Q4 2025 Integra Resources Corp Earnings Call

Speaker #2: All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number 1 on your telephone keypad.

Speaker #2: If you would like to withdraw your question, press star 1 again. I would like to turn the meeting over to Andre St. Germain, Chief Financial Officer.

Speaker #2: Please go ahead, Andre. Thank you, Audra. I would like to welcome everyone to Integra's 4th Quarter and Full Year 2025 Operating and Financial Results Conference Call.

Andrée St-Germain: Thank you, Audra. I would like to welcome everyone to Integra's Q4 and full year 2025 operating and 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. 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's President, CEO, and Director, George Salamis; Chief Operating Officer, Cliff LaFleur; Vice President, Finance, Sean Deissner; and our General Manager of the Florida Canyon Mine, Gregory Robinson.

Speaker #2: 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.

Speaker #2: 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.

Speaker #2: On the call today, I am joined by Integra's President, CEO, and Director, George Salamis. Chief Operator Officer Cliff Lafleur. Vice President Finance, Sean Desner.

Speaker #2: And our General Manager of the Florida Canyon Mine, Greg Robinson. Today, we are pleased to provide an operating and financial update for the 4th Quarter and Full Year of 2025, followed by a live Q&A session.

Andrée St-Germain: Today, we are pleased to provide an operating and financial update for the Q4 and full year of 2025, followed by a live Q&A session. With that, I would like to hand the call over to George to kick off things.

Speaker #2: With that, I would like to hand the call over to George to kick things off. Okay, thanks, Andre. 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.

George Salamis: Okay, thanks, Andrée St-Germain. 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. 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. The company achieved many key milestones in 2025, and I'll just mention a few. At Florida Canyon, we achieved record cash flows due to strong production levels and high gold prices.

Speaker #2: The company transformed overnight from gold developer to gold producer in the United States. 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.

Speaker #2: In the current gold price environment, Florida Canyon is generating significant cash flow which is transforming the company's financial position and strengthening our ability to execute on our strategy.

Speaker #2: 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.

Speaker #2: 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.

George Salamis: 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. 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 increased mine life in the future. 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. Lastly, Integra obtained a shortened NEPA timeline of just 15 months to a record of decision and a FAST-41 federal approval.

Speaker #2: 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 increased mine life in the future.

Speaker #2: 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.

Speaker #2: 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 a first of its kind in the United States.

George Salamis: Also lastly, led by Mark Stockton and his great team, we executed a relationship benefit agreement with the tribal nations in Idaho, which is a first of its kind in the United States. Moving now to the corporate level. We strengthened 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. At the corporate level as well, the year was highlighted by debt elimination from our balance sheet and the conversion of the Beedie convertible loan. Lastly, we broadened 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.

Speaker #2: Moving now to the corporate level, we strengthened the management team with the addition of a COO, VP permitting, and VP finance. Some of whom are on the call today.

Speaker #2: Integra saw record share price performance which resulted in our top 50 TSX venture performer award in 2025. 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.

Speaker #2: Lastly, we broadened 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.

Speaker #2: We are 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.

George Salamis: We are included on the Solactive Global Silver Miners Index in 2025, and lastly, we experienced a marked increase in trading liquidity that has led us recently to the GDXJ ETF inclusion. 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. As anticipated, Florida Canyon 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. Major investments are underway in key areas, including a heap leach pad expansion, increased capitalized waste stripping, a revitalized mobile equipment fleet, process optimization, and enhanced mine planning.

Speaker #2: I would like to add that I'm very proud of the entire team at Integra who are working very hard at accomplishing this amazing transition and all of the other amazing related accomplishments in the space of just 12 months.

Speaker #2: What we achieved last year was phenomenal. As anticipated, Florida Canyon saw significant investments in 2025 across several ongoing initiatives to support a profitable mining operation for many years to come.

Speaker #2: This capital-intensive phase of the long-term continuous improvement plan for Florida Canyon will continue into 2026. 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.

Speaker #2: The goal here is to sustain and grow Florida Canyon, extend its mine life, and address historical underinvestment. Integra is laying the foundation for a more efficient, longer-lived operation with an improved production and cost profile in the years to come.

George Salamis: The goal here is to sustain and grow Florida Canyon, extend its mine life, and address historical underinvestment. Integra is laying the foundation for a more efficient, longer-lived 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. Florida Canyon's ability to generate cash flow has allowed the company to expedite and bolster initiatives at the DeLamar project and advance 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.

Speaker #2: 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.

Speaker #2: Florida Canyon's ability to generate cash flow has allowed the company to expedite and bolster initiatives at the Delamar project and advance mining permitting efforts on that project.

Speaker #2: 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.

Speaker #2: 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 gold producer.

George Salamis: 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 gold producer. 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's 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. 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 mine all-in sustaining costs of $2,693 per ounce.

Speaker #2: Turning now to slide five, 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.

Speaker #2: 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 mine all in sustaining costs of $2,693 per ounce.

Speaker #2: The average realized gold price during the year was $3,411 per ounce. Allowing Integra to demonstrate its significant cash flow leverage to the gold spot price.

George Salamis: The average realized gold price during the year was $3,411 per ounce, allowing Integra to demonstrate its significant cash flow leverage to the gold spot price. 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 heap leach pad expansions, fleet refurbishments, capitalized stripping, and growth drilling. 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.

Speaker #2: 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.

Speaker #2: Full year 2025 adjusted earnings for the company was a record $47.3 million or $28 cents per share. Integra ended the quarter with a robust cash balance of $63.1 million positioning us to execute on all major objectives.

Speaker #2: At Delamar, 2025 was marked by significant milestones, including the signing of a relationship agreement with the Shoshone-Paiute Tribes of Duck 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.

George Salamis: At DeLamar, 2025 was marked by significant milestones, including the signing of a relationship agreement with the Shoshone-Paiute Tribes of the Duck Valley Reservation 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. 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 and full year 2025. Over to you, Cliff.

Speaker #2: We 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 and full year 2025.

Speaker #2: Over to you, Cliff. Thank you, George. And hello, everyone. Now on slide six. Here, we've outlined key operating metrics for Florida Canyon in the fourth quarter and full year of 2025.

Cliff Lafleur: Thank you, George, and hello, everyone. Now on slide six. Here we've outlined key operating metrics for Florida Canyon in the Q4 and full year of 2025. We mined 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. The 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. The temporary water shortage in Q3 2025 was caused by a problematic historic water well, which has since been successfully replaced.

Speaker #2: We mined 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. The waste mining rates decreased in Q4 2025 compared to Q3 2025 due to provisional adjustment of the mine sequence in Q3 to overcome dust suppression challenges caused by temporary water shortage in the dry summer months.

Speaker #2: The temporary water shortage in Q3 2025 was caused by a problematic historic water well which has since been successfully replaced. To 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 increased waste stripping and higher pits and increased run-of-mine tons placed.

Cliff Lafleur: 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 placed. Florida Canyon produced 12,864 ounces of gold in Q4 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. An additional protective layer was added to the liner where the tear occurred, and access for personnel and equipment was improved for inspections.

Speaker #2: 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.

Speaker #2: The tear was fully repaired by mid-November, with no solution releases and no environmental impact. An additional protective layer was added to the liner where the tear occurred, and access for personnel and equipment was improved for inspections.

Speaker #2: Solution flow rates were restored to normal levels before the end of the year, and deferred gold ounces associated with this temporary solution reduction are expected to be recovered in 2026.

Cliff Lafleur: Solution flow rates were restored to normal levels before the end of the year, and deferred gold ounces associated with this temporary solution reduction are expected to be recovered in 2026. During the quarter, Florida Canyon completed construction of the Phase IIIb heap leach pad, with regulatory approval to begin leaching 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 EX3600 front shovel, a Caterpillar 992K loader, and two Caterpillar 785 haul trucks. An additional six Caterpillar 785 haul trucks are expected to be commissioned in H1 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.

Speaker #2: During the quarter, Florida Canyon completed construction of the phase 3B heat bleach pad with regulatory approval to begin leaching 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.

Speaker #2: Brand new Hitachi EX3600 front shovel, a Caterpillar 992HL loader, and two Caterpillar 785 haul trucks. 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.

Speaker #2: The upgraded fleet is expected to reduce reliance on expensive rental equipment, enhance productivity, and lower mining unit rate costs over the coming years. 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.

Cliff Lafleur: 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. Average gold process recoveries in the quarter and for the full year, 2025, were 59.2% and 60.1% respectively, in line with our expectations. Cash costs averaged $2,036 per gold ounce in Q4 2025, and $1,937 per gold ounce for the full year. Mine site AISC averaged $3,371 per gold ounce in Q4 2025, and $2,693 per gold ounce for the full year.

Speaker #2: 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.

Speaker #2: Mine site AISC 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 AISC guidance.

Cliff Lafleur: This is slightly higher than the company's 2025 AISC guidance. 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 AISC, and are directly impacted by fluctuations in the gold price. For instance, a $100 per ounce change in the gold price impacts cash cost in mine site AISC by approximately $7 per gold ounce. In Q4 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 heap leach pad construction, catch-up and increased capital stripping, and mobile equipment refurbishments and financings.

Speaker #2: 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 Ask and are directly impacted by fluctuations in the gold price.

Speaker #2: For instance, a $100-per-ounce change in the gold price impacts cash costs in mine site Ask by approximately $7 per gold ounce. In quarter four 2025, the company invested $16.9 million in sustaining capital and $52.4 million for the full year 2025.

Speaker #2: Reflecting the company's continued commitment to reinvesting in Florida Canyon through new heap leach pad construction, catch-up and increased capital stripping, and mobile equipment refurbishments and financings.

Speaker #2: 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, in-pit infill drilling, as well as historic waste rock dump drilling.

Cliff Lafleur: 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 in-pit infill drilling, as well as historic waste rock dump drilling. The expanded 2025 exploration program completed approximately 16,000 meters 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 lateral extensions and conducting in-pit infill drilling. 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. Moving on to slide seven.

Speaker #2: The expanded 2025 exploration program completed approximately 16,000 meters 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 lateral extensions and conducting in-pit infill drilling.

Speaker #2: 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.

Speaker #2: Moving on to slide seven, here we're highlighting Integra's 2026 production and cost guidance for Florida Canyon as well as our 2027 and 2028 production guidance.

Cliff Lafleur: Here, we're highlighting Integra's 2026 production and cost guidance for Florida Canyon, as well as our 2027 and 2028 production guidance. Gold production from Florida Canyon is expected to be within 70,000 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. The expected increase in waste stripping in 2026 is a continuation of the make-up stripping left by previous owners, in addition to a targeted pit expansion. 2026 cash costs at Florida Canyon are expected to range between $1,900 to $2,100 per gold ounce sold, including royalties at the assumed gold price.

Speaker #2: Both production from Florida Canyon is expected to be within 70,000 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.

Speaker #2: The expected increase in waste stripping in 2026 is a continuation of the owners, in addition to a targeted pit expansion. 2026 cash costs at Florida Canyon are expected to range between $1,900 to $2,100 per gold ounce.

Speaker #2: 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.

Cliff Lafleur: The increase to the cash cost guidance range in 2026 versus 2025 is primarily a result of the higher gold price assumption. 2026 sustaining capital expenditures of approximately $62 to 68 million are focused on capitalized waste stripping, mobile fleet rebuild and replacement financing, infill and development drilling, as well as other projects. Infill and development drilling at Florida Canyon will consist of 31,000 meters of reverse circulation drilling focused on near mine targets designed to support oxide mineral reserve and resource growth. 2026 mine site AISC for Florida Canyon is expected to range from $2,750 to $2,950 per ounce of gold sold, which reflects the capital-intensive period at Florida Canyon expected in 2026, continuing from 2025.

Speaker #2: 2026 sustaining capital expenditures of approximately $62 to $68 million are focused on capitalized waste stripping, mobile fleet rebuild and replacement financing, infill and development drilling, as well as other projects.

Speaker #2: Infill and development drilling at Florida Canyon will consist of 31,000 meters of reverse circulation drilling focused on near mine targets designed to support oxide mineral reserve and resource growth.

Speaker #2: 2026 mine site Ask for Florida Canyon is expected to range from $2,750 to $2,950 per ounce of gold sold which reflects the capital-intensive period at Florida Canyon expected in 2026 continuing from 2025.

Speaker #2: The increase to the mine site Ask 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 the increased waste stripping.

Cliff Lafleur: The increase to the mine site AISC guidance range in 2026 versus 2025 is primarily a result of the higher gold price assumptions impacting royalty co-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. 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. 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 Q2 2026.

Speaker #2: All of which are designed to increase gold production in 2027 and 2028. 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.

Speaker #2: 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.

Speaker #2: These funds will also be used to fund growth exploration outside of the current area of operations 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 inter-pit areas and historical low-grade stockpiles.

Cliff Lafleur: These funds will also be used to fund growth exploration outside of the current area of operations. 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 inter-pit areas and historical low-grade stockpiles. Approximately $2.8 million has been allocated to support the 2026 growth exploration program, with approximately 8,000m of reverse circulation drilling and 1,000m 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. I'll now pass the call back to George to discuss key 2025 highlights from the DeLamar project.

Speaker #2: Approximately $2.8 million has been allocated to support the 2026 growth exploration program, with approximately 8,000 meters of reverse circulation drilling and 1,000 meters of core drilling focused on testing and finding new targets outside of the current area of operations.

Speaker #2: Something which is not occurred at Florida Canyon in many years. I'll now pass the call back to George to discuss key 2025 highlights from the Delavant project.

Speaker #1: Okay. Thanks, Cliff. In 2025, the company continued to advance and de-risk its flagship development asset, the Delavant project located in Idaho. These efforts led to multiple significant milestones in 2025 and early 2026.

George Salamis: 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. 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 2025. The BLM and its third-party NEPA consultant, 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.

Speaker #1: From a permitting perspective, the mine plan of operations for Delavant 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.

Speaker #1: The BLM and its third-party NEPA consultant, 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.

Speaker #1: Concurrently, Integra is working with federal, state, and local regulatory authorities to obtain all necessary permits for mine construction, operations, and reclamation. The Delavant project's permitting timeline was posted to the FAST 41 project dashboard on January 13th, 2026.

George Salamis: The DeLamar project's permitting timeline was posted to the FAST-41 project dashboard on 13 January 2026. The FAST-41 Transparency Project Program is a federal permitting framework designed to streamline environmental reviews, improve inter-agency coordination, and increase transparency. 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. 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 FAST-41 project dashboard, highlights an accelerated 15-month NEPA schedule from start to finish. From an engineering perspective, Integra advanced detailed engineering work in 2025 and completed in December 2025 its PFS.

Speaker #1: The FAST 41 transparency project program is a federal permitting framework designed to streamline environmental reviews improve inter-agency coordination and increase transparency. Agencies must develop and maintain a coordinated project-specific timeline for all required environmental review and permitting actions.

Speaker #1: 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.

Speaker #1: The permitting council provides high-level oversight to ensure that federal agencies adhere to established timetables. The Delavant project's permitting timeline posted to the FAST 41 project dashboard highlights an accelerated 15-month NEPA schedule from start to finish.

Speaker #1: From an engineering perspective, Integra advanced detailed engineering work in 2025 and completed in December of 2025 its fabulous feasibility study. The Feasibility Study for Delavant confirmed robust economics for a low-cost, large-scale, conventional open-pit oxide heap-leach operation with competitive operating costs and a high rate of return.

George Salamis: The feasibility study for DeLamar confirmed robust economics for a low-cost, large-scale, conventional open pit oxide heap leach operation with competitive operating costs and a high rate of return. Cliff will touch on the key feasibility study highlights on the next slide. Lastly, I'm pleased to report that in Q3 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. I will now pass the call back to Cliff for further comments on the DeLamar feasibility study. Over to you, Cliff.

Speaker #1: Cliff will touch on the key feasibility study highlights on the next slide. 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.

Speaker #1: y. Establishing a transformative and long-term partnership for the development of Delavant. I will now pass the call back to Cliff for further comments on the Delavant feasibility study.

Speaker #1: Over to you, Cliff.

Speaker #2: Thanks, George. As noted, the company completed its feasibility study for the Delavant project—this occurred on December 8th, 2025. The FS outlines total production of 1.1 million 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.

Cliff Lafleur: Thanks, George. As noted, the company completed its feasibility study for the DeLamar project. This occurred on 8 December 2025. 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 average annual production profile of 106,000 gold equivalent ounces per year at a co-product mine site AISC of $1,480 per gold equivalent ounce. 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.

Speaker #2: At a co-product, mine site Ask of 1,480 dollars per gold equivalent ounce initial capital cost for the project were estimated at 389 million including 38 million of owner's costs life of mine sustaining capital costs are estimated at 305 million.

Speaker #2: The project generates an after-tax net present value of approximately 774 million dollars with an after-tax internal rate of return of 46% assuming base case gold and silver prices of 3,000 dollars an ounce and 35 dollars an ounce respectively.

Cliff Lafleur: The project generates an after-tax net present value of approximately $774 million with an after-tax internal rate of return of 46%, assuming base case gold and silver prices of $3,000 an ounce and $35 an ounce respectively. After-tax NPV improves to approximately $1.9 billion and after-tax IRR of 97% using recent gold and silver prices of $4,500 an ounce and $65 an ounce respectively. Now I'll hand the call back to George to discuss our groundbreaking relationship agreement between Integra and Shoshone-Paiute Tribes.

Speaker #2: After-tax NPV improves to approximately 1.9 billion dollars and after-tax IRR of 97% using recent gold and silver prices of 4,500 dollars an ounce and 65 dollars an ounce respectively.

Speaker #2: Now I'll hand the call back to George to discuss our groundbreaking relationship agreement between Integra and Shoshone-Paiute.

Speaker #1: 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.

George Salamis: Thanks, Chris. In August, Integra announced that it entered into a relationship agreement with the Shoshone-Paiute Tribes of the Duck Valley Reservation, whose aboriginal 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. The agreement is the result of five years of co-collaboration between the Shoshone-Paiute Tribes and Integra and will serve to guide the partnerships throughout the entire life of mine at the DeLamar Project.

Speaker #1: This groundbreaking agreement established a transformative and long-term partnership for the development of the Delavant project on Shoshone-Paiute traditional homelands. This agreement is unprecedented in the lower 48 states.

Speaker #1: In both recognizing tribal sovereignty and collaboratively advancing sustainable long-term economic development for a project located on federally managed lands. 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 Delavant project.

Speaker #1: The agreement provides a framework to foster collaboration and co-management of various aspects related to the Delavant project, including but not limited to the following.

George Salamis: The agreement provides a framework to foster collaboration and co-management of various aspects related to the DeLamar project, including but not limited to Indigenous recognition, economic empowerment and participation, cultural and environmental protection, consensus-based regulatory collaboration, and community investment and performance monitoring. 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. I will now pass the call back to Cliff to provide an update on Nevada North on slide 11. Over to you, Cliff.

Speaker #1: Indigenous recognition. Economic empowerment and participation. Cultural and environmental protection. Consensus-based regulatory collaboration. And community investment and performance monitoring. Integra is incredibly proud to enter into this partnership with the Shoshone-Paiute tribes.

Speaker #1: 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.

Speaker #1: I will now pass the call back to Cliff to provide an update on Nevada North on slide 11. Over to you, Cliff.

Speaker #2: Thanks, George. During Q4, 2025, the company continued to advance the Nevada North project which consists of the Wildcat and Mountain View deposits. 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.

Cliff Lafleur: Thanks, George. During Q4 2025, the company continued to advance the Nevada North Project, which consists of the Wildcat and Mountain View deposits. At the Wildcat deposit, field work in late 2025 consisted of the completion of 4 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. 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 seep monitoring, as well as raptor and migratory bird surveys. 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.

Speaker #2: The study and modeling work will be important for supporting upcoming permitting activities. 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.

Speaker #2: Additional studies that are underway at Wildcat include spring and seat monitoring as well as raptor and migratory bird surveys. 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.

Speaker #2: After final sign-off, the Wildcat EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns that we will initiate in 2026. The reclamation permit from Nevada Division of Environmental Protection Bureau of Mining Regulation Reclamation or NDEPBMRR is also in progress with anticipated approval in Q2, 2026.

Cliff Lafleur: After final sign-off, the Wildcat EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns that we will initiate in 2026. The reclamation permit from Nevada Division of Environmental Protection, Bureau of Mining Regulation and Reclamation, or NDEP BMRR, is also in progress with anticipated approval in Q2 2026. 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.

Speaker #2: 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.

Speaker #2: The NDEPBMRR 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.

Speaker #2: 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.

Cliff Lafleur: 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 H1 2027. I'll now pass the call to our CFO, Andrée, to provide an overview of the Q4 and full year financial results.

Speaker #2: Targeted release date in H1 2027. I'll now pass the call to our CFO, Andre, to provide an overview of the Q4 and full-year financial results.

Speaker #3: 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 15 million convertible loan with BD capital was converted in December 2025.

Andrée St-Germain: 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. Our $50 million convertible loan with Beedie Capital was converted in December 2025. 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. 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.

Speaker #3: The company is now debt-free with the exception of mobile equipment leases at Floyda Canyon. The company reported Q4 revenues of 55.2 million. And cost of sales of 29.9 million.

Speaker #3: Resulting in 25.3 million in mine operating earnings. Which equates to a strong 46% operating margin. The increasing profit margin is a result of an increased in gold price.

Speaker #3: This quarter, we realized an average gold price of $4,229 per ounce. We reported full-year 2025 revenues of $243.9 million. And cost of sales of $149.4 million.

Andrée St-Germain: 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. 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 $47.3 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. I will now pass the call back to George to discuss strategic objectives for 2026.

Speaker #3: 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.

Speaker #3: 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 $47.3 million.

Speaker #3: Or $28 per share. The stronger adjusted earnings in 2025 versus 2024 reflect a full year of operations in 2025. Versus 2024, which only included roughly two months of operations.

Speaker #3: I will now pass the call back to George to discuss strategic objectives for 2026.

Speaker #1: Thanks a lot, Andre. So looking forward, our priorities for 2026 remain in line with our strategy to become a leading mid-tier gold producer. At Floyda Canyon, we've got a lot of great things to accomplish this year.

George Salamis: Thanks a lot, André. Looking forward, our priorities for 2026 remain in line with our strategy to become a leading mid-tier gold producer. 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. 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. 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.

Speaker #1: 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.

Speaker #1: We believe that this updated technical report for Floyda 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.

Speaker #1: At Delamar, 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.

George Salamis: 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. 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 value of this project. 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. In recent months, we have seen a significant benefit for our NYSE American listing, which has provided a significant increase to our overall trading liquidity and investment appeal.

Speaker #1: 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.

Speaker #1: Underscoring the scarcity value of this project. To summarize, at Nevada North, we continue to de-risk the project and lay the foundation for future development.

Speaker #1: On the capital market side, we're also continuing to bolster our profile and investor awareness, leading to enhanced trading liquidity and index inclusion, which we have just recently experienced.

Speaker #1: 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.

George Salamis: On the longer term horizon, we continue to evaluate strategic and accretive M&A opportunities that support our strategic goal of becoming a mid-tier gold producer. 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. 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 pipelined 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.

Speaker #1: On the longer-term horizon, we continue to evaluate strategic and accretive M&A opportunities that support our strategic goal of becoming a mid-tier gold producer. I would now like to end the formal part of the presentation with slide 14 as a captures our strategy.

Speaker #1: 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.

Speaker #1: 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.

Speaker #1: Our pipeline of development projects is being efficiently de-risked without dilution. We. We operate in Idaho and Nevada, two of the best mining jurisdictions globally.

Speaker #1: 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.

George Salamis: Integra is a US gold producer with a growth runway and a clear strategy to become a mid-tier producer. At this point, I would like to turn the call back to the operator to begin with the Q&A.

Speaker #1: At this point, I'd like to turn the call back to the operator to begin with the Q&A.

Operator: Thank you. At this time, I would like to remind everyone, in order to ask a question, press star then the number one on your telephone keypad. We'll pause just a moment. We'll take our first question from Heiko Ihle at H.C. Wainwright.

Speaker #4: Thank you. At this time, I would like to remind everyone, in order to ask a question, please press star, then the number one on your telephone keypad.

Speaker #4: We'll pause just a moment. And we'll take our first question from Heiko Ihle at HC Wainwright.

Heiko Ihle: Hey, George and team. Thanks for taking my questions. Obviously, congratulations to Chantal on this appointment there. The waste stripping seen in the higher pits, how should we model this quarter by quarter for the year? 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.

Speaker #5: Hey, George, and team. Thanks for taking my questions. And obviously, congratulations to Chantal on this appointment there. The waste stripping scene in the higher pits—how should we model this quarter by quarter for the year?

Speaker #5: 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?

George Salamis: Okay. Heiko, hi. Thanks for dialing in for the call. I'm gonna pass that call over to Cliff and Greg. I think they can handle that one.

Speaker #1: Okay. Heiko, hi. Thanks for diving in for the call. I'm going to pass that call over to Cliff and Greg. I think they can handle that one.

Gregory Robinson: Yeah, this is Greg. You're right, that's not a straightforward answer. We will be heavily stripping, definitely in the first part of the year. That should, as we get deeper in the deposit, it should start to taper off, maybe not super visibly in H2, 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.

Speaker #6: Yeah, this is Greg. And you're right—that's not a straightforward answer. We will be heavily stripping in, definitely, in the first part of the year.

Speaker #6: And that should, as we get deeper in the deposit, it should start to taper off—maybe not super visibly, and in the second half, but it will start tapering off.

Speaker #6: We'll start seeing more ore in those pits. As we progress deeper. Like you say, it's not a straightforward answer, but you can expect waste stripping all year.

Heiko Ihle: Okay. I just want to.

Speaker #6: I guess.

Speaker #5: Okay.

Speaker #7: Yeah, and just to answer—sorry, Heiko, just to jump in—this was expected for 2025, 2026, and then it'll be tapering off in Q1 2027.

George Salamis: 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 this. This is what's allowing the higher production predicted in 2027, 2028.

Speaker #7: And then we'll have this is what's allowing the higher production predicted in 2027, 2028.

Heiko Ihle: Got it. Okay. Cost-wise, essentially just trend line it every quarter?

Speaker #5: Got it. Okay. And then cost-wise, essentially, just trendline it every quarter?

George Salamis: Yeah, sorry. 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. The waste pit has a large component of it.

Speaker #1: Cliff, Greg, over to you.

Speaker #7: 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.

Speaker #7: Which the waste stripping has a large component of it.

Heiko Ihle: 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 wondering if the phone's been ringing a little bit more from more random or the more generalist funds that maybe hadn't really heard your name before.

Speaker #5: 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?

Speaker #5: I mean, just wondering if the phone's been ringing a little bit more from more random or more generalist funds that maybe hadn't really hurt your name before?

George Salamis: Yeah, Heiko, maybe I can address that one. The bespoke financing that we did, which was focused on the DeLamar Early Works programs, you know, 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. Which was great news. Obviously, you know, we're in a market that's been expecting the generalist funds to show up, right? We're certainly seeing that. Various conferences that we've attended, we've seen more generalist interest to hear the story, which is great. Now addressing the GDXJ inclusion, all I can say about that is, you know, we did experience increased trading liquidity in advance of the actual GDXJ announcement.

Speaker #1: Yeah, Heiko, 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.

Speaker #1: And specifically, three large generalist funds, which were not previously on our registry. Which was great news, obviously. We're in a market that's been expecting the generalist funds to show up, right?

Speaker #1: And we're certainly seeing that. At various conferences that we've attended, we've seen more generalist interest to hear the story, which is great. 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.

George Salamis: As you know, you know, there's a certain element of pre-warning that GDXJ is coming and not by us, obviously, by you know, newsletter writers and by research analysts that we, you know, we met all of the criteria well in advance. Can I say that the generalists piled in on the you know, 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.

Speaker #1: As you know, there's a certain element of pre-warning that GDXJ is coming—and not by us, obviously, but by newsletter writers and by research analysts—that we met all of the criteria well in advance.

Speaker #1: Can I say that the generalists piled in on 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.

Heiko Ihle: Very good. I will get back in queue. Thank you very much and congratulations.

Speaker #5: Very good. I will get back in queue. Thank you very much. And congratulations.

George Salamis: Thanks. Thank you.

Speaker #1: Thanks, guys. Thank you.

Operator: As a reminder, if you would like to ask a question, please press star one. We'll pause just a moment. We have no further questions at this time. Mr. Salamis, I will turn the conference back over to you.

Speaker #4: And as a reminder, if you would like to ask a question, please press star, moment. And we have no further questions at this time.

Speaker #4: Mr. Salamis, I will turn the conference back over to you.

George Salamis: Thank you very much. I'd like to thank everybody for attending this call. You know, 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. Our tasks are well laid out in front of us. Please do not hesitate to reach out to myself or anybody in the Integra team. For anybody on this call, you know, 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.

Speaker #1: 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.

Speaker #1: And 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.

Speaker #1: 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.

Operator: Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect.