Integra Resources Corp (ITRG) 2025 Q4 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Integra Resources fourth quarter and full year 2025 results conference call.

早安。我叫 Audra，今天將擔任各位的會議接線員。此刻，我謹代表公司歡迎各位參加 Integra Resources 2025 年第四季及全年業績電話會議。

(Operator Instructions) I would like to turn the meeting over to Andree St-Germain, Chief Financial Officer. Please go ahead, Andree.

（接線員指示）我想將會議交給財務長 Andree St-Germain。Andree，請開始。

Thank you, Audra. I would like to welcome everyone to Integra's fourth quarter in full year 2025 operating in financial results conference call. Before we begin, I'd 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.

謝謝你，Audra。我謹歡迎各位參加 Integra 2025 年第四季及全年營運與財務業績電話會議。在開始之前，我想提醒各位，我們在今天的電話會議中將會提出前瞻性陳述。請各位參閱財報簡報的第 2 張投影片，其中包含關於這些前瞻性陳述的重要警示說明。

The cautionary notes can also be found on Integra's corporate website. Also note that all dollar amounts discussed today will refer to US dollars unless otherwise indicated. On the call today, I am joined by Integra Integra's President, CEO and Director, George Salamis; Chief Operator Officer, Cliff Lafleur; Vice President of Finance, Sean Deissner; and our General Manager of the Florida Canyon Mine, Greg Robinson.

這些警示說明亦可在 Integra 的公司網站上查閱。另外也請注意，除非另有說明，今天討論的所有金額均以美元計價。今天與會者還包括 Integra 的總裁、執行長兼董事 George Salamis；營運長 Cliff Lafleur；財務副總裁 Sean Deissner；以及我們佛羅里達峽谷礦（Florida Canyon Mine）的總經理 Greg Robinson。

Today, we are pleased to provide an operating and financial update for the fourth quarter in full year of 2025, followed by a live Q&A session.

今天，我們很高興就 2025 年第四季及全年提供營運與財務最新進展，之後將進行即時問答環節。

With that, I would like to hand the call over to George to kick things off.

接下來，我想把電話交給 George 來為會議揭開序幕。

Okay, thanks, Andree. So, 2025 has indeed been a transformative year for Integra. I think everybody is aware of the tremendous transformation that we underwent. When the company acquired the Florida Canyon Mine in late 2024, the company transformed overnight from gold developer to gold producer in the United States.

好的，謝謝你，Andree。2025 年確實是 Integra 的轉型之年。我想大家都知道我們經歷了巨大的轉變。公司在 2024 年底收購佛羅里達峽谷礦後，幾乎一夕之間就從黃金開發商轉型為美國的黃金生產商。

The primary goal of acquiring Florida Canyon was indeed to secure a consistent and reliable source of cash flow. That would allow the company to advance its flagship development stage projects DeLamar and Nevada North. 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.

收購佛羅里達峽谷的主要目標，確實是為了取得穩定且可靠的現金流來源。這將使公司得以推進我們的旗艦開發期專案 DeLamar 與 Nevada North。在目前的金價環境下，佛羅里達峽谷正在產生可觀的現金流，這已改變公司的財務狀況，並強化我們執行策略的能力。

The company achieved many key milestones in 2025, and I'll just mention a few. So at Florida Canyon, we achieved record cash flows due to strong production levels and high gold prices. We also met production guidance after managing through several unplanned production impacts. We also achieved the integration of a new mining fleet and many other operational improvements at Florida Canyon.

公司在 2025 年達成多項關鍵里程碑，我僅提幾項。在佛羅里達峽谷方面，受惠於強勁的產量與高金價，我們創下現金流新高。在克服數項非計畫性的產量影響後，我們也達成了產量指引。此外，我們完成了新採礦車隊的整合，並在佛羅里達峽谷推動了許多其他營運改善。

At Florida Canyon as well, we initiated the first major drilling program within the immediate mine area in many years with results that will point to growth and increase mine life in the future.

同樣在佛羅里達峽谷，我們啟動了多年來首次在礦區周邊進行的大型鑽探計畫；其結果將指向未來的成長並延長礦山壽命。

At DeLamar, Cliff and his team delivered a positive and very robust feasibility study. In addition to that at DeLamar in 2025, the mine plan of operations was also deemed complete by the Bureau of Land Management.

在 DeLamar，Cliff 與其團隊交付了一份正面且非常穩健的可行性研究報告。此外，在 2025 年，DeLamar 的礦山營運計畫（plan of operations）也被土地管理局（Bureau of Land Management）認定為已完成。

Lastly, Integra obtained a shortened NEPA timeline of just 15 months to a record of decision and a fast 41 federal approval. And also lastly, led by Mark Stockton and his great team, we executed a relationship benefit agreement with the tribal nations in Idaho, which is the first of its kind in the United States.

最後，Integra 取得縮短的 NEPA 審查時程，僅需 15 個月即可取得決策紀錄（record of decision），並獲得快速的第 41 項聯邦核准。同時也在 Mark Stockton 及其優秀團隊的帶領下，我們與愛達荷州的部落民族簽署了關係利益協議（relationship benefit agreement），這在美國屬首創。

Moving now to the corporate level. We strengthen the management team and with the addition of a COO, VP permitting, and VP finance, some of whom are on the call today. Integra saw record share price performance which resulted in our top 50 TSX Venture Performer award in 2025.

接著談公司層面。我們強化了管理團隊，新增營運長、許可副總裁與財務副總裁，其中部分同仁今天也在線上。Integra 的股價表現創下紀錄，使我們在 2025 年獲得 TSX Venture 前 50 名最佳表現者獎項。

At the corporate level as well, the year was highlighted by debt elimination from our balance sheet and the conversion of the BD convertible loan. Lastly, we brought in the shareholder base to include a much larger and broader range of new institutional funds as owners of Integra, including large generalist funds in the United States and Canada.

在公司層面，年度亮點還包括自資產負債表中消除負債，以及 BD 可轉換貸款的轉換。最後，我們的股東結構也擴大，納入更多元且更廣泛的新機構資金成為 Integra 的持有人，包括美國與加拿大的大型綜合型基金。

We were included on the SILJ Silver Index in 2025, and lastly, we experienced a marked increase in trading liquidity that has led us recently to the GDXJ ETF inclusion.

我們在 2025 年被納入 SILJ 白銀指數；最後，我們的交易流動性顯著提升，近期也促成被納入 GDXJ ETF。

I would like to add that I'm very proud of the entire team at Integra who have worked very hard at accomplishing this amazing transition and all of the other amazing related accomplishments in the space of just 12 months. What we achieved last year was phenomenal.

我也想補充，我對 Integra 全體團隊感到非常自豪；大家在短短 12 個月內為完成這項驚人的轉型，以及其他相關的卓越成果，付出了極大的努力。我們去年所達成的成就非常出色。

As anticipated, Florida came and saw significant investments in 2025 across several ongoing initiatives to support a profitable mining operation for many years to come. This capital intensive phase of the long-term continuous improvement plan for Florida Canyon will continue into 2026.

如同預期，佛羅里達峽谷在 2025 年針對多項持續推動的計畫進行了重大投資，以支持未來多年維持具獲利性的採礦營運。佛羅里達峽谷長期持續改善計畫中這一資本密集階段，將延續至 2026 年。

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

目前正於多個關鍵領域進行重大投資，包括堆浸墊（heap leach pad）擴建、增加資本化的剝離廢石（waste stripping）、更新的移動式設備車隊、製程最佳化，以及強化礦山規劃。目標在於維持並擴大佛羅里達峽谷的規模、延長礦山壽命，並改善過去投資不足的問題。

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

Integra 正在為未來建立更高效率、壽命更長的營運基礎，並在未來幾年改善產量與成本結構。公司在佛羅里達峽谷的持續工作將納入預計於 2026 年年中發布的更新版全礦山壽命計畫（life of mine plan）；屆時 Integra 旨在凸顯這項核心資產令人振奮的未來。

For a Canyon's ability to generate cash flow has allowed the company to expedite and bolster initiatives at the DeLamar project and advance mining mine permitting efforts on that project. The company's enhanced financial strength has also allowed for an increased 2025 budget for the Nevada North Project to complete crucial test work to support future economic studies and permitting. That should be 2026.

佛羅里達峽谷創造現金流的能力，使公司得以加速並強化 DeLamar 專案的各項工作，並推進該專案的採礦許可申請。公司更強健的財務實力，也使 Nevada North 專案的 2025 年預算得以提高，以完成關鍵測試工作，支援未來的經濟研究與許可作業。那應該是 2026 年。

Integra is well positioned to deliver on its goal of profitability and project advancement while progressing its long-term vision of building a US focused intermediate coal producer.

Integra 已具備良好條件，可在推進長期願景（打造以美國為重點的中型煤炭生產商）的同時，實現獲利與專案推進的目標。

Turning now to slide 5, we have highlighted several metrics that underscore our key successes in 2025. Our first full year of operations. While there is still much work ahead of us, the mine currently is operating consistently and profitably, adding to Integra's cash balance to support the development and advancement of DeLamar and Nevada North.

接著看第 5 張投影片，我們列出數項指標，以凸顯 2025 年的關鍵成功要素。這是我們完整營運的第一年。雖然前方仍有許多工作要做，但礦山目前運作穩定且具獲利性，並持續增加 Integra 的現金餘額，以支持 DeLamar 與 Nevada North 的開發與推進。

We met production guidance in 2025 as Florida Canyon demonstrated consistent performance with a total of 70,927 ounces of gold produced at cash costs of $1,937 per ounce, and mined all in sustaining costs of $2,693 per ounce.

我們在 2025 年達成產量指引；佛羅里達峽谷展現穩定表現，全年黃金產量合計 70,927 盎司，現金成本為每盎司 1,937 美元，採礦全維持成本（AISC）為每盎司 2,693 美元。

The average realized gold price during the year was $3,411 per ounce, allowing Integrit to demonstrate its significant cash flow leverage to the gold spot price.

本年度已實現的平均黃金價格為每盎司 3,411 美元，使 Integrit 得以展現其對黃金現貨價格的顯著現金流槓桿效應。

Full year 2025 revenue was a record $243.9 million and operating cash flow generated from Florida Canyon was $72.3 million. During the year, Integra deployed $52.4 million of sustaining and growth capital at Florida Canyon to support important initiatives such as heat bleach pad expansions, fleet refurbishments, capitalized stripping, and growth drilling.

2025 全年營收創新高，達 2.439 億美元；Florida Canyon 產生的營運現金流為 7,230 萬美元。年內，Integra 在 Florida Canyon 投入 5,240 萬美元的維持性與成長性資本，以支持多項重要計畫，包括加熱漂洗墊（heat bleach pad）擴建、車隊翻新、資本化剝採，以及成長鑽探。

Full year 2025 adjusted earnings for the company was a record $47.3 million or $0.28 per share. Integra ended the quarter with a robust cash balance of $63.1 million positioning us to execute on all major objectives.

公司 2025 全年調整後盈餘創新高，達 4,730 萬美元，或每股 0.28 美元。本季末，Integra 擁有強勁的現金餘額 6,310 萬美元，使我們得以執行所有主要目標。

At DeLamar 2025 was marked by significant milestones including the signing of a relationship agreement with the Shoshone Paiute tribes of Death Valley in August, the acceptance of our mine plan of operations by the BLM in September 2025, and last but not least, ending the year with a very robust feasibility study at DeLamar.

在 DeLamar，2025 年達成多項重要里程碑，包括 8 月與死亡谷（Death Valley）的 Shoshone Paiute 部落簽署關係協議、2025 年 9 月我們的礦山營運計畫獲 BLM 接受，以及最重要的是，年底完成一份非常扎實的 DeLamar 可行性研究。

We will provide further commentary on these important milestones later on in the call. Now I will hand the call over to our Chief Operating Officer Cliff to discuss the operating results for Florida Canyon in Q4 in full year 2025. Over to you, Cliff.

我們將在稍後的電話會議中，對這些重要里程碑提供進一步說明。現在我將把電話交給我們的營運長 Cliff，請他完整說明 Florida Canyon 於 2025 年第四季及全年營運成果。交給你了，Cliff。

Thank you, George, and hello everyone. Now on slide 6. Here we've outlined key operating metrics for Florida Canyon in the fourth quarter and full year of 2025.

謝謝你，George，各位大家好。現在請看第 6 張投影片。這裡我們列出了 Florida Canyon 在 2025 年第四季及全年關鍵營運指標。

We mine approximately 3.4 million tons of ore and 2.4 million tons of waste in Q4 2025, resulting in a strip ratio of 0.71. Waste mining rates decreased in Q4 2025 compared to Q3 2025 due to a provisional adjustment of the mine sequence in Q3 to overcome dust suppression challenges caused by temporary water shortage in the dry summer months.

2025 年第四季，我們開採約 340 萬噸礦石與 240 萬噸廢石，剝採比為 0.71。與 2025 年第三季相比，2025 年第四季廢石開採率下降，原因是第三季為克服乾燥夏季月份因暫時性缺水所造成的抑塵挑戰，而對採礦順序進行了臨時調整。

The temporary water shortage in Q3 2025 was caused by a problematic historic water well, which has since been successfully replaced.

2025 年第三季的暫時性缺水源於一口歷史水井出現問題，目前已成功更換。

For the full year 2025, the company mined a total of 12 million tons of ore and 10.6 million tons of waste, resulting in a strip ratio of 0.88, which reflects continued investment in increased waste stripping in higher pits and increased run of mine tons place.

2025 全年，公司合計開採 1,200 萬噸礦石與 1,060 萬噸廢石，剝採比為 0.88，反映公司持續投資於較高礦坑的廢石剝採增加，以及原礦（run of mine）堆置量增加。

Florida Canyon produced 12,864 ounces of gold in the fourth quarter of 2025. The decrease in production in Q4 compared to Q3 2025 was due to a one-time temporary reduction in solution flow rates to repair a liner tear in a solution pond. The tear was fully repaired by mid-November with no solution releases and no environmental impact.

Florida Canyon 在 2025 年第四季生產 12,864 盎司黃金。第四季相較 2025 年第三季產量下降，係因一次性、短期降低溶液流量以修復溶液池襯膜破損。該破損已於 11 月中旬前完成修復，未發生溶液外洩，亦無環境影響。

An additional protective layer was added to the liner where the tear occurred, and access for personnel and equipment was improved for inspections.

我們在破損處的襯膜上加設額外保護層，並改善人員與設備進出以利檢查。

Solution flow rates were restored to normal levels before the end of the year, and deferred gold balances associated with this temporary solution reduction are expected to be recovered in 2026.

溶液流量已於年底前恢復至正常水準；與此次短期降低溶液流量相關而遞延的黃金結餘，預期將於 2026 年回收。

During the quarter, Florida Canyon completed construction of the phase 3B heat bleach pad with regulatory approval to begin bleaching expected early in 2026. The company also advanced its fleet revitalization program and refurbishment of some legacy haul trucks and loaders, while also commissioning four new machines, a brand-new Hitachi EX 3600 front shovel, the Caterpillar 992 HL loader. And two Caterpillar 785 haul trucks.

本季期間，Florida Canyon 完成第 3B 期加熱漂洗墊（heat bleach pad）建置，並已取得法規核准，預計於 2026 年初開始漂洗。公司亦推進車隊更新計畫，翻修部分既有的自卸卡車與裝載機，同時啟用四台新機具，包括全新的 Hitachi EX 3600 正鏟挖掘機、Caterpillar 992 HL 裝載機，以及兩台 Caterpillar 785 自卸卡車。

An additional six Caterpillar 785 haul trucks are expected to be commissioned in the first half of 2026, and refurbishment of legacy pieces will continue. The upgraded fleet is expected to reduce reliance on expensive rental equipment, enhance productivity, and lower mining unit rate costs over the coming years.

另有六台 Caterpillar 785 自卸卡車預計於 2026 年上半年啟用，既有設備的翻修也將持續進行。升級後的車隊預期可降低對昂貴租賃設備的依賴、提升生產力，並在未來數年降低採礦單位成本。

Despite the dust suppression and liner tear challenges faced in 2025, I'm proud to announce that the team at Florida Canyon produced a total of 70,927 gold ounces for 2025, which is within the company's annual guidance of 70,000 to 75,000 gold ounces for that year.

儘管 2025 年面臨抑塵與襯膜破損等挑戰，我仍很自豪地宣布，Florida Canyon 團隊於 2025 年合計生產 70,927 盎司黃金，落在公司當年度 70,000 至 75,000 盎司黃金的年度指引範圍內。

Average gold process recoveries in the quarter and for the full year 2026 were 59.2% and 60.1% respectively in line with our expectations. Cash costs averaged $2,036 per gold ounce in quarter four 2025 and $1,937 per gold ounce for the full year.

本季及 2026 全年的平均黃金處理回收率分別為 59.2% 與 60.1%，符合我們的預期。2025 年第四季現金成本平均為每盎司黃金 2,036 美元，全年為每盎司黃金 1,937 美元。

Mine site Ace averaged $3,371 per gold ounce in Q4 2025 and $2,693 per gold ounce for the full year. This is slightly higher than the company's 2025 Ace guidance.

礦場 AISC（全維持成本）在 2025 年第四季平均為每盎司黃金 3,371 美元，全年為每盎司黃金 2,693 美元。此水準略高於公司 2025 年 AISC 指引。

Like many of our peers, elevated gold prices are adding cost pressure in the form of increased royalty and tax payments. These royalties and excise taxes make up a material component of our cash costs and mine site Ace and are directly impacted by fluctuations in the gold price.

與許多同業一樣，金價走高正透過權利金與稅負增加的形式帶來成本壓力。這些權利金與消費稅（excise taxes）構成我們現金成本與礦場 AISC 的重要部分，並會直接受到金價波動影響。

For instance, a $100 per ounce change in the gold price impacts cash costs in mine site Ace by approximately $7 per gold ounce.

例如，金價每盎司變動 100 美元，將使現金成本與礦場 AISC 約變動每盎司黃金 7 美元。

In quarter four 2025, the company invested $16.9 million in sustaining capital and $52.4 million for the full year 2025, reflecting the company's continued commitment to reinvesting in Florida Canyon through new heat bleach pad construction, catch up and increased capital stripping, and mobile equipment refurbishments and financing.

2025 年第四季，公司投入 1,690 萬美元維持性資本；2025 全年投入 5,240 萬美元，反映公司持續承諾透過新加熱漂洗墊建置、補進度與增加的資本化剝採，以及移動設備翻修與融資，對 Florida Canyon 進行再投資。

The company also invested $2.9 million in non-sustaining growth capital during Q4 2025 and $5.5 million for the full year. This spending was focused on testing lateral extensions and input infill drilling, as well as historic waste rock dump drilling.

公司亦於 2025 年第四季投入 290 萬美元非維持性成長資本，全年合計 550 萬美元。此支出主要用於測試側向延伸與加密鑽探（infill drilling），以及歷史廢石堆鑽探。

The expanded 2025 exploration program completed approximately 16,000 m in 2025 and will continue into 2026. Drilling is focused on three key areas evaluating near surface oxide potential from historic waste areas, expanding in-situ resources between existing open pits, and testing ladder extensions and conducting in-pit infill drilling.

擴大的 2025 年勘探計畫於 2025 年完成約 16,000 公尺鑽探，並將延續至 2026 年。鑽探聚焦三大重點區域：評估歷史廢棄區域之近地表氧化礦潛力、擴增既有露天礦坑之間的原位資源量，以及測試側向延伸並進行坑內加密鑽探。

The program is specifically designed to support resource and reserve growth and extend mine life for Florida Canyon. The information from this program will be included in an updated technical report which is tracking for the end of Q2 2026.

該計畫專為支持 Florida Canyon 的資源量與儲量成長、並延長礦山壽命而設計。此計畫資訊將納入一份更新後的技術報告，預計於 2026 年第二季末完成。

Moving on to slide 7. Here we're highlighting Integra's 2026 production and cost guidance for Florida Canyon as well as our 2027 and 2028 production guidance.

接著看第 7 張投影片。這裡我們重點說明 Integra 對 Florida Canyon 的 2026 年產量與成本指引，以及 2027 與 2028 年的產量指引。

Gold production from Florida Canyon is expected to be within $700,000 to 75,000 gold ounces in 2026. The company is planning to mine approximately 13.9 million tons of ore and 19.3 million tons of waste for a total of 33.2 million tons, resulting in a strip ratio of 1.39.

Florida Canyon 於 2026 年的黃金產量預期介於 70,000 至 75,000 盎司黃金。公司計畫開採約 1,390 萬噸礦石與 1,930 萬噸廢石，合計 3,320 萬噸，剝採比為 1.39。

The expected increase in waste stripping in 2026 is a continuation of the makeup stripping left by previous owners in addition in addition to a targeted pit expansion.

預期2026年的廢石剝採增加，係延續前任業主留下的補償性剝採作業，並且另加上針對性的礦坑擴張。

2026 cash costs at Florida Canyon are expected to range between $1900 to $2100 per gold ounce sold, including royalties at the assumed gold price. The increase to the cash cost guidance range in 2026 versus 2025 is primarily a result of the higher gold price assumption.

預期佛羅里達峽谷（Florida Canyon）2026年的現金成本將介於每售出一盎司黃金1,900至2,100美元之間，並在假設的金價下包含權利金。2026年相較2025年現金成本指引區間上調，主要是由於較高的金價假設。

2026 sustaining capital expenditures of approximately $62 million to $68 million are focused on capitalized waste stripping, mobile fleet rebuild and replacement financing, infill and development drilling, as well as other projects.

2026年約6,200萬至6,800萬美元的維持性資本支出，將聚焦於資本化廢石剝採、行動設備車隊翻修與汰換融資、加密與開發鑽探，以及其他專案。

Infill and development drilling at Florida Canyon will consist of 31,000 m of reverse circulation drilling focused on near mine targets designed to support oxide mineral reserve and resource growth.

佛羅里達峽谷的加密與開發鑽探將包括31,000公尺的反循環鑽探，聚焦於礦區附近目標，旨在支持氧化礦物儲量與資源量成長。

2026 mine site A for Florida Canyon is expected to range from $2,750 to $2950 per ounce of gold sold, which reflects the capital-intensive period at Florida Canyon expected in 2026, continuing from 2025. The increase to the mine site Ace guidance range in 2026 versus 2025. Is primarily a result of the higher gold price assumptions impacting royalty costs, increased fleet rebuild financing, increased infill and development drilling, and increased waste stripping, all of which are designed to increase gold production in 2027 and 2028.

預期佛羅里達峽谷2026年的礦場A（mine site A）將介於每售出一盎司黃金2,750至2,950美元之間，反映出佛羅里達峽谷在2026年（延續自2025年）預期的資本密集期。2026年相較2025年礦場AISC（mine site AISC）指引區間的上升。主要是由於較高的金價假設影響權利金成本、增加車隊翻修融資、增加加密與開發鑽探，以及增加廢石剝採；上述措施皆旨在提升2027年與2028年的黃金產量。

The spending in 2025 and 2026 is expected to support increased annual gold production at Florida Canyon to approximately 80,000 to 90,000 ounces per year.

預期2025年與2026年的支出將支持佛羅里達峽谷年度黃金產量提升至約每年80,000至90,000盎司。

Growth capital between $7.5 million and $9.5 million at Florida Canyon will be deployed in 2026 on expansion projects and studies whose results will be included in the updated technical report, which again is to be released at the end of the second quarter of 2026. These funds will also be used to fund growth exploration outside of the current area of operations.

佛羅里達峽谷2026年的成長資本（growth capital）約介於750萬至950萬美元，將用於擴張專案與研究，其成果將納入更新後的技術報告；該報告預計同樣於2026年第二季末發布。這些資金亦將用於資助現有作業區域之外的成長型探勘。

The technical report will include the results of the oxide growth drilling program from 2025 and early 2026, which focused on the near mine targets, including intric pit areas and historical low grade stockpiles. Approximately $2.8 million has been allocated to support.

技術報告將包含2025年及2026年初氧化礦成長鑽探計畫的成果，該計畫聚焦於礦區附近目標，包括礦坑內區域與歷史低品位堆存料。已配置約280萬美元用以支持。

The 2026 growth exploration program with approximately 8,000 m of reverse circulation drilling and 1,000 m of core drilling focused on testing and finding new targets outside of the current area of operations, something which has not occurred at Florida Canyon in many years.

2026年成長型探勘計畫，約包括8,000公尺反循環鑽探與1,000公尺岩心鑽探，聚焦於測試並尋找現有作業區域之外的新目標；這是佛羅里達峽谷多年來未曾進行的工作。

I'll now pass the call back to George to discuss key 2025 highlights from the DeLamar project.

我現在把電話交回給George，請他說明DeLamar專案在2025年的重點亮點。

Okay, thanks, Cliff. In 2025, the company continued to advance and de-risk its flagship development asset, the DeLamar Project located in Idaho. These efforts led to multiple significant milestones in 2025 and early 2026.

好的，謝謝你，Cliff。2025年，公司持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。這些努力在2025年及2026年初帶來多項重要里程碑。

From a permitting perspective, the mine plan of operations for DeLamar, which was submitted for review to the BLM and cooperating federal and state agencies in early 2025, was determined to be administratively complete in August of 2025. The BLM and its third-party NEPA consultant SWCA.

就許可申請而言，DeLamar的礦山作業計畫（mine plan of operations）於2025年初提交給BLM及合作的聯邦與州機關審查，並於2025年8月被認定為行政上完整（administratively complete）。BLM及其第三方NEPA顧問SWCA。

And cooperating agencies will now proceed with environmental review of the project and a range of reasonable alternatives, including a no action alternative in accordance with the NEPA guidelines. Concurrently, Integra is working with federal, state, and local regulatory authorities to obtain all necessary permits for mine construction operations and reclamation.

以及合作機關將依NEPA指引，開始對專案及一系列合理替代方案進行環境審查，包括「不採取行動」替代方案。同時，Integra正與聯邦、州及地方監管機關合作，以取得礦山建設、營運及復墾所需的全部許可。

The DeLamar Project's permitting timeline was posted to the FT 41 project dashboard on January 13, 2026. The FT 41 Transparency Project program is a federal permitting framework designed to streamline environmental reviews, improve interagency coordination, and increase transparency.

DeLamar專案的許可時程已於2026年1月13日發布於FT 41專案儀表板。FT 41透明化專案（Transparency Project）計畫是一套聯邦許可框架，旨在精簡環境審查、改善跨機關協調並提升透明度。

Agencies must develop and maintain a coordinated project-specific timeline for all required environmental review and permitting actions. Integra will be designated a dedicated project advisor from the permitting council who will monitor the advancement of the project, maintaining active engagement and coordination across multiple regulatory agencies.

各機關必須就所有必要的環境審查與許可行動，制定並維持一份協調一致、以專案為特定對象的時程表。Integra將由許可委員會指派一名專責專案顧問，監督專案推進，並在多個監管機關之間維持積極參與與協調。

The permitting council provides high level oversight to ensure that federal agencies adhere to established timetables. The DeLamar Project's permitting timeline posted to the FT 41 project dashboard highlights an accelerated 15-month NEPA schedule from start to finish.

許可委員會提供高層級監督，以確保聯邦機關遵循既定時程。發布於FT 41專案儀表板的DeLamar專案許可時程，凸顯自始至終加速的15個月NEPA時程。

From an engineering perspective, Integra Advanced detailed engineering work in 2025 and completed in December of 2025 its fabulous feasibility study.

就工程面而言，Integra於2025年推進更深入的詳細工程工作，並於2025年12月完成其可行性研究。

The fee study for DeLamar confirmed robust economics for a low cost, large scale conventional open pit oxide heat bleach operation with competitive operating costs and a high rate of return. Cliff will touch on the key feasibility study highlights on the next slide.

DeLamar的可行性研究確認：該專案為低成本、大規模、傳統露天氧化礦堆浸作業，具備具競爭力的營運成本與高報酬率，經濟性強勁。Cliff將在下一張投影片說明可行性研究的重點亮點。

Lastly, I'm pleased to report that in the third quarter of 2025, a historic relationship agreement was executed with the Shoshone Paiute Tribes of Duck Valley, establishing a transformative and long-term partnership for the development of DeLamar.

最後，我很高興報告，於2025年第三季，我們與Duck Valley的Shoshone Paiute部族簽署了一項具歷史意義的關係協議，為DeLamar的開發建立具轉型意義且長期的合作夥伴關係。

I will now pass the call back to Cliff for further comments on the DeLamar feasibility study. Over to you, Cliff.

我現在把電話交回給Cliff，請他進一步評論DeLamar可行性研究。交給你了，Cliff。

Thanks George. As noted, the company completed its feasibility study for the DeLamar project. This occurred on December 8th, 2025.

謝謝你，George。如前所述，公司已完成DeLamar專案的可行性研究。該研究於2025年12月8日完成。

The FS outlines total production of 1.1 million ounces of gold equivalent ounces over a 10-year operating mine life, with an additional two years of residual leaching, resulting in an average annual production profile of 106,000 gold equivalent ounces per year at a co-product mine site a of $1480 per gold equivalent ounce.

可行性研究（FS）概述：在10年礦山營運壽命內，總產量為110萬盎司黃金當量，另加上兩年的殘餘浸出，使平均年產量約為每年106,000盎司黃金當量；按共產品計算的礦場A（mine site A）為每盎司黃金當量1,480美元。

Initial capital costs for the project were estimated at $389 million including $38 million of owners' costs. Life of mine sustaining capital costs are estimated at $305 million. The project generates an after-tax NPV of approximately $774 million with an after-tax internal rate of return of 46%, assuming base case gold and silver prices of $3000 an ounce and $35 an ounce respectively.

專案初始資本成本估計為3.89億美元，其中包含3,800萬美元的業主成本（owners' costs）。全礦期（life of mine）維持性資本成本估計為3.05億美元。在基準情境假設金價每盎司3,000美元、銀價每盎司35美元下，專案稅後淨現值（NPV）約為7.74億美元，稅後內部報酬率（IRR）為46%。

After-tax NPV improved to approximately $1.9 billion and after-tax IRR of 97% using recent gold and silver prices of $4500 an ounce and $65 an ounce respectively.

若採用近期金價每盎司4,500美元、銀價每盎司65美元，稅後NPV提升至約19億美元，稅後IRR為97%。

Now we'll hand the call back to George to discuss our groundbreaking relationship agreement between Integra and Shoshone-Paiute.

現在我們把電話交回給George，請他說明Integra與Shoshone-Paiute之間具開創性的關係協議。

Thanks, Cliff. In August, Integra announced that it entered into a relationship agreement with the Shoshone-Paiute Tribes of Duck Valley, whose Aboriginal territories cover much of the tri-state area of Idaho, Nevada, and Oregon.

謝謝你，Cliff。8月，Integra宣布已與Duck Valley的Shoshone-Paiute部族簽訂關係協議；其原住民傳統領域涵蓋愛達荷州、內華達州與奧勒岡州三州交界地區的大部分範圍。

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.

這項具開創性的協議，為在肖松尼—派尤特（Shoshone-Paiute）傳統家園上開發 DeLamar 專案建立了一個具變革性且長期的夥伴關係。此協議在美國本土 48 州中前所未見，兼具承認部落主權，並就位於聯邦管理土地上的專案，以協作方式推動可持續的長期經濟發展。

The agreement is the result of five years of collaboration between the Shoshone-Paiute and Integra and will serve to guide the partnerships throughout the entire life of mine at the DeLamar Project. The agreement provides a framework to foster collaboration and co-management of various aspects related to the DeLamar project. Including but not limited to the following indigenous recognition, economic empowerment and participation, cultural and environmental protection, consensus-based regulatory collaboration, and community investment and performance monitoring.

該協議是肖松尼—派尤特與 Integra 五年合作的成果，並將在 DeLamar 專案礦山全生命週期中指引雙方夥伴關係。該協議提供一個框架，以促進就 DeLamar 專案相關各面向的協作與共同管理。包括但不限於以下內容：原住民權益與地位之承認、經濟賦權與參與、文化與環境保護、以共識為基礎的監管協作，以及社區投資與績效監測。

Integra is incredibly proud to enter into this partnership with the Shoshone-Paiute tribes 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.

Integra 非常自豪能與肖松尼—派尤特部落建立此一夥伴關係；我們將努力建立長久、尊重、互信且協作的關係，以創造具體價值。透過此夥伴關係，我們正在建立穩健且長期的可預測性，同時提供基礎平台，讓地方與區域的經濟機會得以蓬勃發展。

I will now pass the call back to Cliff to provide an update on Nevada North on slide 11. Over to you, Cliff.

我現在把電話交回給 Cliff，請他在第 11 張投影片更新 Nevada North 的進展。交給你了，Cliff。

Thanks George. During Q4 2025, the company continued to advance the Nevada North Project, which consists of the Wildcat and Mountain View deposits.

謝謝你，George。在 2025 年第四季，公司持續推進 Nevada North 專案，該專案由 Wildcat 與 Mountain View 礦床組成。

At the wildcat deposit, field work in late 2025 consisted of the completion of four monitoring wells to collect hydrogeological data for ongoing study and modeling work, which will continue into 2026. The study and modeling work will be important for supporting upcoming permitting activities.

在 Wildcat 礦床，2025 年底的現場工作包括完成四口監測井，以蒐集水文地質資料，用於持續的研究與建模工作，並將延續至 2026 年。該研究與建模工作對於支援即將展開的許可申請活動將十分重要。

Also, the geochemical characterization of ore and waste rock work by humidity cell testing that was initiated in Q1 2025 is expected to be completed in Q2 2026. Additional studies that are underway at Wildcat include spring and seat monitoring, as well as raptor and migratory bird surveys.

此外，自 2025 年第一季啟動、透過濕度槽（humidity cell）測試進行的礦石與廢石地球化學特性鑑定工作，預計將於 2026 年第二季完成。Wildcat 目前進行中的其他研究還包括泉水與沉積物監測，以及猛禽與候鳥調查。

The environmental analysis for the Wildcat Environmental Plan of Operations or EPO is complete and final signatures required from the BLM are expected in the next week. After final sign off, the Wildcat EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns that we will initiate in 2026.

Wildcat《營運環境計畫》（Environmental Plan of Operations，EPO）的環境分析已完成，預計在下週取得美國土地管理局（BLM）所需的最終簽署。完成最終核准後，Wildcat EPO 將為我們在 2026 年啟動的大幅擴展勘探與鑽探計畫提供更大的彈性。

The reclamation permit from Nevada Division of Environmental Protection Bureau of Mining Regulation and Reclamation, or NDEPBMRR, is also in progress with anticipated approval in Q2 2026.

由內華達州環境保護署礦業監管與復墾局（Nevada Division of Environmental Protection Bureau of Mining Regulation and Reclamation，NDEP BMRR）核發的復墾許可也在辦理中，預計於 2026 年第二季獲准。

At Mountain View, environmental analysis of the EPO is also complete. The Mountain View EPO has completed its 30-day public comment period, and a final environmental assessment was published in Q4 2025. The NDEP BMRR reclamation permit approval for the Mountain View deposit is expected in Q2 2026 as well. Once approved, the Mountain View EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns in the future.

在 Mountain View，EPO 的環境分析也已完成。Mountain View EPO 已完成 30 天的公開意見徵詢期，並於 2025 年第四季發布最終環境評估。Mountain View 礦床的 NDEP BMRR 復墾許可核准也預計在 2026 年第二季取得。一旦獲准，Mountain View EPO 將在未來為大幅擴展的勘探與鑽探計畫提供更大的彈性。

With favorable financial resources available, we are moving to advance the de-risking activities at Nevada North, beginning work on an updated technical report at PFS level in 2026, targeted release date in H-1-2027.

在具備充足且有利的財務資源下，我們正推進 Nevada North 的降風險（de-risking）工作，並將於 2026 年開始編製更新版、達到 PFS（初步可行性研究）層級的技術報告，目標於 2027 年上半年發布。

I'll now pass the call to our CFO Andre to provide an overview of the Q4 and full year financial results.

我現在把電話交給我們的財務長 Andre，請他概述第四季及全年財務結果。

Thanks, Cliff. Integra closed fiscal 2025 in a strong financial position. With a cash balance of $63.1 million and working capital of $92.9 million. For $150 million convertible loan with BD Capital was converted in December 2025.

謝謝你，Cliff。Integra 以強勁的財務狀況結束 2025 財政年度。現金餘額為 6,310 萬美元，營運資金為 9,290 萬美元。與 BD Capital 的 1.5 億美元可轉換貸款已於 2025 年 12 月完成轉換。

The company is now debt-free with the exception of mobile equipment leases at Florida Canyon. The company reported Q4 revenues of $55.2 million and cost of sales of $29.9 million, resulting in $25.3 million in mine operating earnings, which equates to a strong 46% operating margin.

除 Florida Canyon 的行動設備租賃外，公司目前已無負債。公司第四季營收為 5,520 萬美元，銷售成本為 2,990 萬美元，礦山營運收益為 2,530 萬美元，相當於強勁的 46% 營運毛利率。

The increasing profit margin is a result of an increase in gold price. This quarter, we realized an average gold price of $4,229 per ounce.

利潤率提升主要來自金價上漲。本季我們實現的平均金價為每盎司 4,229 美元。

We reported full year 2025 revenues of $243.9 million and cost of sales of $149.4 million, resulting in $94.5 million in mine operating earnings, which equates to a 39% operating profit margin. The increasing profit margin versus 2024 is a result of an increase in gold price.

我們報告 2025 全年營收為 2.439 億美元，銷售成本為 1.494 億美元，礦山營運收益為 9,450 萬美元，相當於 39% 的營運利潤率。相較 2024 年利潤率提升，主要原因同樣是金價上漲。

As mentioned by George earlier, this year we realized an average gold price of $3,411 per ounce. Integra reported a full year 2025 adjusted earnings of $447.3 million or $0.28 per share. The stronger adjusted earnings in 2025 versus 2024 reflects a full year of operations in 2025 versus 2024 which only included roughly two months of operations.

如 George 先前提到，今年我們實現的平均金價為每盎司 3,411 美元。Integra 2025 全年調整後盈餘為 4.473 億美元，或每股 0.28 美元。2025 年相較 2024 年調整後盈餘更強，反映 2025 年為全年營運，而 2024 年僅約包含兩個月的營運。

I will now pass the call back to George to discuss strategic objectives for 2026.

我現在把電話交回給 George，請他討論 2026 年的策略目標。

Thanks Andre. So looking forward, our priorities for 2026 remain in line with our strategy to become a leading mid-tier gold producer.

謝謝你，Andre。展望未來，我們 2026 年的優先事項仍與我們成為領先中型金礦生產商的策略一致。

At Florida Canyon, we've got a lot of great things to accomplish this year. We aim to optimize production, grow cash flow, and continue to demonstrate growth potential through the completion of an updated mineral resource estimate and life of mine plan in 2026.

在 Florida Canyon，我們今年有許多重要工作要完成。我們的目標是最佳化產量、提升現金流，並透過在 2026 年完成更新版礦產資源量估算與礦山壽命（LOM）計畫，持續展現成長潛力。

We believe that this updated technical report, 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 of itself.

我們相信這份更新版技術報告將使 Florida Canyon 成為公司的關鍵轉捩點，並向市場證明該礦山未來將具備長期且可觀的獲利前景。

At DeLamar, we continue to refine the feasibility study with an expected release date in 2025. We are very excited to share this long awaited update for our flagship development asset. On the permitting front, we continue to work closely with the Bureau of Land Management to determine the project advancement schedule which we expect to receive clarity on in early 2026.

在 DeLamar，我們持續完善可行性研究，預計於 2025 年發布。我們非常期待分享這項旗艦開發資產久候多時的更新。在許可方面，我們持續與美國土地管理局密切合作，以確定專案推進時程；我們預期在 2026 年初獲得更明確的資訊。

Dellemar 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 value of this project.

DeLamar 仍是美國少數在可行性研究階段、且正積極透過聯邦礦山許可程序推進的大型貴金屬專案之一，凸顯該專案的稀缺性價值。

To summarize, at Nevada North, we continue to de-risk the project and lay the foundation for future development. On the capital market side, we also continue to bolster our profile and investor awareness, leading to enhanced trading liquidity and index inclusion which we have just recently experienced.

總結而言，在 Nevada North，我們持續為專案降風險並為未來開發奠定基礎。在資本市場方面，我們也持續強化公司能見度與投資人認知，帶動交易流動性提升與納入指數，而這些我們近期已經有所體會。

In recent months we have seen a significant benefit for our New York Stock Exchange American listing, which has provided a significant increase to our overall trading liquidity and investment appeal. On the longer-term horizon, we continue to evaluate strategic and creative M&A opportunities that support a strategic goal of becoming a mid-tier gold producer.

近幾個月來，我們看到紐約證券交易所美國板（NYSE American）上市為我們帶來顯著效益，明顯提升整體交易流動性與投資吸引力。在更長期的視野下，我們持續評估具策略性且具創意的併購（M&A）機會，以支持成為中型金礦生產商的策略目標。

I would now like to end the formal part of the presentation with slide 14 as it captures our strategy, production, growth scale, jurisdiction, and team.

我現在想以第14張投影片結束簡報的正式部分，因為它概括了我們的策略、生產、成長規模、司法管轄區以及團隊。

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.

我們目前已生產黃金並產生現金流，用以推進我們以美國為重點的高品質開發資產組合，支撐我們在同業中領先的成長曲線。我們在美國大盆地擁有黃金與白銀的最大庫存之一，且不受大型礦業公司控制。

Our pipeline of development projects are being efficiently de-risked without dilution. We operate in Idaho and Nevada, two of the best mining jurisdictions globally. Lastly, our people are our most important 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 producer.

我們的開發專案管線正以高效率在不稀釋股權的情況下逐步去風險。我們在愛達荷州與內華達州營運，這兩地是全球最佳的採礦司法管轄區之一。最後，我們的人才是最重要的資產。我們擁有一支精挑細選的團隊，具備成功實績與深厚的產業經驗。Integra 是一家美國黃金生產商，具備成長跑道，並有清晰策略成為中型生產商。

At this point I would like to turn the call back to the operator to begin with the Q&A.

接下來我想把電話交回給接線員，開始問答環節。

(Operator Instructions)

(接線員指示)

Heiko Ihle, H C Wainwright.

Heiko Ihle，H C Wainwright。

Hey George, and team, thanks for taking my questions and obviously congratulations to Chantal on his appointment there.

嗨 George 和團隊，謝謝你們回答我的問題，當然也恭喜 Chantal 獲得任命。

The waste stripping scene in the higher pits, how should we model this quarter by quarter for the year? And I assume there's not really a scientific direct answer to this, but maybe just a roundabout impact on costs, like a quantifiable impact on costs.

關於較高礦坑的廢石剝離情況，我們應該如何按季度來建模今年的狀況？我想這可能沒有真正科學且直接的答案，但也許可以用較概括的方式說明對成本的影響，例如可量化的成本影響。

Okay, Heiko, hi, thanks for dialing in for the call. I'm going to pass that call over to Cliff and Greg. I think they can handle that one.

好的，Heiko，你好，謝謝你撥入參加電話會議。我會把這個問題交給 Cliff 和 Greg。我想他們可以回答。

Yeah, this is Greg, and you're right, that's not a straightforward answer. We will be heavily stripping in the definitely in the first part of the year. And that should, as we get deeper in the deposit, it should start to taper off, maybe not super visibly.

對，我是 Greg，你說得沒錯，這不是一個簡單明確的答案。我們在今年前半段肯定會進行大量剝離。隨著我們往礦體更深處推進，剝離量應該會開始逐步下降，但可能不會非常明顯。

In the second half, but it will start tapering off. We'll start seeing more ore in those pits. As we progress deeper, like I say, it's not a straightforward answer. But, you can expect waste stripping all year. I guess.

在下半年會開始下降。我們會在那些礦坑看到更多礦石。如我所說，隨著我們往更深處推進，這不是一個簡單的答案。但你可以預期全年都會有廢石剝離。大概是這樣。

Okay.

好的。

Sorry, Heiko, just to jump in like this was expected for 2025, 2026, and then, it'll be tapering off in Q1 2027, and then we'll have that this is what's allowing the higher production predicted in 2027-2028.

抱歉 Heiko，我插一句：這是 2025、2026 年的既定預期，然後在 2027 年第一季會開始趨緩；而這正是支撐 2027-2028 年預測較高產量的原因。

Got it. Okay. And then cost wise, essentially just trend line it every quarter.

了解。好的。那成本方面，基本上就是每季用趨勢線來推估。

Cliff, Greg, will you?

Cliff、Greg，你們要不要？

Yeah, sorry, so it's a little bit weighted to the front half I think we had something like 55% of the sustaining costs in H1 and 45% in H2 something like that. Which the waste has a has a large component of it.

對，抱歉，所以我認為它在上半年會稍微偏重一些；我們大概是上半年占維持性成本的 55%，下半年 45%，大概是這樣。其中廢石剝離占了很大一部分。

Got it. That's exactly what I needed. Perfect. Okay. And then purely out of curiosity, have you seen any incremental interest from investors that maybe you didn't have before following the GDXJ inclusion? I mean just just wondering if the phone's been ringing a little bit more from more random or more generalist funds that maybe haven't really heard your name before.

了解。這正是我需要的。太好了。好的。另外純粹好奇，納入 GDXJ 之後，你們是否看到一些以前沒有的投資人新增興趣？我的意思是，只是想知道是否有更多比較隨機或更偏一般型（generalist）的基金來電，可能以前沒怎麼聽過你們。

Yeah, Haiko, maybe I can address that one. So the bespoke financing that we did, which was focused on the DeLamar early works programs, a lot of the demand for that financing was led by a lot of new institutions and specifically three large generalist funds which were not previously on our registry.

是的，Haiko，也許我可以回答這題。我們做的那筆客製化融資，重點是用於 DeLamar 的前期工程計畫；該融資的需求很大一部分來自許多新的機構投資人，特別是三家大型一般型基金，先前並未出現在我們的股東名冊上。

And which was great news. Obviously, we're in a market that's been expecting the generalist funds to show up, right, and we're certainly seeing that various conferences that we've attended, we've seen more generalist interest to hear the story, which is great.

這是很好的消息。顯然，市場一直在期待一般型基金進場，對吧；而我們確實看到，在我們參加的各種會議上，有更多一般型投資人對了解這個故事感興趣，這很棒。

Now addressing the GDXJ inclusion, all I can say about that is, we did experience increased trading liquidity in advance of the actual GDXJ announcement, as there's there's a certain element of pre-warning that GDXJ is coming and not by us, obviously by newsletter writers and by research analysts that we met all of the criteria well in advance.

至於 GDXJ 納入這件事，我能說的是：在 GDXJ 正式公告之前，我們確實看到交易流動性增加；因為市場上存在某種程度的「預先風聲」認為 GDXJ 即將納入——當然不是我們放出的，而是一些電子報作者與研究分析師指出，我們早就符合所有標準。

Can I say that the journalists piled in on the, in the anticipation of that news? I don't have any firm proof of that, but all I can say is that we now have some pretty significant generalist ownership on our registry again as a result of that financing.

我能說記者是否因為預期這個消息而蜂擁而入嗎？我沒有確切證據，但我能說的是，因為那筆融資，我們的股東名冊上再次出現了相當可觀的一般型投資人持股。

Very good. I will get back to you. Thank you very much and congratulations. Thank you.

非常好。我之後再跟你聯繫。非常感謝，恭喜。謝謝。

(Operator Instructions)

(接線員指示)

And we have no further questions at this time, Mr. Salamis, I will turn the conference back over to you.

目前沒有其他問題了，Salamis 先生，我把會議交回給您。

Thank you very much. I'd like to thank everybody for attending this call. This is a very exciting time for Integra. We accomplished so much in 2025 and we've got a lot more to accomplish this year. So our tasks are well laid out in front of us. But please do not hesitate to reach out to myself or anybody in the Integra team for anybody on this call, our phone lines are always on our email inboxes are always open to questions. Should you have any follow-up questions, please do not hesitate. Thank you very much, operator.

非常感謝。我要感謝各位參加這通電話會議。對 Integra 來說，這是一個非常令人振奮的時刻。我們在 2025 年完成了很多事情，而今年還有更多要完成。因此，我們的任務已清楚地擺在眼前。但也請各位與會者隨時聯繫我本人或 Integra 團隊的任何人；我們的電話線隨時暢通，電子郵件收件匣也隨時開放接受提問。若您有任何後續問題，請不要猶豫。非常感謝，接線員。

Thank you, and this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝，今天的電話會議到此結束。感謝您的參與。您現在可以掛線。