Integra Resources Corp (ITRG) 2025 Q3 法說會逐字稿

Good morning. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Integra Resources third-quarter 2025 results conference call. (Operator Instructions)

早安.我叫艾瑞克，今天我將擔任你們的會議接線生。在此，我謹代表 Integra Resources 公司歡迎各位參加 2025 年第三季業績電話會議。（操作說明）

I'd like to turn the meeting over to Jason Banducci, Vice President, Corporate Development and Investor Relations. Please go ahead, Mr. Banducci.

我謹將會議交給企業發展與投資者關係副總裁傑森‧班杜奇 (Jason Banducci)。請繼續，班杜奇先生。

Thank you, operator. I would also like to welcome everyone to Integra's third quarter 2025 operating and financial results conference call. Before we begin, I would like to note that we will be making forward-looking statements during today's call. I will direct you to the second slide of the earnings presentation, which contains important cautionary notes regarding these forward-looking statements.

謝謝接線生。我謹代表 Integra 向大家歡迎參加 2025 年第三季營運和財務業績電話會議。在開始之前，我想指出，在今天的電話會議中，我們將發表一些前瞻性聲明。我將引導您查看收益報告的第二張投影片，其中包含這些前瞻性陳述的重要警示性說明。

The cautionary notes can also be found on Integra's corporate website. All dollar amounts discussed today will refer to US dollars unless otherwise noted.

這些注意事項也可以在 Integra 的公司網站上找到。除非另有說明，今天討論的所有美元金額均指美元。

On the call today, I'm joined by Integra's President, CEO and Director; George Salamis; Chief Operating Officer, Cliff Lafleur; Chief Financial Officer, Andree St-Germain; Vice President of Finance; Sean Deissner; and the General Manager of the Florida Canyon Mine, Greg Robinson.

今天與我一起參加電話會議的有：Integra 的總裁、執行長兼董事 George Salamis；營運長 Cliff Lafleur；財務長 Andree St-Germain；財務副總裁 Sean Deissner；以及佛羅裡達峽谷礦場的總經理 Greg Robinson。

Today, we are pleased to provide an operating and financial results and financial update for the third quarter of 2025, followed by a live Q&A session. With that, I'd like to hand the call over to George to kick things off.

今天，我們很高興向大家提供 2025 年第三季的營運和財務業績及財務更新，隨後將進行現場問答環節。接下來，我想把電話交給喬治，讓他開始今天的節目。

Thanks, Jason. 2025 continues to be a transformative year for Integra. When the company acquired the Florida Canyon mine in late 2024, Integra transformed overnight from gold developer to gold producer. The primary goal of acquiring Florida Canyon was to secure a consistent and reliable source of cash flow and would allow the company to advance its flagship development stage projects, DeLamar and Nevada North and removed the need for dilutive annual equity financings.

謝謝，傑森。 2025年對Integra來說仍是具有變革意義的一年。2024 年末，Integra 收購了佛羅裡達峽谷金礦，一夜之間從黃金開發商轉型為黃金生產商。收購佛羅裡達峽谷的主要目標是確保獲得持續可靠的現金流來源，使公司能夠推進其旗艦開發階段專案 DeLamar 和 Nevada North，並消除稀釋性年度股權融資的必要性。

For the third quarter in a row, Florida Canyon has successfully delivered on this objective. In the current gold price environment, Florida Canyon is generating significant cash flow, which has transformed the company's financial position and strengthened our ability to execute on our strategy.

佛羅裡達峽谷學院已連續三個季度成功實現這一目標。在當前的金價環境下，佛羅裡達峽谷金礦正在產生可觀的現金流，這改變了公司的財務狀況，並增強了我們執行策略的能力。

As anticipated, Florida Canyon will see significant reinvestment during the remainder of 2025 and into 2026 across several ongoing initiatives to support a profitable mining operation for many years to come. The next few quarters represent the capital-intensive phase of the long-term continuous improvement plan for Florida Canyon.

正如預期的那樣，佛羅裡達峽谷將在 2025 年剩餘時間和 2026 年期間，透過多項正在進行的計劃獲得大量再投資，以支持未來多年的盈利採礦運營。接下來的幾季是佛羅裡達峽谷長期持續改善計畫的資本密集階段。

Major investments are underway in key areas, including a heap leach pad expansion, increased capital waste stripping, a revitalized mobile equipment fleet, process optimization and enhanced mine planning. The goal is to sustain and grow Florida Canyon, extend its mine life and address historical underinvestment.

目前，礦場正在重點領域進行重大投資，包括堆浸場擴建、增加資本廢棄物剝離、更新行動裝置車隊、優化製程流程和加強礦場規劃。目標是維持和發展佛羅裡達峽谷礦，延長礦山壽命，並解決歷史投資不足的問題。

Integra is laying the foundation for a more efficient, longer-lived operation with an improved cost profile in the years ahead. The company's ongoing work of Florida Canyon will be incorporated into an updated life of mine plan expected to be published in the first half of 2026, in which Integra aims to highlight the exciting future for this cornerstone asset.

Integra 正在為未來幾年更有效率、更持久的營運以及更優的成本效益奠定基礎。該公司在佛羅裡達峽谷礦區正在進行的工作將納入更新後的礦山壽命計劃，該計劃預計將於 2026 年上半年發布，Integra 將在該計劃中重點介紹這一核心資產令人振奮的未來。

Florida Canyon's ability to generate cash flow has allowed the company to expedite and bolster initiatives at the DeLamar project, including the ongoing feasibility study and advanced mine permitting efforts. The company's enhanced financial strength has also allowed for an increased budget for the Nevada North project to complete crucial test work to support future economic studies and permitting. Integra is well positioned to deliver on its goals of profitability and project advancement while progressing its long-term vision of building a US-focused intermediate coal producer.

佛羅裡達峽谷公司強大的現金流能力使其能夠加快和加強德拉瑪計畫的各項舉措，包括正在進行的可行性研究和推進採礦許可工作。公司財務實力的增強也使得內華達北部計畫能夠增加預算，以完成關鍵的測試工作，從而支持未來的經濟研究和許可工作。Integra 已做好充分準備，實現其盈利和項目推進目標，同時推進其打造以美國為中心的中型煤炭生產商的長期願景。

Turning to slide 5. We have highlighted several metrics that underscore our key successes in the third quarter of 2025. As you can see, Florida Canyon is doing its job and performing as expected. While there is still much work ahead of us, the mine is currently operating consistently and profitably, adding to Integra's cash balance to support the development and advancement of DeLamar and Nevada North. In the third quarter, Florida Canyon demonstrated consistent performance with a total of 20,653 ounces of gold produced at cash cost of $1,876 per ounce and mine site all-in sustaining costs of $2,647 per ounce.

翻到第5張投影片。我們重點介紹了幾個指標，這些指標突顯了我們在 2025 年第三季的關鍵成功。如您所見，佛羅裡達峽谷正在履行其職責，並按預期運行。雖然我們還有很多工作要做，但礦場目前運作穩定且獲利，增加了 Integra 的現金餘額，以支持 DeLamar 和 Nevada North 的開發和推進。第三季度，佛羅裡達峽谷金礦表現穩定，共生產黃金 20,653 盎司，現金成本為每盎司 1,876 美元，礦場全部維持成本為每盎司 2,647 美元。

The average realized gold price during the quarter was $3,464 per ounce, allowing Integra to demonstrate its significant cash flow leverage to the spot gold price. Q3 revenue was a record $70.7 million and operating cash flow generated from Florida Canyon was $35.6 million. During the quarter, Integra deployed $17.1 million of sustaining and growth capital at Florida Canyon to support important initiatives such as heap leach pad expansion, fleet refurbishments, capitalized stripping and growth drilling.

本季黃金平均實現價格為每盎司 3,464 美元，這使得 Integra 能夠證明其現金流對現貨黃金價格具有顯著的槓桿作用。第三季營收創下 7,070 萬美元的紀錄，佛羅裡達峽谷計畫產生的經營現金流為 3,560 萬美元。本季度，Integra 在佛羅裡達峽谷投入了 1,710 萬美元的維持和成長資本，以支持堆浸池擴建、船隊翻新、資本化剝離和成長鑽井等重要舉措。

Third quarter adjusted earnings for the company was a record $16.3 million or $0.10 per share. Integra ended the quarter with a robust cash balance of $81.2 million. This marks the strongest financial position in the history of the company, well positioning us to execute on all of our major objectives. Integra also remains focused on advancing our flagship development stage asset, the DeLamar project. During the quarter, we were pleased to announce the acceptance of the mine plan of operations by the Bureau of Land Management and expect to have clarity on the path ahead for federal permitting in early 2026.

該公司第三季調整後收益創下1,630萬美元（每股0.10美元）的紀錄。Integra 本季末現金餘額強勁，達到 8,120 萬美元。這標誌著公司擁有了歷史上最強勁的財務實力，使我們能夠更好地實現所有主要目標。Integra 也將繼續專注於推進我們的旗艦開發階段資產——DeLamar 專案。本季度，我們很高興地宣布，土地管理局已接受我們的礦場營運計劃，並預計在 2026 年初就能明確聯邦許可的後續進展。

During the quarter, we also made significant progress on the ongoing feasibility study, which we expect to announce in Q4 of 2025. Lastly, we are also extremely proud to announce the signing of a relationship agreement with the Shoshone-Paiute in August, establishing a transformative and long-term partnership for the development of DeLamar. I will provide further commentary on this historic relationship agreement later on in the call.

本季度，我們在正在進行的可行性研究方面也取得了重大進展，預計將於 2025 年第四季公佈研究結果。最後，我們非常自豪地宣布，我們在 8 月與肖肖尼-派尤特部落簽署了合作關係協議，為德拉馬爾的發展建立了具有變革意義的長期合作夥伴關係。我稍後將在電話會議中對這項歷史性關係協議作進一步評論。

Now I will hand the call over to our Chief Operating Officer, Cliff, to discuss the operating results for Florida Canyon in Q3.

現在我將把電話交給我們的營運長克里夫，讓他來討論佛羅裡達峽谷第三季的營運表現。

Thanks, George. Turning to slide 6. We've outlined the key operating metrics for Florida Canyon in the third quarter of 2025, where we mined approximately 2.5 million tonnes of ore and 3.4 million tonnes of waste, resulting in a strip ratio of 1.34. The higher strip ratio reflects increased capitalized waste stripping while ramping up new mining areas, which is in line with the company's reinvestment strategy at Florida Canyon. Additional waste was mined this quarter due to a temporary adjustment of the mine sequence for several weeks to overcome dust challenges caused by similar water shortage in the dry summer months.

謝謝你，喬治。翻到第6張投影片。我們概述了佛羅裡達峽谷礦區 2025 年第三季的關鍵營運指標，該季度我們開採了約 250 萬噸礦石和 340 萬噸廢石，剝採比為 1.34。較高的剝離比反映了在擴大新礦區規模的同時，資本化廢石剝離量的增加，這符合公司在佛羅裡達峽谷礦區的再投資策略。由於夏季乾旱月份類似缺水造成的粉塵問題，本季臨時調整了採礦順序數週，因此開採了額外的廢棄物。

The temporary water shortage was caused by a problem at a historic water well, which has been successfully replaced.

暫時的缺水是由於一口歷史悠久的水井出現問題造成的，目前該水井已成功更換。

Year-to-date 2025, the company mined a total of 8.6 million tonnes of ore and 8.2 million tonnes of waste, resulting in a strip ratio of 0.95. Mining rates are expected to remain elevated in quarter 4 due to continued waste stripping and higher pits, the increased run-of-mine ore tonnes placed and this is consistent with the company's full year guidance.

截至2025年，該公司共開採了860萬噸礦石和820萬噸廢石，剝採比為0.95。由於持續的廢石剝離和更高的礦坑，以及原礦開採量的增加，預計第四季度採礦率將保持在較高水平，這與公司的全年指導一致。

Florida Canyon produced 20,653 ounces of gold in the third quarter, 2025. The increased production in Q3 was supported by the recovery of gold balances that have recently been placed on the Phase 3a heap leach pad and also by residual ounces recovered from Phases 1 and 2 leach pads. We also had increased solution flow through the leach pads and the new carbon and leach column circuit commissioned in late 2024 also helped. During the third quarter 2025, construction of the Phase 3b heap leach pad at Florida Canyon continued with commissioning expected to be completed in this quarter, quarter 4.

2025年第三季度，佛羅裡達峽谷金礦生產了20653盎司黃金。第三季產量增加得益於最近放置在 3a 期堆浸墊上的黃金餘裕回收，以及從 1 期和 2 期浸出墊回收的剩餘黃金。我們也增加了浸出墊的溶液流量，2024 年底投入使用的新碳浸出柱迴路也起到了幫助作用。2025 年第三季度，佛羅裡達峽谷 3b 期堆浸場建設繼續進行，預計將於本季（第四季）完成調試。

Florida Canyon produced 58,063 ounces of gold year-to-date, 2025, which is in line with the annual guidance of 70,000 to 75,000 ounces of gold. Q4 2025 production is expected to benefit from more ounces placed as run-of-mine tonnes and from improved grades from the north pit. Additionally, we expect continued recovery of residual ounces from Phase 1 and Phase 2 heap leach pads. Average gold processed recoveries in the quarter of 60.7% were similar to the 60.5% achieved in quarter 2 and is in line with the annual recovery expectations.

截至 2025 年，佛羅裡達峽谷金礦已生產 58,063 盎司黃金，與每年 70,000 至 75,000 盎司黃金的指導目標相符。預計 2025 年第四季產量將受益於更多以原礦形式開採的黃金以及北礦坑品位的增加。此外，我們預計會繼續從第一階段和第二階段堆浸墊中回收剩餘的盎司。本季黃金加工回收率平均為 60.7%，與第二季的 60.5% 相近，符合年度回收率預期。

Cash costs averaged $1,876 per gold ounce in quarter 3 and $1,915 per gold ounce year-to-date. Mine site AISC averaged $2,647 per gold ounce in quarter 3 and $2,542 per gold ounce year-to-date 2025. This is at the top end of the company's 2025 AISC guidance of $2,450 to $2,550 per ounce.

第三季黃金現金成本平均為每盎司 1,876 美元，年初至今平均為每盎司 1,915 美元。2025 年第三季礦場 AISC 平均為每盎司黃金 2,647 美元，年初至今為每盎司黃金 2,542 美元。這處於該公司 2025 年 AISC 指導價每盎司 2450 美元至 2550 美元的上限。

Similar to many of our peers, the elevated gold prices are adding cost pressure in the form of increased royalty and tax payments. Royalties and excise taxes, which constitute a material component of cash costs and mine AISC as are directly impacted by fluctuations in the gold price. At present a $100 per ounce change in the gold price results in an estimated $7 change to both cash costs and mine site AISC.

與許多同行一樣，高企的金價也帶來了成本壓力，導致特許權使用費和稅金增加。特許權使用費和消費稅是現金成本和礦山維持成本的重要組成部分，因為它們直接受到金價波動的影響。目前，黃金價格每盎司變動 100 美元，預計現金成本和礦場 AISC 都會變動 7 美元。

In quarter 3, 2025, the company invested $15.4 million in sustaining capital, bringing total year-to-date 2025 spending to $35.6 million. This reflects the company's continued commitment to reinvesting in Florida Canyon through new leach pad construction, increased capital stripping and mobile equipment refurbishments. The company also invested $1.8 million in non-sustaining growth capital during quarter 3 and $2.6 million year-to-date 2025. This spending is focused on drill testing lateral extensions and in-pit infill drilling as well as waste dump drilling. These expenditures are in line with the company's 2025 guidance.

2025 年第三季度，該公司在維持性資本方面投資了 1,540 萬美元，使 2025 年迄今的總支出達到 3,560 萬美元。這體現了該公司持續致力於透過新建浸出池、增加資本剝離和行動裝置翻新來再投資佛羅裡達峽谷的承諾。該公司在第三季還投資了 180 萬美元用於非持續性成長資本，截至 2025 年年初已投資 260 萬美元。這項支出主要用於橫向延伸鑽探測試、礦坑內加密鑽探以及廢石堆鑽探。這些支出符合公司 2025 年的預期。

We are continuing to reinvest into the mine and allocating the capital required to support a profitable mining operation at Florida Canyon for many years to come.

我們將繼續對礦山進行再投資，並分配必要的資金，以支持佛羅裡達峽谷礦山在未來幾年內實現盈利的採礦作業。

Moving to slide 7. We'd like to highlight Integra's 2025 production and cost guidance for Florida Canyon heading into the later part of the year. 2025 annual gold production guidance of 70,000 to 75,000 ounces, which I'd like to highlight the company is on track to meet. 2025 cash cost guidance at Florida Canyon was set at $1,800 to $1,900 per ounce gold sold, including royalties and excise taxes. Mine site all-in sustaining cost guidance at Florida Canyon was expected to range from $24.50 to $25.50 per ounce of gold sold.

切換到第7張投影片。我們想重點介紹Integra公司在下半年發布的佛羅裡達峽谷金礦2025年的產量和成本預期。該公司預計2025年黃金年產量為7萬至7.5萬盎司，值得一提的是，公司目前正按計畫推進，並有望實現這一目標。佛羅裡達峽谷金礦2025年的現金成本預期為每盎司黃金1800至1900美元，其中包括特許權使用費和消費稅。佛羅裡達峽谷礦場的綜合維持成本預計為每盎司黃金售價 24.50 美元至 25.50 美元。

This reflected the capital-intensive period at Florida Canyon expected in 2025 and continuing into 2026. As previously discussed, we are currently seeing material cost pressure due to increased royalties and excise taxes directly related to increased gold prices.

這反映了佛羅裡達峽谷計畫預計在 2025 年及之後持續到 2026 年的資本密集期。正如之前討論過的，由於金價上漲直接導致特許權使用費和消費稅增加，我們目前面臨材料成本壓力。

Therefore, we expect costs for the full year to be slightly above the top end of our guidance. 2025 sustaining capital expenditures were expected to range from $48 million to $53 million, focusing on capitalized waste stripping, mobile fleet rebuild and replacement financing, heap leach pad expansion and other sustaining items.

因此，我們預計全年成本將略高於預期上限。 2025 年的維持性資本支出預計在 4,800 萬美元至 5,300 萬美元之間，主要用於資本化的廢棄物剝離、移動車隊重建和更換融資、堆浸場擴建以及其他維持性項目。

Capital spending at Florida Canyon during the quarter was slightly below expectations due to the timing of expenses primarily relating to mobile equipment refurbishment and replacement. We expect that the difference will be made up in the fourth quarter and guidance on sustaining capital expenditures will be reached by the year's end. Growth capital guidance between $8 million and $10 million at Florida Canyon is expected to be deployed on expansion projects in various studies, including drill testing oxide targets, mobile equipment financing to augment the fleet, engineering studies on potential steepening of pit wall slopes and the possibility of increasing run-of-mine gold mineralized material to the heap leach pad.

由於與行動裝置翻新和更換相關的支出時間安排，佛羅裡達峽谷本季的資本支出略低於預期。我們預計這一差距將在第四季度得到彌補，並且到年底將達到維持資本支出的預期目標。預計佛羅裡達峽谷礦區將投入 800 萬至 1000 萬美元的成長資本，用於各項研究中的擴建項目，包括對氧化物靶區進行鑽探測試、為擴充車隊提供移動設備融資、對礦坑壁坡度加陡的潛在工程研究以及增加堆浸墊中原礦金礦化材料的可能性。

Year-to-date at Florida Canyon, approximately $2.5 million has been allocated to support the 2025 oxide growth drilling program focused on near-mine targets ahead of the resource, reserve and life of mine plan update in 2026. At Florida Canyon, we are focused on consistent and safe production, process and cost optimization, significant capital investment and growth.

今年迄今為止，佛羅裡達峽谷礦區已撥款約 250 萬美元，用於支持 2025 年氧化物生長鑽探計劃，該計劃重點關注礦山附近的礦區目標，以便在 2026 年更新資源量、儲量和礦山壽命計劃。在佛羅裡達峽谷，我們專注於持續、安全的生產、流程和成本優化、重大資本投資和成長。

I'll now pass the call back to George to provide highlights on the ongoing growth drilling program underway at Florida Canyon.

現在我將把電話轉回給喬治，讓他重點介紹佛羅裡達峽谷正在進行的增長鑽探計劃。

Thanks, Cliff. We launched a growth-focused role program at Florida Canyon in Q2 of 2025 and have continued to make significant progress during the third quarter. To remind everyone, the 2025 growth drilling program is focused on 3 key areas: First one being near surface oxide potential from historical low-grade gold mineralized waste material that was uneconomic at lower gold prices. The second area, expanding into in-situ resources between existing mine open pits and the third area testing lateral extensions and in-pit infill drilling. Due to the success of the initial drilling, the scope of the program was increased from 10,000 meters to 16,000 meters of reverse circulation and sonic drilling.

謝謝你，克里夫。我們在 2025 年第二季在佛羅裡達峽谷啟動了以成長為重點的崗位計劃，並在第三季度繼續取得了顯著進展。提醒大家，2025 年的成長鑽探計畫聚焦在 3 個關鍵領域：第一個領域是近地表氧化物潛力，這些氧化物來自歷史上低品位金礦化廢料，在金價較低時不具備經濟價值。第二個區域是向現有露天礦坑之間的原位資源擴展，第三個區域是測試橫向延伸和礦坑內加密鑽探。由於初步鑽探的成功，該計劃的範圍從 10,000 公尺增加到 16,000 公尺的反循環和聲波鑽探。

At the end of September, approximately 13,000 meters of drilling have been completed. The drilling program is designed to support an updated mineral reserve and resource statement and an updated life of mine plan expected in 2026. This drill program is one of the ways we are allocating capital to enhance the value of Florida Canyon.

截至9月底，已完成約13,000公尺的鑽探工作。該鑽探計劃旨在支援更新礦產儲量和資源報告以及更新礦山壽命計劃，預計將於 2026 年完成。這項鑽探計畫是我們投入資金提升佛羅裡達峽谷價值的方式之一。

On to slide 9. We have highlighted some of the initial success we are seeing in Nevada in the North and South dump drilling, 2 large volumes of historically mined low-grade gold mineralized dump material, averaging below the historical mine cutoff grades. These volumes of gold mineralized material, which were historically uneconomic at low gold prices on a product of decades of past mining and has been identified as a high potential low strip near-surface oxide gold target for growth. The historical dump material presents an immediate opportunity to expand reserves and resources with minimal mining costs. Initial drill results from the North and South dumps have successfully demonstrated the potential for near-term oxide growth at Florida Canyon.

接下來是第9張投影片。我們已經重點介紹了我們在內華達州南北礦堆鑽探中取得的一些初步成功，這兩個礦堆是歷史上開採過的大量低品位金礦化廢料，平均品位低於歷史礦山的截斷品位。這些大量的含金礦化材料，由於過去幾十年的採礦活動導致金價低迷，歷史上並不具有經濟價值，但已被確定為具有很高潛力的低剝採近地表氧化金礦增長目標。歷史遺留的廢棄物為以最低的採礦成本擴大儲量和資源提供了直接的機會。北礦堆和南礦堆的初步鑽探結果已成功證明了佛羅裡達峽谷近期氧化礦成長的潛力。

Here are a few notable intercepts from the North dump, which include 0.28 grams per tonne oxide gold over 68.6 meters, 0.36 grams per tonne oxide gold over 71.6 meters. Notable intercepts from the South dump include 0.21 grams per tonne oxide gold over 73.2 meters and 0.2 grams per tonne oxide gold over 68.6 meters. Here are a few key observations and achievements of initial drilling at the North and South dumps. Drilling confirmed gold grade continuity and distribution. We're seeing grades in line with in-situ material currently being economically mined.

以下是北礦堆的一些值得注意的截獲結果，包括 68.6 公尺厚的礦層中每噸含金 0.28 克氧化金，以及 71.6 公尺厚的礦層中每噸含金 0.36 克氧化金。南礦堆中值得注意的截獲礦段包括：73.2 公尺厚的礦段中每噸含金 0.21 克氧化金，以及 68.6 公尺厚的礦段中每噸含金 0.2 克氧化金。以下是對南北垃圾場初步鑽探的一些主要觀察和成果。鑽探證實了金礦品位的連續性和分佈。我們看到的礦石品位與目前正在經濟開採的原位礦石品位一致。

Drilling collected material for metallurgical testing, including bottle roles, column tests and permeability assessments. Initial results support the potential conversion of this material into mineral resource and reserves through inclusion in an updated resource and reserve block model and mine plan. Dump material offers potential to increase future operational flexibility by providing readily available gold mineralized material suitable for heap leaching that will not require blasting.

鑽探收集材料用於冶金測試，包括瓶捲測試、柱測試和滲透性評估。初步結果支持將該材料轉化為礦產資源和儲量，方法是將其納入更新的資源和儲量區塊模型和礦山計劃中。堆料具有提高未來營運靈活性的潛力，因為它可以提供易於獲取的含金礦化材料，適合堆浸，而無需爆破。

Material could potentially improve near- to medium-term ore feed without significant capital investment while potentially reducing reliance on higher strip in-situ material. Based on a combination of historical drilling and drilling as part of the 2025 Florida Canyon oxide growth drilling programs, the company developed preliminary volume and grade estimates for the North and South dumps. The North dump has an estimated potential volume of 19 million to 30 million -- 32 million tonnes with a grade range of 0.11 to 0.25 grams per tonne oxide gold. The South dump has an estimated potential volume of 15 million to 24 million tonnes with a grade range of 0.11 to 0.25 grams per tonne oxide gold. The combined dumps have an estimated potential volume of 34 million to 56 million tonnes with a grade range of 0.11 to 0.25 gram per tonne gold.

該材料有可能在不進行大量資本投資的情況下改善近期至中期礦石給料，同時有可能減少對高剝離率原位材料的依賴。該公司結合歷史鑽探和 2025 年佛羅裡達峽谷氧化物成長鑽探計畫中的鑽探，對北礦堆和南礦堆進行了初步的體積和品位估算。北礦堆的潛在儲量估計為 1,900 萬至 3,000 萬噸，即 3,200 萬噸，氧化金品位範圍為每噸 0.11 至 0.25 克。南堆金礦的潛在儲量估計為 1,500 萬至 2,400 萬噸，氧化金品位為每噸 0.11 至 0.25 克。這些礦堆的總儲量估計為 3,400 萬至 5,600 萬噸，黃金品位為每噸 0.11 至 0.25 克。

At this stage, the potential quantity and grade of the North and South dumps are conceptual in nature and do not constitute a compliant mineral resource or mineral reserve. Please refer to the cautionary language within this presentation and within the company's news release from October 9. Tonnage ranges for the North and South dump are derived from an estimate -- estimated mineable percentage of the total dumped volume calculated from 3-dimensional surfaces and an approximate volume of material exceeding the current mining or grade cutoff. These assumptions are generally based on the site technical staff's knowledge of the Florida Canyon geology, rock types and metallurgical characteristics in addition to visual inspection of the drilling sample so far.

現階段，南北礦堆的潛在數量和品位僅具有概念性，並不構成符合規定的礦產資源或礦產儲量。請參閱本簡報和本公司 10 月 9 日新聞稿中的警示性措詞。北堆和南堆的噸位範圍是根據估算得出的——根據三維表面計算出的可開採總量百分比，以及超過當前採礦或品位截斷值的近似物料體積。這些假設通常是基於現場技術人員對佛羅裡達峽谷地質、岩石類型和冶金特性的了解，以及迄今為止對鑽探樣本的目視檢查。

North and South dump material was originally mined in the late 1980s to the mid-1990s when gold prices range from $325 per ounce to $450 per ounce and cutoff grades were between 0.28 and 0.34 grams per tonne gold, which is significantly higher than current cut off grades used at Florida Canyon. Drilling results so far indicate that the upper end of grades in the dumps average slightly lower than the historical cutoff grades at 0.25 grams per tonne oxide gold. Therefore, a great range of the minable mineralized material in this historical waste dump is estimated to run from the approximate current cutoff grade of 0.11 grams per tonne oxide gold on the lower end and up to 0.25 grams per tonne oxide gold on the higher end. While further work needs to be done to drill results to date from the North and South dump, combined with initial volume and grade estimates, underscore the near-term growth potential of this material for the future of Florida Canyon.

南北礦堆的礦石最初是在 20 世紀 80 年代末到 90 年代中期開採的，當時金價在每盎司 325 美元到 450 美元之間，截斷品位在每噸 0.28 克到 0.34 克之間，這比佛羅裡達峽谷目前使用的截斷品位要高得多。目前的鑽探結果表明，礦堆中品位上限的平均品位略低於每噸氧化金 0.25 克的歷史最低品位。因此，據估計，該歷史廢料堆中可開採的礦化材料的品位範圍很廣，從目前的臨界品位每噸氧化金 0.11 克到最高的每噸氧化金 0.25 克不等。雖然還需要對北、南礦堆的鑽探結果進行進一步研究，但結合初步的體積和品位估算，凸顯了這種材料在佛羅裡達峽谷未來的近期成長潛力。

Turning now to slide 10. A secondary focus of the drill program is on gold resource expansion opportunities within saddle and ridge zones located between existing open pits. Several of the interpit areas remain partly drilled and offer significant upside gold potential with historical drilling demonstrating encouraging intercepts of mineralization at or near surface. Interpit areas targeted as part of the drill program includes the Central and Radio Tower pit saddle, the Florida Canyon saddle, the North pit saddle and within the Radio Tower pit itself. Notable intercepts from these interpit areas include 0.47 grams per tonne gold over 39.6 meters in the North pit, 0.78 grams per tonne gold over 76.2 meters in the Central and Radio tower saddle.

現在翻到第10張投影片。鑽探計畫的另一個重點是現有露天礦坑之間的鞍部和山脊帶內的金礦資源擴張機會。幾個礦坑間區域仍有部分鑽探，具有巨大的黃金開採潛力，歷史鑽探顯示在地表或近地表處發現了令人鼓舞的礦化帶。作為鑽探計畫的一部分，目標礦坑間區域包括中央礦坑和無線電塔礦坑鞍部、佛羅裡達峽谷鞍部、北礦坑鞍部以及無線電塔礦坑本身。在這些礦坑間區域，值得注意的截獲金礦包括北礦坑 39.6 公尺厚的 0.47 克/噸金礦，以及中央礦坑和無線電塔鞍部 76.2 公尺厚的 0.78 克/噸金礦。

Here are a few key observations and achievements of initial drilling conducted in the interpit areas. Confirmed gold grade continuity and distribution within targeted zones. Collected material for metallurgical testing, including bottle roles, column tests and permeability assessments. Initial results support potential pit expansion specifically between the Central and Radio Tower pits, two of the largest areas of known gold mineralization at Florida Canyon itself. Success within the identified interpit areas has the potential to meaningfully increase mineral resources and reserves by extending existing pit limits within the current Florida Canyon mine plan of operations.

以下是對礦坑間區域進行的初步鑽探的一些主要觀察和成果。已確認目標區域內金品位連續性和分佈情形。收集用於冶金測試的材料，包括瓶卷、柱測試和滲透性評估。初步結果支持在中央礦坑和無線電塔礦坑之間進行潛在的礦坑擴張，這兩個礦坑是佛羅裡達峽谷已知最大的金礦化區域。在已確定的礦坑間區域取得成功，有可能透過在佛羅裡達峽谷礦山當前營運計劃內擴大現有礦坑範圍，從而顯著增加礦產資源和儲量。

The 2025 drill program at Florida Canyon and supporting analysis is expected to support a mineral resource and reserve update and the revised life of mine plan in 2026. I will now hand the call over to Cliff to provide an update on third quarter activities at the company's development assets. Over to you, Cliff.

預計 2025 年佛羅裡達峽谷的鑽探計畫及相關分析將為 2026 年的礦產資源和儲量更新以及修訂後的礦山壽命計畫提供支援。現在我將把電話交給克里夫，讓他報告公司開發資產第三季的活動狀況。接下來就交給你了，克里夫。

Thank you, George. In Q3 2025, the company continued to advance and derisk its flagship development asset, the DeLamar project, which is located in Idaho. From a permitting perspective, the mine plan of operation, or MPO, for DeLamar was submitted for review to the BLM and cooperating federal and state agencies early in 2025. In a letter dated August 19, 2025, the BLM notified Integra that the MPO met the content requirements and therefore, was determined to be administratively complete. The BLM, it's third-party NEPA consultant, SWCA, and cooperating agencies will now proceed with environmental review of the project in accordance with the NEPA.

謝謝你，喬治。2025 年第三季度，該公司繼續推進並降低其旗艦開發資產——位於愛達荷州的 DeLamar 專案的風險。從許可角度來看，DeLamar 礦場營運計畫 (MPO) 於 2025 年初提交給土地管理局 (BLM) 和合作的聯邦和州機構進行審查。在 2025 年 8 月 19 日的一封信中，土地管理局通知 Integra，MPO 符合內容要求，因此被認定為行政上完整。現在，土地管理局 (BLM)、其第三方 NEPA 顧問 SWCA 和合作機構將按照 NEPA 的規定對該項目進行環境審查。

Concurrently, Integra is working with federal, state and local regulatory authorities to obtain all necessary permits for mine construction, operations and reclamation.

同時，Integra 正在與聯邦、州和地方監管機構合作，以獲得礦山建設、營運和復墾所需的所有許可證。

The company expects to have further visibility on the permitting schedule and timeline for DeLamar in early 2026. During the company -- during the quarter, the company advanced the feasibility study for DeLamar by completing pit optimizations and resizing. The final mine design was started this quarter, which will then be followed by mine sequencing production planning and costing. This information will be used to update the metal recovery and economic models and the feasibility is expected to be released in late 2025.

該公司預計將於 2026 年初進一步了解 DeLamar 專案的許可審批進度和時間表。在本季度，公司透過完成礦坑優化和重新調整，推進了 DeLamar 的可行性研究。本季已啟動最終礦山設計工作，接下來將進行礦山生產排序計畫和成本核算。這些資訊將用於更新金屬回收和經濟模型，可行性研究結果預計將於 2025 年底發布。

Lastly, in the third quarter, the historic relationship agreement was executed with the Shoshone-Paiute tribe, establishing a transformative and long-term partnership for the development of DeLamar. I will now pass the call back to George for further comments on this important -- on the importance of this relationship agreement.

最後，在第三季度，與肖肖尼-派尤特部落簽署了歷史性的關係協議，為德拉馬爾的發展建立了具有變革意義的長期合作關係。現在我將把電話轉回給喬治，讓他就這項重要協議的重要性發表進一步評論。

Thanks, Cliff. So in August, Integra announced that it had entered into a relationship agreement with the Shoshone-Paiute whose traditional territories cover much of the Tri-State area of Idaho, Nevada and Oregon. This groundbreaking agreement established a transformative and long-term partnership for the development of the DeLamar project on Shoshone-Paiute traditional homelands. This agreement is unprecedented in the Lower 48 states, in both recognizing tribal sovereignty and collaboratively advancing sustainable long-term economic development for a project located on federally managed lands.

謝謝你，克里夫。因此，在 8 月份，Integra 宣布與肖肖尼-派尤特人達成合作關係協議，該部落的傳統領地涵蓋了愛達荷州、內華達州和俄勒岡州三州地區的大部分地區。這項開創性的協議為在肖肖尼-派尤特傳統家園上開發 DeLamar 項目建立了變革性的長期合作夥伴關係。該協議在美國本土48州是前所未有的，它既承認部落主權，又合作推動位於聯邦管理土地上的項目的可持續長期經濟發展。

The agreement is the result of 5 years of collaboration between the Shoshone-Paiute and Integra and will serve to guide the partnership throughout the entire life of mine for the DeLamar project. The agreement provides a framework to foster collaboration and co-management of various aspects related to the DeLamar project, including indigenous recognition, economic empowerment and participation, cultural and environmental protection, consensus-based regulatory collaboration and community investment and performance monitoring.

該協議是肖肖尼-派尤特部落和 Integra 公司五年合作的成果，並將指導雙方在 DeLamar 礦項目整個開採週期內的合作關係。該協議為促進與 DeLamar 項目相關的各個方面的合作與共同管理提供了一個框架，包括原住民認可、經濟賦權和參與、文化和環境保護、基於共識的監管合作以及社區投資和績效監測。

Integra is incredibly proud to enter this partnership with the Shoshone-Paiute drives as we work hard to build long-lasting, respectful, trusting and collaborative relationships that drive tangible value. Through this partnership, we are establishing durable and long-term predictability while providing the foundational platform for local and regional economic opportunities to thrive. I will now pass the call back to Cliff to provide an update on Nevada North on slide 13.

Integra 非常自豪能夠與 Shoshone-Paiute 車隊建立合作關係，我們將努力建立持久、尊重、信任和協作的關係，從而創造切實的價值。透過這種合作關係，我們正在建立持久和長期的可預測性，同時為地方和區域經濟發展提供基礎平台。現在我將把電話轉回給克里夫，讓他在第 13 張幻燈片上介紹內華達北部的最新情況。

Thanks, George. During the quarter, the company also continued to advance the Nevada North project which consists of the Wildcat and Mountain View deposits. Metallurgical testing continued on core from Wildcat in Q3 2025, which will be crucial for future economic studies and permitting. The environmental analysis for the Wildcat exploration plan of operations, or EPO, was completed during the quarter and decision documentation will be complete pending a memorandum of agreement with the State Historical Preservation Office and tribal governments. Once received, the EPO for Wildcat will allow for more flexible and significantly expanding future exploration and drilling campaigns.

謝謝你，喬治。本季度，該公司也繼續推進內華達北部項目，該項目包括 Wildcat 和 Mountain View 礦床。2025 年第三季度，Wildcat 岩芯的冶金測試繼續進行，這將對未來的經濟研究和許可至關重要。Wildcat勘探作業計劃（EPO）的環境分析已於本季度完成，決策文件將在與州歷史保護辦公室和部落政府簽署諒解備忘錄後完成。一旦獲得 Wildcat 的 EPO，未來的勘探和鑽探活動將更加靈活，並能顯著擴大規模。

Hydrogeological drilling at Wildcat will begin in quarter 4 under an existing notice to gather important data for future project permitting and development. The reclamation permit for Nevada Division of Environmental Protection, NDEP, Bureau of Mining Regulation and Reclamation, BMRR, is also in process and anticipated in Q4 2025. If you take a look at Mountain View, the environmental analysis for the Mountain View EPO was completed during the quarter. The EPO has undergone a 30-day public comment period and a final environmental assessment will be published in Q4 2025. The NDEP BMRR reclamation permit is anticipated on a similar time frame.

根據現有通知，Wildcat 的水文地質鑽探將於第四季度開始，以收集未來專案許可和開發的重要數據。內華達州環境保護局 (NDEP) 礦業監管和復墾局 (BMRR) 的複墾許可證也正在辦理中，預計將於 2025 年第四季獲得批准。以 Mountain View 為例，Mountain View EPO 的環境分析已在本季完成。歐洲專利局已進行了為期 30 天的公眾評議期，最終環境評估報告將於 2025 年第四季發布。NDEP BMRR 復墾許可證預計也將在類似的時間範圍內發放。

Similar to Wildcat, the EPO for Mountain View will allow for significantly greater flexibility for future exploration and drilling efforts at Mountain View. With greater financial resources available to the company than ever before, we are working fast on these initiatives to develop the projects at Nevada North. In 2026, we will begin work on an updated technical report for Nevada North, which we will aim to release in early 2027.

與 Wildcat 類似，Mountain View 的 EPO 將為 Mountain View 未來的勘探和鑽探工作帶來更大的靈活性。公司目前擁有比以往任何時候都多的財政資源，我們正在快速推進這些舉措，以開發內華達北部的項目。2026 年，我們將開始著手撰寫內華達州北部的更新技術報告，目標是在 2027 年初發布。

The continued advancement of Nevada North remains a key part of Integra's growth strategy and crucial for the company to achieve its goal of becoming a mid-tier producer.

內華達北部地區的持續發展仍然是 Integra 成長策略的關鍵部分，也是該公司實現成為中型生產商目標的關鍵。

I will now pass the call to our CFO, Andree, to provide an overview of the Q3 financial results.

現在我將把電話轉給我們的財務長安德莉，由她概述第三季的財務表現。

Thanks, Chris. Integra closed Q3 in our strongest financial position to date with a cash balance of $81 million. The increase in cash versus Q2 2025 is a result of strong mine operating earnings partially offset by roughly $15 million in sustaining capital expenditures at Florida Canyon and $4.6 million in expenditures at our development projects. The company reported Q3 revenues of $70.7 million and cost of sales of $42.1 million, resulting in $28.6 million in mine operating earnings, which equates to a strong 40% operating profit margin for year-to-date operating profit margin of 37%. We realized this quarter an average gold price of $3,464 per ounce and $3,228 per ounce year-to-date.

謝謝你，克里斯。Integra 第三季末的財務狀況是迄今為止最強勁的，現金餘額為 8,100 萬美元。與 2025 年第二季相比，現金增加是由於礦山營運收益強勁，但部分被佛羅裡達峽谷礦山約 1500 萬美元的維持性資本支出和我們開發項目的 460 萬美元支出所抵消。該公司公佈第三季營收為 7,070 萬美元，銷售成本為 4,210 萬美元，礦場營運收入為 2,860 萬美元，相當於強勁的 40% 的營業利潤率，而年初至今的營業利潤率為 37%。本季我們實現的平均黃金價格為每盎司 3,464 美元，年初至今的平均黃金價格為每盎司 3,228 美元。

Q3 adjusted earnings were $16.3 million and adjusted earnings per share were $0.10 for a total year-to-date adjusted earnings of $32.5 million or $0.19 per share.

第三季調整後收益為 1,630 萬美元，調整後每股收益為 0.10 美元，年初至今調整後總收益為 3,250 萬美元，即每股 0.19 美元。

The stronger adjusted earnings this quarter are mostly a result of a meaningful increase in average realized gold price. I will now pass the call back to George to discuss strategic objectives for the remaining of 2025.

本季調整後收益強勁成長，主要是由於黃金平均實際價格大幅上漲所致。現在我將把電話轉回給喬治，討論2025年剩餘時間的戰略目標。

Thanks a lot, Andree. Looking forward, our priorities for the remainder of 2025 remain clear. At Florida Canyon, we aim to optimize production, grow cash flow and continue to demonstrate growth potential through the completion of the 2025 drilling program in support of an updated mineral resource estimate and life of mine plan in 2026. We believe that this is -- this updated technical report for Florida Canyon will be a game changer for the company and demonstrate to the market that this mine has a long and profitable future ahead. At DeLamar, we continue to refine the feasibility study with an expected release late in 2025.

非常感謝，安德莉。展望未來，我們2025年剩餘時間的優先事項依然明確。在佛羅裡達峽谷，我們的目標是優化生產、增加現金流，並透過完成 2025 年鑽探計劃，繼續展現成長潛力，以支持 2026 年更新的礦產資源估算和礦山壽命計劃。我們相信，這份關於佛羅裡達峽谷礦場的最新技術報告將改變公司的命運，並向市場證明礦場擁有長期且獲利的未來。在 DeLamar，我們將繼續完善可行性研究，預計 2025 年底發布。

We're very excited to share this long-awaited updated study for our flagship development asset. On the permitting front, we continue to work closely with the Bureau of Land Management to determine the project permitting schedule, which we expect to receive clarity on in early 2026.

我們非常興奮地與大家分享這份期待已久的旗艦開發專案最新研究報告。在許可方面，我們繼續與土地管理局密切合作，以確定專案許可時間表，我們預計將在 2026 年初得到明確回應。

DeLamar remains one of the very few large-scale precious metal projects in the US at a feasibility stage that is actively being advanced through federal mine permitting, underscoring the scarcity of value of this project. At Nevada North, we continue to derisk the project and lay the foundation for future development. On the capital markets side, we also continue to bolster our profile and investor awareness leading to enhanced trading liquidity and index inclusion. In recent months, we have seen a significant benefit from our New York Stock Exchange listing, which has provided a significant increase to our overall liquidity and investor appeal.

德拉瑪礦是美國極少數處於可行性研究階段並積極推進聯邦採礦許可的大型貴金屬計畫之一，凸顯了該計畫價值的稀缺性。在內華達北部，我們不斷降低專案風險，為未來的發展奠定基礎。在資本市場方面，我們也持續提升自身形象和投資人認知度，進而增強交易流動性並促進指數納入。近幾個月來，我們從紐約證券交易所上市中獲得了顯著收益，這大大提高了我們的整體流動性和對投資者的吸引力。

Given our increased market capitalization and liquidity, we expect to be eligible for several more indices, including the GDXJ over the next few months. From a corporate perspective, we are intently focused on disciplined capital allocation and on a longer-term horizon, we will continue to evaluate strategic and accretive M&A opportunities that support our strategic goal of becoming a leading mid-tier gold producer.

鑑於我們不斷增長的市值和流動性，我們預計在未來幾個月內將有資格納入更多指數，包括 GDXJ 指數。從公司角度來看，我們專注於有紀律的資本配置，從長遠來看，我們將繼續評估具有戰略意義和增值潛力的併購機會，以支持我們成為領先的中型黃金生產商的戰略目標。

I'd like to end the formal part of this presentation with slide 16 as it captures our strategy: production, growth, scale, jurisdiction and team. We now produce gold and generate cash flow to advance our high-quality US-focused development portfolio, supporting our peer-leading growth profile. We hold one of the largest inventories of gold and silver in the Great Basin of the US, not controlled by a major mining company. Our pipeline of development projects are being efficiently derisked without dilution. We operate in Idaho and Nevada, two of the best mining jurisdictions globally.

我想以第 16 張投影片結束本次簡報的正式部分，因為它概括了我們的策略：生產、成長、規模、管轄權和團隊。我們現在生產黃金並產生現金流，以推進我們以美國為中心的高品質開發項目組合，從而支持我們領先同行的成長勢頭。我們擁有美國大盆地地區最大的金銀庫存之一，而這些庫存並非由大型礦業公司控制。我們的開發項目儲備正在有效率地降低風險，且不會稀釋收益。我們在愛達荷州和內華達州開展業務，這兩個州是全球最好的礦業管轄區之一。

Lastly, our people are most important to us as an asset. We have a handpicked team with a track record of success and deep industry experience. Integra is a US gold producer with a growth runway and a clear strategy to become a mid-tier. At this point, I would like to turn the call back to the operator to begin the Q&A session.

最後，員工是我們最重要的資產。我們擁有一支精挑細選的團隊，他們都擁有成功的業績記錄和深厚的行業經驗。Integra是一家美國黃金生產商，擁有成長潛力，並制定了成為中型企業的明確策略。此時，我想把電話轉回給接線生，開始問答環節。

(Operator Instructions) Allison Carson with Desjardins.

（操作說明）艾莉森·卡森與德斯賈丁斯。

My first question is on the residual ounces that have been sort of boosting production. How should we think about this going forward? And is this something we can expect to continue into 2026 as well.

我的第一個問題是關於那些一直在推動產量成長的剩餘盎司黃金。我們接下來該如何看待這個問題？這種情況是否會持續到2026年？

Thanks, Allison. So I will pass that question over to Greg and Cliff.

謝謝你，艾莉森。那麼，我會把這個問題交給格雷格和克里夫來回答。

Yes. I'll start -- yes, go ahead, Greg. You know more about it than I do.

是的。我先來——好的，格雷格，請開始。你比我更了解這件事。

No, that's fine. So yes, we're still producing roughly half our production is residual. We expect that to continue for quite some time. It will kind of taper off over time, but that's a period of months and years that, that will happen. So right now, though, it's producing pretty well.

不，沒關係。是的，我們目前仍在生產，大約一半的產量是剩餘產品。我們預計這種情況會持續相當長一段時間。隨著時間的推移，這種情況會逐漸減弱，但這需要數月甚至數年的時間。不過就目前而言，它的表現相當不錯。

Okay. Great. And then just one question on DeLamar, I was just curious if the US government shutdown had affected permitting at all, like the NOI is a bit delayed. And do you expect the delay in the NOI to impact your development timeline at all?

好的。偉大的。關於 DeLamar，我還有一個問題，我只是好奇美國政府停擺是否對審批流程產生了任何影響，例如 NOI 是否有些延遲。您認為NOI的延遲發表會對您的開發進度造成任何影響嗎？

Yes. So interesting point here, Allison, which is because we have something in place with the Bureau of Land Management call the Cost Recovery program where we're essentially funding the BLM and the people involved in the BLM permitting on our file specifically to work on our file. We're paying their salaries and we're paying for their time.

是的。艾莉森，這裡有個很有意思的觀點，因為我們與土地管理局有一個叫做成本回收計劃的項目，我們實際上是在資助土地管理局以及參與我們檔案許可審批的人員，讓他們專門處理我們的檔案。我們支付他們的工資，也支付他們的時間。

So what that meant is literally during the government shutdown, those people working on our file were still working and were still paid. So short answer is, no delay in permitting timelines as a result of this -- the government shutdown, which has now obviously concluded, but it did not set us back.

所以這意味著，在政府停擺期間，那些處理我們案件的人仍在工作，並且仍在領取薪水。簡而言之，政府停擺並未導致審批時間表延誤（雖然現在政府停擺顯然已經結束），但這並沒有阻礙我們的進度。

Well, that's all the questions I have today, and congratulations on a good quarter.

好了，我今天的問題就這些了，恭喜你們本季業績優異。

Brian MacArthur, Raymond James.

Brian MacArthur，Raymond James。

Obviously, you're getting a lot more material at Florida Canyon. When you do these studies for Florida Canyon and even for DeLamar, what sort of gold price are you going to use going forward? Have you figured that out yet?

顯然，在佛羅裡達峽谷能獲得更多材料。當您對佛羅裡達峽谷金礦甚至德拉馬爾金礦進行這些研究時，您打算未來使用什麼樣的黃金價格？你弄明白了嗎？

Cliff, I'm going to pass that one on to you.

克里夫，我把這個任務交給你了。

Yes, it's a good question. The old methodology of using the 3-year moving average is kind of out the window in the last -- call it, year period. We're keeping an eye on consensus, obviously, trying to stay under consensus for our economic models while we compare to peers that are releasing studies. We're seeing studies coming out in the $2,500 range all the way up to $3,000 range. So we're -- we haven't selected a final price yet that will come out in the technical report as we wait for a few other studies to come out, but we're trying to remain within the realm of what the market is doing.

是的，這是個好問題。過去那種使用 3 年移動平均值的舊方法在過去一年基本上已經失效了。我們顯然會密切關注市場共識，努力使我們的經濟模型保持在共識範圍內，同時與發布研究報告的同行進行比較。我們看到一些研究的費用在 2500 美元到 3000 美元之間。所以我們還沒有確定最終價格，最終價格將在技術報告中公佈，因為我們還要等待其他一些研究結果出來，但我們正在努力保持在市場運行的範圍內。

For cutoff grades and things like that, we're staying with a similar -- staying within the range of what other people are putting out there to remain consistent.

對於錄取分數線之類的規定，我們採取類似的措施——與其他人公佈的標準保持一致。

That makes sense. But just on that, with DeLamar coming in Q4 and Florida Canyon next year, are they going to be at different prices potentially? Or are you going to kind of set it based on what you see in Q4?

這很有道理。但就這一點而言，DeLamar 將於第四季上市，Florida Canyon 將於明年上市，它們的定價是否會有所不同？還是你會根據第四季的情況來決定？

Potentially, it could be different prices depending on timing. I don't know through the crystal ball what the gold price will be in H1 2026. But if it's significantly different than where we are when we select the price for DeLamar, we'll reconsider a new price.

價格可能會因時間不同而有所差異。我無法透過水晶球預測2026年上半年黃金價格會是多少。但如果與我們為 DeLamar 定價時的情況有顯著不同，我們將重新考慮新的價格。

And Cliff, I can just add here, it's Jason Banducci on the line. And what I would say is we're trying to strike a balance with keeping cost assumptions from the gold price perspective, price assumptions in line with where our peers are. And I think whatever we choose to use for DeLamar and Florida Canyon, the difference in prices will be captured in both in the sensitivity tables. And again, we're trying to do this in line with what everyone else is doing. But if you look back over the last 2 years, average gold price is just above $2,700 and over the last 3 years, average gold price is just above 24.

克里夫，我還要補充一點，現在線上的是傑森·班杜奇。我想說的是，我們正在努力在成本假設和黃金價格假設之間取得平衡，使價格假設與同行保持一致。我認為無論我們選擇用什麼方法來表示 DeLamar 和 Florida Canyon，價格差異都會在敏感度分析表中反映出來。再次強調，我們正努力使之與其他人的做法一致。但回顧過去兩年，黃金平均價格略高於 2700 美元；回顧過去三年，黃金平均價格略高於 24 美元。

And so I think you'll see something in and around one of those two ranges.

所以我認為你會看到一些價格在這兩個範圍附近的東西。

Phil Ker with Ventum Financial.

Phil Ker，Ventum Financial公司。

Congrats on everything, especially with Florida Canyon since its acquisition around this time last year. You've definitely steered the right ship with that operation and showing up on your balance sheet through free cash flow. My question today is, I can really appreciate the need for various capital investments at Florida Canyon. But at what point or where in your timeline do you see these major investments behind you and enable Integra to really start ratcheting up free cash flow.

恭喜你們所取得的一切成就，特別是佛羅裡達峽谷自去年這個時候被收購以來所取得的成就。你的這項業務營運方向絕對正確，而且透過自由現金流在資產負債表上也得到了體現。我今天的問題是，我非常理解佛羅裡達峽谷需要各種資本投資。但是，在您的時間規劃中，您認為何時或何時才能完成這些重大投資，從而使 Integra 真正開始大幅提高自由現金流？

And to build on that, should we continue to see elevated gold prices and strong margins? What items could need capital at the mine that currently are not in your current operating scope?

在此基礎上，我們是否應該繼續看到金價高企和利潤率強勁？礦山中哪些項目可能需要資金投入，但目前不在您的營運範圍內？

Cliff, do you want to take a shot at the capital expenditure sort of maybe an outlook for 2026?

克里夫，你想嘗試預測2026年的資本支出前景嗎？

Right. So in the current plan of operations, the capital was to be curtailing at the end of 2026 and slightly into 2027. What's on the table right now with additional drilling and slightly increasing the gold price as you start looking at things like mine expansions and more stripping, so that could have an impact on some more capital stripping. And of course, looking at the fleet, if you're going to extend the mine life with, say, a pit expansion then some of the equipment needs to be refurbished, replaced.

正確的。因此，在目前的營運計畫中，資本投入將在 2026 年底開始減少，並略微延續到 2027 年。現在擺在桌面上的是更多的鑽探和略微上漲的金價，因為人們開始考慮礦山擴張和更多的剝離等事情，所以這可能會對更多的資本剝離產生影響。當然，從設施角度來看，如果你要透過擴大礦坑來延長礦山壽命，那麼一些設備就需要翻新或更換。

So I don't have a hard and fast answer on when the capital will stop yet. We still need to do the work on updating the resource with the new drilling and including the waste dumps and see how we can best arrange that mining for growth, not only long-term growth, but potentially annual production growth. So it's hard to give a definite this much capital by this time right now other than it's going to be different than what we put out for end of -- like we were thinking end of 2026, early 2027, that could get pushed out.

所以，我目前還無法確切地回答資金何時會停止流入。我們仍需利用新的鑽探成果更新資源信息，並將廢料堆納入其中，並研究如何才能最好地安排採礦以實現增長，不僅是長期增長，還有潛在的年度產量增長。所以現在很難確定具體的資金數額，但可以肯定的是，這與我們之前預計的2026年底或2027年初的數額有所不同，而這個目標可能會被推遲。

Yes. Phil, maybe I can add to that as well. I mean the feasibility study with the updated resource and reserve and mine plan expected for some time in H1 next year. I think that will be -- obviously, we're pretty confident that's going to be a really robust study. I think it's going to put a really nice new coat of paint on an asset that will show a much longer mine life than we currently have in the existing mine plan.

是的。菲爾，或許我也可以補充一些內容。我的意思是，預計明年上半年某個時候會公佈包含更新後的資源儲量和礦場規劃的可行性研究報告。我認為那將會是──顯然，我們非常有信心那會是一項非常嚴謹的研究。我認為這將為這項資產賦予全新的面貌，使其展現出比現有礦場計畫中更長的開採壽命。

And along with that, as you know, we're doing a lot of optimization studies looking at trade-offs, trade-offs when it comes to processing, tradeoffs when it comes to mining, pit expansions, et cetera at higher gold prices. And so that study will be very revelatory when it comes to future capital requirements to expand production to expand mine life. I think looking at that study will be something that you want to focus on in H1 of next year.

同時，如您所知，我們正在進行大量的最佳化研究，研究在金價上漲的情況下，加工、採礦、礦坑擴建等方面的權衡取捨。因此，這項研究對於未來擴大生產、延長礦山壽命所需的資本投入將具有非常重要的啟示意義。我認為，明年上半年你應該要專注在這項研究上。

Yes, that's great. I definitely think that will help. And just to expand on the mine equipment fleet. Could you give us a sense of the scheduling or how you're attacking the trucks and other items across the fleet on a quarter-by-quarter basis? Is it refurbish one truck, purchase one truck?

是的，那太好了。我確信那一定會有幫助。並擴充礦山設備隊伍。您能否簡要介紹車隊中卡車和其他設備的季度維護安排？是翻新一輛卡車，還是買一輛卡車？

Or how can we anticipate this moving forward?

或者，我們如何預測未來會發生什麼？

Yes, there's 8 new trucks that have been purchased and they're coming in starting in November. So we had some coming -- coming into December and January. So 2, 2 and 2. And those are going to be replacing directly 777 trucks, the oldest trucks we have in the fleet. And it comes in at about two 785 trucks, which we purchased for three 777 trucks.

是的，我們已經購買了 8 輛新卡車，它們將從 11 月開始陸續到貨。所以，到了十二月和一月，我們確實遇到了一些問題。所以是 2、2 和 2。這些新車將直接替換我們車隊中最老的 777 輛卡車。總共大約相當於兩輛 785 型卡車，而我們當初購買它們是為了購買三輛 777 型卡車。

So we think of that ratio. The remaining truck fleet bought in 2021, some of them are coming up on second PCRs in 2026 and 2027. So they're in the plan right now to just be refurbished. And it's -- they're being done at a rate to keep pace with mining.

所以我們考慮這個比例。2021 年購買的剩餘卡車車隊，其中一些將在 2026 年和 2027 年進行第二次 PCR 更新。所以目前的計劃就是對其進行翻新。而且，它們的建造速度正以跟上採礦速度的速度進行。

So if you sit on truck while you refurbish it, it's not hurting the fleet. And as George mentioned, there's optimizations that need to be done for the technical report with growth and just making sure that we have the right capital outlay for the fleet in the future.

所以，如果你在翻新卡車期間坐在車上，也不會對車隊造成損害。正如喬治所提到的，技術報告需要進行一些優化，以應對成長，並確保我們未來對船隊進行正確的資本支出。

Yes. Right now, we think we're -- the plans we have come up, we're good with the refurbishment, if we grow, we're doing work to make sure that we're still okay or need to purchase.

是的。目前，我們認為——我們制定的計劃，我們對翻新改造感到滿意，如果我們發展壯大，我們正在努力確保我們仍然能夠滿足需求，或者需要購買新的設施。

Heiko Ihle, H.C. Wainwright.

海科·伊勒，H.C. 溫賴特。

The first one has been answered, but you talked about some of the North and South dump material and then the inner pit areas. Maybe give a bit of color on how much drilling was actually done there? What you've been seeing and probably most importantly, what if anything you've been seeing that you didn't expect?

第一個問題已經回答了，但是你提到了一些北面和南面的廢料，以及內部礦坑區域。或許可以稍微介紹一下那裡實際上進行了多少鑽探工作？你所看到的，以及可能最重要的是，你是否看到了任何你意想不到的事情？

Yes. So I mean there has been drilling done in the past in these areas in some ways, it's forest, Heiko. In some cases, it's closer spaced specifically focusing on the North and South dump materials. So what we're doing right now is very similar to the approach that we used at DeLamar, if you recall, we drilled off a lot of that historical, sort of, low-grade stockpile material that was left behind by Kinross.

是的。所以我的意思是，過去這些地區在某種程度上進行過鑽探，這裡是森林，海科。在某些情況下，間距更小，尤其針對南北兩側的垃圾掩埋場。所以，我們現在所做的事情與我們在德拉馬爾礦區所採用的方法非常相似，如果你還記得的話，我們鑽探了金羅斯礦區遺留下來的大量歷史遺留的低品位礦堆材料。

Getting the grade of that material down right and done properly is mission #1 for that material. We've established volumes, right? But we're just getting -- nailing down the grade is key. And so what we're doing as an approach on that material is we're -- combination -- doing a combination of RC and sonic drilling, again, exactly as we did at DeLamar, and it worked very well just to compare the two.

正確確定該材料的等級並妥善處理是該材料的首要任務。我們已經確定了銷量，對吧？但我們現在才剛開始——確定評分標準是關鍵。因此，我們對這種材料採取的方法是——結合——結合反循環鑽孔和聲波鑽孔，就像我們在德拉馬爾所做的那樣，而且這種結合效果非常好，可以很好地比較這兩種方法。

And so far, on a very preliminary basis, the two methodologies of drilling that material off using those two techniques seems to be correlating really well. And in addition, it's correlating very well to some of the historical drilling that's been done in those areas as well. So it's an ongoing process, I guess, for the dumps, but so far so good on that material.

到目前為止，從非常初步的角度來看，使用這兩種技術鑽除該材料的兩種方法似乎都具有良好的相關性。此外，它與這些地區過去進行的一些鑽探工作也高度吻合。所以，對於垃圾掩埋場來說，這似乎是一個持續的過程，但到目前為止，這方面的材料處理得還不錯。

On the interpit areas, again, we're drilling close to areas that have been drilled previously. However, in those interpit areas in the past, these areas were not drilled sufficiently to pull a pit in those directions. And so we're essentially filling in some gaps so that we could potentially pull pits into those interpit areas. And who knows, maybe at some stage later on, those pits start to connect up. We start to push high walls back, et cetera, and connect those pits up.

在礦坑間區域，我們再次在先前鑽探過的區域附近進行鑽探。然而，過去在這些礦坑間區域，由於鑽探不足，無法在這些方向上開挖礦坑。因此，我們實際上正在填補一些空白，以便我們有可能將礦坑引入這些礦坑間區域。誰知道呢，也許在以後的某個時候，這些坑會開始連通。我們開始推倒高牆等等，並將這些坑洞連接起來。

But again, so far, the results, as I alluded to on this conference call, were really encouraging. I mean, great width of mineralization and really decent grades in some of those areas.

但正如我在這次電話會議上提到的，到目前為止，結果確實令人鼓舞。我的意思是，礦化範圍很廣，而且在某些區域礦石品位也相當不錯。

Building on all of that, you want to maybe provide just a touch of color how much drilling the area should see?

基於以上所有因素，您或許想稍微說明該區域應該進行多少鑽孔作業？

Yes. So we're in the process right now, Heiko, of kind of working out our drill budgets for next year. And I think they're going to be quite substantial. We haven't come out with a number on that yet. But we have sufficient indication of mineralization in these areas to really warrant more drilling next year.

是的。海科，我們現在正在製定明年的鑽探預算。而且我認為它們將會相當可觀。我們還沒有公佈具體數字。但我們已經有足夠的跡象表明這些地區存在礦化，因此明年確實有必要進行更多鑽探。

And so whether that looks like 5,000, 10,000, 15,000, 20,000 meters, we're still yet to be determined on that, but we're working on that now.

所以，無論是 5,000 米、10,000 米、15,000 米還是 20,000 米，我們目前還沒有確定，但我們正在努力。

Brian MacArthur with Raymond James.

Brian MacArthur 與 Raymond James 合作。

Sorry, can I just follow up on all these discussions for Florida Canyon. When you come out with the new study to extend mine life, is all this material within permitted areas? Or is there going to be -- are we talking something that's going to be longer and bigger that requires new permitting and things like that?

不好意思，我可以繼續跟進一下關於佛羅裡達峽谷的討論嗎？當您推出延長礦山壽命的新研究時，所有這些材料是否都在允許的區域內？或者，我們說的是會有一個更長、更大的項目，需要新的許可等等嗎？

Yes. So from a drilling perspective, we've kind of broken things down into 2 different buckets there, Brian, which is, what I would call, kind of traditional mine exploration. So the things like the North dump, for example, are all within the mine plan from operations. There are no new permitting required for that. The interpit area is same thing.

是的。所以從鑽探的角度來看，我們已經把事情分成了 2 個不同的類別，布萊恩，其中一個類別，我稱之為傳統的礦山勘探。所以像北邊的廢料堆之類的東西，都屬於礦山運作計畫的範疇。無需為此申請新的許可證。坑間區域也是一樣的。

It's all within the boundaries of the mine plan of operations. So no new permitting for that material.

這一切都在礦山作業計劃的範圍內。因此，該材料無需新的許可。

And then if you step outside of the mine plan of operations you look more regionally to the North and to the South for many miles all the way down to the standard deposit, for example, it's -- if you were to look at a map of it, and sorry, I can't put a map in front of you right now, but the standard area, for example, has a mine plan of operations already on it.

然後，如果你跳出礦山作業計劃的範圍，向北和向南望去，綿延數英里，一直到標準礦床，例如，如果你看一下地圖，抱歉，我現在不能給你看地圖，但是，例如，標準區域已經制定了礦山作業計劃。

So if we're going to be drilling the standard deposit, which is about 5 miles to the South of Florida Canyon, no additional permitting required there. And there are other areas where we have exploration permits within that block. Certain other areas will require permitting, probably on a 5-acre notice would be sufficient for that purpose, which is not an onerous process. But yes, just to recap, everything that's within sight of the crusher on the mine plan of operations, no permitting required for that.

因此，如果我們要在佛羅裡達峽谷以南約 5 英里處的標準礦床進行鑽探，則無需額外的許可。此外，我們在該區塊內還有其他區域擁有勘探許可證。其他一些區域可能需要獲得許可，可能只需提交一份 5 英畝的通知即可，這並不是一個繁瑣的過程。是的，總結一下，礦場作業計畫中破碎機視線範圍內的所有作業都不需要許可證。

There are no further questions at this time. I would now like to turn the call back over to George Salamis for closing remarks. Please go ahead.

目前沒有其他問題了。現在我謹將電話交還給喬治·薩拉米斯，請他作總結發言。請繼續。

Thank you, operator. So I'd like to sort of finish off by thanking everyone for attending the call. Obviously, a very exciting time for Integra, and we appreciate everybody's support and also would like to say, please don't hesitate to reach out to either myself or Jason Banducci or anyone on this call on the Integra team, if you have any follow-up questions and thanks to everyone.

謝謝接線生。最後，我想感謝大家參加這次電話會議。顯然，對於 Integra 來說，這是一個非常令人興奮的時刻，我們感謝大家的支持。同時，如果您有任何後續問題，請隨時與我、Jason Banducci 或 Integra 團隊的任何成員聯繫。謝謝大家！

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與，現在可以斷開連結了。