Investment research firm H.C. Wainwright reduced its price target on Integra Resources Corp. to $7.00 from $7.25 while retaining a Buy rating on the shares. The firm cited dilution from a recent equity raise completed at a price below Integra's net asset value per share as the reason for the lower target. The revised target stands above the stock's most recently reported price of $4.04 and sits below the analyst consensus high target of $8.43.
The company has provided a three-year operating plan for its Florida Canyon operation that sets out near-term production and cost expectations. Management is guiding 2026 output at Florida Canyon in a range of 70,000 to 75,000 ounces of gold. Cash costs are forecast between $1,900 and $2,100 per ounce, while all-in sustaining costs (AISC) are projected at $2,750 to $2,950 per ounce.
Integra attributes the higher AISC to substantial sustaining capital requirements, which the company expects to be in the $62.0 million to $68.0 million range. Management said these funds will largely be used for elevated stripping, fleet rebuilds and replacements, and for roughly 31,000 meters of infill and development drilling intended to support oxide reserve growth.
Looking further ahead, Integra expects annual production to rise to approximately 80,000 to 90,000 ounces in both 2027 and 2028. The company plans $7.5 million to $9.5 million of growth capital to fund expansion studies, with those studies slated to be incorporated into a technical report during the third quarter of 2026.
Earlier operational guidance reiterated that 2026 production at Florida Canyon should fall in the 70,000 to 75,000 ounce band. Separately, Integra has completed a strategic land acquisition, purchasing a 6,600-acre ranch adjacent to its DeLamar Project in Idaho for $12.5 million. The company described the purchase as a step to consolidate land ownership and enhance operational flexibility at DeLamar.
On the financing front, Integra raised $61.6 million through an oversubscribed public offering underwritten by Canaccord Genuity Corp. and Stifel Nicolaus Canada Inc. The company had previously announced a $55 million bought deal offering, also led by those underwriters.
Market reaction over the past year has been notable: Integra's share price has climbed roughly 250%, reflecting investor response to the company's operational progress. Financial health commentary carried by InvestingPro in connection with the company rates Integra's financial condition as "GREAT" and notes that the company holds more cash than debt; that assessment is presented as one of the platform's ProTips available to subscribers.
There is a discrepancy in available reporting around H.C. Wainwright's coverage that users should note. One note states the firm lowered its target to $7.00 from $7.25, while another line in the available material indicates H.C. Wainwright had raised its price target to $7.25 and maintained a Buy rating based on production figures. The two statements are inconsistent and reflect a limitation in the reporting; this piece presents both claims without reconciling them.
Finally, Integra's reported annual production figure of 70,927 ounces was noted as aligning with the guidance range the company has communicated.
Summary
H.C. Wainwright adjusted its target for Integra Resources to $7.00 from $7.25 while keeping a Buy rating, citing dilution from a below-NAV equity raise. Integra released a three-year plan for Florida Canyon that forecasts 2026 production of 70,000-75,000 ounces, higher cash and all-in sustaining costs driven by $62.0 million-$68.0 million of sustaining capital, and anticipated growth to 80,000-90,000 ounces in 2027-2028. The company also completed a 6,600-acre acquisition near DeLamar for $12.5 million and raised $61.6 million in an oversubscribed public offering.
Key points
- H.C. Wainwright moved its Integra price target to $7.00 from $7.25 and kept a Buy rating; the firm cited dilution from a recent equity raise.
- Florida Canyon guidance: 70,000-75,000 ounces of gold in 2026 with cash costs of $1,900-$2,100/oz and AISC of $2,750-$2,950/oz, driven by $62.0M-$68.0M in sustaining capital.
- Near-term capital and growth: $7.5M-$9.5M of growth capital for expansion studies to be included in a technical report in Q3 2026; acquisition of 6,600 acres near DeLamar for $12.5M; $61.6M raised in an oversubscribed offering.
Risks and uncertainties
- Equity dilution - The recent share raise priced below net asset value per share prompted the broker to lower its price target, signaling potential dilution risk to shareholders and impacts on equity valuations (affects capital markets and mining sector investors).
- Higher sustaining capital and operating costs - Projected AISC of $2,750-$2,950/oz and sustaining capital of $62.0M-$68.0M increase sensitivity to cost inflation and operational execution (affects miners and commodity-focused financing).
- Reporting inconsistency - Conflicting statements about whether H.C. Wainwright raised or lowered its target introduce ambiguity in analyst coverage and signal a limitation in the available reporting.