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Imperial Metals Reports Third Quarter 2020 Financial Results
VANCOUVER, British Columbia, Nov. 10, 2020 (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, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three and nine months ended September 30, 2020, 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 On February 20, 2019 the Company initiated a process for the sale of the Red Chris mine, and in accordance with IFRS, the Company classified Red Chris mine as a discontinued operation effective January 1, 2019 until the closing of the transaction with Newcrest on August 14, 2019. Effective August 15, 2019, the results from the Red Chris mine are presented on a proportionate basis relative to Imperial’s 30% ownership in the Red Chris Joint Venture. Unless otherwise stated, this MD&A only compares the comparative quarter results from continuing operations and excludes discontinued operations. During the third quarter of 2020 the provisional fair values that were assigned to the sale of Red Chris were finalized taking into consideration updated information obtained during the measurement period. The year ended December 31, 2019 and comparative quarters from September 30, 2019 onwards were restated to take into consideration the finalized values. Total revenue from continuing operations increased to $38.2 million in the September 2020 quarter from $7.0 million in the 2019 comparative quarter, an increase of $31.2 million. The September 2019 amount only included revenue from the Red Chris mine from August 15 to September 30. Revenues for the first part of the 2019 quarter were classified in discontinued operations and totalled $39.9 million. In the September 2020 quarter, the Company included its portion of the 30% interest in the Red Chris mine. In the September 2020 quarter, the Red Chris mine (100% basis) had 4.3 concentrate shipments (2019-3.3 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 Londo...