Integra Resources (TSXV: ITR) shares jumped on Thursday following the announcement of record fourth-quarter and full-year gold production results from its principal operating asset, the Florida Canyon mine in Nevada.
Integra reported a total production of 72,229 ounces (oz) of gold for 2024, marking the highest yearly output at the mine in 21 years. Of this total, fourth-quarter production accounted for 21,278 oz.
This year also represents Integra’s first full year of reported production since acquiring Florida Canyon in mid-2024.
Shares of Integra Resources rose 12% on Thursday morning in New York, giving the miner a market capitalization of $288 million.
According to the company, production at Florida Canyon was bolstered by the construction and commissioning of the new Phase III-A South Heap Leach Pad, alongside enhancements to solution processing systems.
Integra also announced the implementation of a gold price protection program for its 2025 production at Florida Canyon. The program involves the purchase of put options, securing a floor price for gold while maintaining exposure to potential price increases.
The price protection program consists of 37,800 oz of put options with a strike price of $2,400/oz, evenly spread across January to December 2025. Production hedged by these put options represents approximately 54% of the anticipated 2025 gold ounces sold at Florida Canyon.
As of December 31, 2024, the company’s unaudited cash balance stood at $52 million.
Florida Canyon has a long operational history, running continuously from 1986 to 2011, intermittently until 2015, and resuming operations in mid-2016.
In addition to Florida Canyon, Integra’s portfolio includes the DeLamar and Nevada North development projects, which aim to deliver more than 250,000 oz of gold equivalent annually at competitive all-in-sustaining costs.
Source: MINING.COM – Read More