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Imperial Metals Reports First Quarter 2021 Financial Results
VANCOUVER, British Columbia, May 07, 2021 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three mont
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, May 07, 2021 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three months ended March 31, 2021, as summarized in this release and discussed in detail in the Management’s Discussion & Analysis. The Company’s financial results are prepared in accordance with International Financial Reporting Standards. The reporting currency of the Company is the Canadian (“CDN”) Dollar. QUARTER HIGHLIGHTS FINANCIAL Total revenue increased to $33.1 million in the March 2021 quarter from $28.0 million in the 2020 comparative quarter, an increase of $5.1 million. In the March 2021 quarter, the Red Chris mine (100% basis) had 3.7 concentrate shipments (2020-4.3 concentrate shipments). Variations in revenue are impacted by the timing and quantity of concentrate shipments, metal prices and exchange rates, and period end revaluations of revenue attributed to concentrate shipments where copper and gold prices will settle at a future date. The London Metals Exchange cash settlement copper price per pound averaged US$3.85 in the March 2021 quarter compared to US$2.56 in the 2020 comparative quarter. LBMA cash settlement gold price per troy ounce averaged US$1,798 in the March 2021 quarter compared to US$1,583 in the 2020 comparative quarter. The average US/CDN Dollar exchange rate was 1.267 in the March 2021 quarter, 5.9% lower than the exchange rate of 1.345 in the March 2021 quarter. In CDN Dollar terms the average copper price in the March 2021 quarter was CDN$4.88 per pound compared to CDN$3.44 per pound in the 2020 comparative quarter, and the average gold price in the March 2021 quarter was CDN$2,277 per ounce compared to CDN$2,128 per ounce in the 2020 comparative quarter. Revenue in the March 2021 quarter increased by $2.4 million due to a positive revenue revaluation as compared to a $4.6 million negative revenue revaluation in the 2020 comparative quarter. Revenue revaluations are the result of the metal price on the settlement date and/or the current period balance sheet date being higher or lower than when the revenue was initially recorded or the metal price at the last balance sheet date and finalization of contained metal as a result of final assays. Net loss for the March 2021 quarter was $2.5 million ($0.02 per share) compared to net loss of $6.9 ...