Integra Resources Corp.

ITRGdata completeness 100%6 fiscal years on file

The thesis, from the filings

Integra Resources Corp. earns about -98% on invested capital, but has diluted owners by 191% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	$0¹	$30.4M¹	$243.9M²
Net income	−$32.9M³	−$19.8M³	−$29M³	−$9.5M⁴	−$2.24M⁴
Operating cash flow	−$30.5M⁵	−$18.1M⁵	−$26.5M⁶	−$10.1M⁷	$72.3M⁷
Capital expenditure	$1.19M⁸	$66,066⁸	$378,000⁹	$3.33M¹⁰	$47.2M¹⁰
Free cash flow (derived)	−$31.7M⁵	−$18.2M⁵	−$26.8M⁶	−$13.4M⁷	$25.1M⁷
Total debt	$597,537¹¹	$394,960¹¹	$10M¹²	$14M¹²	$0¹²
Cash & equivalents	$14.3M¹³	$15.9M¹⁴	$8.82M¹⁵	$52.2M¹⁵	$63.1M¹⁵
Diluted shares	62.6M	79.8M	68.9M	168.7M	182.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$10.17

your share of equity

Profit it earned you last year

−$0.12

Free cash flow it threw off

$1.38

Debt you’d be carrying

10 shares is a claim on $10.17 of net worth that earned you −$0.12 and generated $1.38 of cash last year, against $0 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-98% avg · 5y

FY21 -169%FY22 -269%FY23 -55%FY24 -7%FY25 8%

It earned an average -98% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+191% shares · 5y

Share count is up 191% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

40-F · period ending 2023-12-31 · accession 0001062993-25-006332 (Revenue)
40-F · period ending 2025-12-31 · accession 0001722387-26-000004 (RevenueFromContractsWithCustomers)
20-F · period ending 2021-12-31 · accession 0001062993-24-007323 (ProfitLossAttributableToOwnersOfParent)
40-F · period ending 2024-12-31 · accession 0001722387-26-000004 (ProfitLoss)
20-F · period ending 2021-12-31 · accession 0001062993-24-007323 (CashFlowsFromUsedInOperatingActivities)
40-F · period ending 2023-12-31 · accession 0001062993-25-006332 (CashFlowsFromUsedInOperatingActivities)
40-F · period ending 2024-12-31 · accession 0001722387-26-000004 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2021-12-31 · accession 0001062993-24-007323 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
40-F · period ending 2023-12-31 · accession 0001062993-25-006332 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
40-F · period ending 2024-12-31 · accession 0001722387-26-000004 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
20-F · period ending 2021-12-31 · accession 0001062993-24-007323 (Borrowings)
40-F · period ending 2023-12-31 · accession 0001722387-26-000004 (Borrowings)
20-F · period ending 2021-12-31 · accession 0001062993-24-007323 (CashAndCashEquivalents)
40-F · period ending 2022-12-31 · accession 0001062993-25-006332 (CashAndCashEquivalents)
40-F · period ending 2023-12-31 · accession 0001722387-26-000004 (CashAndCashEquivalents)