integra maps capital-heavy 2026 to drive Florida Canyon gold growth through 2028
Positive
Feb 23, 2026
Integra Resources has issued 2026 guidance and a three-year outlook centered on its Florida Canyon gold mine, targeting production of 70,000 to 75,000 ounces in 2026 and rising to 80,000 to 90,000 ounces in both 2027 and 2028. The plan emphasizes ...
Business Operations and StrategyPrivate Placements and Financing
Integra Resources Raises US$61.6 Million to Advance DeLamar Project
Positive
Feb 9, 2026
Integra Resources Corp. has closed a US$61.6 million bought deal financing, issuing over 18.1 million common shares at US$3.40 each in an oversubscribed offering led by a syndicate of underwriters in Canada and the United States. The company plans...
Business Operations and StrategyRegulatory Filings and Compliance
Integra’s DeLamar Project Selected for U.S. FAST-41 Permitting Transparency Program
Positive
Jan 14, 2026
Integra Resources’ DeLamar Heap Leach Project in southwest Idaho has been selected for inclusion in the U.S. Federal Permitting Improvement Steering Council’s FAST-41 Transparency Projects Program, placing the project on the Federal Pe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.