Business
Imperial Metals Reports Second Quarter 2024 Financial Results
VANCOUVER, British Columbia, Aug. 12, 2024 (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. 12, 2024 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three and six months ended June 30, 2024. QUARTER HIGHLIGHTS “Operationally, the second quarter was aligned with guidance, driven largely by higher through-put and copper grades at both Mount Polley and Red Chris,” said Brian Kynoch, President. “With consolidated production totalling 27,854,171 pounds copper and 26,629 ounces gold through the first half of the year, we remain on track to achieve 2024 guidance.” “During the quarter, we also achieved strong financial results, including adjusted EBITDA of $55.1 million and cash earnings of $54.2 million which was derived from strong operational results and higher metal prices.” FINANCIAL Adjusted EBITDA increased by $54.2 million to $55.1 million in Q2 2024 compared to $0.9 million in Q2 2023. Total revenue was $131.7 million in the June 2024 quarter compared to $85.8 million in the 2023 comparative quarter. In the June 2024 quarter, the Red Chris mine (100% basis) had 5.0 concentrate shipments (2023-3.6 concentrate shipments). Mount Polley mine had 2.0 concentrate shipments (2023-1.4 concentrate shipments). Variations in revenue are impacted by the increased quantity of concentrate sold, 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$4.42 in the June 2024 quarter compared to US$3.85 in the 2023 comparative quarter. The LBMA (London Bullion Market Association) gold price per troy ounce averaged US$2,338 in the June 2024 quarter compared to US$1,978 in the 2023 comparative quarter. The average US/CDN Dollar exchange rate was 1.368 in the June 2024 quarter, 1.86% higher than the exchange rate of 1.343 in the June 2023 quarter. In CDN Dollar terms the average copper price in the June 2024 quarter was CDN$6.05 per pound compared to CDN$5.17 per pound in the 2023 comparative quarter, and the average gold price in the June 2024 quarter was CDN$3,199 per ounce compared to CDN$2,657 per ounce in the 2023 comparative quarter. A negative revenue revaluation in the June 2024 quarter was $4.3 million as c...