Integra Resources Corp (ITRG) 2026 Q1 法說會逐字稿

Good morning. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to the Integra Resources Q1 2026 Results Conference Call. (Operator Instructions)

各位早安。我叫 Angela，今天將擔任本次會議的接線員。此刻，我謹代表公司歡迎各位參加 Integra Resources 2026 年第一季業績電話會議。（接線員指示）

I would now like to turn the meeting over to Andree St-Germain, Chief Financial Officer. Please go ahead, Andre.

現在我想將會議交給財務長 Andree St-Germain。Andre，請開始。

Thank you, Operator. I would like to welcome everyone to Integra's 2026 First Quarter 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，接線員。我謹歡迎各位參加 Integra 2026 年第一季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發表前瞻性陳述。我請各位參閱財報簡報的第二張投影片，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. All dollar amounts discussed today will refer to U.S. dollars, unless otherwise indicated. On the call today, I am joined by Integra's President, CEO, and Director, George Salamis: Chief Operating Officer, Cliff Lafleur: Vice President, Finance, Sean Deissner: Vice President, Permitting, Dale Turner. And General Manager for the Florida Canyon Mine, Greg Robinson.

這些警示說明也可在 Integra 的公司網站上查閱。除非另有說明，今天討論的所有金額均以美元計。今天與會者包括 Integra 的總裁、執行長兼董事 George Salamis；營運長 Cliff Lafleur；財務副總裁 Sean Deissner；許可副總裁 Dale Turner；以及 Florida Canyon 礦場總經理 Greg Robinson。

Today, we are pleased to provide an operating and financial update for the first quarter of 2026, followed by a live Q&A session. With that, I would like to hand the call over to George to kick things off.

今天，我們很高興就 2026 年第一季提供營運與財務最新進展，隨後將進行即時問答。接下來，我想把電話交給 George 來開場。

Thank you, Andre. Our 2026 plan prioritizes mine site operational safety. Reliability, maintenance discipline, and targeted reinvestment to strengthen the mining operation, extending mine life with the goal of conducting investment, position Florida Canyon as a sustainable, high-quality producing gold mine rather than simply a transitional one.

謝謝你，Andre。我們的 2026 年計畫以礦區作業安全為優先。透過提升可靠性、維修紀律，以及有針對性的再投資以強化採礦作業並延長礦山壽命；我們的目標是進行投資，將 Florida Canyon 定位為一座可持續、具高品質產出的產金礦，而不僅僅是一座過渡性礦山。

While these initiatives, including elevated catch-up legacy stripping and infrastructure upgrades, result in higher near-term sustaining costs. They are also designed to support higher production levels and improve cost performance in 2027 and 2028, while we built on a treasury designed to find and support growth at DeLamar and Nevada North, our two primary growth projects.

雖然這些措施（包括提高補追的歷史剝採量以及基礎設施升級）會導致短期維持性成本上升，但其設計目的也在於支撐 2027 與 2028 年更高的產量並改善成本表現。同時，我們也在既有資金基礎上持續投入，以尋找並支持 DeLamar 與 Nevada North（我們兩個主要成長專案）的成長。

Our sequencing strategy at Florida Canyon is focused on maximizing predictable cash flow, preserving balance sheet flexibility, and supporting the advancement of DeLamar from a position of strength. Investments in safety systems. Water source security, polish fleet reliability, leach pad planning, and other initiatives at the site level reflect a deliberate approach to reducing operational risk and stabilizing the mine site operations before pursuing accelerated growth in the coming years.

我們在 Florida Canyon 的採礦排序策略，聚焦於最大化可預測的現金流、維持資產負債表的彈性，並以更強勢的基礎推進 DeLamar。對安全系統、水源安全、車隊可靠性提升、堆浸墊規劃及其他礦區層級措施的投資，反映出我們在未來數年追求加速成長之前，先降低營運風險並穩定礦區作業的審慎作法。

In parallel, large-scale exploration and technical optimization programs are aimed at organically growing gold ounces around existing infrastructure and enhancing long-term asset value. At all of our mining assets. Integra's strategy remained centred on building a durable U.S.-focused coal producer.

同時，大規模探勘與技術優化計畫旨在於既有基礎設施周邊以有機方式增加黃金盎司量，並提升資產的長期價值。在我們所有礦業資產上，Integra 的策略仍以打造一家以美國為重心、具韌性的煤炭生產商為核心。

Turning now to slide 5. We've highlighted several metrics that underscore Q1 2026 results. Q1 was underpinned by the company's strong financial position with $105.8 million in cash and working capital of $139.7 million.

接著看第 5 張投影片。我們重點列出數項指標，凸顯 2026 年第一季的成果。第一季的基礎來自公司強勁的財務狀況：現金 1.058 億美元，營運資金 1.397 億美元。

While gold production in the quarter reflects temporary constraints, the deferred gold ounces are expected to be recovered over the balance of the year. Importantly, with these gold ounces expected to be recovered over the balance of the year, we have maintained our full-year gold production guidance, underscoring our confidence in the operation and the improvements that we have made to the mine.

雖然本季黃金產量反映出暫時性的限制，但遞延的黃金盎司預期將在今年剩餘期間回收。重要的是，鑑於這些黃金盎司預期可在今年剩餘期間回收，我們維持全年黃金產量指引不變，這也凸顯我們對營運以及對礦山所做改善的信心。

In parallel we have significantly strengthened our balance sheet through a $61 million financing focus on growth and de-risking at DeLamar, while we continue to invest in sustaining capital at Florida Canyon. We believe these investments position Integra for a stronger second half of 2026 and reinforce our strategy of building a sustainable multi-asset coal producer in the United States.

同時，我們透過 6,100 萬美元的融資顯著強化資產負債表，資金聚焦於 DeLamar 的成長與去風險；並持續在 Florida Canyon 投入維持性資本。我們相信，這些投資將使 Integra 在 2026 年下半年更為強勁，並強化我們在美國打造可持續多資產煤炭生產商的策略。

Now, I will hand the call over to our COO, Cliff, to discuss the Q1 2026 operating results for Florida Canyon.

接下來，我將把電話交給營運長 Cliff，請他說明 Florida Canyon 於 2026 年第一季的營運成果。

Thanks, George. Turning to slide 6, where we have outlined key operating metrics for Florida Canyon in Q1 2026. The first quarter marked a period of strong operational progress at Florida Canyon, with a record mining rate of 76,800 total tons per day and the start of reaching on our Phase 3B of each pad.

謝謝你，George。請看第 6 張投影片，我們在此概述 Florida Canyon 於 2026 年第一季的關鍵營運指標。第一季是 Florida Canyon 營運進展強勁的一段期間，總採礦率創下每日 76,800 噸的新高，並開始在我們的第三期 B（Phase 3B）堆浸墊上進行堆置作業。

The increase in mining rate was driven by the commissioning of eight haul trucks in the quarter. Since 2025, the total of new equipment added to the fleet now includes eight Caterpillar 785 haul trucks, one Caterpillar 992 high-lift motor, and one Hitachi EX3600 front shovel. With an enhanced mining fleet, the operation is better equipped to manage the historical waste dripping inherited from prior operators.

採礦率的提升主要來自本季啟用 8 輛自卸卡車。自 2025 年以來，新增至車隊的設備目前包括 8 輛 Caterpillar 785 自卸卡車、1 台 Caterpillar 992 高舉升裝載機，以及 1 台 Hitachi EX3600 正鏟挖掘機。隨著採礦車隊能力提升，營運更能有效處理先前營運商遺留的歷史廢石剝採問題。

In Q1 2026, the company mined 3 million tons of ore and 3.9 million tons of waste from its open-pit operations at Florida Canyon, resulting in a strip ratio of 1.3. The higher strip ratio in Q1 2026 is a result of the company's stated commitment to reinvest through increased capitalized waste stripping and ramping up new mining areas as outlined in this 2026 guidance.

2026 年第一季，公司在 Florida Canyon 的露天礦作業中開採了 300 萬噸礦石與 390 萬噸廢石，剝採比為 1.3。2026 年第一季較高的剝採比，源於公司所述的再投資承諾：透過增加資本化廢石剝採並加速新採區的開發，正如 2026 年指引所規劃。

In Q1 2026, the company produced 12,635 ounces of gold. Approximately 3,000 ounces were deferred from quarter one due to temporarily reduced solution flow rates to a specific phase 2 heap leach pad cell, which contains fine ore from the newly opened N2 pit. A blending strategy has been developed to maintain nominal leach rates from its fine material from N2 going forward.

2026 年第一季，公司生產黃金 12,635 盎司。由於特定第二期（Phase 2）堆浸墊單元的溶液流量暫時降低（該單元包含新開採 N2 礦坑的細粒礦石），約有 3,000 盎司自第一季遞延。公司已制定配礦策略，以在未來持續維持來自 N2 細粒物料的正常浸出速率。

With this approach, together with the commissioning of the Phase III B leach pad, the company expects to meet its annual gold production guidance of 70,000 to 75,000 ounces. The majority of deferred first-quarter ounces are predicted to be recovered through ongoing leaching over the remainder of 2026. Average gold process recoveries were 59.9% in Q1 2026 and were in line with expectations.

在此作法下，加上第三期 B（Phase III B）堆浸墊的啟用，公司預期可達成全年黃金產量指引 70,000 至 75,000 盎司。多數第一季遞延盎司預計將透過 2026 年剩餘期間持續浸出而回收。2026 年第一季平均黃金製程回收率為 59.9%，符合預期。

The first quarter 2026 continued to mark a capital-intensive period across the company's portfolio of assets with several key activities during the quarter. These investments reflect a deliberate focus on de-risking the portfolio and positioning the company for sustainable production growth. In Q1 2026, the company invested $10.8 million in sustaining capital at Florida Canyon.

2026 年第一季，公司資產組合仍處於資本投入較高的階段，本季進行了多項關鍵工作。這些投資反映出我們有意識地聚焦於降低資產組合風險，並使公司具備可持續的產量成長定位。2026 年第一季，公司在 Florida Canyon 投入 1,080 萬美元的維持性資本。

This increase reflects the company's reinvestment strategy through new equipment leases, increased capital stripping, and mobile equipment refurbishments. The company expects increased investment in sustaining capital expenditures to continue into Q2. The company also invested $1.8 million in non-sustaining growth capital during the first quarter.

此一增加反映公司透過新設備租賃、增加資本化剝採，以及行動設備翻修所進行的再投資策略。公司預期維持性資本支出增加的趨勢將延續至第二季。公司亦於第一季投入 180 萬美元的非維持性成長資本。

This spending was primarily directed toward the growth-focused capital stripping and drilling programs at the Florida Canyon Mine, as well as equipment lease payments for the enhanced fleet. These expenditures are in line with the company's 2026 guidance. Cash costs averaged $2,422 per gold ounce, and mine site AISC averaged $3,310 per gold ounce in Q1 2026.

這些支出主要用於 Florida Canyon 礦場以成長為導向的資本化剝採與鑽探計畫，以及強化車隊的設備租賃付款。上述支出符合公司 2026 年指引。2026 年第一季現金成本平均為每盎司黃金 2,422 美元，礦區 AISC 平均為每盎司黃金 3,310 美元。

Both metrics were elevated, with cash costs above the company's guidance range of $1,900 to $2,100 per ounce and Minesite ACE above the company's guidance range of $2,750 to $2,950 per ounce due to lower gold ounces sold, higher royalties and excise taxes on gold sales from higher-than-fine metal prices, and increased diesel prices.

兩項指標皆偏高：現金成本高於公司每盎司 1,900 至 2,100 美元的指引區間；礦區 AISC 亦高於公司每盎司 2,750 至 2,950 美元的指引區間。原因包括售出黃金盎司數較少、因金屬價格高於預期而導致黃金銷售的權利金與消費稅增加，以及柴油價格上升。

Now, I will hand the call over to George to discuss the exploration drilling program at Florida Canyon.

現在，我將把電話交回給 George，請他說明 Florida Canyon 的探勘鑽探計畫。

Thanks, Cliff. Integra announced in early April the launch of an exciting 50,000-meter drill program across its Nevada and Idaho portfolio, making this the largest gold-focused exploration campaign in the company's history in the United States.

謝謝你，Cliff。Integra 於四月初宣布在其內華達州與愛達荷州資產組合啟動一項令人振奮的 50,000 公尺鑽探計畫，這也使其成為公司在美國歷史上規模最大的以黃金為主的勘探活動。

The 2026 drilling program marks an important investment in INTEGRA's evolution as both a gold producer and an exploration-driven growth company. The drilling designed to expand mineral resources, extend mine life, and to collect key engineering, metallurgical, and hydrogeological data to support future mine development at DeLamar and Florida Canyon. The program includes the following.

2026 年鑽探計畫標誌著對 INTEGRA 作為黃金生產商以及以勘探驅動成長公司的演進所做出的一項重要投資。該鑽探旨在擴大礦產資源量、延長礦山壽命，並蒐集關鍵的工程、冶金與水文地質資料，以支持 DeLamar 與 Florida Canyon 未來的礦山開發。該計畫包括以下內容。

42,500 meters of drilling at Florida Canyon focused on near-mine oxide gold targets and the nearby past-producing standard mine area. So exploration both within the mine gate and for the first time in many years outside of the mine gate on regional gold targets is included. And there are quite a number of interesting targets outside of the mine gate at Florida Canyon.

在 Florida Canyon 進行 42,500 公尺鑽探，聚焦於近礦區的氧化金目標以及附近曾經生產的 Standard Mine 區域。因此，勘探活動同時涵蓋礦區閘門內，以及多年來首次在礦區閘門外針對區域性黃金目標的勘探。而在 Florida Canyon 的礦區閘門外也有相當多有趣的目標。

We also have 2,500 meters of advanced engineering drilling at the DeLamar Project to support future development of one of the largest and most advanced undeveloped heap-leached gold silver projects in the Great Basin right now. And lastly, 5,500 meters of development and resource conversion drilling planned at the Nevada North Project, also known as the Wildcat Deposit, supporting a future pre-feasibility study and resource growth.

我們也在 DeLamar 專案進行 2,500 公尺的先進工程鑽探，以支持未來開發目前大盆地（Great Basin）規模最大且最先進的未開發堆浸式金銀專案之一。最後，在 Nevada North 專案（亦稱 Wildcat 礦床）規劃 5,500 公尺的開發與資源轉換鑽探，以支持未來的預可行性研究與資源成長。

Initial drill results are expected in summer 2026 and will continue throughout the year. Turning now to Slide 8. The 2026 drilling program at Florida Canyon consists of approximately 42,500 meters of RC and core drilling.

初步鑽探結果預計於 2026 年夏季公布，並將在全年持續發布。接著請看第 8 張投影片。Florida Canyon 的 2026 年鑽探計畫包含約 42,500 公尺的反循環（RC）與岩心鑽探。

Exploration activities include 9,000 meters of drilling focused on testing new gold targets, both within and outside of the mine gate, identified around the Florida Canyon and standard mine areas, and 33,500 meters focused on resource development inside the mine gate at the Florida Canyon mine property itself. I should note that this is the first time in Integra's history, and in fact, the first time in many years that exploration and drilling is being conducted outside of the mine gate.

勘探活動包括 9,000 公尺鑽探，重點在測試 Florida Canyon 與 Standard Mine 區域周邊所辨識的新黃金目標，涵蓋礦區閘門內與閘門外；以及 33,500 公尺鑽探，聚焦於 Florida Canyon 礦區閘門內、即 Florida Canyon 礦山資產本身的資源開發。我應該指出，這是 Integra 歷史上第一次，事實上也是多年來首次在礦區閘門外進行勘探與鑽探。

Drilling has commenced and is expected to conclude in Q4 of 2026, with initial results anticipated during the summer of 2026. Portions of the program will also support the updated Florida Canyon Feasibility Study, New Mine Plan, and 43-101 Technical Report, which is expected to be completed by the end of June this year, so not so far off from today. Now, I will hand the call back to Cliff, our CEO, to discuss the Delamar and Nevada North Q1 2026 highlights.

鑽探已經開始，預計於 2026 年第四季結束，初步結果預期在 2026 年夏季出爐。該計畫的部分內容也將支持更新版 Florida Canyon 可行性研究、新礦山計畫以及 43-101 技術報告，預計於今年 6 月底完成，因此距離現在也不遠。接下來我把電話交回給我們的執行長 Cliff，請他說明 DeLamar 與 Nevada North 在 2026 年第一季的重點進展。

Thank you, George. Now on Slide 9. In Quarter 1 2026, the Company continued to advance and de-risk its flagship development asset, the DeLamar Project, located in Idaho. From a permanent perspective, since the Mine Plan of Operations, or NPO, has been deemed administratively complete by the BLM in August 2025, it has been refined and submitted to the BLM in February 2026 in preparation for the NEPA.

謝謝你，George。現在看第 9 張投影片。於 2026 年第一季，公司持續推進並降低其位於愛達荷州的旗艦開發資產 DeLamar 專案的風險。就許可（permits）角度而言，由於礦山營運計畫（Mine Plan of Operations，或 NPO）已於 2025 年 8 月被土地管理局（BLM）認定為行政上完整（administratively complete），公司已加以精煉並於 2026 年 2 月提交給 BLM，以為 NEPA 程序做準備。

The BLM has determined that this version, called Version 4.3, will be the project's proposed action to be carried forward through environmental review process in accordance with the National Environmental Policy Act, or NEPA.

BLM 已決定此版本（稱為 4.3 版）將作為專案的「提議行動」（proposed action），並依據《國家環境政策法》（National Environmental Policy Act，或 NEPA）在環境審查流程中推進。

The BLM, its third-party NEPA consultant, SWCA, and cooperating agencies will proceed with the environmental analysis of the project by preparing an Environmental Impact Statement, or EIS, in a process that is consistent with the updated DOI/BLM guidelines for the implementation of the NEPA. The Notice of Intent, or NOI, is expected to be published on May 22, 2026, initiating the NEPA process.

BLM、其第三方 NEPA 顧問 SWCA，以及合作機關將透過編製環境影響聲明書（Environmental Impact Statement，或 EIS）來進行專案的環境分析，該流程符合更新後的 DOI/BLM NEPA 實施指引。意向通知（Notice of Intent，或 NOI）預計於 2026 年 5 月 22 日發布，正式啟動 NEPA 程序。

The BLM's NEPA schedule targets an efficient 15-month process to the record of decision anticipated in late 2027. The DeLamar Project's permitting timeline was posted to the FAST41 Project Dashboard on January 13, 2026. The FAST41 Transparency Project Program is a federal permitting framework designed to streamline environmental reviews, improve inter-agency coordination, and increase transparency.

BLM 的 NEPA 時程目標是以高效率的 15 個月流程推進，並在 2027 年底左右取得預期的決策紀錄（record of decision）。DeLamar 專案的許可時程已於 2026 年 1 月 13 日公布於 FAST41 專案儀表板（Project Dashboard）。FAST41 透明化專案計畫是一項聯邦許可框架，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 timetable 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.

各機關必須針對所有必要的環境審查與許可行動，制定並維護一份協調一致、以專案為特定對象的時程表。Integra 將由許可委員會（Permitting Council）指派一名專責的專案顧問（Project Advisor），監督專案推進情況，並在多個監管機關之間維持積極參與與協調。

The Permanent Council provides high-level oversight to ensure that federal agencies adhere to established timetables. Concurrently, Integra is working with federal, state, and regulatory agencies and authorities to obtain all necessary permits for mine construction, operations, and reclamation, and to establish appropriate financial assurance for mine reclamation enclosure.

Permitting Council 提供高層級監督，以確保聯邦機關遵循既定時程。同時，Integra 正與聯邦、州及監管機關與主管機關合作，以取得礦山建設、營運與復墾所需的全部許可，並建立適當的礦山復墾財務擔保（financial assurance），以涵蓋礦山復墾封閉（reclamation closure）。

Q1 2026 also marks the commencement of de-risking activities at DeLamar, including an initial deposit to Idaho Power to begin planning work on upgrading existing power infrastructure and the acquisition of strategic land position near the project. Finally, the DeLamar Feasibility Study 43,101 Technical Report was filed in early February 2026.

2026 年第一季也標誌著 DeLamar 降風險活動的啟動，包括向 Idaho Power 支付初始款項，以開始規劃升級既有電力基礎設施的工作，以及收購專案附近具策略性的土地部位。最後，DeLamar 可行性研究 43-101 技術報告已於 2026 年 2 月初提交。

The feasibility study demonstrates a large-scale, conventional open-fit oxide heat preach operation with competitive cost profile and excellent economics, after-tax NPV of approximately $774 million and after-tax IRR of 46%, using gold and silver prices of $3,035 per ounce, respectively. The after-tax NPV improves to approximately $1.9 billion and after-tax IRR of 97%, using recent gold and silver prices at $4,565 per ounce, respectively.

該可行性研究顯示，專案為大規模、傳統露天氧化礦堆浸（heap-leach）作業，具競爭力的成本結構與優異的經濟性；在金價與銀價分別為每盎司 3,035 美元的假設下，稅後淨現值（NPV）約為 7.74 億美元，稅後內部報酬率（IRR）為 46%。若採用近期金價與銀價分別為每盎司 4,565 美元，稅後 NPV 提升至約 19 億美元，稅後 IRR 提升至 97%。

Moving to slide 10. The company also advanced the Nevada North project in Q1 2026. The Nevada North project consists of the Wildcat deposit and the Mountain View deposit. Hydrogeological data was collected at the Wildcat deposit this quarter and will continue to be collected through 2026 to support the construction of a hydrogeological conceptual site model to be used in future planning and permanent processes.

接著看第 10 張投影片。公司亦於 2026 年第一季推進 Nevada North 專案。Nevada North 專案由 Wildcat 礦床與 Mountain View 礦床組成。本季已在 Wildcat 礦床蒐集水文地質資料，並將持續蒐集至 2026 年，以支持建立水文地質概念場址模型（conceptual site model），供未來規劃與許可流程使用。

Additionally, final decision record documentation for the Wildcat Exploration Plan of Operations, or EPO. Was complete as of April 9, 2026, and the reclamation permit from Nevada Division of Environmental Protection Bureau of Mining Regulation and Reclamation was received on April 20, 2026. The Wildcat EPO, now fully approved, will provide greater flexibility for significantly expanded exploration and technical drilling campaigns scheduled to begin in Quarter 2, 2026.

此外，Wildcat 營運勘探計畫（Exploration Plan of Operations，或 EPO）的最終決策紀錄文件已於 2026 年 4 月 9 日完成，而內華達州環境保護署（Nevada Division of Environmental Protection）礦業監管與復墾局（Bureau of Mining Regulation and Reclamation）所核發的復墾許可已於 2026 年 4 月 20 日取得。Wildcat EPO 現已全面核准，將為預計於 2026 年第二季開始的大幅擴增勘探與技術鑽探活動提供更大的彈性。

At Mountain View, NEPA environmental analysis for the EPO is also complete as of December 2025, and the reclamation permit is anticipated in Q2 2026. Once fully approved and permitted, the Mountain View EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns in the future. INTEGRA expects to begin work on an updated technical report for Nevada North in 2026 for the target release date in early 2027.

在 Mountain View，EPO 的 NEPA 環境分析亦已於 2025 年 12 月完成，復墾許可預計於 2026 年第二季取得。一旦全面核准並完成許可，Mountain View EPO 將為未來大幅擴增的勘探與鑽探活動提供更大的彈性。INTEGRA 預期於 2026 年開始編製 Nevada North 的更新技術報告，目標於 2027 年初發布。

I'll now pass the call to our CFO, Andre, to provide an overview of the Q1 results.

我現在把電話交給我們的財務長 Andre，請他概述第一季的業績。

Thanks, Cliff. I think our quote Q1 2026 in our strong essential position with a cash balance of $105.8 million and working capital of $139.7 million. The company completed an equity financing this quarter for net proceeds of $57.5 million to fund pre-production expenditures at DeLamar and for the acquisition of strategic land nearby the project. The company recorded Q1 2026 revenue of $61.7 million with a cost of sales of $36.9 million, which resulted in $24.9 million in line operating earnings.

謝謝你，Cliff。我認為我們在 2026 年第一季維持強健的財務狀況，現金餘額為 1.058 億美元，營運資金為 1.397 億美元。本季公司完成一項股權融資，淨募集資金 5,750 萬美元，用於 DeLamar 的投產前支出以及收購專案附近具策略性的土地。公司於 2026 年第一季錄得營收 6,170 萬美元，銷貨成本為 3,690 萬美元，因而產生 2,490 萬美元的礦山營運收益。

This represents a 40% operating profit margin for the quarter versus 27. In the comparative period. Increased gross profit margin versus the comparative period is mostly a result from increased revenue due to the higher gold prices realized in 2026. The company achieved average realized gold price of $4,854 per ounce per Q1 2026 versus $2,888 per ounce in Q1 2025. The company recorded adjusted earnings of $12.9 million, or $0.07 per share in Q1 2026, versus $4.4 million, or $0.03 per share in Q1 2025.

這代表本季營業利益率為 40%，相較於比較期間的 27%。相較於比較期間，毛利率提升主要是因 2026 年實現的金價較高而帶動營收增加所致。公司於 2026 年第一季的平均實現金價為每盎司 4,854 美元，對比 2025 年第一季每盎司 2,888 美元。公司於 2026 年第一季錄得調整後盈餘 1,290 萬美元，或每股 0.07 美元，對比 2025 年第一季為 440 萬美元，或每股 0.03 美元。

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，請他說明 2026 年的策略目標。

Come on, Andre. Looking forward, our priorities for 2026 remain clear and in line with our strategy to become a leading mid-tier gold producer in the United States. At Florida Canyon, we aim to optimize gold 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.

來吧，Andre。展望未來，我們 2026 年的優先事項依然明確，並與我們成為美國領先中型金礦生產商的策略一致。在 Florida Canyon，我們的目標是最佳化黃金產量、提升現金流，並透過在 2026 年完成更新的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 for Florida County will have some game-changing elements for the company and demonstrate to the market that this mine purchased by us not long ago in late 2024 has a long and profitable future ahead of it. At DeLamar, we're permitting quickly advancing towards a notice of intent, marking the full commencement of NEPA.

我們相信，這份針對 Florida County 的更新技術報告將包含一些對公司具有顛覆性影響的要素，並向市場證明：我們不久前於 2024 年底收購的這座礦山，未來仍有長期且可觀的獲利前景。在 DeLamar，我們的許可程序進展迅速，正朝著提交意向通知（Notice of Intent）邁進，這將標誌著 NEPA 的全面啟動。

We've also commenced de-risking activities on-site and continue to advance detailed engineering to prepare the project for a development decision. DeLamar remains one of the few large-scale precious metal projects in the United States at a feasibility stage that is actively being advanced through federal mine permitting, underscoring the scarcity value of the project.

我們也已在現場啟動降風險（de-risking）活動，並持續推進詳細工程設計，以為專案作出開發決策做好準備。DeLamar 仍是美國少數處於可行性研究階段、且正積極推進聯邦礦山許可程序的大型貴金屬專案之一，凸顯該專案的稀缺價值。

At Nevada North, we continue to de-risk the project and lay the foundation for future development with pre-feasibility study work to commence on the ground. On the capital market side, we also continue to bolster our profile and investor awareness leading to enhanced trading liquidity, and we are proud to report our recent inclusion on to the GDXJ.

在 Nevada North，我們持續為專案降風險，並透過啟動預可行性研究（PFS）的現地工作，為未來開發奠定基礎。在資本市場方面，我們也持續提升公司能見度與投資人認知，以強化交易流動性；我們也很自豪地報告，公司近期已被納入 GDXJ。

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&I opportunities that support our strategic goal of becoming a leading mid-tier gold producer.

從公司層面來看，我們高度聚焦於嚴謹的資本配置；在更長期的視角下，我們也將持續評估具策略性且能增厚價值的併購與投資（M&I）機會，以支持我們成為領先中型金礦生產商的策略目標。

Turning to slide 13. I'd like to end the formal part of the presentation with slide 13 as it captures our strategy: production, growth, scale, jurisdiction, and team.

接著看第 13 頁投影片。我想以第 13 頁作為簡報正式部分的結尾，因為它概括了我們的策略：產量、成長、規模、司法管轄區，以及團隊。

We are now over one year into our status as a gold producer in the United States and generate cash flow to advance our high-quality, U.S.-focused, gold and silver-focused development portfolio, supporting our peer-leading growth profile. We hold one of the largest inventories of gold and silver in the Great Basin, not controlled by a major mining company.

我們成為美國黃金生產商已超過一年，並產生現金流以推進我們高品質、聚焦美國、以金銀為主的開發資產組合，支撐我們在同業中領先的成長輪廓。我們擁有大盆地（Great Basin）地區最大規模之一、且不受大型礦業公司控制的金銀資源庫存。

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 hand-picked a team with a track record of success and deep industry experience. Integra is a U.S. Gold producer with a growth runway and a clear strategy to become a mid-tier.

我們的開發專案管線正以高效率方式在不稀釋股權的情況下降低風險。我們在 Idaho 與 Nevada 營運，這兩地是全球最佳的礦業司法管轄區之一。最後，我們的人才是最重要的資產。我們精心挑選了一支具成功紀錄且擁有深厚產業經驗的團隊。Integra 是一家美國黃金生產商，具備成長跑道與清晰策略，目標成為中型礦商。

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

接下來，我想把電話交回給主持人，開始問答（Q&A）環節。

(Operator Instructions) Heiko Ihle, H C Wainwright & Co LLC (Pre-Merger) - Analyst

（主持人指示）Heiko Ihle，H C Wainwright & Co LLC（合併前）- 分析師

Hey, George and team, it's Heiko Ihle. I assume you can hear me okay.

嗨，George 和團隊，我是 Heiko Ihle。我想你們應該聽得到我吧。

Yeah, Heiko, I can hear you fine.

是的，Heiko，我聽得很清楚。

Hey, Ed DeLamar, I mean, how much cash are you spending there this month? And maybe if you want to be so kind, just give us a bit of an idea on actual cash spent quarter by quarter for the rest of the year, please.

嗨，關於 DeLamar，我是說，你們這個月在那邊花多少現金？另外如果你願意的話，也請大概給我們一下今年剩餘期間按季度（quarter by quarter）的實際現金支出概況，謝謝。

Pertaining to DeLamar. So your question is how much we're spending this month or quarter by quarter? Andre, do you want to handle that one with respect to sort of giving Aiko a rough estimate of what we plan to spend on a quarterly basis?

關於 DeLamar。你的問題是我們這個月花多少，或是按季度來看？Andre，你要不要來回答這題，給 Heiko 一個我們計畫按季度支出的粗略估計？

Yeah, for sure. No problem. So, including obviously we'll be spending a fair amount this year in pre-production de-risking activities, but in the summer months, we can probably between DeLamar and Nevada North.

好的，當然，沒問題。所以，包含我們今年在投產前降風險活動上會花相當多的費用，但在夏季月份，我們在 DeLamar 和 Nevada North 兩個專案合計，

Probably going to be looking at anywhere between $4 to $6 million per month, and that's including de-risking, permitting, engineering, et cetera. And if we just look at Delamar, call it somewhere between $3 to $4 million a month.

每月大概會落在 400 萬到 600 萬美元之間，這包含降風險、許可、工程等。如果只看 DeLamar，大概每月 300 萬到 400 萬美元。

Got it. Okay, so it's actually a bit more than we have. Okay, good. Thank you. And then, please keep in mind.

了解。好的，所以其實比我們原先想的多一些。好的，謝謝。然後，請記得。

Great Half of that is about is the directing activities, so the yeah, you come.

很好。其中大約一半是降風險活動，所以，是的，你可以。

And then speaking of cash getting spent, you talked about the increased diesel prices in your release. And then out of curiosity, I looked on Google and it seems one of those Caterpillar 785s takes 18 to 29 gallons an hour. But I mean, just overall, how much do you spend on fuel per month across the company right now?

另外談到現金支出，你們在新聞稿中提到柴油價格上升。出於好奇我在 Google 查了一下，似乎一台 Caterpillar 785 每小時要耗 18 到 29 加侖。但整體而言，目前公司每月在燃料上的支出大概是多少？

I think that's a question that's directed at Greg, over to you on that. I know you probably don't have a precise number, but perhaps you can give Heiko a bit of a ballpark sense.

我想這個問題是問 Greg 的，交給你了。我知道你可能沒有精確數字，但也許你可以給 Heiko 一個大概的區間概念。

Good morning. We budget right around a million a month at Florida Canyon. That was at lower prices than we're seeing today. So, we spend accordingly with the floating diesel price.

早安。我們在 Florida Canyon 的預算大約是每月 100 萬美元。那是以比目前看到的更低價格編列的。所以，我們會隨浮動的柴油價格相應支出。

Cool that's it for me. I'll get back to you. Thank you guys very much.

很好，我這邊就這些。我先把時間交回去。非常感謝各位。

Thanks, Heiko.

謝謝你，Heiko。

(Operator Instructions) Joseph Reagor, Roth Capital - Analyst

（主持人指示）Joseph Reagor，Roth Capital - 分析師

Hey, George and team, that's on a strong start to the year. Looking at the balance sheet, the, your leases have increased. Is that just the fleet rollout at Florida Canyon or is there anything else in there?

嗨，George 和團隊，今年開局很強。看資產負債表，你們的租賃（leases）增加了。這只是 Florida Canyon 的車隊擴充（fleet rollout）嗎？還是裡面還有其他項目？

Great question. So, I think I will readdress that one to Andre. Andre, over to you.

好問題。我想我會把這題轉給 Andre。Andre，交給你。

Yes, that's the addition of the fleet three commissions. 2,785 in December, October, sorry, November and December of last year and 6 this year. And it also includes the attachee shovel that we commissioned in Q4 of last year. So, all the leases, additions are purely mobile equipment leases?

是的，這是新增車隊的三批啟用。去年 10 月、抱歉，是 11 月和 12 月啟用了 2 台 785，今年又啟用了 6 台。也包含我們在去年第四季啟用的挖掘機（shovel）。所以，所有租賃的增加都純粹是移動設備租賃。

Okay. And then, given. Gold prices being where they are and all the plans that you guys have, any consideration to potentially putting in some kind of collars or something, just to protect, any downside risk?

好的。那麼，考量金價目前的水準以及你們所有的計畫，有沒有考慮可能做一些領口策略（collars）之類的，來保護任何下行風險？

So, Joe, Andre, if you want to answer that question, go for it. Maybe give Joe a few insights as to kind of the current put buying arrangements we have in place to cover this year's production.

Joe，Andre，如果你想回答這題就請。也許可以給 Joe 一些見解，說明我們目前為了覆蓋今年產量而採取的買入賣權（put buying）安排。

Perfect. Thanks, George. So, we did purchase in December of last year and early Q1 of this year, put options to protect the downside.

好的，謝謝 George。我們在去年 12 月以及今年第一季初，確實買入了賣權（put options）來保護下行風險。

So, about 40% to 50% of our production is protected.

因此，我們大約有 40% 到 50% 的產量受到保護。

The put options are at $3,500 gold.

這些賣權的履約價是每盎司 3,500 美元的金價。

But we maintain full exposure to any upside in gold price. It's really just a floor protection with put options.

但我們仍完全保留金價上行的曝險。這基本上只是透過賣權提供的底部保護（floor protection）。

Okay. And would you expect to continue that policy as you move forward? Like if we get to the second half of the year, pricing is still where it is, would you guys do that again?

好的。那您預期在未來會延續這項政策嗎？例如如果到了下半年，定價仍維持在目前水準，你們會再做一次嗎？

Most likely. We've done it all year in 2025. We've done it for 2026. We'll probably, we're obviously monitoring gold price, but we'll potentially roll this over in 2027.

很可能會。我們在 2025 年一整年都這麼做了。2026 年也做了。我們大概會——我們當然會持續監控金價——但我們可能會在 2027 年把這個做法延續下去。

Okay. Thanks for the color there. I'll turn it over.

好的。謝謝你提供的補充說明。我把時間交回去。

Thanks, Joe.

謝謝你，Joe。

(Operator Instructions) Brian McArthur of Raymond James - Analyst

（接線員指示）Raymond James 的 Brian McArthur－分析師

Hi, good morning and thank you for taking my question. It has to do with Nevada North. Can you just go through now that you're getting the, well, you've got part of the permit for expanded drilling there. When you do the technical report this year, what are we actually going to get in that? Are we going to get an updated.

嗨，早安，謝謝讓我提問。我的問題與 Nevada North 有關。你們現在正在取得——嗯，你們已經拿到那邊擴大鑽探許可的一部分。那今年做技術報告時，我們實際上會在報告裡看到什麼？我們會看到更新的……

Like mine plan or are we just going to get updated reserves and resources through the drilling and how much of the money there is being spent on hydrological studies versus actual drilling that could potentially increase the resource there?

例如礦山計畫？還是只會透過鑽探更新儲量與資源量？另外，那邊的資金有多少是花在水文研究上、相對於實際鑽探（可能增加資源量的鑽探）？

Thanks, Brian. So, Chris, I'm going to direct that question to you. Perhaps you can give Brian a bit of a heads up as to what is going to go into the pre-feasibility study that's due out in the first half of next year and what we're going to be working on that will go into that study.

謝謝你，Brian。Chris，我把這個問題交給你。也許你可以先讓 Brian 了解一下，明年上半年要出爐的預可行性研究（PFS）會包含哪些內容，以及我們接下來會做哪些工作納入那份研究。

Thanks, George. Good question on Nevada North. So what we're focused on right now is advancing the Wildcat deposit with Mountain View coming in at a later date while we finalize the exploration program at Mountain View. So for Wildcat, we want to do some upgrade drilling starting in Q2, transferring a good portion of inferred ounces indicated and some more technical drilling. So I think of the Hydro-G program and some more drilling.

謝謝你，George。關於 Nevada North 的好問題。我們目前的重點是推進 Wildcat 礦床，Mountain View 會在稍後階段再納入，因為我們還在完成 Mountain View 的探勘計畫。就 Wildcat 而言，我們希望在第二季開始做一些升級鑽探，把相當一部分推定（inferred）盎司提升到指示（indicated）類別，並做一些更偏技術性的鑽探。我想到的是 Hydro-G 計畫以及更多鑽探。

Condemnation drawing for areas where we feel like we need to cite some infrastructure in the future for this study coming up. So it'll be a PFS level study with a new mine plan and a focus on what we're upgrading at Wildcat. And I'd say we have a lot of the holes for the Hydro-G program that we've done last year. We're collecting the data on an ongoing basis, which isn't very expensive. So this year's program.

另外也會做一些排除性鑽探（condemnation drilling），針對我們認為未來可能需要在本次即將進行的研究中設置基礎設施的位置。這將是一份 PFS 等級的研究，會有新的礦山計畫，並聚焦在我們於 Wildcat 的升級工作。我想我們去年已完成 Hydro-G 計畫的很多鑽孔，目前持續在收集資料，成本並不高。所以今年的計畫……

Will the lion's share of the cost will be in drawing upgrade holes for informed material?

成本的大宗會是在針對推定（inferred）材料進行升級鑽孔。

So, if I sort of look back the original thirteen-year plan, it's more like We're more likely to just upgrade everything at the front for Wildcat as opposed to extending an awful lot through Mountain Ville. Is that kind of the way I could think about that? Because I thought the other advantage of getting all these permits was you're really constrained about where you could go before, but now with these new permits, you're going to be able to, there's a large portion of the property there that's never been looked at. Are we going to do that in this study as well?

所以，如果我回頭看原本的 13 年計畫，感覺更像是：你們更可能把 Wildcat 前段的東西都先升級，而不是透過 Mountain Ville 去做大量延伸。這樣理解對嗎？因為我原本以為拿到這些許可的另一個好處是：以前你們在可鑽的位置上很受限，但現在有了新許可，你們就能——那裡有很大一部分礦權從未被檢視過。這份研究也會涵蓋那部分嗎？

Are you referring to doing more Wildcats or more Mountain Deer?

你是指要做更多 Wildcat 的工作，還是更多 Mountain Deer 的工作？

Well, kind of both. That's why I was going with this. Yeah. Tell us there's more opportunity on both of them, right?

嗯，算是兩者都有。這就是我想問的方向。對，你們說兩邊都有更多機會，對吧？

Yeah, there's definitely more opportunity at Mountain Deer that we need to develop a program this year and place it in the right timing for an exploration program going forward in 2027.

對，Mountain Deer 的確有更多機會；我們今年需要把計畫做出來，並把時程放在正確的位置，以便在 2027 年之後推進探勘計畫。

Kind of the Florida Canyon purchase changes things for us a bit with the proximity to Wildcat deposit.

Florida Canyon 的收購，因為與 Wildcat 礦床距離很近，對我們來說在某種程度上改變了一些事情。

So we're really interested to see how updating the study goes with synergies to Florida Canyon.

所以我們很想看看在與 Florida Canyon 的協同效益下，更新研究的結果會如何。

But that's the thinking is Wildcat deposit is nearer and seems to be less complicated on the permitting side and Mountain View needs more drilling and we're going to invest that coming up in the next.

但整體思路是：Wildcat 礦床更近，而且在許可方面看起來較不複雜；Mountain View 需要更多鑽探，我們會在接下來……投入這部分。

And the next year, too.

以及明年也會。

Great. Thanks. Thanks very much. That's exactly what I was trying to figure out. That's very helpful. Thank you.

太好了。謝謝。非常感謝。這正是我想弄清楚的。非常有幫助，謝謝你。

Thanks, Brian.

謝謝你，Brian。

(Operator Instructions) Phil Kerr, Canaccord Genuity - Analyst

（接線員指示）Canaccord Genuity 的 Phil Kerr－分析師

Hey, George and team, thanks for taking the time today. Just a quick one for me. George, could you just touch on how things are going in terms of the solution and flow rates after the liner tear and if the problems have been rectified and if you're starting to see recoup of those 3,000 ounces of gold that we're still in progress.

嘿，George 和團隊，謝謝今天撥冗。我的問題很簡短。George，你能否談一下在襯墊撕裂之後，溶液與流速方面的情況進展如何？問題是否已經排除？以及你們是否開始看到仍在回收中的那 3,000 盎司黃金逐步回補？

Okay, so I'm going to address that question to Cliff. Over to you.

好的，我把這個問題交給 Cliff。請你回答。

Yeah, the liner tear that occurred last year... We're back up to normal solution flow rates. That wasn't a great piece of work done by the team in a short amount of time. Of course, with trying to get to the tear, which was below the water line, we had to take some weeks to allow the solution flow rate to come down, which can pass at the office in quarter four, but the rates are now back up.

是的，去年發生的襯墊撕裂……我們已經回到正常的溶液流量。團隊在很短時間內完成修復，做得非常不容易。當然，因為撕裂點在水位線以下，我們必須花幾週時間讓溶液流量降下來，這在第四季的數據上有反映，但現在流量已經回升到正常水準。

The issue that's referenced In the Q1 reporting has to do with N2 being finer more than we expected. We were blending it, and when we started mining it, we weren't blending it enough from what we found after we stacked it in that cell that's referenced. We had to cut the percolation rates to that specific material in quarter one, but I believe it was half. Which we didn't have to cut the full percolation rate, but because that was the higher grade material we were stacking in quarter four, we were not seeing the ounces come out in time from having to cut that specific cell percolation rate.

第一季報告中提到的問題，與 N2 的粒度比我們預期更細有關。我們原本在做混礦，但當我們開始開採時，從我們把礦堆到所提到的那個堆浸單元後的觀察來看，混礦比例不夠。我們在第一季必須把該特定材料的滲濾速率（percolation rates）降低，我相信大約降了一半。我們不需要把整體滲濾速率全部降低，但因為第四季堆放的是較高品位材料，我們因為必須降低那個特定單元的滲濾速率，導致盎司數沒有如期釋出。

So overall, the percolation rates are normal. That one specific area had to be throttled back. Now that we're blending N4 material more aggressively. We can turn up the percolation rates on other cells that are receiving that material. I hope that answers your question.

整體而言，滲濾速率是正常的；只有那一個特定區域需要降載。現在我們更積極地與 N4 材料混配後，我們可以把接收該材料的其他堆浸單元的滲濾速率調高。希望這回答了你的問題。

Yeah, and then just in terms of blending, that's, you're blending some of the higher grade with lower grade.

有的。那就混礦而言，你們是在把一些較高品位的礦與較低品位的礦混在一起？

That was Well, yeah, N4 is one of the, N2 is one of the higher-grade kits that we're mining right now. So, most of the areas we're mining are lower grade than N2. So, I'd say it's kind of regular grade where N2 is higher grade than the other areas.

嗯，是的。N4 是其中之一——N2 是我們目前正在開採的較高品位礦區之一。所以我們正在開採的大多數區域品位都比 N2 低。我會說算是一般品位，而 N2 的品位高於其他區域。

Okay, yeah, that's a good color. Thanks A lot, Cliff.

好的，這個補充說明很有幫助。非常感謝你，Cliff。

That's it for me.

我這邊就這些。

Thanks, Phil.

謝謝你，Phil。

As we have no further questions, ladies and gentlemen, this will conclude today's question-and-answer session. I'd like to turn the conference back over to George Salamis for closing remarks.

由於沒有其他提問，各位女士先生，今天的問答環節到此結束。我想把電話會議交回給 George Salamis 做結語。

I have no further closing remarks. I thank everybody for the great questions. I think this is the most questions that we've had on our quarterly call since we've been a producer over the just over a year. So really appreciate the great questions and look forward to communicating with you all soon. Thanks very much.

我沒有其他結語。感謝大家提出很棒的問題。我想這是我們成為生產商以來——在過去一年多——季度電話會議上最多的一次提問。非常感謝大家的好問題，也期待很快再與各位溝通。非常謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位參與。您現在可以掛線。