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Imperial Metals Reports Second Quarter 2021 Financial Results
VANCOUVER, British Columbia, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three and
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three and six months ended June 30, 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 (“IFRS”). The reporting currency of the Company is the Canadian (“CDN”) Dollar. QUARTER HIGHLIGHTS FINANCIAL Total revenue decreased to $34.2 million in the June 2021 quarter compared to $45.1 million in the 2020 comparative quarter, a decrease of $10.9 million. In the June 2021 quarter, the Red Chris mine (100% basis) had 3.8 concentrate shipments (2020-5.5 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$4.40 in the June 2021 quarter compared to US$2.42 in the 2020 comparative quarter. London Bullion Market Association, London gold price per troy ounce averaged US$1,816 in the June 2021 quarter compared to US$1,711 in the 2020 comparative quarter. The average US/CDN Dollar exchange rate was 1.228 in the June 2021 quarter, 11.4% lower than the exchange rate of 1.386 in the 2020 comparative quarter. In CDN Dollar terms the average copper price in the June 2021 quarter was CDN$5.40 per pound compared to CDN$3.35 per pound in the 2020 comparative quarter, and the average gold price in the June 2021 quarter was CDN$2,230 per ounce compared to CDN$2,372 per ounce in the 2020 comparative quarter. Revenue in the June 2021 quarter decreased by $0.7 million due to a negative revenue revaluation as compared to a $5.8 million positive 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 June 2021 quarter was $5.1 million ($0....