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 compared to a negative revenue revaluation of $8.2 million in the 2023 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 and weights. Net income for the June 2024 quarter was $20.4 million ($0.13 income per share) compared to net loss of $16.0 million ($0.10 loss per share) in the 2023 comparative quarter. The increase in net income of $36.4 million primarily due to the following factors: Income from mine operations went from a loss of $10.5 million in the June 2023 quarter to an income of $39.0 million in June 2024, increasing net income by $49.5 million Interest expense went from $7.4 million in June 2023 to $7.8 million in June 2024, reducing net income by $0.4 million, and Income and mining tax went from a recovery of $5.1 million in June 2023 to tax expense of $7.7 million on June 2024, reducing net income by $12.8 million. Capital expenditures including leases were $55.9 million in the June 2024 quarter, an increase of $13.4 million from $42.5 million in the 2023 comparative quarter. The June 2024 quarter expenditures included $21.6 million in exploration and development, $15.4 million for tailings dam construction, $7.6 million on stripping costs, and $11.3 million of other capital. At June 30, 2024, 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 June 30, 2024, Imperial's consolidated metal production was 15,500,912 pounds copper and 13,768 ounces gold, of which 9,281,498 pounds copper and 10,009 ounces gold were produced at Mount Polley and 6,219,414 pounds copper and 3,759 ounces gold from its 30% share of Red Chris mine production. Copper production was up 26% from the 12,353,259 million pounds copper produced in the first quarter 2024 and gold production was up 7% from the 12,861 ounces gold produced in the first quarter 2024. Mount Polley Mine Mount Polley metal production for the second quarter of 2024 was 9,281,498 pounds copper and 10,009 ounces gold, compared to 7,355,191 pounds copper and 10,009 ounces gold produced during the first quarter of 2024. Mill throughput in the second quarter was up 3%, with 1.714 million tonnes being treated compared with 1.671 million tonnes treated in the first quarter of 2024. Copper production in the second quarter 2024 was up by 26% largely on higher copper grade, 0.294 % copper versus 0.251% copper in the first quarter of 2024. For the first six months of 2024, copper production was up 21% compared to the same period last year with 20% increase in throughput while gold production was down 1%, with lower gold grades and recovery offsetting the higher throughput. Tailings removal from the Springer Pit was completed in May 2024. Stripping for Phase 5 pushback of the Springer Pit continued, with most of the non-acid generating rock from this pushback being delivered to the tailings dam for buttress construction.   Three Months Ended June 30   Six Months Ended June 30   2024 2023   2024 2023 Ore milled - tonnes 1,714,330 1,430,842   3,385,835 2,820,478 Ore milled per calendar day - tonnes 18,839 15,724   18,603 15,583 Grade % - copper 0.294 0.280   0.273 0.275 Grade g/t - gold 0.263 0.324   0.272 0.318 Recovery % - copper 83.4 79.9   81.6 80.5 Recovery % - gold 69.2 68.3   67.6 69.8 Copper - 000's pounds 9,281 7,063   16,637 13,741 Gold - ounces 10,009 10,185   20,018 20,165 At Mount Polley, a diamond drilling program was completed in May, the information collected will be used to update mine plans for the Springer Pit. The program totalled 7,377 metres of drilling. Exploration, development, and capital expenditures in the second quarter of 2024 were $23.0 million compared to $9.8 million in the 2023 comparative quarter. Red Chris Mine Red Chris production (100%) for the second quarter of 2024 was 20,731,379 pounds copper and 12,531 ounces gold compared to 16,660,225 pounds copper and 9,507 ounces gold during the first quarter of 2024. In the second quarter of 2024, copper production is up 24% compared to the first quarter of 2024. The increase in copper production was a result of an 8% increase in copper grade (0.466% vs 0.431%) and a 19% increase in throughput. The throughput was 27,357 tonnes per day compared to 23,081 tonnes per day. Gold production in the second quarter 2024 was up 32% (12,531 oz vs 9,507 oz) compared to the first quarter 2024 as result of the increased gold grades (0.30 g/t gold vs 0.26 g/t gold) and higher throughput. For the first six months of 2024, copper production was up 48% compared to the same period last year on higher copper grades and gold production was down 9% on lower gold grades. Imperial's 30% portion of Red Chris mine for the second quarter of 2024 was 6,219,414 pounds copper and 3,759 ounces gold. 100% Red Chris mine production Three Months Ended June 30   Six Months Ended June 30   2024 2023   2024 2023 Ore milled - tonnes 2,489,532 2,357,656   4,589,886 4,448,428 Ore milled per calendar day - tonnes 27,357 25,908   25,219 24,577 Grade % - copper