Business
Imperial Metals Reports Second Quarter 2022 Financial Results
VANCOUVER, British Columbia, Aug. 08, 2022 (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. 08, 2022 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three and six months ended June 30, 2022, 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 increased to $36.4 million in the June 2022 quarter compared to $34.2 million in the 2021 comparative quarter, an increase of $2.2 million. In the June 2022 quarter, the Red Chris mine (100% basis) had 4.5 concentrate shipments (2021-3.8 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$4.32 in the June 2022 quarter compared to US$4.40 in the 2021 comparative quarter. London Bullion Market Association, London gold price per troy ounce averaged US$1,873 in the June 2022 quarter compared to US$1,816 in the 2021 comparative quarter. The average US/CDN Dollar exchange rate was 1.277 in the June 2022 quarter, 4.0% higher than the exchange rate of 1.228 in the 2021 comparative quarter. In CDN Dollar terms the average copper price in the June 2022 quarter was CDN$5.52 per pound compared to CDN$5.40 per pound in the 2021 comparative quarter, and the average gold price in the June 2022 quarter was CDN$2,391 per ounce compared to CDN$2,230 per ounce in the 2021 comparative quarter. A negative revenue revaluation in the June 2022 quarter was $7.3 million as compared to a $0.7 million negative revenue revaluation in the 2021 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 2022 quarter was $29.3 million ($0.21 per share) comp...