FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025

This MD&A contains “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Forward-looking statements are included to provide information about management’s current expectations and plans that allows investors and others to get a better understanding of the Company’s operating environment, business operations and financial performance and condition. Forward-looking statements relate, but are not limited, to: the planned exploration, development and mining activities and expenditures of the Company, including estimated production, cash costs, all-in sustaining costs, and capital expenditures, the future cash flows from operations, net debt and financial results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of economic studies on the Company's projects, including cash flows, revenue potential, development, capital and operating expenditures, development costs and timing thereof, extraction rates, production, life of mine projections and cost estimates; magnitude or quality of mineral deposits; anticipated advancement of permitting, optimization and the mine plans for the Company's projects, as applicable; exploration expenditures, costs and timing of the development of new deposits; underground exploration potential; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; anticipated advancement of the Company's projects and future exploration prospects; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; relationships with local communities; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of the Company's projects; future growth potential of the Company's projects; and future development plans. Forward-looking statements are often identified by the use of words such as “may”, “will”, “could”, “would”, “anticipate”, ‘believe”, “expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions.

Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement was made. Assumptions and factors include: the Company's abilities to complete its planned exploration and development programs; the absence of adverse conditions at the Company's projects; satisfying ongoing covenants under the Company's loan facilities; no unforeseen operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Company's projects economic, as applicable; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond the Company's control and as well as those factors included herein and elsewhere in the Company's disclosure. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. This list in not exhaustive of the factors that may affect any of the Company's forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions and have attempted to identify important factors that could cause actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in the Company's Annual Information Form dated March 26, 2025 for the fiscal year ended December 31, 2024, which is available on the SEDAR+ issuer profile for the Company at www.sedarplus.ca and on the EDGAR issuer profile for the Company at www.sec.gov.

Investors are cautioned not to put undue reliance on forward-looking statements. The forward looking-statements contained herein are made as of the date of this MD&A and, accordingly, are subject to change after such date. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

This MD&A includes Mineral Resource and Reserve classification terms that comply with reporting standards in Canada and the Mineral Resource and Reserve estimates are made in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this MD&A has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission (“SEC”) and information contained in this MD&A may not be comparable to similar information disclosed by domestic United States companies subject to the SEC’s reporting and disclosure requirements.

Technical information contained in this MD&A has been reviewed and approved by Gregory Robinson, P.E., SME Registered Member, and General Manager of Florida Canyon, who is a Qualified Person as defined by NI 43-101.

This Management’s Discussion and Analysis (“MD&A”) is intended to help the reader understand Integra Resources Corp. (“Integra”, “we”, “our” or the “Company”), our liquidity, capital resources, and operational and financial performance as at, and for the three and nine months ended September 30, 2025, in comparison to the corresponding prior-year periods.

This MD&A should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements and notes (the "Financial Statements"), prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) applicable to the preparation of interim financial statements under International Accounting Standard 34 Interim Financial Reporting (“IAS 34”), for the three and nine months ended September 30, 2025.

This MD&A should also be read in conjunction with the Company’s audited consolidated financial statements and notes for the year ended December 31, 2024 (the “2024 Annual Financial Statements”), related annual MD&A, Form 40-F/Annual Information Form, and other continuous disclosure materials available on our website at www.Integraresources.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, as applicable (for avoidance of doubt, unless specifically noted, no items from these or other websites mentioned in this MD&A are incorporated by reference).

All amounts in this MD&A and the unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2025 are presented in United States dollars (“USD”) unless identified otherwise.

The following are other abbreviations used throughout this MD&A: Au (gold), oz (ounces), gpt (grams per tonne), kt (kilotonne or thousands of tonnes), M tonnes (megatonnes or millions of tonnes), km (kilometres), and tpd (tonnes per day).

The effective date of this MD&A is November 12, 2025.

This MD&A refers to various non-GAAP measures which are used by the Company to manage and evaluate operating performance at the Company's Florida Canyon Mine and though widely reported in the mining industry as benchmarks for performance, do not have standardized meanings under IFRS Accounting Standards, and the methodology by which these measures are calculated may differ from similar measures reported by other companies. To facilitate a better understanding of these non-GAAP measures as calculated by the Company, additional information has been provided in this MD&A. Please refer to the “Non-GAAP Financial Measures” section of this MD&A for detailed descriptions and reconciliations of the following metrics to their most comparable GAAP equivalents:

•Average realized gold price

•Adjusted earnings & adjusted earnings per share

•Sustaining and non-sustaining capital expenditures

•Free cash flow & free cash flow per share (basic)

•Working capital

•Operating Margin

•Operating cash flow before change in working capital & Operating cash flow before change in working capital per share (basic)

•Operating cash flow per share (basic)

•Cash costs

•Mine-site all-in sustaining costs ("Mine-site AISC")

•All-in sustaining costs ("AISC")

Integra is a growing Canadian-based precious metals producer headquartered in Vancouver, BC and is focused on gold mining, mine development and mineral exploration activities in the Great Basin of the Western USA. The Company's principal focus includes operating its Florida Canyon mining operation ("Florida Canyon" or the "Florida Canyon Operation" or the "Florida Canyon Mine") and engaging in exploration and development of its two flagship development-stage heap leach projects: the past producing DeLamar Project ("DeLamar" or "DeLamar Project") in southwestern Idaho, and the Nevada North Project ("Nevada North" or "Nevada North Project") in western Nevada.

Integra has an ongoing initiative to increase its asset base by expanding current Mineral Resource and Reserve Estimates, acquiring, discovering and developing high value precious metal projects, and ultimately operating multiple precious metals

mines in the Americas. The Company is listed on the TSX Venture Exchange (Symbol: ITR) and on the NYSE-American (Symbol: ITRG).

The following highlights refer to adjusted earnings, free cash flow, cash costs, AISC, operating cash flow before changes in working capital, operating margin, and treasury assets which are described in more detail in section "10. Non-GAAP Financial Measures" of this MD&A.

•Mined 2.5M tonnes of ore and 3.4M tonnes of waste at a strip ratio of 1.34 at the Florida Canyon Mine. As a result, mining rates were 27,538 tonnes per day (“tpd”).

•Florida Canyon produced 20,653 gold ounces and sold 20,265 gold ounces at a record average realized price of $3,464 per gold ounce.

•Record quarterly revenue of $70.7 million which exceeded Q2 2025 revenue of $60.6 million.

•Record mine operating earnings of $28.6 million exceeded the $25.2 million in Q2 2025. Operating margin was 40% in Q3 2025 which was in line with the 41% operating margin achieved in Q2 2025.

•Adjusted earnings of $16.3 million, or $0.10 per share, which exceeded the $11.8 million, or $0.07 per share in Q2 2025. Adjustments were largely related to unrealized derivative losses on the debt conversion feature and bullion contracts, deferred tax expenses, and a non-cash adjustment to production costs from the fair value adjustment to inventories recognized upon the acquisition of the Florida Canyon Mine.

•Net loss of $8.2 million, or $0.05 loss per share, compared to net earnings of $10.6 million, or $0.06 earnings per share, in Q2 2025. This loss is largely attributed to $16.9 million in unrealized derivative losses on the debt conversion feature noted above and higher tax expenses in Q3 2025.

•Cash costs averaged $1,876 per gold ounce in Q3 2025, a slight increase from $1,849 in Q2 2025. Year-to-date ("YTD 2025") cash costs of $1,915 per gold ounce were marginally above the Company's guidance range of $1,800 to $1,900 per ounce and are expected to end the year slightly above the upper range of guidance. This increase is primarily due to higher royalties and excise taxes on gold sales from higher than planned metal prices.

•Mine-site all-in sustaining costs (“Mine-site AISC”) averaged $2,647 per gold ounce in Q3 2025, consistent with $2,641 in Q2 2025. YTD 2025 Mine-site AISC of $2,542 per gold ounce remains within the guidance range of $2,450 to $2,550 per ounce, but is also expected to slightly exceed the upper end of guidance by year-end due to elevated royalties and excise taxes.

•Operating cash flow of $35.6 million, increased from $16.3 million, in Q2 2025 largely due to higher metal prices. Operating cash flow before changes in working capital in the quarter was $21.4 million.

•Free cash flow generation was $20.2 million, or $0.12 per share, for the quarter.

•Ended the quarter with cash and cash equivalents of $81.2 million, an increase of 29% from $63.0 million in Q2 2025 resulting from strong operating performance.

•Advancement of the 2025 resource growth drilling program at Florida Canyon. The drilling program marks the first phase of a multi-year growth strategy designed to expand mineral reserves and resources, extend mine life, and enhance the value of Florida Canyon.

•Entered into a Relationship Agreement with the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation (the “Shoshone-Paiute Tribes” or the “Shoshone-Paiute”), establishing a transformative and long-term partnership for the development of the DeLamar Project.

•Completeness determination by the United States Bureau of Land Management (“BLM”) for the updated Mine Plan of Operations (“MPO”) for DeLamar, marking a critical step in permitting, incorporating nearly three years of environmental baseline studies, initial engineering design, and mine plan optimization.

Based on year-to-date performance and expected results for the remainder of the year, Integra remains on track to achieve its 2025 guidance as outlined in the Company’s Q2 2025 MD&A, and provides the following update on mine production and operating costs.

Gold production from the Florida Canyon Mine is expected to be 70,000 to 75,000 ounces in 2025. The Company is planning to mine approximately 13.5M tonnes of ore and 11.2M tonnes of waste for a total of 24.7M tonnes, resulting in a strip ratio of 0.83. The increased strip ratio in 2025 is a result of catching up on stripping postponed in prior years, as well as additional stripping required to access new areas for mining.

The Company’s guidance for the Florida Canyon Mine for the full year are expected at the top end of the guidance ranges at cash costs of $1,800 to $1,900 per ounce and mine site all-in sustaining costs ("Mine-site AISC") of $2,450 to $2,550 per ounce, and are expected to end the year slightly above the upper range of guidance. This increase is primarily due to higher royalties and excise taxes as a result of the increase in realized gold prices since issuing guidance in the second quarter.

Royalties and excise taxes, which constitute a material component of cash costs and Mine-site AISC, are directly impacted by fluctuations in the gold price. At present, a $100 per ounce change in the gold price results in an estimated $7 change to both cash costs and Mine-site AISC.

Integra experienced zero fatalities and one lost time incident for the first nine months of 2025. The one lost time incident that occurred at Florida Canyon Mine in Q3 2025 ended a 681 day period with no lost time incidents. Also, three MSHA-reportable injuries occurred at Florida Canyon in Q3, which brings the year to date total to seven. The 2025 total recordable incident frequency rate ("TRIFR") at Florida Canyon is 2.39.

Integra recorded five 5 minor reportable environmental spills, incidents, or non compliances for the first nine months of 2025, three of which occurred in the third quarter.

The following operating performance refers to adjusted earnings, adjusted earnings per share (basic), operating cash flow per share (basic), free cash flow, free cash flow per share (basic), cash costs, AISC, and treasury assets which are described in more detail in section "10. Non-GAAP Financial Measures" of this MD&A:

In Q3 2025 the Company mined 2.5M tonnes of ore from its open pit operations at Florida Canyon, a 18% decrease compared to the 3.1M tonnes mined in Q2 2025. The Company also mined 3.4M tonnes of waste during the quarter, resulting in a strip ratio of 1.34, up from 3.0M tonnes of waste and a strip ratio of 0.96 in Q2 2025. The higher strip ratio in Q3 results from the Company’s stated commitment of reinvestment through increased capitalized waste stripping and ramping up new mining areas, as outlined in its 2025 guidance. Waste mining rates increased in Q3 2025 compared to Q2 2025, due to a provisional adjustment of the mine sequence to overcome dust suppression challenges caused by a temporary water shortage in the dry summer months. The temporary water shortage was caused by a problematic historic water well, which has since been successfully replaced.

YTD 2025, the Company mined a total of 8.6M tonnes of ore and 8.2M tonnes of waste, for a strip ratio of 0.95, which reflects continued waste stripping in higher pits, and increased ROM tonnes placed.

In Q3 2025, the Company produced 20,653 ounces of gold, compared to 18,087 ounces in Q2 2025. The increased production in Q3 was supported by the recovery of gold ounces recently placed on the Phase IIIa heap leach pad and by residual ounces recovered from Phases I and II leach pads and increased solution flow through the leach pads and the new carbon-in-column circuit commissioned in late 2024. During the Q3 2025 construction of the Phase IIIb heap leach pad at Florida Canyon continued, with commissioning expected in fourth quarter 2025.

During YTD 2025 the Company produced 58,063 oz gold, tracking in-line with the annual guidance of 70,000 to 75,000 gold ounces.

In Q3 2025, the Company invested $15.4 million in sustaining capital, bringing total YTD 2025 spending to $35.6 million. This reflects the Company's ongoing commitment to reinvesting in the mine through new leach pad construction, increased capital stripping, and mobile equipment refurbishments.

The Company also invested $1.8 million in non-sustaining growth capital during the third quarter, bringing total YTD 2025 spending to $2.6 million. This spending was primarily directed toward the growth-focused drilling program at the Florida Canyon Mine discussed further in the Exploration section below.

Cash costs averaged $1,876 per gold ounce in Q3 2025 and $1,915 per gold ounce for YTD 2025. Mine-site AISC averaged $2,647 per gold ounce in Q3 2025 and $2,542 per gold ounce for YTD 2025.

The Company remains within Mine-site AISC guidance of $2,450 to $2,550 per ounce, but is impacted by higher royalties as a result of the increase in realized gold prices since issuing guidance in the second quarter.

In Q3 2025 the Company continued its resource growth-focused drilling program at the Florida Canyon Mine, completing approximately 13,500 meters of reverse circulation and sonic drilling ("RC Drilling") by the end of September. The program, originally planned for approximately 10,000 meters of RC Drilling, was subsequently expanded to 16,000 meters in Q2 2025 due to its initial success. The program is focused on near-mine targets designed to support oxide mineral reserve and resource growth and mine life extension. Drilling is focused on three key areas: (1) evaluating near-surface oxide potential from historical waste areas; (2) expanding in-situ resources between existing open pits; and (3) testing lateral extensions and conducting in-pit infill drilling. The program is specifically designed to support resource and reserve growth and extend mine life at Florida Canyon.

The MPO for DeLamar Project was submitted for review to the BLM and cooperating Federal and State agencies in early 2025. In a letter dated August 19, 2025, the BLM notified Integra that the MPO met the content requirements at 43 CFR 3809.401(b). and thus was determined to be administratively complete. The BLM, its third-party National Environmental Policy Act ("NEPA") consultant, SWCA Environmental Consultants, and cooperating agencies will now proceed with environmental review of the project (and a range of reasonable alternatives, including a No Action Alternative) in accordance with the NEPA. Concurrently, Integra will work with Federal, state and local regulatory authorities to obtain all necessary permits for mine construction, operations, and reclamation.

During the quarter the Company also advanced the Nevada North Project (“Nevada North”), which consists of the Wildcat Deposit (“Wildcat”) and the Mountain View Deposit (“Mountain View”). Metallurgical testing continued during Q3 2025 on core from Wildcat, which will gather important data for future economic studies, mine design, and permitting efforts. The environmental analysis for the Wildcat Exploration Plan of Operations ("EPO") is complete, and decision documentation will be complete pending a Memorandum of Agreement with the State Historical Preservation Office and Tribal governments. Once approved, the Wildcat EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns in the future. Hydrogeological drilling at Wildcat, required for future permitting, is anticipated to be completed in Q4 2025 under an existing notice. The Reclamation Permit from Nevada Division of Environmental Protection ("NDEP") Bureau of Mining Regulation and Reclamation ("BMRR") is also in process and anticipated in Q4 2025. At Mountain View, environmental analysis for the EPO is also complete. The Mountain View EPO was posted for a 30-day public comment period (now complete), after which a Final Environmental Assessment will be published in Q4 2025 (with no public comment period). The NDEP BMRR Reclamation Permit is anticipated on a similar approval timeframe. Once approved, the Mountain View EPO will provide greater flexibility for significantly expanded exploration and drilling campaigns in the future. Integra expects to begin work on an updated technical report for Nevada North in 2026 with a target release date in early 2027.

Notable advancements in Tribal Nation engagement during the quarter included the signing of a life-of-mine Relationship Agreement (the "Agreement") between Integra and the Shoshone-Paiute, whose aboriginal territories span the tri-state area of Idaho, Nevada, and Oregon. The Agreement establishes a transformative and long-term partnership for the development of DeLamar on Shoshone-Paiute Traditional Homelands, which aligns interests across several key measures, including economic opportunities, environmental protection, cultural recognition, and social performance. The Agreement provides Integra and the Shoshone-Paiute a framework to guide a mutually beneficial long-term relationship over the life of mine at DeLamar.

During the three and nine months ended September 30, 2025, net losses were $8.2 million and net earnings were $3.4 million, respectively, compared to net losses of $6.8 million and $19.0 million for the same periods in 2024. The net loss in Q3 2025 was primarily driven by the non-cash unrealized derivative loss on the conversion feature of the convertible debt facility, partially offset by higher gold sales at higher average realized prices while the comparative period loss reflects the Company's results prior to the acquisition of the Florida Canyon Mine on November 8, 2024 (the "Florida Canyon Acquisition").

Net earnings in YTD 2025, compared to net losses in 2024, primarily reflect the inclusion of operating results from the Florida Canyon Mine. Current taxes in Q3 2025 relate to taxes payable on current period operations.

The table below summarizes the differences in net earnings for the three and nine months ended September 30, 2025, compared to the corresponding periods in 2024:

1)Revenue

In Q3 2025 the Company sold 20,265 ounces of gold at average realized prices of $3,464 per ounce of gold generating record revenue of $70.7 million, compared to 18,194 ounces at average realized prices of $3,332 per ounce in Q2 2025, resulting in revenues of $61.1 million.

In YTD 2025 the Company sold 57,999 ounces of gold at average realized prices of $3,228 per ounce of gold, generating revenue of $188.8 million. There are no revenues in the comparable 2024 period, which reflects the period before the Florida Canyon Acquisition.

2)Cost of sales

In Q3 2025 cost of sales were $42.1 million, compared to $35.9 million in Q2 2025. This increase is primarily driven by higher ounces sold in the quarter.

YTD 2025 cost of sales were $119.5 million, with no production costs in the YTD period of 2024, prior to the Florida Canyon Acquisition.

3)Derivative losses

In Q3 2025, derivative losses were $17.7 million, compared to $nil in Q3 2024. In YTD 2025, derivative losses were $22.7 million, a $23.1 million increase from gains of $0.4 million in YTD 2024.

In both the quarterly and year-to-date periods, this increase was driven primarily by unrealized losses on the derivative conversion feature of the convertible debt facility. The increased loss was driven by the increased rise in Integra's share price in relation to the comparable period. Additionally, the Company recorded $0.2 million and $0.8 million in unrealized and realized losses, respectively, on bullion contracts held under its price protection program, driven by the increase in gold prices during 2025.

4)Income tax expense

In Q3 2025 income tax expense was $9.6 million, compared to $4.9 million in Q2 2025. Accelerated depreciation resulted in reduced future tax deductions which more than offset the reduction in current taxes in Q3 2025.

YTD 2025 income tax expense was $18.0 million, with no tax expense in the YTD period of 2024 where the Company's focus was exploration and development.

5)Other expense (income)

The Company recorded other expenses of $0.4 million in Q3 2025 as a result of a $0.2 million loss on disposal of a piece of mobile equipment damaged in a fire, and $0.2 million in expense recorded from the change in estimated reclamation provision at an inactive property. In YTD 2025, other expenses totaled $3.5 million, comprised largely of $2.1 million in transaction and integration costs, and $1.0 million in non-deductible tax penalties at Florida Canyon. The transaction costs in YTD 2025 are primarily related to integration costs resulting from the Florida Canyon Acquisition.

6)Interest and finance expense

The Company recognized interest and finance expense of $2.4 million in Q3 2025, an increase of $1.7 million compared to the $0.8 million expenses incurred in Q3 2024. YTD 2025 saw interest and finance expenses of $5.4 million, an increase of $3.2 million compared to the $2.2 million incurred in YTD 2024.

In both the quarterly and year-to-date periods, the increases were primarily driven by increased reclamation accretion and lease interest expenses, resulting from leases and accretion reclamation obligations acquired from the Florida Canyon Mine.

7)General and administrative ("G&A") expenses

In Q3 2025 G&A expenses amounted to $2.6 million, which is comparable to the $2.5 million recorded in Q3 2024. YTD 2025 G&A expenses totaled $7.5 million, an increase of $1.3 million from the $6.2 million recorded in the comparable 2024 period, primarily from higher compensation and benefits, largely due to expanded staffing requirements, slightly offset by decreases to professional fees.

1)Operating activities

Cash flows provided by operations in Q3 2025 totaled $35.6 million, an increase of $41.0 million compared to the $5.4 million utilized in Q3 2024.

Cash flows generated by operations YTD 2025 totaled $67.6 million, a $85.0 million increase compared to $17.4 million cash utilized in the comparable 2024 period.

In both the quarterly and year-to-date periods, the increase in cash flows is provided by the Florida Canyon Acquisition.

2)Investing activities

Investing activities utilized $14.7 million of cash in Q3 2025, a $19.3 million increase from $4.6 million utilized in Q3 2024. This increase was due to a $15.0 million increase in payments for mineral property, plant, and equipment, partially offset by decreased proceeds from the sale of net smelter royalty of $4.9 million in Q3 2024 to a subsidiary of Wheaton Precious Metals Corp ("Wheaton").

YTD 2025 investing activities utilized $31.4 million of cash, an $40.1 million increase compared to the $8.7 million generated in the comparable 2024 period. This was primarily due to a $31.4 million increase in payments for mineral

properties, plant and equipment, and $9.8 million in proceeds received from the sale of net smelter royalties in 2024 to Wheaton.

3)Financing activities

Financing activities used $2.5 million of cash in Q3 2025, compared to $0.5 million in outflows in Q3 2024. The difference is primarily due to $2.1 million increased lease repayments due to leases acquired as part of the purchase of the Florida Canyon Mine.

YTD 2025 financing activities utilized $7.6 million of cash, compared to $9.1 million generated during the comparable 2024 period. This change is mainly attributed to the $6.3 million increase in lease payments from acquired from Florida Canyon Mine, plus $9.5 million generated from equity financings in 2024.

(1)Working capital, calculated as current assets less current liabilities, is a non-GAAP measure. Please refer to "10. Non-GAAP Financial Measures" section of the MD&A.

(2)Working capital, calculated as current assets less current liabilities, excluding derivative assets and liabilities, is a non-GAAP measure. Please refer to "10. Non-GAAP Financial Measures" section of the MD&A.

During the period ended September 30, 2025, the Company's working capital excluding derivatives increased by $4.4 million. The increase was driven primarily by a $29.0 million increase in cash from strong operational results, offset partially by a reduction in inventories and an increase in accounts payable.

To ensure alignment with its capital needs, the Company develops annual budgets. These budgets are regularly reviewed and incorporate estimated production, exploration efforts, financing availability, and industry conditions.

As at September 30, 2025, the Company had approximately 3.5 million stock options outstanding (each exercisable for one common share of the Company), with exercise prices in the range of CAD $1.37 to CAD $11.78 and a weighted average life of 3.3 years. Approximately 1.2 million of the stock options were vested and exercisable at September 30, 2025, with an average weighted exercise price of CAD $4.00 per share.

The following table sets out the common shares and options outstanding as at the date of this MD&A:

(1)3,313,644 options are exercisable for one share and 278,298 options are exercisable for 0.0467 shares of the Company, respectively.

Management believes that the following non-GAAP financial measures will enable certain investors to better evaluate the Company's performance, liquidity, and ability to generate cash flow. These measures do not have any standardized definition under IFRS Accounting Standards, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Other companies may calculate these measures differently.

(1)This non-cash adjustment to production costs for the three and nine months ended September 30, 2025, results from the fair value adjustment to inventories recognized upon the acquisition of the Florida Canyon Mine.

(1)This non-cash adjustment to production costs for the three and nine months ended September 30, 2025, results from the fair value adjustment to inventories recognized upon the acquisition of the Florida Canyon Mine.

The following table sets out selected quarterly results over a period encompassing the most recently completed eight quarters. The most significant factors affecting results in the quarters presented were the Company's acquisition of the Florida Canyon Mine in Q4 2024.

The Company is subject to a number of risks and uncertainties due to the nature of its business. The Company operates an operating gold mine and is subject to the risks and uncertainties related to Florida Canyon Mine. In addition, the Company’s exploration activities expose it to various financial and operational risks that could have a significant impact on its level of operating cash flows in the future.

Readers are advised to study and consider risk factors disclosed in the Company’s Annual Information Form for the fiscal year ended December 31, 2024, dated March 26, 2025 and available under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca or EDGAR at www.sec.gov.

We have adopted the amendments to IAS 1 Presentation of Financial Statements regarding the classification of liabilities as current or non-current based on contractual rights that are in existence at the end of the reporting period and affected by expectations about whether an entity will exercise its right to defer settlement. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be compiled with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. These amendments did not have a material impact on the Company.

IFRS 18 has been issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, mainly the income statement where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. IFRS 18 will require management-defined performance measures to be explained and included in a separate note within the consolidated financial statement. The standard is effective for financial statements beginning on January 1, 2027, including interim financial statements and requires retrospective application. The Company is currently assessing the impact of this amendment.

Management is responsible for establishing and maintaining effective internal control over financial reporting and disclosure controls and procedures as defined in our 2024 annual MD&A.

The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of the Company’s financial reporting for external purposes in accordance with IFRS Accounting Standards. Disclosure controls and procedures are designed to provide reasonable assurance that other financial information disclosed publicly fairly presents in all material respects the financial condition, results of operations and cash flows of the Company.

Together, the internal control over financial reporting and disclosure controls and procedures frameworks provide internal control over financial reporting and disclosure. Due to its inherent limitations, internal control over financial reporting and disclosure may not prevent or detect all misstatements. Further, the effectiveness of internal control is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may change.

There were no changes in the Company’s internal control over financial reporting and disclosure controls and procedures during the three and nine months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

The Company's management, at the direction of the CEO and CFO, will continue to assess the effectiveness of the Company's internal control over financial reporting and disclosure controls and procedures, and may make modifications if required.

FOR THE THREE AND NINE MONTHS ENDING SEPTEMBER 30, 2025

Approved by the Board on November 12, 2025

Supplemental cash flow information (Note 20)

Integra Resources Corp. (the "Company" or "Integra") is a corporation governed by the Business Corporations Act (British Columbia). The Company’s corporate office and principal address is located at 1050 - 400 Burrard Street, Vancouver, British Columbia, Canada, V6C 3A6. The Company’s registered office is 2200 RBC Place, 885 West Georgia Street, Vancouver, British Columbia, V6C 3E8. Integra shares trade on the TSX Venture Exchange ("TSX Venture") under the symbol ITR and the NYSE-American under the symbol ITRG. The Company's warrants trade on the TSX Venture under the symbol ITR.WT.

The Company is a growing precious metals producer focused on gold mining, mine development and mineral exploration activities in the Great Basin of the Western US at its Florida Canyon mine located in Nevada, US. The Company is also engaged in exploration of two flagship development-stage heap leach projects: the past producing DeLamar Project in southwestern Idaho, and the Nevada North Project in western Nevada.

These condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) applicable to the preparation of interim financial statements, under International Accounting Standard ("IAS") 34 - Interim Financial Reporting and have been condensed with certain disclosures from the Company's audited consolidated financial statements for the year ended December 31, 2024 (the "2024 Annual Financial Statements") omitted. Accordingly, these unaudited condensed interim consolidated financial statements should be read in conjunction with the 2024 Annual Financial Statements.

These unaudited condensed interim consolidated financial statements were approved for issuance by the Board of Directors on November 12, 2025.

The accounting policies applied in the preparation of these unaudited condensed interim consolidated financial statements, with the exception of those described in Note 4, are consistent with those applied and disclosed in the 2024 Annual Financial Statements.

We have adopted the amendments to IAS 1 Presentation of Financial Statements regarding the classification of liabilities as current or non-current based on contractual rights that are in existence at the end of the reporting period. A liability not due over the next twelve months is classified as non-current even if management intends or expects to settle the liability within twelve months. The amendment also introduces a definition of ‘settlement’ to make clear that settlement refers to the transfer of cash, equity instruments, other assets, or services to the counterparty. The amendment issued in October 2022 also clarifies how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. Covenants to be compiled with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. These amendments did not have a material impact on the Company.

IFRS 18 has been issued to achieve comparability of the financial performance of similar entities. The standard, which replaces IAS 1, impacts the presentation of primary financial statements and notes, mainly the income statement where companies will be required to present separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. IFRS 18 will require management-defined performance measures to be explained and included in a separate note within the consolidated financial statements. The standard is effective for

financial statements beginning on January 1, 2027, including interim financial statements and requires retrospective application. The Company is currently assessing the impact of this amendment.

In preparing the Company’s unaudited condensed interim financial statements for the three and nine months ended September 30, 2025, critical judgements made in applying the Company's accounting policies and key sources of estimation uncertainty are consistent with those disclosed in Note 3 of its 2024 Annual Financial Statements.

a)Carrying Values and Measurement of Financial Assets and Liabilities at Amortized Cost, Fair Value through Profit and Loss ("FVTPL") or Fair Value through Other Comprehensive Income ("FVTOCI")

b)Investments

The Company’s investments are recorded at fair value through other comprehensive income ("OCI"). The losses from these investments for the three and nine months ended September 30, 2025 and 2024 were as follows:

c)Derivative Instruments

At September 30, 2025, the Company held put options (bullion contracts) covering 14,550 ounces of gold, with maturities ranging from October to December 2025, at a strike price of $2,400 per ounce. The contracts were entered into to manage the Company’s exposure to fluctuations in the spot price of gold in relation to forecasted gold production from the Florida Canyon mine.

The Company's derivative instruments consist of these bullion contracts as well as the conversion feature of its convertible debt facility (the "Debt Conversion Feature"), which has been classified as an embedded derivative. The fair value of the bullion contracts is remeasured at each reporting date using quoted observable inputs, while the fair value of the conversion feature is determined using the Binomial Tree method.

The (losses) gains on derivatives for the three and nine months ended September 30, 2025 were as follows:

As at September 30, 2025, the fair value of the derivative component of the Convertible Facility was estimated at $24.3 million (December 31, 2024 - $2.6 million). The derivative component was valued using the Binomial Tree method based on the following assumptions:

(1)Under the Convertible Facility agreement, the Company has a one-time right to require the Lender to convert up to 50% of the outstanding principal into the Company’s common shares if certain market conditions are met. Specifically, if the volume-weighted average price (“VWAP”) of the Company’s shares at market close remains at least 50% above the applicable conversion price for 30 consecutive trading days, the Company may elect this conversion, provided no event of default has occurred or is continuing.

d)Fair Value Information

i.Fair Value Measurement

The categories of the fair value hierarchy of inputs used in the valuation techniques are as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: Inputs for the asset or liability based on unobservable market data

The levels in the fair value hierarchy into which the Company’s financial assets and liabilities that are measured and recognized on the Condensed Consolidated Interim Statements of Financial Position at fair value on a recurring basis were categorized as follows:

The methodology and assessment of inputs for determining the fair value of financial assets and liabilities as well as the levels of hierarchy for the Company’s financial assets and liabilities measured at fair value remain unchanged from that at December 31, 2024.

As at September 30, 2025 and December 31, 2024, derivative assets consisted of bullion contracts, and derivative liabilities represented the embedded derivative component of the convertible debt instrument.

ii.Valuation Techniques

The Company's investments are valued using quoted market prices in active markets and as such are classified within level 1 of the fair value hierarchy and are primarily equity securities. The fair value of the equity securities is calculated using the quoted market price multiplied by the quantity of shares held by the Company.

The Company’s derivative assets and liabilities are comprised of the conversion feature of the convertible debt facility and commodity contracts, which are classified within Level 2 of the fair value hierarchy and valued using observable market prices.

e)Financial Instruments and Related Risks

The Company has exposure to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives for growth and shareholder returns. The principal financial risks to which the Company is exposed are:

i)Credit risk

ii)Liquidity risk

iii)Market risk

1.Currency risk

2.Interest rate risk

3.Price risk

The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and reviews the Company’s policies on an ongoing basis.

i.Credit Risk

Credit risk is the risk that a counterparty may fail to satisfy its performance obligations under the terms of a financial instrument. Credit risk results from cash and cash equivalents and trade and other receivables. The Company maintains policies to limit the concentration of credit risk.

The Company manages credit risk on its cash and cash equivalents by diversifying these asset holdings with multiple highly rated financial institutions, including the Bank of Montreal ("BMO") in Canada and the US and Wells Fargo ("WF") in the US. Substantially, all of our cash and cash equivalents held with financial institutions exceeds government-insured limits. Credit risk on trade and other receivables is managed by ensuring amounts are receivable from highly rated financial institutions. The Company has recognized nominal amounts of credit losses with respect to trade and other receivables. For cash and cash equivalents and trade and other receivables, credit risk exposure equals the carrying amount on the balance sheet.

ii.Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has in place a planning and budgeting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company ensures that sufficient committed loan facilities exist to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents.

As at September 30, 2025, the Company continues to maintain its ability to meet its financial obligations as they come due.

iii.Market Risk

1.Currency Risk

The functional and reporting currency of the Company including its subsidiaries is the United States dollar ("USD") and the Company reports results using USD; however, the Company operates in jurisdictions that utilize USD and the Canadian dollar ("CAD"). As a consequence, the financial results of the Company’s operations as reported in USD are subject to changes in the value of the USD relative to these local currencies. Since the Company’s sales are denominated in USD and a portion of the Company’s operating costs and capital spending are in CAD, the Company is negatively impacted by strengthening CAD relative to the USD and positively impacted by the inverse.

2.Interest Rate Risk

Interest rate risk is the risk that the fair values or future cash flows of the Company will fluctuate because of changes in market interest rates. The Company has interest-bearing assets, where the risk is limited to potential decreases on the interest rate offered on cash and cash equivalents held within a chartered Canadian and US financial institutions. The Company's significant financial instruments valued using fluctuating risk-free interest rates is the derivative component of the convertible debt facility. The Company's operating cash flows are mostly independent of changes in market interest rates, which is impacted by economic uncertainties and current high inflationary environment. Management considers this risk immaterial.

3.Price Risk

The Company's gold and silver production is sold in international markets. The market price of gold is the primary driver of the Company's profitability and the ability to generate operating and free cash flow. The Company may implement hedging strategies on an opportunistic basis to mitigate downside price risk on gold production and had gold put option positions in place as at September 30, 2025 (Note 6c). Gold and silver production remains fully exposed to prevailing market prices.

The Company is exposed to price risk arising from changes in the fair value of its Debt Conversion Feature, the valuation of which is affected by fluctuations in the Company’s closing share price on the relevant stock exchange.

The Company's receivables and prepaids were comprised of the following:

The Company’s inventories were comprised of the following:

During the quarter, the Company disposed of a piece of mobile equipment that was damaged in a fire, resulting in the total loss of the asset. As a result, the Company recorded a loss of $0.2 million for the three and nine months ended September 30, 2025, representing the full write-down of the asset’s carrying value.

The Company has initiated an insurance claim in respect of the loss but has not recognized any recoverable amount as at September 30, 2025. The amount of potential insurance recovery cannot be reliably estimated at this time.

Accounts payable and accrued liabilities consist of:

A summary of the convertible debt facility and equipment loans is as follows:

(1)Facility drawdown occurred concurrently with the acquisition of the Florida Canyon Mine, in Q4 2024, and therefore not included in financing activities for the three and nine months ended September 30, 2025.

The Company's $20.0 million secured non-revolving term convertible debt facility (“Convertible Facility” or the "Facility"), matures on July 31, 2027. The Convertible Facility is classified as a current liability, as it is convertible at the Lender’s option into common shares of the Company at a conversion price of $1.22 at any time prior to maturity.

The Facility includes a financial covenant requiring the Company to maintain a minimum cash balance of $5.0 million. As of September 30, 2025, the Company was in compliance with this covenant.

Amounts drawn under the Facility bear interest at a rate of 9.25% per annum. Undrawn amounts are subject to a stand-by fee of 2.00% per annum. Interest was accrued through December 31, 2024, as no payments were required prior to 2025. As at September 30, 2025, and December 31, 2024, the Company had $15.0 million drawn under the Facility.

During the three and nine months ended September 30, 2025, the Company incurred and paid interest of $0.4 million and $1.2 million, respectively (2024 - incurred $0.3 million and $0.8 million, respectively).

The Company's leases comprise of the following:

(1)Excludes $0.6 million of cash prepayments for equipment that had not yet reached the commencement date as at September 30, 2025.

Changes to the reclamation and closure provision for the nine months ended September 30, 2025 and year ended December 31, 2024 is as follows:

(1)On an on-going basis, Management evaluates its estimates and assumptions, resulting in future expenditures different from current estimates. Discount rates have been decreasing and inflation rates increasing within the US, resulting in increases to the reclamation provisions at the Florida Canyon and DeLamar mines.

The Company grants stock options, equity-settled Restricted Share Units ("RSUs"), and Deferred Share Units ("DSUs") to eligible employees, officers, and directors. The associated expenses are recognized over the vesting period, generally within three years.

a)Stock Options

For the three and nine months ended September 30, 2025, the total share-based compensation expense relating to stock options was $0.1 million and $0.4 million, respectively (2024 - $0.1 million and $0.3 million, respectively) and is presented as a component of general and administrative expense (Note 17).

The following table summarizes changes in stock options for the nine months ended September 30, 2025 and year ended December 31, 2024:

The following table summarizes information about the Company's stock options outstanding at September 30, 2025:

b)RSUs

The Company recorded a $0.1 million recovery and $0.3 million expense, respectively, for RSUs for the three and nine months ended September 30, 2025 (2024 - $0.3 million and $0.6 million, respectively) which is included in general and administrative expenses (Note 17).

The following table summarizes changes in RSUs for the nine months ended September 30, 2025 and year ended December 31, 2024:

c)DSUs

The Company recorded a $0.5 million expense and a $0.7 million, respectively, for DSUs for the three and nine months ended September 30, 2025 (2024 - $0.1 million and $0.3 million recovery, respectively) which is included in general and administrative expenses (Note 17).

The following table summarizes changes in DSUs for the nine months ended September 30, 2025 and year ended December 31, 2024:

d)Warrants

For the period ended September 30, 2025, the Company had 7,941,874 (2024 - 8,305,874) warrants outstanding at a weighted average exercise price of CAD$1.20, which mature on March 13, 2027. The following table summarizes changes in warrants for the nine months ended September 30, 2025 and year ended December 31, 2024:

e)Authorized Shares

The Company's authorized capital stock consists of an unlimited number of common shares and an unlimited number of preferred shares without nominal or par value.

f)Equity Financings

On March 13, 2024 the Company completed a bought deal public offering, issuing a total of 16,611,750 units at a price of CAD$0.90 per unit, for net proceeds of $9.8 million after deducting fees and expenses of $1.2 million. Each unit consisted of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of CAD$1.20 for a period of 36 months from the closing date.

The income taxes recognized in net earnings and comprehensive earnings are as follows:

The following table summarizes other operating activities adjustments for income statement items in operating activities:

(1)This non-cash adjustment to production costs for the three and nine months ended September 30, 2025, results from the fair value adjustment to inventories recognized upon the acquisition of the Florida Canyon Mine.

The following table summarizes the change in working capital in operating activities:

The Company’s reportable segments are assessed regularly for performance by the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker ("CODM"). The Company has concluded that it has two operating segments: Florida Canyon mine and the DeLamar Project. Other business activities, including those related to the corporate office, that are not reportable are combined and presented as "all other" to reconcile with the Company's consolidated results.

Segments and their performance measures are listed below:

(1)Includes payments for mineral properties, plant and equipment, and equipment leases.

(1)Includes payments for mineral properties, plant and equipment, and equipment leases.