Q1 2026 Integra Resources Corp Earnings Call

May 12, 2026

Angela: 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. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star followed by 1 on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you. I would now like to turn the meeting over to Andrée St-Germain, Chief Financial Officer. Please go ahead, Andrée.

Operator 1: 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. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press the star followed by one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you. I would now like to turn the meeting over to Andrée St-Germain, Chief Financial Officer. Please go ahead, Andrée.

Speaker #2: Online has 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 that time, simply press star followed by the number 1 on your telephone keypad.

Speaker #2: If you would like to withdraw your question, press the pound key. Thank you. I would now like to turn the meeting over to Andrei Saint-Germain.

Speaker #2: Chief Financial Officer. Please go ahead Andrei. Thank you, operator. I would like to welcome everyone to Integra's 2026 first quarter operating and financial results conference call.

Andrée St-Germain: Thank you, operator. I would like to welcome everyone to Integra's 2026 Q1 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 2nd 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. 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, Clifford Lafleur; Vice President, Finance, Sean Deissner; Vice President, Permitting, Dale Kerner; and General Manager for the Florida Canyon Mine, Gregory Robinson. Today, we are pleased to provide an operating and financial update for the Q1 of 2026, followed by a live Q&A session.

Andrée St-Germain: Thank you, operator. I would like to welcome everyone to Integra's 2026 Q1 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. The cautionary notes can also be found on Integra's corporate website. 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, Clifford Lafleur; Vice President, Finance, Sean Deissner; Vice President, Permitting, Dale Kerner; and General Manager for the Florida Canyon Mine, Gregory Robinson. Today, we are pleased to provide an operating and financial update for Q1 of 2026, followed by a live Q&A session.

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. I'll dollar amounts discussed today will refer to you as dollars. Unless otherwise, indicated.

Speaker #2: 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 Desner.

Speaker #2: Vice President, Permitting, Dow Kerner. And General Manager for the Florida Canyon Mine, 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.

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

Andrée St-Germain: With that, I would like to hand the call over to George to kick things off.

Speaker #3: Thank you, Andrei. 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.

George Salamis: Thank you, Andrée. 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. 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 build on a treasury designed to fund and support growth at DeLamar and Nevada North, our two primary growth projects. 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.

Speaker #3: 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.

Speaker #3: While we built on a treasury designed to fund and support growth at Delamar and Nevada North, our two primary growth projects, our sequencing strategy at Florida Canyon is focused on maximizing predictable cash flow.

Speaker #3: Preserving balance sheet flexibility and supporting the advancement of Delamar from the position of strength. Investments in safety systems, water source security, haulage fleet reliability, leach pad planning, and other initiatives at the site level reflected deliberate approach to reducing operational risk and stabilizing the mine site operations before pursuing accelerated growth in the coming years.

George Salamis: Investments in safety systems, water source security, hauler 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. 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 remains centered on building a durable US-focused gold producer. Turning now to slide five. 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.

Speaker #3: 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.

Speaker #3: Integra's strategy remains centered on building a durable US focused gold producer. Turning now to slide five. We've highlighted several metrics that underscore Q1, 2026 results.

Speaker #3: Q1 was underpinned by the company's strong financial position with $105.8 million in cash and working capital of $139.7 million. While gold production in the quarter reflects temporary constraints, the deferred gold ounces are expected to be recovered over the balance of the year.

George Salamis: 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. In parallel, we have significantly strengthened our balance sheet through a $61 million financing focused 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 H2 2026 and reinforce our strategy of building a sustainable multi-asset gold producer in the United States. Now, I will hand the call over to our COO, Cliff, to discuss the Q1 2026 operating results for Florida Canyon.

Speaker #3: 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.

Speaker #3: In parallel, we have significantly strengthened our balance sheet through a $61 million financing focused on growth and de-risking at Delamar, while we continue to invest in sustaining capital at Florida Canyon.

Speaker #3: We believe these investments position Integra for a stronger second half of 2026 and reinforce our strategy of building a sustainable multi-asset gold producer in the United States.

Speaker #3: Now, I will hand the call over to our COO, Cliff, to discuss the Q1, 2026 operating results for Florida Canyon.

Speaker #4: Thanks, George. Turning to slide six 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 leaching on our phase 3B leach pad.

Cliff LaFleur: 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 at the start of leaching on our Phase IIIB leach pad. The increase in mining rate was driven by the commissioning of 8 haul trucks in the quarter. Since 2025, the total of new equipment added to the fleet now includes 8 Caterpillar 785 haul trucks, 1 Caterpillar 992 high-lift loader, and 1 Hitachi EX3600 front shovel. With an enhanced mining fleet, the operation is better equipped to manage the historical waste stripping inherited from prior operators.

Cliff Lafleur: 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 at the start of leaching on our Phase IIIB leach pad. The increase in mining rate was driven by the commissioning of 8 haul trucks in the quarter. Since 2025, the total of new equipment added to the fleet now includes 8 Caterpillar 785 haul trucks, 1 Caterpillar 992 high-lift loader, and 1 Hitachi EX3600 front shovel. With an enhanced mining fleet, the operation is better equipped to manage the historical waste stripping inherited from prior operators.

Speaker #4: 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 loader, and one Hitachi EX3600 front shovel.

Speaker #4: With an enhanced mining fleet, the operation is better equipped to manage the historical waste stripping and heritage from prior operators. 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.

Cliff LaFleur: 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 its 2026 guidance. In Q1 2026, the company produced 12,635 ounces of gold. Approximately 3,000 ounces were deferred from Q1 due to temporarily reduced solution flow rates to a specific phase II 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.

Cliff Lafleur: 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 its 2026 guidance. In Q1 2026, the company produced 12,635 ounces of gold. Approximately 3,000 ounces were deferred from Q1 due to temporarily reduced solution flow rates to a specific phase II 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.

Speaker #4: Resulting in 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.

Speaker #4: 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 heat leach pad cell, which contains fine ore from the newly opened N2 pit.

Speaker #4: A blending strategy has been developed to maintain nominal leach rates from its fine material from N2 going forward. With this approach, together with the commissioning of the phase 3B leach pad, the company expects to meet its annual gold production guidance of 70,000 to 75,000 ounces.

Cliff LaFleur: With this approach, together with the commissioning of the Phase IIIB leach pad, the company expects to meet its annual gold production guidance of 70,000 to 75,000 ounces. The majority of deferred Q1 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. The Q1 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. This increase reflects the company's reinvestment strategy through new equipment leases, increased capital stripping, and mobile equipment refurbishments.

Cliff Lafleur: With this approach, together with the commissioning of the Phase IIIB leach pad, the company expects to meet its annual gold production guidance of 70,000 to 75,000 ounces. The majority of deferred Q1 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. The Q1 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. This increase reflects the company's reinvestment strategy through new equipment leases, increased capital stripping, and mobile equipment refurbishments.

Speaker #4: 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.

Speaker #4: The first quarter of 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.

Speaker #4: In Q1, 2026, the company invested $10.8 million in sustaining capital at Florida Canyon. This increase reflects the company's reinvestment strategy through new equipment leases, increased capital stripping, and mobile equipment refurbishments.

Speaker #4: 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.

Cliff LaFleur: 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 Q1. 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.

Cliff Lafleur: 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 Q1. 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.

Speaker #4: 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.

Speaker #4: These expenditures are in line with the company's 2026 guidance. Cash costs averaged $2,422 per gold ounce and mine site ask averaged $3,310 per gold ounce in Q1, 2026.

Speaker #4: Both metrics were elevated with cash costs above the company's guidance range of $1,900 to $2,100 per ounce and mine site ask 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 planned metal prices, and increased diesel prices.

Cliff LaFleur: Both metrics were elevated, with cash costs above the company's guidance range of $1,900 to $2,100 per ounce and mine site AISC 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 planned metal prices, and increased diesel prices. I will hand the call over to George to discuss the exploration drilling program at Florida Canyon.

Cliff Lafleur: Both metrics were elevated, with cash costs above the company's guidance range of $1,900 to $2,100 per ounce and mine site AISC 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 planned metal prices, and increased diesel prices. I will hand the call over to George to discuss the exploration drilling program at Florida Canyon.

Speaker #4: Now, I will hand the call over to George to discuss the exploration drilling program at Florida Canyon.

Speaker #5: 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.

George Salamis: 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. The 2026 drilling program marks an important investment in Integra's evolution as both a gold producer and an exploration-driven growth company, with 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: 42,500 meters of drilling at Florida Canyon focused on near mine oxide gold targets and the nearby past producing Standard mine area.

Speaker #5: 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.

Speaker #5: The program includes the following: 42,500 meters of drilling at Florida Canyon focused on near-mine oxide gold targets and the nearby past-producing standard mine area.

Speaker #5: 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.

George Salamis: Exploration both within the mine gate and, for the first time in many years, outside of the mine gate on regional gold target is included, and there are quite a number of interesting targets outside of the mine gate at Florida Canyon. We also have 2,500m of advanced engineering drilling at the DeLamar project to support future development of one of the largest and most advanced undeveloped heap leach gold-silver projects in the Great Basin right now. Lastly, 5,500m 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. Initial drill results are expected in summer 2026 and will continue throughout the year. Turning now to slide 8.

Speaker #5: And there are quite a number of interesting targets outside of the mine gate at Florida Canyon. 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 heat leach gold-silver projects in the Great Basin right now.

Speaker #5: 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.

Speaker #5: 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.

George Salamis: The 2026 drilling program at Florida Canyon consists of approximately 42,500 meters of RC and core drilling. 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. Drilling has commenced and is expected to conclude in Q4 of 2026, with initial results anticipated during the summer of 2026.

Speaker #5: 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.

Speaker #5: 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 an Integra's history and the fact the first time in many years that exploration and drilling is being conducted outside of the mine gate.

Speaker #5: 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 43101 technical report.

George Salamis: 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 2025, not so far off from today. I will hand the call back to Cliff, our CEO, to discuss the DeLamar and N4 Q1 2026 highlights.

Speaker #5: 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.

Speaker #6: 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.

Cliff LaFleur: Thank you, George. Now on slide 9. In Q1 2026, the company continued to advance and de-risk its flagship development asset, the DeLamar project, located in Idaho. From a permitting perspective, since the Mine Plan of Operations, or MPO, 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.

Cliff Lafleur: Thank you, George. Now on slide 9. In Q1 2026, the company continued to advance and de-risk its flagship development asset, the DeLamar project, located in Idaho. From a permitting perspective, since the Mine Plan of Operations, or MPO, 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.

Speaker #6: From a permitting perspective, since the mine plan of operations or MPO, 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.

Speaker #6: The BLM has determined that this version called version 4.3 will be the project proposed action to be carried forward through environmental review process in accordance with the National Environmental Policy Act or NEPA.

Cliff LaFleur: The BLM has determined that this version, called version 4.3, will be the project proposed action to be carried forward through environmental review process in accordance with the National Environmental Policy Act, or NEPA. 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 22 May 2026, initiating the NEPA process. 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 FAST-41 project dashboard on 13 January 2026.

Cliff Lafleur: The BLM has determined that this version, called version 4.3, will be the project proposed action to be carried forward through environmental review process in accordance with the National Environmental Policy Act, or NEPA. 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 22 May 2026, initiating the NEPA process. 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 FAST-41 project dashboard on 13 January 2026.

Speaker #6: The BLM, its third-party NEPA consultant, SWICA, and cooperative agencies will proceed with the environmental analysis of the project by preparing an environmental impact statement or EIS.

Speaker #6: 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 22nd, 2026, initiating the NEPA process.

Speaker #6: 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 FAST 41 project dashboard on January 13th, 2026.

Speaker #6: The FAST 41 transparency project program is a federal permitting framework designed to streamline environmental reviews, improve interagency coordination, and increase transparency. Agencies must develop and maintain a coordinated project-specific timetable for all required environmental review and permitting actions.

Cliff LaFleur: 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 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. The Permitting 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 and closure.

Cliff Lafleur: 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 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. The Permitting 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 and closure.

Speaker #6: 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 #6: The permitting 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 and closure.

Speaker #6: 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.

Cliff LaFleur: Q1 2026 also marks the commencement of de-risking activities at DeLamar, including an initial deposit to Idaho Power Company 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. The feasibility study demonstrates a large-scale conventional open pit oxide heap leach 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 of $4,565 per ounce respectively. Moving to slide 10.

Cliff Lafleur: Q1 2026 also marks the commencement of de-risking activities at DeLamar, including an initial deposit to Idaho Power Company 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. The feasibility study demonstrates a large-scale conventional open pit oxide heap leach 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 of $4,565 per ounce respectively. Moving to slide 10.

Speaker #6: Finally, the Delamar feasibility study 43101 technical report was filed in early February 2026. The feasibility study demonstrates a large-scale, conventional open-pit oxide heat leach operation with competitive cost profile and excellent economics.

Speaker #6: After-tax NPV of approximately $774 million and after-tax IRR of 46% using gold and silver prices of $3,000 and $35 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 of $4,500 and $65 per ounce respectively.

Speaker #6: 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.

Cliff LaFleur: 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 permitting processes. Additionally, final decision record documentation for the Wildcat Exploration Plan of Operations, or EPO, was complete as of 9 April 2026, and the reclamation permit from Nevada Division of Environmental Protection Bureau of Mining Regulation and Reclamation was received on 20 April 2026. The Wildcat EPO, now fully approved, will provide greater flexibility for significantly expanded exploration and technical drilling campaigns scheduled to begin in Q2 2026.

Cliff Lafleur: 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 permitting processes. Additionally, final decision record documentation for the Wildcat Exploration Plan of Operations, or EPO, was complete as of 9 April 2026, and the reclamation permit from Nevada Division of Environmental Protection Bureau of Mining Regulation and Reclamation was received on 20 April 2026. The Wildcat EPO, now fully approved, will provide greater flexibility for significantly expanded exploration and technical drilling campaigns scheduled to begin in Q2 2026.

Speaker #6: 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 permitting processes.

Speaker #6: 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 the Nevada Division of Environmental Protection, Bureau of Mining Regulation and Reclamation, was received on April 20, 2026.

Speaker #6: 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.

Speaker #6: 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.

Cliff LaFleur: 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 with a target release date in early 2027. I'll now pass the call to our CFO, Andrée, to provide an overview of the Q1 results.

Cliff Lafleur: 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 with a target release date in early 2027. I'll now pass the call to our CFO, Andrée, to provide an overview of the Q1 results.

Speaker #6: 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 with a target release date in early 2027.

Speaker #6: I'll now pass the call to our CFO, Andre, to provide an overview of the Q1 results.

Speaker #5: Thanks, Cliff. Integra closed Q1, 2026 in our strongest financial 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.

Andrée St-Germain: Thanks, Cliff. Integra closed Q1 2026 in our strongest financial 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 mine operating earnings. 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.

Speaker #5: 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 mine operating earnings.

Speaker #5: 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.

Speaker #5: The company achieved average realized gold price of $4,854 per ounce for Q1, 2026. Versus $2,888 per ounce in Q1, 2025. The company recorded adjusted earnings of $12.9 million, or 7 cents per share, in Q1, 2026.

Andrée St-Germain: The company achieved average realized gold price of $4,854 per ounce for 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. I will now pass the call back to George to discuss strategic objectives for 2026.

Speaker #5: Versus $4.4 million or 3 cents per share in Q1, 2025. I will now pass the call back to George to discuss strategic objectives for 2026.

George Salamis: Thanks a lot, Andrée St-Germain. 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. We believe that this updated technical report for Florida Canyon 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, with permitting quickly advancing towards the notice of intent, marking the full commencement of NEPA, we've also commenced de-risking activities on-site and continue to advance detail engineering to prepare the project for a development decision.

Speaker #4: Thanks a lot, 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.

Speaker #4: At Authority 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.

Speaker #4: We believe that this updated technical report for Florida Canyon will have some game-changing elements for the company and demonstrate to the market that this mine purchase by us will not long ago in late 2024 has a long and profitable future ahead of it.

Speaker #4: At Delamar, with permitting quickly advancing towards the notice of intent, marking the full commencement of NEPA, we've also commenced de-risking activities on-site and continue to advance detailed engineering to prepare the project for a development decision.

Speaker #4: 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.

George Salamis: 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. 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 onto the 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&A opportunities that support our strategic goal of becoming a leading mid-tier gold producer. Turning to slide 13.

Speaker #4: 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.

Speaker #4: 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 onto the GDXJ.

Speaker #4: 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&A opportunities that support our strategic goal of becoming a leading mid-tier gold producer.

Speaker #4: Turning to slide 13. I would like to end the formal part of the presentation with slide 13 as a captures our strategy. Production, growth, scale, jurisdiction, and team.

George Salamis: I would like to end the formal part of the presentation with slide 13 as it captures our strategy. Production, growth, scale, jurisdiction, and team. We are now over 1 year into our status as a gold producer in the US and generate cash flow to advance our high-quality US-focused gold and silver-focused development portfolio, supporting our peer-leading growth profile. We hold 1 of the largest inventories of gold and silver in the Great Basin not controlled by a major mining company. Our pipeline of development projects are being efficiently de-risked without dilution. We operate in Idaho and Nevada, 2 of the best mining jurisdictions globally. Lastly, our people are our most important asset. We have handpicked a 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.

Speaker #4: 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 US-focused gold and silver-focused development portfolio supporting our peer-leading growth profile.

Speaker #4: We hold one of the largest inventories of gold and silver in the Great Basin not controlled by a major mining company. Our pipeline of development projects are being efficiently de-risked without dilution.

Speaker #4: We operate in Idaho and Nevada, two of the best mining jurisdictions globally. Lastly, our people are our most important asset. We have handpicked a team with a track record of success and deep industry experience.

Speaker #4: Integra is a US gold producer with a growth runway and a clear strategy to become a mid-tier. At this point, I would like to turn the call back to the operator to begin the Q&A session.

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

Angela: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one in your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press pound key again. Your first question comes from the line of Heiko Ihle with H.C. Wainwright. Your line is now open.

Operator: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one in your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press pound key again. Your first question comes from the line of Heiko Ihle with H.C. Wainwright. Your line is now open.

Speaker #1: Thank you. We will now begin the question and answer session. If you have dialed in and would like to ask a question, please press star one in your telephone keypad to raise your hand and join the queue.

Speaker #1: If you would like to withdraw your question, simply press pound key again. Your first question comes from the line of Keiko Isle with HC Wainwright.

Speaker #1: Your line is now open.

Speaker #6: Hey, George and team, it's Heiko Ihle. I assume you can hear me okay?

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

Speaker #4: Yeah, Heiko, I can hear you fine. Welcome.

George Salamis: Yeah. Hi, Heiko, I can hear you fine. Welcome.

Speaker #6: Hey, at 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: Q2, Q3, Q4.

Heiko Ihle: Hey, at DeLamar, I mean, how much cash are you spending there this month? Maybe if you want to be so kind, just give us a bit of an idea on actual cash spend quarter by quarter for the rest of the year, please.

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

Speaker #4: 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 Heiko a rough estimate of what we plan to basis?

Speaker #1: 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, in the summer months, you can probably between Delamar and Nevada North, probably going to be looking at anywhere between 4 to 6 million per month.

Andrée St-Germain: Yeah. For sure. No problem. You know, including, obviously, we'll be spending a fair amount this year in pre-production de-risking activities. In the summer, in the summer months, we can probably between DeLamar and Nevada North, probably going to be looking at anywhere between $4 to 6 million per month. That's including.

Speaker #1: And that's including de-risking permitting and generating etc. And if we just look at Delamar, call it somewhere between 3 to 4 million a month.

Heiko Ihle: Okay.

Andrée St-Germain: -de-risking, permitting, engineering, et cetera. If we just look at DeLamar, call it somewhere between $3 to 4 million a month.

Speaker #6: Got it. Okay, so it's actually a bit more than we had. Okay, good. Thank you. And then.

Heiko Ihle: Got it. Okay. It's actually a bit more than we had. Okay, good. Thank you.

Speaker #1: Keep in mind oh, sorry. Half of that is about the de-risking activities. So the yeah.

Andrée St-Germain: Keep in mind. Oh, sorry. Half of that is about the de-risking activities.

Heiko Ihle: Right.

Andrée St-Germain: the, Yeah, yeah.

Speaker #6: Okay. 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.

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

Speaker #6: 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?

George Salamis: I think that's a question best directed at Greg. 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.

Speaker #4: I think that's a question best directed at Greg. 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.

Speaker #5: Good morning.

Gregory Robinson: Good morning.

Speaker #6: Good morning.

Heiko Ihle: Morning.

Gregory Robinson: We budget right around $1 million a month at Florida Canyon. That was at lower prices than we're seeing today.

Speaker #5: With 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.

Gregory Robinson: We budget right around $1 million a month at Florida Canyon. That was at lower prices than we're seeing today. You know, we spend accordingly with the floating diesel price.

Gregory Robinson: You know, we spend accordingly with the floating diesel price.

Speaker #6: Okay. Fair enough. That's it for me. I'll get back in queue. Thank you guys very much.

Heiko Ihle: Cool. Fair enough. That's it for me. I'll get back in queue. Thank you guys very much.

Speaker #4: Thanks, Heiko.

George Salamis: Thanks, Heiko.

Speaker #1: Your next question comes from the line of Joseph Regor with Roth Capital. Your line is now open.

Angela: Your next question comes from the line of Joseph Reagor with Roth Capital. Your line is now open.

Operator: Your next question comes from the line of Joseph Reagor with Roth Capital. Your line is now open.

Speaker #6: Hey, George and team, perhaps 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?

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

George Salamis: Great question. I think, I will re-address that one to Andrée. Andrée, over to you.

Speaker #4: Great question. So I think I will readdress that one too, Andre. Andre, over to you.

George Salamis: Great question. I think, I will re-address that one to Andrée. Andrée, over to you.

Speaker #1: Yes, that's the addition of the fleet fully commissioned. Two 785s in December, October, sorry, November and December of last year and six this year.

Andrée St-Germain: Yes, that's the addition of the fleet. We commissioned 2 Caterpillar 785s in December, November and December of last year and 6 this year, and it also includes the Hitachi shovel that we commissioned in Q4 of last year. All the leases additions are purely mobile equipment leases.

Speaker #1: And it also includes the tattoo shovel that we commissioned in Q4 of last year. So all the lease additions are purely mobile equipment leases.

Speaker #6: 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?

Joseph Reagor: Okay. you know, 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, you know, just to protect the, you know, any downside risk?

Speaker #4: So Joe, Andre, if you want to answer that question before 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.

George Salamis: Andrée, if you wanna 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.

Speaker #1: Perfect. Thanks, George. So we did purchase in December of last year and early Q1 of this year. Put options to protect the downside. So about 40 to 50 percent of our production is protected.

Andrée St-Germain: Perfect. Thanks, George. We did purchase in December of last year and early Q1 of this year, put options to protect the downside. About 40% to 50% of our production is protected. The put options are at $3,500 gold. We maintain full exposure to any upside in gold price. It's really just a floor protection with put options.

Speaker #1: It's the put options are at 3,500. Gold. And but we maintain full exposure to the to any upside in gold price. It's really just a floor protection with put options.

Speaker #6: 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 still where it is, would you guys do that again?

Joseph Reagor: Okay. Would you expect to continue that policy as you move forward? Like if we get to H2 of the year, pricing is still where it is, would you guys do that again?

Speaker #1: Most likely. We've done it all year in 2025. We've done it for 2026. We'll probably obviously monitoring gold price, but we'll potentially roll this over in 2027.

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

Speaker #6: Okay. Thanks for the color there. I'll turn it over.

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

Speaker #4: Thanks, Joe.

George Salamis: Thanks, Joe.

Speaker #1: Your next question comes from the line of Ryan MacArthur of Raymond James. Your line is now open.

Operator 1: Your next question comes from the line of Brian MacArthur of Raymond James.

Speaker #7: 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 permits for expanded drilling there.

Brian MacArthur: Good morning, thank you for taking my question. It has to do with Nevada North. Can you just go through, now that you've got part of the permits for expanded drilling there. When you do the technical report this year, how what are we actually gonna get in that? Are we gonna get an updated, like mine plan, or are we just gonna get updated reserves and resources through the drilling? How much of the money there is being spent on hydrogeological studies versus actual drilling that could potentially increase the resource there?

Speaker #7: When you do the technical report this year, what are we actually going to get in that? Are we going to get an updated mine plan, or are we just going to get updated reserves and resources through the drilling?

Speaker #7: And how much of the money there is being spent on hydrological studies versus actual drilling that could potentially increase the resource there?

Speaker #4: 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.

George Salamis: Thanks, Brian. Cliff LaFleur, I'm gonna direct that question to you. Perhaps you can give Brian a bit of a heads-up as to what is gonna go into the pre-feasibility study that's due out in H1 of next year and what's, what we're gonna be working on, that will go into that study.

Cliff LaFleur: Yeah. Thanks, George. Good question on Nevada North. 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. For Wildcat, we wanna do some upgrade drilling starting in Q2, transferring a good portion of the inferred ounces indicated, and some more technical drilling. Think of the hydrogeological program and some more met drilling, condemnation drilling for areas where we feel like we need to site some infrastructure in the future for this study coming up. It'll be a PFS level study with a new mine plan and a focus on what we're upgrading at Wildcat. I'd say we have a lot of the holes for the hydrogeological program that were done last year.

Cliff Lafleur: Yeah. Thanks, George. Good question on Nevada North. 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. For Wildcat, we wanna do some upgrade drilling starting in Q2, transferring a good portion of the inferred ounces indicated, and some more technical drilling. Think of the hydrogeological program and some more met drilling, condemnation drilling for areas where we feel like we need to site some infrastructure in the future for this study coming up. It'll be a PFS level study with a new mine plan and a focus on what we're upgrading at Wildcat. I'd say we have a lot of the holes for the hydrogeological program that were done last year.

Speaker #6: Thanks, George. Good question on Nevada North. So what we're focused on right now is advancing the wildcat deposits with Mountain View coming in at a later date while we finalize the exploration program at Mountain View.

Speaker #6: So for wildcat, we want to do some upgrade drilling starting in Q2, transferring a good portion of inferred ounces and indicated and some more technical drilling.

Speaker #6: So think of the hydrogen program and some more net drilling condensation drilling for areas where we feel like we need to site some infrastructure in the future for this study coming up.

Speaker #6: 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 hydrogen program that were done last year.

Speaker #6: We're collecting the data on an ongoing basis, which isn't very expensive. So this year's program will the lion's share of the cost will be in drilling upgrade holes for inferred material.

Cliff LaFleur: We're collecting the data on an ongoing basis, which isn't very expensive. This year's program will, the lion's share of the cost will be in drilling, upgrade holes for inferred material.

Cliff Lafleur: We're collecting the data on an ongoing basis, which isn't very expensive. This year's program will, the lion's share of the cost will be in drilling, upgrade holes for inferred material.

Speaker #7: So if I sort of look back at the original 13-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 View.

Brian MacArthur: If I sort of look back at the original 13-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 View. Is that kind of the way I should think about that? I thought the other advantage of getting all these permits was you were really constrained about where you could go before. Now with these new permits, you're gonna be able to, you know, there's a large portion of the property there that had never been looked at. Are we gonna do that in this study, as well?

Speaker #7: Is that kind of the way I should think about that? Because I thought the other advantage of getting all these permits was you were really constrained about where you could go before.

Speaker #7: But now with these new permits, you're going to be able to there's a large portion of the property there that had never been looked at.

Speaker #7: Are we going to do that in this study as well?

Speaker #4: Yeah, are you referring to doing more at wildcat or more at Mountain View?

Cliff LaFleur: Are you referring to doing more at Wildcats or more at Mountain View?

Cliff Lafleur: Are you referring to doing more at Wildcats or more at Mountain View?

Speaker #7: Well, kind of both. That's where I was going with this. Yeah. Because I thought there's more opportunity on both of them, right?

Brian MacArthur: Well, kind of both. That's where I was going with this. Yeah. Because I thought there's more opportunity on both of them, right?

Speaker #4: Yeah, there's definitely more opportunity at Mountain View that we need to develop the program this year. And place it in the right timing for our exploration program going forward.

Cliff LaFleur: Yeah. There's definitely more opportunity at Mountain View that we need to develop the program this year and place it in the right timing for exploration program going forward, I think 2027. Kind of the Florida Canyon purchase changes things for us a bit with the proximity to Wildcat deposit. We're really interested to see how updating the study goes with synergies to Florida Canyon. That's, 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 gonna invest that coming up in the next, in the next year or two.

Cliff Lafleur: Yeah. There's definitely more opportunity at Mountain View that we need to develop the program this year and place it in the right timing for exploration program going forward, I think 2027. Kind of the Florida Canyon purchase changes things for us a bit with the proximity to Wildcat deposit. We're really interested to see how updating the study goes with synergies to Florida Canyon. That's, 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 gonna invest that coming up in the next, in the next year or two.

Speaker #4: I think 2027. Kind of the Florida Canyon purchase changes things for us a bit with the proximity to wildcat deposit. So we're really interested to see how updating the study goes with synergies to Florida Canyon.

Speaker #4: 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 year or two.

Speaker #7: Great. Thanks very much. That's exactly what I was trying to figure out. That's very, very helpful. Thank you.

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

Speaker #4: Thanks, Brian.

Cliff LaFleur: Thanks, Brian.

Cliff Lafleur: Thanks, Brian.

Speaker #1: Your next question comes from the line of Bill Kerr with Canaccord Genuity. Your line is now open.

Angela: Your next question comes from the line of Phil Ker with Canaccord Genuity. Your line is now open.

Operator: Your next question comes from the line of Phil Ker with Canaccord Genuity. Your line is now open.

Speaker #8: 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 are still in progress?

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

Speaker #4: Okay. So I'm going to address that question to Chris. Over to you.

George Salamis: Okay. Phil, I'm going to address that question to Cliff. Over to you. Yeah. The liner tear that occurred last year, we're back up to normal solution flow rates. That was 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 waterline, we had to take some weeks to allow the solution flow rate to come down, which impacted the ounces in Q4. The rates are now back up. The issue that's referenced in the Q1 reporting has to do with N2 being finer ore than we expected. We were blending it when we started mining it.

George Salamis: Okay. Phil, I'm going to address that question to Cliff. Over to you.

Speaker #6: 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.

Cliff Lafleur: Yeah. The liner tear that occurred last year, we're back up to normal solution flow rates. That was 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 waterline, we had to take some weeks to allow the solution flow rate to come down, which impacted the ounces in Q4. The rates are now back up. The issue that's referenced in the Q1 reporting has to do with N2 being finer ore than we expected. We were blending it when we started mining it.

Speaker #6: Of course, with trying to get to the tear, which was below the waterline we had to take some weeks to allow the solution flow rate to come down, which impacted the ounces in quarter four.

Speaker #6: But the rates are now back up. The issue that's referenced in the Q1 reporting has to do with N2 being finer ore than we expected.

Speaker #6: We were blending it 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.

Cliff LaFleur: 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 Q1 by, I believe 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 Q4, we were not seeing the ounces come out in time from having to cut that specific cell percolation rate. 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.

Cliff Lafleur: 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 Q1 by, I believe 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 Q4, we were not seeing the ounces come out in time from having to cut that specific cell percolation rate. 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.

Speaker #6: We had to cut the percolation rates to that specific material in quarter one. 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.

Speaker #6: 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.

Speaker #6: I hope that answers your question.

Phil Ker: Yeah. Just in terms of blending, that's you're blending some of the higher grade with lower grade? Is that what that was?

Speaker #8: Yeah. And then just in terms of blending, that's your blending some of the higher grade with lower grade? Is that what that was?

Phil Ker: Yeah. Just in terms of blending, that's you're blending some of the higher grade with lower grade? Is that what that was?

Cliff LaFleur: Well, yeah, N4 is one of the N2 is one of the higher grade pits that we're mining right now. Most of the areas we're mining are lower grade than N2. I'd say it's kind of regular grade, where N2 is higher grade than the other areas.

Speaker #6: We're blending. Well, yeah, N4 is one of 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.

Cliff Lafleur: Well, yeah, N4 is one of the N2 is one of the higher grade pits that we're mining right now. Most of the areas we're mining are lower grade than N2. I'd say it's kind of regular grade, where N2 is higher grade than the other areas.

Speaker #6: So I'd say it's kind of regular grade. Where N2 is higher grade than the other areas.

Speaker #8: Okay. Yeah, that's good color. Thanks a lot, Cliff. That's it for me.

Phil Ker: Okay. Yeah, that's good color. Thanks a lot, Cliff. That's it for me.

Cliff LaFleur: No worries. Thanks, Phil.

Cliff Lafleur: No worries. Thanks, Phil.

Speaker #6: No worries.

Speaker #4: Thanks, Phil.

Speaker #1: 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.

Angela: 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.

Operator: 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.

George Salamis: 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 just over a year. Really appreciate the great questions and look forward to communicating with you all soon. Thanks very much.

Speaker #3: 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.

Speaker #3: So really appreciate the great questions and look forward to communicating with you all soon. Thanks very much.

Angela: This concludes today's call. Thank you all for joining. You may now disconnect.

Operator: This concludes today's call. Thank you all for joining. You may now disconnect.