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Investing.com - H.C. Wainwright raised its price target on Integra Resources Corp. (NYSE:ITRG) to $3.25 from $2.75 on Friday, while maintaining a Buy rating on the stock. The new target represents a significant upside from the current price of $1.45, with the stock already showing strong momentum, having gained over 80% in the past six months.
The gold mining company produced 18,086 ounces of gold during the quarter, which aligned with both management and analyst expectations. The production benefited from gold ounce recovery from the Phase IIIa heap leach pad in the first half of 2025.
Additional production came from residual ounces leached from the Phase I and II heap leach pads, contributing to the company’s overall output for the period.
Integra’s capitalized waste stripping program slightly increased the strip ratio during the quarter, driven by the company’s planned $55.0 million reinvestment in its Florida Canyon operation for the year.
H.C. Wainwright noted that consistent production at the site, combined with rising gold prices, should significantly impact free cash flow and enhance Integra’s ability to de-risk its asset base through the resulting liquidity. InvestingPro analysis suggests the company is currently undervalued, with analysts forecasting positive earnings this year and revenue growth of 5.82%.
In other recent news, Integra Resources Corp. has maintained its Buy rating and a $2.75 price target from H.C. Wainwright, following the release of its 2025 guidance for the Florida Canyon Mine. The company expects to produce between 70,000 and 75,000 ounces of gold in 2025, with anticipated cash costs ranging from $1,800 to $1,900 per ounce. This aligns with H.C. Wainwright’s model, which had projected similar production and cost figures. In the most recent quarter, Integra produced 19,323 ounces of gold, surpassing both management and analyst expectations, thanks in part to an efficiency initiative. The company has also reported a strong financial position with $61.1 million in cash and cash equivalents, providing $68.3 million in working capital as of the end of the first quarter of 2025. H.C. Wainwright’s analysts have noted Integra’s potential to generate significant cash flow in the coming quarters, which could further advance its asset base. The favorable gold price environment, with prices reaching $3,380 per ounce, supports this optimistic outlook. Integra’s operational performance and strategic initiatives highlight its capacity for sustainable growth.
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