Latest news with #BrianKynoch
Yahoo
23-05-2025
- Business
- Yahoo
Imperial Announces Normal Course Issuer Bid
VANCOUVER, British Columbia, May 23, 2025 (GLOBE NEWSWIRE) -- Imperial Metals Corporation ('Imperial' or the 'Company') (TSX:III) announces the Toronto Stock Exchange (the 'TSX') has accepted the Company's Notice of Intention to make a Normal Course Issuer Bid (the 'Bid') to be transacted through the facilities of the TSX or alternative Canadian trading systems. Pursuant to the Bid, the Company may purchase up to 814,089 common shares, which represents 0.5% of the total 162,817,841 common shares of the Company issued and outstanding as of May 22, 2025. Purchases will be made, at the discretion of the Company, at prevailing market prices, commencing May 28, 2025 and ending no later than May 27, 2026. Pursuant to TSX policies, daily purchases made by the Company will not exceed 12,792 common shares or 25% of the Company's average daily trading volume of 51,168 common shares on the TSX, subject to certain prescribed exceptions. The common shares acquired under the Bid will be used to satisfy the Company's obligations under its Non-Management Directors' Plan and Amended and Restated Share Purchase Plan (the 'Plans'). The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company. In the previous 12 months, the Company has repurchased 217,504 of its outstanding common shares at a volume weighted average price per share of $2.37 through the facilities of the TSX. The maximum number of common shares sought and approved by the TSX under the terms of the previous Bid was 809,357. The common shares have or will be allocated to satisfy the Company's obligations under the Plans. A copy of the Company's Notice filed with the TSX may be obtained by any shareholder, without charge, by contacting the Company's Chief Financial Officer. About Imperial Imperial is a Vancouver-based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia. Company Contacts Brian Kynoch | President | 604.669.8959Darb Dhillon | Chief Financial Officer | 604.669.8959 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, statements regarding the Company's intentions with respect to the Bid; the price, volume and timing of purchases and funding of such purchases thereunder; the use of shares acquired under the Bid; and the allocation of shares to satisfy the Company's obligations under the Plans. 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, among other things, that the Company will complete purchases of common shares pursuant to the Bid and the other assumptions and 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 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. Such information is given only as of the date of this news release. The Company does not assume any obligation to update its forward-looking information to reflect new information, subsequent events or otherwise, except as required by law.
Associated Press
12-05-2025
- Business
- Associated Press
Imperial Reports First Quarter 2025 Financial Results
VANCOUVER, British Columbia, May 12, 2025 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the 'Company') (TSX:III) reports financial results for the three months ended March 31, 2025. QUARTER HIGHLIGHTS 'Imperial delivered solid operating and financial results for the first quarter of 2025', said Brian Kynoch, President. 'Consolidated production totalled 15,842,336 pounds copper and 17,120 ounces gold which was higher by 28% and 33% respectively, compared to the first quarter of 2024. Financially, we achieved strong operating cash flows of $68.3 million along with revenues of $176.6 million and adjusted EBITDA of $97.7 million.' FINANCIAL Total revenue was $176.6 million in the March 2025 quarter compared to $84.6 million in the 2024 comparative quarter. In the March 2025 quarter, Mount Polley mine had 1.9 concentrate shipments (2024-1.3 concentrate shipments). The Red Chris mine (100% basis) had 5.0 concentrate shipments (2024-4.0 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$4.24 in the March 2025 quarter compared to US$3.83 in the 2024 comparative quarter. The LBMA (London Bullion Market Association) Final and Initial gold price per troy ounce averaged US$2,862 in the March 2025 quarter compared to US$2,072 in the 2024 comparative quarter. The average US/CDN Dollar exchange rate was 1.435 in the March 2025 quarter, 6.4% higher than the exchange rate of 1.349 in the March 2024 quarter. In CDN Dollar terms the average copper price in the March 2025 quarter was CDN$6.08 per pound compared to CDN$5.17 per pound in the 2024 comparative quarter, and the average gold price in the March 2025 quarter was CDN$4,108 per ounce compared to CDN$2,795 per ounce in the 2024 comparative quarter. A positive revenue revaluation in the March 2025 quarter was $10.0 million as compared to a negative revenue revaluation of $0.2 million the 2024 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 income for the March 2025 quarter was $41.3 million ($0.26 income per share) compared to net loss of $9.2 million ($0.06 loss per share) in the 2024 comparative quarter. The increase in net income of $50.5 million was primarily due to the following factors: The average US/CDN Dollar exchange rate was higher by 6.4% in the March 2025 quarter of 1.435 compared to an average of 1.349 in the 2024 quarter. Capital expenditures including leases were $47.0 million in the March 2025 quarter, an increase of $10.8 million from $36.2 million in the 2024 comparative quarter. The March 2025 quarter expenditures included $15.4 million in exploration, $14.5 million on stripping costs, $9.7 million for tailings dam construction and $7.4 million of other capital. At March 31, 2025, the Company had not hedged any copper, gold or US/CDN Dollar exchange. Quarterly revenues will fluctuate depending on copper and gold prices, the US/CDN Dollar exchange rate, and the timing of concentrate sales, which is dependent on concentrate production and the availability and scheduling of transportation. OPERATIONS During the quarter ended March 31, 2025, Imperial's consolidated metal production was 15.84 million pounds copper (Q1 2024-12.35 million pounds copper) and 17,120 ounces gold (Q1 2024-12,861 ounces gold). Mount Polley Mine Mount Polley metal production for the first quarter of 2025 was 8,904,389 pounds copper and 10,621 ounces gold, compared to 7,355,191 pounds copper and 10,009 ounces gold produced during the first quarter of 2024. Mill throughput was up 3.0%, with 1.72 million tonnes being treated compared with 1.67 million tonnes treated in the first quarter of 2024. Copper production in the first quarter 2025 was up by 21.1% because of the increase in throughput and higher grade and recovery compared to first quarter of 2024. Gold production in the first quarter 2025 was up 6.1% with increased recovery and throughput offsetting lower gold grades compared to the first quarter 2024. Most of the mill feed for the first quarter of 2025 came from the material mined from near the bottom of the Phase 4 pit. Stripping for the Phase 5 pushback of the Springer pit continued with approximately 3,584,917 million tonnes of rock stripped from this pushback in the first quarter of 2025. Approximately 1,806,705 tonnes of non-acid generating rock from the Phase 5 stripping was hauled to the tailing facility to buttress the tailings storage embankment. In April 2025, the Xatśūll First Nation (Xatśūll) commenced a petition for judicial review seeking to set aside two decisions granted by the Ministry of Mining and Critical Minerals and the Minister of Environment and Parks pertaining to the Mount Polley Mine. Shortly afterward, Xatśūll filed an application seeking to stop work under those decisions until the judicial review is heard. No monetary relief is sought against Mount Polley Mining Corporation, but if successful, both the application and petition could result in increased costs to MPMC and could adversely affect mining operations. Exploration, development, and capital expenditures in the first quarter of 2025 were $27.2 million compared to $15.8 million in the 2024 comparative quarter. Red Chris Mine Red Chris production (100%) for the first quarter of 2025 was 23,126,491 pounds copper and 21,663 ounces gold compared to 16,660,225 pounds copper and 9,507 ounces gold during the same quarter of 2024. The 2025 first quarter Red Chris copper production was up 38.8% and gold production was up 127.9% compared to the first quarter of 2024. The increase in copper production was a result of a 43.6% increase in copper grade (0.62% vs 0.43%) offset by slightly lower recovery and throughput. Gold production in the first quarter of 2025 at Red Chris was up as result of higher gold grade in the mill feed (0.54 g/t gold versus 0.26 g/t gold) and better gold recovery (60.5% versus 53.6%) compared to the same quarter of the previous year. Imperial's 30% portion of Red Chris mine for the first quarter of 2025 was 6,937,947 pounds copper and 6,499 ounces gold. Imperial's 30% share of exploration, development, and capital expenditures were $19.5 million in the March 2025 quarter compared to $20.4 million in the 2024 comparative quarter. Block Cave Feasibility Study The Red Chris Block Cave Feasibility Study is advancing as are permitting activities and some underground development work and other work to support the underground block cave project. The total development completed up to March 31, 2025 was 11,413 metres, of which 7,681 metres were completed on the Nagha declines and conveyor galleries. Huckleberry Mine Huckleberry operations ceased in August 2016 and the mine remains on care and maintenance status. 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 2025 to investigate and update the tailings facility design for Huckleberry. For the March 2025 quarter, Huckleberry incurred idle mine costs comprised of $1.9 million in operating costs and $0.3 million in depreciation expense compared to $1.6 million in operating cost and $0.3 million in depreciation expense in the comparable quarter of 2024. TECHNICAL INFORMATION The technical and scientific information related to the Company's mineral projects has been reviewed and approved by Brian Kynoch, President of Imperial Metals, and a designated Qualified Person as defined by NI 43-101. EARNINGS AND CASH FLOW Select Quarter Financial Information 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 Income (Loss) and Adjusted Net Income (Loss) Per Share Adjusted net income (loss) is derived from operating net income (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 income in the March 2025 quarter was $41.3 million ($0.26 per share) compared to an adjusted net loss of $9.2 million ($0.06 loss per share) in the 2024 comparative quarter. We believe that the presentation of Adjusted Net Loss helps investors better understand the results of our normal operating activities and the ongoing cash generating potential of our business. Adjusted EBITDA Adjusted EBITDA in the March 2025 quarter was $97.7 million compared to $10.3 million in the 2024 comparative quarter. We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depletion, and depreciation, and as adjusted for certain other items. Cash Earnings and Cash Earnings Per Share Cash earnings in the March 2025 quarter was $96.0 million compared to $9.9 million in the 2024 comparative quarter. Cash earnings per share was $0.59 in the March 2025 quarter compared to $0.06 in the 2024 comparative quarter. Cash earnings and cash earnings per share are measures used by the Company to evaluate its performance; however, they are not terms recognized under IFRS. We believe that the presentation of cash earnings and cash earnings per share is appropriate to provide additional information to investors about how well the Company can earn cash to pay its debts and manage its operating expenses and investment. Cash earnings is defined as cash flow from operations before the net change in non-cash working capital balances, income and mining taxes paid, and interest paid. Cash earnings per share is the same measure divided by the weighted average number of common shares outstanding during the year. Cash Cost Per Pound of Copper Produced Management uses this non-IFRS financial measure to monitor operating costs and profitability. The Company is primarily a copper producer and therefore calculates this non-IFRS financial measure individually for its two operating copper mines, Mount Polley and Red Chris (30% share), and on a composite basis for these mines. Variations from period to period in the cash cost per pound of copper produced are the result of many factors including: grade, metal recoveries, amount of stripping charged to operations, mine and mill operating conditions, labour and other cost inputs, transportation and warehousing costs, treatment and refining costs, the amount of by-product and other revenues, the US$ to CDN$ exchange rate and the amount of copper produced. --- For detailed information, refer to Imperial's 2025 First Quarter Management's Discussion and Analysis available on and About Imperial Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia. Company Contacts Brian Kynoch | President | 604.669.8959 Darb S. Dhillon | Chief Financial Officer | 604.669.8959 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: the continuation of work to advance preparation for the feasibility study, permitting activities and some underground development to support the Red Chris underground block cave project; Huckleberry's care and maintenance activities and 2025 plans to investigate and update the tailings facility design; and more general statements regarding the Company's expectations with respect to its business and operations; metal pricing and demand; fluctuation of revenues; metal production guidance and estimates; and expectations regarding the usefulness of non-IFRS financial measures including adjusted net income (loss), adjusted EBITDA, cash earnings and cash cost per pound of copper. 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 hazards and risks disclosed with the 'Risk Factors' section of the Company's current Annual Information Form, and other public filings which are available for review on Imperial's SEDAR+ profile at 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.
Yahoo
12-05-2025
- Business
- Yahoo
Imperial Reports First Quarter 2025 Financial Results
VANCOUVER, British Columbia, May 12, 2025 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the 'Company') (TSX:III) reports financial results for the three months ended March 31, 2025. QUARTER HIGHLIGHTS 'Imperial delivered solid operating and financial results for the first quarter of 2025', said Brian Kynoch, President. 'Consolidated production totalled 15,842,336 pounds copper and 17,120 ounces gold which was higher by 28% and 33% respectively, compared to the first quarter of 2024. Financially, we achieved strong operating cash flows of $68.3 million along with revenues of $176.6 million and adjusted EBITDA of $97.7 million.' FINANCIAL Total revenue was $176.6 million in the March 2025 quarter compared to $84.6 million in the 2024 comparative quarter. In the March 2025 quarter, Mount Polley mine had 1.9 concentrate shipments (2024-1.3 concentrate shipments). The Red Chris mine (100% basis) had 5.0 concentrate shipments (2024-4.0 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$4.24 in the March 2025 quarter compared to US$3.83 in the 2024 comparative quarter. The LBMA (London Bullion Market Association) Final and Initial gold price per troy ounce averaged US$2,862 in the March 2025 quarter compared to US$2,072 in the 2024 comparative quarter. The average US/CDN Dollar exchange rate was 1.435 in the March 2025 quarter, 6.4% higher than the exchange rate of 1.349 in the March 2024 quarter. In CDN Dollar terms the average copper price in the March 2025 quarter was CDN$6.08 per pound compared to CDN$5.17 per pound in the 2024 comparative quarter, and the average gold price in the March 2025 quarter was CDN$4,108 per ounce compared to CDN$2,795 per ounce in the 2024 comparative quarter. A positive revenue revaluation in the March 2025 quarter was $10.0 million as compared to a negative revenue revaluation of $0.2 million the 2024 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 income for the March 2025 quarter was $41.3 million ($0.26 income per share) compared to net loss of $9.2 million ($0.06 loss per share) in the 2024 comparative quarter. The increase in net income of $50.5 million was primarily due to the following factors: Income from mine operations increased to $78.3 million in the March 2025 quarter from a loss of $1.5 million in March 2024, an increase of $79.8 million; Idle mine cost increased to $2.2 million in March 2025 from $1.9 million in the March 2024 quarter; Net interest expense of $8.1 million in March 2025 down from $10.1 million in March 2024, increasing net income by $2.0 million; Tax recovery went from $6.6 million in March 2024 to tax expense of $23.3 million in March 2025, decreasing net income by $29.9 million. The average US/CDN Dollar exchange rate was higher by 6.4% in the March 2025 quarter of 1.435 compared to an average of 1.349 in the 2024 quarter. Capital expenditures including leases were $47.0 million in the March 2025 quarter, an increase of $10.8 million from $36.2 million in the 2024 comparative quarter. The March 2025 quarter expenditures included $15.4 million in exploration, $14.5 million on stripping costs, $9.7 million for tailings dam construction and $7.4 million of other capital. At March 31, 2025, the Company had not hedged any copper, gold or US/CDN Dollar exchange. Quarterly revenues will fluctuate depending on copper and gold prices, the US/CDN Dollar exchange rate, and the timing of concentrate sales, which is dependent on concentrate production and the availability and scheduling of transportation. OPERATIONS During the quarter ended March 31, 2025, Imperial's consolidated metal production was 15.84 million pounds copper (Q1 2024-12.35 million pounds copper) and 17,120 ounces gold (Q1 2024-12,861 ounces gold). Mount Polley Mine Mount Polley metal production for the first quarter of 2025 was 8,904,389 pounds copper and 10,621 ounces gold, compared to 7,355,191 pounds copper and 10,009 ounces gold produced during the first quarter of 2024. Mill throughput was up 3.0%, with 1.72 million tonnes being treated compared with 1.67 million tonnes treated in the first quarter of 2024. Copper production in the first quarter 2025 was up by 21.1% because of the increase in throughput and higher grade and recovery compared to first quarter of 2024. Gold production in the first quarter 2025 was up 6.1% with increased recovery and throughput offsetting lower gold grades compared to the first quarter 2024. Three Months EndedMarch 31 Three Months EndedMarch 31 2025 2024 Ore milled - tonnes 1,721,769 1,671,505 Ore milled per calendar day - tonnes 19,131 18,368 Grade % - copper 0.28 0.25 Grade g/t - gold 0.28 0.28 Recovery % - copper 83.3 79.4 Recovery % - gold 69.8 66.0 Copper - 000's pounds 8,904 7,355 Gold - ounces 10,621 10,009 Most of the mill feed for the first quarter of 2025 came from the material mined from near the bottom of the Phase 4 pit. Stripping for the Phase 5 pushback of the Springer pit continued with approximately 3,584,917 million tonnes of rock stripped from this pushback in the first quarter of 2025. Approximately 1,806,705 tonnes of non-acid generating rock from the Phase 5 stripping was hauled to the tailing facility to buttress the tailings storage embankment. In April 2025, the Xatśūll First Nation (Xatśūll) commenced a petition for judicial review seeking to set aside two decisions granted by the Ministry of Mining and Critical Minerals and the Minister of Environment and Parks pertaining to the Mount Polley Mine. Shortly afterward, Xatśūll filed an application seeking to stop work under those decisions until the judicial review is heard. No monetary relief is sought against Mount Polley Mining Corporation, but if successful, both the application and petition could result in increased costs to MPMC and could adversely affect mining operations. Exploration, development, and capital expenditures in the first quarter of 2025 were $27.2 million compared to $15.8 million in the 2024 comparative quarter. Red Chris Mine Red Chris production (100%) for the first quarter of 2025 was 23,126,491 pounds copper and 21,663 ounces gold compared to 16,660,225 pounds copper and 9,507 ounces gold during the same quarter of 2024. The 2025 first quarter Red Chris copper production was up 38.8% and gold production was up 127.9% compared to the first quarter of 2024. The increase in copper production was a result of a 43.6% increase in copper grade (0.62% vs 0.43%) offset by slightly lower recovery and throughput. Gold production in the first quarter of 2025 at Red Chris was up as result of higher gold grade in the mill feed (0.54 g/t gold versus 0.26 g/t gold) and better gold recovery (60.5% versus 53.6%) compared to the same quarter of the previous year. Imperial's 30% portion of Red Chris mine for the first quarter of 2025 was 6,937,947 pounds copper and 6,499 ounces gold. 100% Red Chris mine production Three Months EndedMarch 31 Three Months EndedMarch 31 2025 2024 Ore milled - tonnes 2,049,475 2,100,354 Ore milled per calendar day - tonnes 22,522 23,081 Grade % - copper 0.62 0.43 Grade g/t - gold 0.54 0.26 Recovery % - copper 82.6 83.4 Recovery % - gold 60.5 53.6 Copper - 000's pounds 23,126 16,660 Gold - ounces 21,663 9,507 Imperial's 30% share of exploration, development, and capital expenditures were $19.5 million in the March 2025 quarter compared to $20.4 million in the 2024 comparative quarter. Block Cave Feasibility Study The Red Chris Block Cave Feasibility Study is advancing as are permitting activities and some underground development work and other work to support the underground block cave project. The total development completed up to March 31, 2025 was 11,413 metres, of which 7,681 metres were completed on the Nagha declines and conveyor galleries. Huckleberry Mine Huckleberry operations ceased in August 2016 and the mine remains on care and maintenance status. 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 2025 to investigate and update the tailings facility design for Huckleberry. For the March 2025 quarter, Huckleberry incurred idle mine costs comprised of $1.9 million in operating costs and $0.3 million in depreciation expense compared to $1.6 million in operating cost and $0.3 million in depreciation expense in the comparable quarter of 2024. TECHNICAL INFORMATION The technical and scientific information related to the Company's mineral projects has been reviewed and approved by Brian Kynoch, President of Imperial Metals, and a designated Qualified Person as defined by NI 43-101. EARNINGS AND CASH FLOW Select Quarter Financial Information Three Months Ended March 31 expressed in thousands of dollars, except share and per share amounts 2025 2024 Operations: Total revenues $176,619 $84,568 Net income (loss) $41,337 $(9,165 ) Net income (loss) per share $0.26 $(0.06 ) Diluted income (loss) per share $0.25 $(0.06 ) Adjusted net income (loss)(1) $41,337 $(9,165 ) Adjusted net income (loss) per share(1) $0.26 $(0.06 ) Adjusted EBITDA(1) $97,669 $9,874 Cash earnings(1)(2) $96,009 $9,896 Cash earnings per share(1)(2) $0.59 $0.06 Working capital (deficiency) $(153,300 ) $(159,132 ) Total assets $1,697,512 $1,426,794 Total debt (including current portion)(3) $333,050 $359,551 (1) Refer toNon-IFRS Financial Measuresfor 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 Income (Loss) and Adjusted Net Income (Loss) Per Share Adjusted net income (loss) is derived from operating net income (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 income in the March 2025 quarter was $41.3 million ($0.26 per share) compared to an adjusted net loss of $9.2 million ($0.06 loss per share) in the 2024 comparative quarter. We believe that the presentation of Adjusted Net Loss helps investors better understand the results of our normal operating activities and the ongoing cash generating potential of our business. Adjusted EBITDA Adjusted EBITDA in the March 2025 quarter was $97.7 million compared to $10.3 million in the 2024 comparative quarter. We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depletion, and depreciation, and as adjusted for certain other items. Cash Earnings and Cash Earnings Per Share Cash earnings in the March 2025 quarter was $96.0 million compared to $9.9 million in the 2024 comparative quarter. Cash earnings per share was $0.59 in the March 2025 quarter compared to $0.06 in the 2024 comparative quarter. Cash earnings and cash earnings per share are measures used by the Company to evaluate its performance; however, they are not terms recognized under IFRS. We believe that the presentation of cash earnings and cash earnings per share is appropriate to provide additional information to investors about how well the Company can earn cash to pay its debts and manage its operating expenses and investment. Cash earnings is defined as cash flow from operations before the net change in non-cash working capital balances, income and mining taxes paid, and interest paid. Cash earnings per share is the same measure divided by the weighted average number of common shares outstanding during the year. Cash Cost Per Pound of Copper Produced Management uses this non-IFRS financial measure to monitor operating costs and profitability. The Company is primarily a copper producer and therefore calculates this non-IFRS financial measure individually for its two operating copper mines, Mount Polley and Red Chris (30% share), and on a composite basis for these mines. Variations from period to period in the cash cost per pound of copper produced are the result of many factors including: grade, metal recoveries, amount of stripping charged to operations, mine and mill operating conditions, labour and other cost inputs, transportation and warehousing costs, treatment and refining costs, the amount of by-product and other revenues, the US$ to CDN$ exchange rate and the amount of copper produced. expressed in thousands, except cash cost per pound of copper produced Three Months Ended March 31, 2025 Mount Polley Red Chris Composite Cash cost of copper produced in US$ $(5,726) $9,578 $3,852 Copper produced – 000's pounds 8,904 6,938 15,842 Cash cost per lb copper produced in US$ $(0.64) $1.38 $0.24 expressed in thousands, except cash cost per pound of copper produced Three Months Ended March 31, 2024 Mount Polley Red Chris Composite Cash cost of copper produced in US$ $12,559 $20,945 $33,504 Copper produced – 000's pounds 7,355 4,998 12,353 Cash cost per lb copper produced in US$ $1.71 $4.19 $2.71 --- For detailed information, refer to Imperial's 2025 First Quarter Management's Discussion and Analysis available on and About Imperial Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia. Company Contacts Brian Kynoch | President | 604.669.8959Darb S. Dhillon | Chief Financial Officer | 604.669.8959 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: the continuation of work to advance preparation for the feasibility study, permitting activities and some underground development to support the Red Chris underground block cave project; Huckleberry's care and maintenance activities and 2025 plans to investigate and update the tailings facility design; and more general statements regarding the Company's expectations with respect to its business and operations; metal pricing and demand; fluctuation of revenues; metal production guidance and estimates; and expectations regarding the usefulness of non-IFRS financial measures including adjusted net income (loss), adjusted EBITDA, cash earnings and cash cost per pound of copper. 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 hazards and risks disclosed with the 'Risk Factors' section of the Company's current Annual Information Form, and other public filings which are available for review on Imperial's SEDAR+ profile at 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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Winnipeg Free Press
26-04-2025
- Business
- Winnipeg Free Press
Nation files an emergency injunction filed over raising B.C. gold mine's tailings dam
VANCOUVER – A B.C. First Nation that is going to court to try to stop a mining company from raising its tailings dam is now applying for an emergency injunction to put the construction on hold. The Xatsull nation announced earlier this month that it had filed a legal challenge over the plan to allow the Mount Polley mine to raise its dam, a decade after a similar storage site at the mine collapsed, setting off an environmental disaster in the nation's territory. The nation says in a statement issued Friday that when it filed the request for the review of the government decision, it also invited Imperial Metals, Mount Polley's parent company, to suspend its construction until the court decision is made. The statement says Imperial's president Brian Kynoch responded by saying it would not hold off on the construction and in fact was already raising the dam. The First Nation says the response prompted it to file the injunction application on an urgent basis and it expects the B.C. Supreme Court to hear the case in early May. No one from Imperial Metals was immediately available to comment on the nation's news release. During Elections Get campaign news, insight, analysis and commentary delivered to your inbox during Canada's 2025 election. In August 2014, a tailings dam at the open-pit gold and copper mine in B.C.'s Cariboo region collapsed, spilling waste into nearby waterways, in a disaster that the Xatsull said in its initial injunction has devastated its territory and is 'still harming the nation's rights, culture and way of life.' This report by The Canadian Press was first published April 25, 2025.
Hamilton Spectator
26-04-2025
- Politics
- Hamilton Spectator
Interior First Nation moves to pause Mount Polley tailings dam expansion
Xatśūll First Nation is filing an injunction to prevent Mount Polley Mining Corporation from going ahead with construction to expand the tailings dam until a judicial review of the permit which allows for this construction is complete. 'Xatśūll provided Mount Polley the opportunity to voluntarily hold off on construction until the Court could decide the injunction request,' wrote the First Nation in an April 25 press release. When the nation first filed its judicial review on April 15, it warned an injunction would be filed. 'On April 23, 2025, Brian Kynoch, the President of Imperial Metals, the parent company of the Mount Polley Mining Corporation, responded and informed Xatśūll that Mount Polley would not be agreeing to hold off on construction and that construction had already begun,' the nation wrote. Black Press Media has reached out to Mount Polley to confirm this but has not had a response in time for publication. Xatśūll filed its judicial review to ask the Supreme Court to overturn the permits allowing for the raise of the tailings dam because the permit was given without first conducting an environmental assessment process. Mount Polley was the site of a 2014 tailings breach which led to 25 million cubic metres of water, tailings and debris to flood into Quesnel Lake, devastating Xatśūll's territory can continuing to impact their rights, culture and way of life to this day. Fifteen charges were approved in December 2024, 10 years following the dam failure, including offences under the Fisheries Act with fines ranging from $500,000 and $6,000,000. Black Press Media has contacted the Environmental Assessment Office, but they cannot comment on matters which are before the courts. With files from Monica Lamb-Yorski and Austin Kelly.
