QUARTER HIGHLIGHTS
FINANCIAL
Adjusted EBITDA increased by
Total revenue was
In the
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
A negative revenue revaluation in the
Net loss for the
- Loss from mine operations was
$1.5 million inMarch 2024 quarter, which is an improvement of$0.1 million in comparison to a loss of$1.6 million inMarch 2023 comparative quarter. - Idle mine cost went from
$2.1 million inMarch 2023 to$1.9 million in theMarch 2024 quarter. - Interest expense increased from
$6.0 million inMarch 2023 to$10.5 million inMarch 2024 , increasing net loss by$4.5 million . - Tax recovery went from
$4.4 million inMarch 2023 to$6.6 million inMarch 2024 , decreasing net loss by$2.2 million .
The average US/CDN Dollar exchange rate in the
Capital expenditures including leases were
At
OPERATIONS
During the quarter ended
Tailing removal from the
Three Months Ended 2024 | Three Months Ended 2023 | |||
Ore milled - tonnes | 1,671,505 | 1,389,636 | ||
Ore milled per calendar day - tonnes | 18,368 | 15,440 | ||
Grade % - copper | 0.25 | 0.27 | ||
Grade g/t - gold | 0.28 | 0.31 | ||
Recovery % - copper | 79.4 | 81.1 | ||
Recovery % - gold | 66 | 71.5 | ||
Copper - 000’s pounds | 7,355 | 6,678 | ||
Gold - ounces | 10,009 | 9,980 | ||
At
Exploration, development, and capital expenditures in the first quarter of 2024 were
Red Chris production (100%) for the first quarter of 2024 was 16,660,225 pounds copper and 9,507 ounces gold compared to 11,589,689 pounds copper and 10,496 ounces gold during the same quarter of 2023.
In the 2024 first quarter, Red Chris copper production was up 44% compared to the same quarter in 2023 and down 9% for gold compared to the same quarter of 2023. The increase in copper production was a result of a 33% increase in copper grade (0.431% vs 0.325%) and an 8% increase in recovery (83.4% vs. 77.4%). The drop in gold production in the first quarter 2024 was the result of lower gold grade (0.263 g/t gold vs 0.311 g/t gold) being treated compared to the same quarter last year.
Imperial’s 30% portion of Red Chris mine for the first quarter of 2024 was 4,998,000 pounds copper and 2,852 ounces gold.
100% Red Chris mine production | Three Months Ended 2024 | Three Months Ended 2023 | ||
Ore milled - tonnes | 2,100,354 | 2,090,772 | ||
Ore milled per calendar day - tonnes | 23,081 | 23,231 | ||
Grade % - copper | 0.43 | 0.32 | ||
Grade g/t - gold | 0.26 | 0.31 | ||
Recovery % - copper | 83.4 | 77.4 | ||
Recovery % - gold | 53.6 | 50.2 | ||
Copper - 000’s pounds | 16,660 | 11,590 | ||
Gold - ounces | 9,507 | 10,496 | ||
Imperial’s 30% share of exploration, development, and capital expenditures were
Block Cave Decline and Drilling Progress
The underground development has continued with total of 9,220 metres (including all vent drives) completed. The decline to access the extraction level (Nagha decline) had advanced 4,372 metres as of
Huckleberry operations ceased in
Site personnel continue to focus on maintaining site access, water management, maintenance of site infrastructure and equipment, and mine permit compliance. Work is also planned in 2024 to investigate and update the tailings facility design for Huckleberry.
For the
TECHNICAL INFORMATION
The technical and scientific information related to the Company’s mineral projects has been reviewed and approved by
EARNINGS AND CASH FLOW
Select Quarter Financial Information
Three Months Ended | |||||||||
expressed in thousands of dollars, except share and per share amounts | 2024 | 2023 | |||||||
Operations: | |||||||||
Total revenues | |||||||||
Net loss | $(9,165 | ) | $(7,253 | ) | |||||
Net loss per share | $(0.06 | ) | $(0.05 | ) | |||||
Diluted loss per share | $(0.06 | ) | $(0.05 | ) | |||||
Adjusted net loss (1) | $(9,165 | ) | $(7,255 | ) | |||||
Adjusted net loss per share (1) | $(0.06 | ) | $(0.05 | ) | |||||
Adjusted EBITDA(1) | |||||||||
Cash earnings (1)(2) | |||||||||
Cash earnings per share (1)(2) | |||||||||
Working capital (deficiency) | $(159,132 | ) | $(88,980 | ) | |||||
Total assets | |||||||||
Total debt (including current portion)(3) | |||||||||
(1) | Refer to Non-IFRS Financial Measures for further details. | ||||||||
(2) | Cash earnings is defined as the cash flow from operations before the net change in non-cash working capital balances, income and mining taxes, and interest paid. Cash earnings per share is defined as cash earnings divided by the weighted average number of common shares outstanding during the year. | ||||||||
(3) | Total debt consists of banker’s acceptances, convertible and non-convertible debentures, loans and leases. | ||||||||
NON-IFRS FINANCIAL MEASURES
The Company reports on four non-IFRS financial measures: adjusted net loss, adjusted EBITDA, cash earnings and cash cost per pound of copper produced, which are described in detail below. The Company believes these measures are useful to investors because they are included in the measures that are used by management in assessing the financial performance of the Company.
Adjusted net loss, adjusted EBITDA, cash earnings and cash cost per pound of copper are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers.
Adjusted Net Loss and Adjusted Net Loss Per Share
Adjusted net loss is derived from operating net loss by removing the gains or loss, resulting from acquisition and disposal of property, mark to market revaluation of derivative instruments not related to the current period, net of tax, unrealized foreign exchange gains or losses on long term debt, net of tax and other non-recurring items. Adjusted net loss in the
Adjusted EBITDA
Adjusted EBITDA in the
Cash Earnings and Cash Earnings Per Share
Cash earnings in the
Cash earnings and cash earnings per share are measures used by the Company to evaluate its performance; however, they are not terms recognized under IFRS. We believe that the presentation of cash earnings and cash earnings per share is appropriate to provide additional information to investors about how well the Company can earn cash to pay its debts and manage its operating expenses and investment. Cash earnings is defined as cash flow from operations before the net change in non-cash working capital balances, income and mining taxes paid, and interest paid. Cash earnings per share is the same measure divided by the weighted average number of common shares outstanding during the year.
Cash Cost Per Pound of Copper Produced
Management uses this non-IFRS financial measure to monitor operating costs and profitability. The Company is primarily a copper producer and therefore calculates this non-IFRS financial measure individually for its two operating copper mines,
Variations from period to period in the cash cost per pound of copper produced are the result of many factors including: grade, metal recoveries, amount of stripping charged to operations, mine and mill operating conditions, labour and other cost inputs, transportation and warehousing costs, treatment and refining costs, the amount of by-product and other revenues, the US$ to CDN$ exchange rate and the amount of copper produced.
Calculation of Cash Cost Per Pound of Copper Produced expressed in thousands, except cash cost per pound of copper produced | Three Months Ended | |||||||
Red Chris | Composite | |||||||
Cash cost of copper produced in US$ | ||||||||
Copper produced – 000’s pounds | 7,355 | 4,998 | 12,353 | |||||
Cash cost per lb copper produced in US$ | ||||||||
expressed in thousands, except cash cost per pound of copper produced | Three Months Ended | |||||||
Red Chris | Composite | |||||||
Cash cost of copper produced in US$ | ||||||||
Copper produced – 000’s pounds | 6,678 | 3,477 | 10,155 | |||||
Cash cost per lb copper produced in US$ | ||||||||
For detailed information, refer to Imperial’s 2024 First Quarter Management’s Discussion and Analysis available on imperialmetals.com and sedarplus.ca.
About Imperial
Imperial is a
Company Contacts
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release are not statements of historical fact and are “forward-looking” statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, specific statements regarding the Company’s expectations with respect to completion of the removal of tailings from the
In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "outlook", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
In making the forward-looking statements in this news release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company’s current beliefs and assumptions. These factors and assumptions and beliefs and assumptions include, the risk factors detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, and the risk factors detailed in the Company’s Annual Information Form, all of which are filed and available for review on SEDAR+ at sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, many of which are beyond the Company’s ability to control or predict. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and all forward-looking statements in this news release are qualified by these cautionary statements.
Source:
2024 GlobeNewswire, Inc., source