13 Best Canadian Penny Stocks to Buy Right Now

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9. Integra Resources Corp. (NYSE:ITRG)

Share Price: $2.85

Stock Upside potential: 59.74%

Number of Hedge Fund Holders: 9

Integra Resources Corp. (NYSE:ITRG) is one of the Canadian penny stocks to buy right now. On November 13, H.C. Wainwright’s Heiko Ihle reaffirmed his Buy rating on Integra Resources Corp. (NYSE:ITRG) and maintained a $4.75 price target. Ihle pointed to the solid cash flow coming from the Florida Canyon Mine, which the company purchased when gold prices were much lower and is now benefiting from the stronger market.

Although Integra reported a net loss due to an embedded derivative, Ihle noted that his discounted cash-flow work continues to show meaningful value in the company’s assets. He highlighted ongoing development at the DeLamar and Nevada North projects, the company’s healthy cash reserves, and the reinvestment of free cash flow into upgrading operations. With all-in sustaining costs staying within expectations, he argues these factors support a favorable outlook and validate the positive rating.

A day earlier, on November 12, the company delivered strong third-quarter results, driven by excellent performance at Florida Canyon. During the quarter, the company produced 20,653 ounces of gold, compared to 18,087 ounces in the second quarter. The increase was attributed to a recovery of ounces placed on the Phase IIIa heap-leach pad. Florida Canyon produced 20,653 ounces of gold and sold 20,265 ounces at an average price of $3,464 per ounce.

Consequently, Integra Resources Corp. (NYSE:ITRG) generated a record $70.7 million in revenue, exceeding the 60.6 million ounces generated in the second quarter. Operating earnings totaled $28.6 million, exceeding $25.2 million generated in the second quarter. Adjusted earnings totaled $16.3 million or $0.10 a share, better than $11.8 million or $0.07 a share generated in the second quarter.

“Excellent production results, combined with a strong gold price environment, have allowed Integra to significantly increase its quarter-over-quarter cash balance to ~$81 million, marking the strongest financial position in the Company’s history,” said George Salamis, President and CEO.

Integra Resources Corp. (NYSE:ITRG) is a precious metals exploration and development company focused on acquiring, exploring, and developing gold and silver deposits in the Western United States. Its main projects include the DeLamar Project in Idaho and the Nevada North Project in Nevada, and it also operates the Florida Canyon Mine in Nevada.

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