Business
Imperial Metals Reports 2023 Financial Results
VANCOUVER, British Columbia, March 14, 2024 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for its fiscal y
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, March 14, 2024 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for its fiscal year ended December 31, 2023. Select Annual Financial Information Year Ended December 31 expressed in thousands, except share and per share amounts 2023 2022 2021 Operations: Total revenues $344,455 $172,797 $133,591 Net loss $(36,715 ) $(75,975 ) $(26,070 ) Net loss per share $(0.23 ) $(0.51 ) $(0.19 ) Diluted loss per share $(0.23 ) $(0.51 ) $(0.19 ) Adjusted net loss(1) $(36,092 ) $(95,598 ) $(23,181 ) Adjusted net loss per share(1) $(0.23 ) $(0.64 ) $(0.17 ) Adjusted EBITDA(1) $24,876 $(63,131 ) $11,553 Cash earnings(1)(2) $23,557 $(52,873 ) $11,034 Cash earnings per share(1)(2) $0.15 $(0.36 ) $0.08 Working capital deficiency $(167,597 ) $(65,091 ) $(19,060 ) Total assets $1,411,990 $1,299,702 $1,186,341 Total debt (including current portion)(3) $319,787 $197,788 $34,975 (1) Refer to table in section Non-IFRS Financial Measures of the December 31, 2023 Management’s Discussion & Analysis for further details. (2) Cash earnings is defined as the cash flow from operations before the net change in non-cash working capital balances, income and mining taxes, and interest paid. Cash earnings per share is defined as cash earnings divided by the weighted average number of common shares outstanding during the year. (3) Total debt consists of banker’s acceptances, debentures, advanced development loan, and equipment loans and leases. Select Items Affecting Net Loss presented on an after-tax basis Year Ended December 31 2023 2022 2021 (000’s) (000’s) (000’s) Net loss before undernoted items $(5,429 ) $(67,063 ) $(24,337 ) Interest expense (31,332 ) (8,921 ) (1,497 ) Foreign exchange gain (loss) on debt 46 9 (236 ) Net Loss $(36,715 ) $(75,975 ) $(26,070 ) Total revenue increased to $344.5 million in 2023 compared to $172.8 million in 2022, an increase of $171.7 million or 99%. Revenue from the Mount Polley mine in 2023 was $233.3 million compared to $42.7 million in 2022, an increase of $190.6 million. In 2023, the Mount Polley mine had 5...