Integra Resources (ITR.V, ITRG) has released its guidance for 2026, expecting to produce 70,000-75,000 ounces of gold from its Florida Canyon mine in Nevada, at an anticipated all-in sustaining cost of $2750-2950/oz. The AISC will remain high in 2026 as this should be the last year of elevated sustaining capital expenditures (mainly due to additional capitalized waste stripping activities and a pit expansion), and we expect the sustaining capex and AISC to trend down from 2027 on.
The company has also provided its mid-term outlook and in both 2027 and 2028, it anticipates a gold production of 80,000-90,000 ounces. No AISC guidance was provided for those two years.
For 2026, the majority of the gold is expected to be produced in the second half of the year, while the majority of the sustaining capex will be incurred in the first semester. This means we should expect an AISC of in excess of $3000/oz in the first semester, but trending down in H2 as the H2 sustaining capex of just under $30M will add just $750/oz to the production cost, versus approximately $1100/oz in the first semester.
The cash flow generated at Florida Canyon will be useful to complete the anticipated $35-40M in investments across DeLamar and Nevada North in 2026. Additionally, Integra has earmarked approximately $40M for pre-production capital items (long lead equipment procurement) and a strategic land acquisition.
Disclosure: The author has a long position in Integra Resources. Integra is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
