Integra Resources (ITR.V, ITRG) has released an update on its production results in the third quarter of the year. The company produced just over 20,600 ounces of gold and just under 13,000 ounces of silver after reporting a recovery rate of 60.7% and an average processed grade of 0.20 g/t gold.
During the quarter, Integra continued the construction of its Phase IIIb leach pad, which is expected to be commissioned this quarter. Meanwhile, the strong cash flows are partially used to fund the refurbishment program on haul trucks and loaders, while it has also ordered brand-new haul trucks, a loader and a shovel. This should allow the company to reduce its operating expenses as an owner-operated fleet should be cheaper than using rental equipment.
Despite the continuous investments in the property and the equipment, Integra ended the quarter with in excess of US$81M in cash.
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.
