Business
Imperial Metals Reports First Quarter 2023 Financial Results
VANCOUVER, British Columbia, May 09, 2023 (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 09, 2023 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three months ended March 31, 2023, as summarized in this news 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 (“IFRS”). The reporting currency of the Company is the Canadian (“CDN”) Dollar. QUARTER HIGHLIGHTS FINANCIAL Total revenue was $92.7 million in the March 2023 quarter compared to $33.1 million in the 2022 comparative quarter. In the March 2023 quarter, the Red Chris mine (100% basis) had 2.4 concentrate shipments (2022-3.0 concentrate shipments). Mount Polley mine had 1.4 concentrate shipments (2022-nil concentrate shipments). Variations in revenue are impacted by the re-start of the Mount Polley mine operations, 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$4.05 in the March 2023 quarter compared to US$4.53 in the 2022 comparative quarter. The LBMA (London Bullion Market Association) cash settlement gold price per troy ounce averaged US$1,888 in the March 2023 quarter compared to US$1,874 in the 2022 comparative quarter. The average US/CDN Dollar exchange rate was 1.352 in the March 2023 quarter, 6.8% higher than the exchange rate of 1.266 in the March 2022 quarter. In CDN Dollar terms the average copper price in the March 2023 quarter was CDN$5.48 per pound compared to CDN$5.73 per pound in the 2022 comparative quarter, and the average gold price in the March 2023 quarter was CDN$2,553 per ounce compared to CDN$2,373 per ounce in the 2022 comparative quarter. A positive revenue revaluation in the March 2023 quarter was $5.9 million as compared to a $1.2 million of positive revenue revaluation in the 2022 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 meta...