H.C. Wainwright recently raised its price target on Integra Resources Corp. (NYSE:ITRG) to $7.25 from $5.00 and left its Buy recommendation intact. The firm's view sits within a broader analyst range of price targets that, according to InvestingPro data, spans from $5.76 to $7.46 - a spread which implies potential upside from Integra's prevailing share price of $4.50.
Analyst Heiko Ihle highlighted the company’s reported annual production of 70,927 ounces of gold, a result that falls squarely inside management’s guidance band of 70,000 to 75,000 ounces. That output is a key input to Integra’s recent financial results: over the trailing twelve months the company recorded $219.12 million in revenue and $63.32 million in EBITDA.
During the past year Integra reinvested roughly $60.0 million of free cash flow into its Florida Canyon operation. Those expenditures covered mining activity, infrastructure projects, equipment purchases, and growth drilling intended to bolster the site ahead of an updated technical report now scheduled for mid-2026. The report will include a refreshed mineral reserve and resource statement as well as a life-of-mine plan, which should provide a more detailed look at future operating potential.
InvestingPro data further shows that Integra generated $40.85 million in levered free cash flow over the last twelve months while carrying $23.25 million in total debt on its balance sheet. Management has signaled plans to publish production guidance later in the first quarter of 2026 as the company continues its transition from being a gold developer to a producing miner. H.C. Wainwright described that operational conversion as occurring with "minimal hiccups."
Operational and financial highlights from recent reporting include the company’s third-quarter 2025 results, in which operations at Florida Canyon delivered $70.7 million of revenue and adjusted earnings of $16.3 million, equivalent to $0.10 per share. Integra met its full-year production target at Florida Canyon with the 70,927 ounces noted above and invested roughly $60 million into capital improvements at the mine during 2025 to support enhanced production capability.
On the permitting and development front, Integra’s DeLamar Heap Leach Project in Idaho was selected for the U.S. Federal Permitting Improvement Steering Council’s FAST-41 Transparency Projects Program. The company and regulators currently project a Record of Decision in the third quarter of 2027 for that initiative.
Corporate finance activity over the period included the full conversion and repayment of a convertible debt facility with Beedie Capital. In that process Integra issued more than 12 million shares to retire the US$15 million principal under the facility and paid nearly US$2.9 million in accrued interest and fees. The result of those transactions, per the company’s disclosures, is the elimination of corporate-level debt.
Taken together, the production performance, recurring cash generation, and balance-sheet moves underpin H.C. Wainwright’s decision to raise its target. Management’s timetable for the updated technical report and upcoming production guidance will be key near-term milestones to watch as the company shifts fully into producer status.