Imperial Metals reports strong Q2 2024 financial results with increased metal production

From GlobeNewswire.: 2024-08-12 18:09:00

Imperial Metals Corporation reported strong financial results for Q2 2024, with adjusted EBITDA of $55.1 million and total revenue of $131.7 million. Metal production was up, with 15,500,912 pounds of copper and 13,768 ounces of gold produced. Red Chris mine had 5.0 concentrate shipments, while Mount Polley had 2.0 concentrate shipments.

The price of copper averaged US$4.42 per pound and gold averaged US$2,338 per troy ounce in the June 2024 quarter. Net income for the quarter was $20.4 million, compared to a net loss of $16.0 million in the same quarter of 2023. Capital expenditures were $55.9 million, including exploration and development expenses.

Operational highlights included Imperial’s consolidated metal production, which totaled 15,500,912 pounds of copper and 13,768 ounces of gold in Q2 2024. Mount Polley mine produced 9,281,498 pounds of copper and 10,009 ounces of gold, while Red Chris mine produced 6,219,414 pounds of copper and 3,759 ounces of gold during the same period.

For the first six months of 2024, copper production at Imperial’s Red Chris and Mount Polley mines was up compared to the same period in 2023. Mount Polley’s copper production was up by 21%, while Red Chris saw a 48% increase in copper production. Gold production, however, saw a slight decrease due to lower gold grades.

Imperial’s Red Chris Block Cave project is progressing, with efforts to secure necessary permitting approvals ongoing. The joint venture continues to collaborate with the Tahltan and British Columbia governments through the permitting process. Additionally, capital investments are being made to improve safety and efficiency at the site, including the installation of a coarse ore stockpile cover and a tailings thickener.



Read more at GlobeNewswire.:: Imperial Reports Second Quarter 2024 Financial Results