Imperial Reports Third Quarter 2026 Financial Results
VANCOUVER, British Columbia, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company” or
Press Release Disclaimer: This is a press release distributed through the XPR Media network. It has not been independently verified by our newsroom.
VANCOUVER, British Columbia, Nov. 05, 2026 (GLOBE NEWSWIRE) — Imperial Metals Corporation (the “Company” or “Imperial”) (TSX:III) reports financial results for the three and nine months ended September 30, 2026. Imperial’s consolidated production for the third quarter of 2026 totalled 8,535,703 pounds copper and 11,648 ounces gold.
“With improved throughput in the third quarter and the continued progress on the Phase 5 pushback, metal production at Mount Polley improved during the quarter compared to the second quarter of 2026. The key highlight for the quarter however is the progress on the Red Chris Block Cave Definitive Feasibility Study which is starting to reveal a combination of scale, quality and growth potential as we get closer to a final investment decision”, said the President, Brian Kynoch.
FINANCIAL
Total revenue was $149.9 million in the September 2026 quarter compared to $168.8 million in the 2025 comparative quarter.
In the September 2026 quarter, Mount Polley mine had 1.0 concentrate shipments (2025-1.5 concentrate shipments). The Red Chris mine (100% basis) had 4.0 concentrate shipments (2025-5.0 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.
At September 30, 2026, the Company had not hedged any copper, gold or US/CDN Dollar exchange.
The London Metals Exchange cash settlement copper price per pound averaged US$6.41 in the September 2026 quarter compared to US$4.44 in the 2025 comparative quarter. The LBMA (London Bullion Market Association) Final and Initial gold price per troy ounce averaged US$4,266 in the September 2026 quarter compared to US$3,454 in the 2025 comparative quarter. The average US/CDN Dollar exchange rate was 1.399 in the September 2026 quarter compared to the exchange rate of 1.377 in the September 2025 quarter. In CDN Dollar terms the average copper price in the September 2026 quarter was CDN$8.96 per pound compared to CDN$6.12 per pound in the 2025 comparative quarter, and the average gold price in the September 2026 quarter was CDN$5,967 per ounce compared to CDN$4,758 per ounce in the 2025 comparative quarter.
Revenue revaluation for the September 2026 quarter was $5.7 million, compared to $7.2 million in the comparative quarter of 2025. Revenue revaluations arise from changes in metal prices between the initial recognition of revenue and the settlement date and/or the reporting balance sheet date, together with adjustments to payable metal quantities following receipt of final assay results.
Net income for the September 2026 quarter was $1.2 million ($0.01 income per share) compared to net income of $38.5 million ($0.23 income per share) in the 2025 comparative quarter. The decrease in net income of $37.3 million was primarily due to the following factors:
- Income from mine operations decreased to $22.9 million in the September 2026 quarter from $72.1 million in the September 2025 quarter, a decrease of $49.2 million, partially offset by:
- Net interest expense decreased to $3.5 million in the September 2026 quarter from $5.9 million in the September 2025 quarter, increasing net income by $2.4 million; and
- Tax expense decreased to $10.3 million in the September 2026 quarter from $21.1 million in the September 2025 quarter, increasing net income by $10.8 million.
Capital expenditures including leases were $64.6 million in the September 2026 quarter, a decrease of $4.5 million from $69.1 million in the 2025 comparative quarter. The September 2026 quarter expenditures included $36.0 million in exploration and development, $18.8 million for tailings dam construction and $9.8 million of other capital.
OPERATIONS
During the quarter ended September 30, 2026, Imperial’s consolidated metal production was 8.535 million pounds copper (Q3 2025-13.925 million pounds copper) and 11,648 ounces gold (Q3 2025-15,783 ounces gold). Imperial anticipates the consolidated metal production for Mount Polley and Red Chris will achieve the guidance of 79.0 – 87.0 million pounds copper and 87,500 – 96,500 ounces gold for 2026.
Mount Polley Mine
Mount Polley metal production for the third quarter of 2026 was 4.104 million pounds copper and 7,931 ounces gold, compared to 7.655 million pounds copper and 9,285 ounces gold produced during the third quarter of 2025. Metal production was down compared to the 2025 third quarter on lower metal grades and lower copper recovery. Copper production was up 21% and gold production was up 16% in the third quarter compared to the second quarter of this year, establishing a trend for better performance at Mount Polley. The current mine plan targets 5.8 million pounds copper and 11,000 ounces gold to be produced in fourth quarter of 2026, which indicates a continuation of the positive trend.
| Three Months Ended September 30 |
Nine Months Ended September 30 |
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| 2026 | 2025 | 2026 | 2025 | ||
| Ore milled – tonnes | 1,871,519 | 1,780,867 | 5,054,625 | 5,261,729 | |
| Ore milled per calendar day – tonnes | 20,343 | 19,357 | 18,515 | 19,274 | |
| Grade % – copper | 0.16 | 0.24 | 0.17 | 0.27 | |
| Grade g/t – gold | 0.19 | 0.23 | 0.21 | 0.26 | |
| Recovery % – copper | 60.6 | 81.3 | 64.0 | 82.6 | |
| Recovery % – gold | 69.4 | 69.6 | 66.9 | 69.2 | |
| Copper – million pounds | 4.104 | 7.655 | 11.885 | 26.055 | |
| Gold – ounces | 7,931 | 9,285 | 22,388 | 30,967 | |
Throughput accelerated substantially later in the summer with an average 22,875 tonnes per day through August and September, compared to 17,260 in the January through July period, as some changes in the grinding circuit operating practices and equipment were implemented.
Mill feed for the third quarter of 2026 was sourced 18% from the Springer pit Phase 5 pushback supplemented by 16% from Phase 4, 19% from C2 pit and 46% from stockpiles. The high percentage of low-grade stockpile material resulted in lower copper and gold head grade. In the fourth quarter of 2026 higher-grade material from Phase 5 will begin to be delivered to the mill and reduce the need to process lower grade stockpiles.
The Boundary pit is a small, high strip ratio but high-grade pit, with an estimated reserve of 592,039 tonnes at a grade of 0.65% copper, 0.58 g/t gold and 4.39 g/t silver. Waste stripping at Boundary pit took place throughout the third quarter, with approximately 300,000 tonnes of waste rock removed, and a minimal tonnage of ore mined. This early development work positions the Boundary pit to begin to contribute higher-grade ore in the fourth quarter of 2026.
Non-acid generating (NAG) waste was placed on both the buttresses and embankments of the tailings storage facility (TSF), totaling approximately 2.5 million tonnes. In addition to the NAG placement, work progressed steadily on the TSF embankment raise and 987 buttress foundation preparation and water management infrastructure.
As Mount Polley was delayed in the delivery of ore from Phase 5, and it will be difficult to meet the range of guidance estimated at the beginning of the year. Initiation of mining at the Boundary zone was commenced ahead of schedule to attempt to offset the delay in Phase 5 ore delivered to the plant. The revised guidance for 2026 production at Mount Polley is 16.0 – 18.0 million pounds of copper and 30,500 – 33,700 ounces gold.
Exploration program
Diamond drilling started in February 2026 and initially followed up on the successful results from the first drilling campaign at the Mount Polley mine in more than a decade in the Bell pit area. Since February 2026, there have been 41 diamond drill holes completed totaling 8,620 metres focusing on the historic Bell pit area, the expansion of the Cariboo zone laterally and to depth and a single hole testing the Wight pit at depth for potential underground mining.
Exploration, development, and capital expenditures in the third quarter of 2026 were $18.1 million, compared to $36.0 million in the 2025 comparative quarter.
Red Chris Mine
Red Chris production (100%) for the third quarter of 2026 was 14.771 million pounds copper and 12,391 ounces gold compared to 20.900 million pounds copper and 21,660 ounces gold during the same quarter of 2025. Both copper and gold production were down compared to the third quarter of 2025, with copper production down 29% and gold production down 43%. Imperial’s 30% share of Red Chris mine production was 4.431 million pounds copper and 3,717 ounces gold.
The decrease in copper production was a result of a 38% decrease in copper grade (0.36% vs. 0.59%) with lower recovery, slightly offset by a 17% increase in throughput. The decrease in gold production was a result of lower gold grade in the mill feed (0.30 g/t gold vs. 0.56 g/t gold) and lower gold recovery (56.90% vs. 62.70%) partially offset by higher throughput compared to the same quarter last year.
Both copper and gold production remain on track to achieve the budgeted 2026 production.
| 100% Red Chris mine production | Three Months Ended September 30 |
Nine Months Ended September 30 |
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| 2026 | 2025 | 2026 | 2025 | ||
| Ore milled – tonnes | 2,238,892 | 1,912,757 | 6,344,930 | 6,356,020 | |
| Ore milled per calendar day – tonnes | 24,336 | 20,791 | 23,157 | 23,197 | |
| Grade % – copper | 0.36 | 0.59 | 0.44 | 0.58 | |
| Grade g/t – gold | 0.30 | 0.56 | 0.38 | 0.53 | |
| Recovery % – copper | 82.4 | 84.2 | 84.0 | 82.7 | |
| Recovery % – gold | 56.9 | 62.7 | 60.9 | 61.1 | |
| Copper – million pounds | 14.771 | 20.900 | 51.676 | 67.506 | |
| Gold – ounces | 12,391 | 21,660 | 47,090 | 65,947 | |
Imperial’s 30% share of exploration, development, and capital expenditures were $45.2 million in the September 2026 quarter, compared to $30.7 million in the 2025 comparative quarter.
Block Cave Feasibility Study
The Red Chris Block Cave project is a large-scale copper-gold opportunity located in the Golden Triangle of British Columbia, Canada. The project is designed to mine the porphyry copper-gold system beneath the existing open pit and includes an underground Block Cave mine, expansion of existing processing facilities, and upgrades to site infrastructure unlocking higher-grade mineralization at depth.
The feasibility study is nearing completion, subject to review and governance oversight with a full funds investment decision now expected in early 2027.
Advancement in the feasibility study is nearing completion and now reflects a better view of the investment requirements, schedule and production profile. On a 100% ownership basis, the first phase of the project is expected to produce more than 1.8 billion pounds of copper and 3.0 million ounces of gold over its initial thirteen-year cave life.
Subject to approval by the Red Chris Joint Venture, construction of the Red Chris Block Cave is expected to commence in 2027, with commercial production targeted for 2033. The project is expected to ramp up to an average between 145 and 187 million pounds of copper, and 275 and 325 thousand ounces of gold per year between 2035 and 2040.
The Red Chris mine has the potential for up to 70 years of mine life. The initial Block Cave project establishes the foundation for subsequent phased development, including additional macro blocks, the East Ridge, and other high confidence exploration targets. Forty percent of the planned upfront investment in processing facilities, material handling systems and other key infrastructure is expected to support potential future expansions, providing significant long-term optionality across the project and the broader Golden Triangle district.
The Golden Triangle has been prioritized by both the Provincial Government of British Columbia and the Federal Government of Canada as a region of national importance. Critical minerals, indigenous partnerships, clean energy infrastructure, and Northwest B.C. economic development have been identified as strategic priorities, resulting in enhanced policy support, regulatory attention, and infrastructure investment in the region. In July 2026, the Government of Canada announced a $500 million contribution to support the project, reinforcing Red Chris as a nationally significant critical minerals project. The Red Chris Joint Venture is continuing to work with the Canadian government to finalize the terms of the grant and expects to reach an agreement in the coming months.
As the feasibility study nears completion, the project has already achieved several key milestones, including the receipt of amended regulatory approvals from the Province of British Columbia in June 2026 that enable the transition from open pit mining to block caving. The amended Environmental Assessment Certificate was achieved through a consent-based process with the Tahltan Nation, reflecting a shared commitment to responsible resource development, meaningful Indigenous participation and long-term benefits for local communities.
The total estimated development capital for the project incorporating the $500 million grant from the government of Canada for the development of critical minerals projects, will be released by Imperial following completion of a National Instrument 43-101 technical report prepared for Imperial based on the feasibility study completed by Newmont.
The Red Chris Joint Venture will continue to validate the underlying assumptions and execution plan as the feasibility study is finalized ahead of the anticipated full funds investment decision in early 2027. An investment decision remains subject to the approval of Red Chris Joint Venture.
Exploration Program
Exploration drilling consisted of a surface drill rig deployed in the Far West prospect, with several holes drilled to test the depth extension of near-surface mineralization. Upon completion of this program, the rig was moved to the Main zone later in Q3 to test the offset of mineralization along the South Boundary fault. An underground drill continued to operate throughout the quarter for geotechnical data as part of the Block Cave development.
Huckleberry Mine
Huckleberry operations ceased in August 2016 and the mine remains on care and maintenance status.
Successful diamond drilling in the Southwest Main zone in 2025 was followed by 22 additional diamond drill holes in Q1 2026 to further extend the known mineralization. This work also followed relogging and re-assaying of historical drillholes from the Main zone. All holes drilled in 2026 intersected significant copper, molybdenum, silver and gold mineralization. No additional exploration or diamond drilling was completed in Q2 or Q3 2026.
The Company has commenced preliminary work on the cost of restarting Huckleberry and is targeting to have a completed reopening plan by the end of 2026 that includes a mine plan optimized with the new diamond drilling data.
For the September 2026 quarter, Huckleberry incurred idle mine costs comprised of $1.9 million in operating costs and $0.1 million in depreciation expense compared to $1.8 million in operating cost and $0.3 million in depreciation expense in the comparable quarter of 2025.
Exploration, development, and capital expenditures were $0.4 million in September 2026 quarter compared to $1.7 million in September 2025 quarter.
TECHNICAL INFORMATION
The technical and scientific information related to the Company’s mineral projects has been reviewed and approved by Steve Robertson, P.Geo., Imperial’s Vice President Corporate Development, and a designated Qualified Person as defined by NI 43-101.
EARNINGS AND CASH FLOW
Select Quarter Financial Information
| expressed in thousands of dollars, except share and per share amounts | Three Months Ended September 30 |
Nine Months Ended September 30 |
||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||
| Operations: | ||||||||||||
| Total revenues | $ | 149,876 | $ | 168,754 | $ | 470,964 | $ | 521,124 | ||||
| Net income | $ | 1,161 | $ | 38,537 | $ | 37,545 | $ | 120,424 | ||||
| Net income per share | $ | 0.01 | $ | 0.23 | $ | 0.21 | $ | 0.73 | ||||
| Diluted income per share | $ | – | $ | 0.22 | $ | 0.20 | $ | 0.72 | ||||
| Adjusted net income | $ | 1,197 | $ | 38,511 | $ | 38,197 | $ | 120,398 | ||||
| Adjusted net income per share | $ | 0.01 | $ | 0.23 | $ | 0.21 | $ | 0.73 | ||||
| Adjusted EBITDA | $ | 45,144 | $ | 92,469 | $ | 185,883 | $ | 289,609 | ||||
| Cash earnings | $ | 44,933 | $ | 90,353 | $ | 182,641 | $ | 284,059 | ||||
| Cash earnings per share | $ | 0.25 | $ | 0.53 | $ | 1.03 | $ | 1.72 | ||||
| Working capital deficiency | $ | (82,943 | ) | $ | (98,272 | ) | $ | (82,943 | ) | $ | (98,272 | ) |
| Total assets | $ | 2,012,763 | $ | 1,800,352 | $ | 2,012,763 | $ | 1,800,352 | ||||
| Total debt (including current portion) | $ | 250,890 | $ | 243,364 | $ | 250,890 | $ | 243,364 | ||||
NON-GAAP FINANCIAL MEASURES
The Company reports on four non-GAAP financial measures: adjusted net income, 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 income, adjusted EBITDA, cash earnings and cash cost per pound of copper are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other issuers.
Adjusted Net Income and Adjusted Net Income Per Share
Adjusted net income is derived from operating net income by removing the gains or losses, resulting from acquisition and disposal of property, 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 September 2026 quarter was $1.2 million ($0.01 per share) compared to an adjusted net income of $38.5 million ($0.23 per share) in the 2025 comparative quarter. We believe that the presentation of Adjusted Net Income 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 September 2026 quarter was $45.1 million compared to $92.5 million in the 2025 comparative quarter. We define Adjusted EBITDA as net income 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 September 2026 quarter was $44.9 million compared to $90.4 million in the 2025 comparative quarter. Cash earnings per share was $0.25 in the September 2026 quarter compared to $0.53 in the 2025 comparative quarter.
Cash earnings and cash earnings per share are measures used by the Company to evaluate its performance; however, they are not terms recognized under IFRS Accounting Standards. We believe that the presentation of cash earnings and cash earnings per share is appropriate to provide additional information to investors about how well the Company can earn cash to pay its debts and manage its operating expenses and investment. Cash earnings is defined as cash flow from operations before the net change in non-cash working capital balances, income and mining taxes paid, and interest paid. Cash earnings per share is the same measure divided by the weighted average number of common shares outstanding during the period.
Cash Cost Per Pound of Copper Produced
Management uses this non-GAAP financial measure to monitor operating costs and profitability. The Company is primarily a copper producer and therefore calculates this non-GAAP financial measure individually for its two operating copper mines, Mount Polley and Red Chris (30% share), and on a composite basis for these mines.
Variations from period to period in the cash cost per pound of copper produced are the result of many factors including: grade, metal recoveries, amount of stripping charged to operations, mine and mill operating conditions, labour and other cost inputs, transportation and warehousing costs, treatment and refining costs, the amount of by-product and other revenues, the US$ to CDN$ exchange rate and the amount of copper produced.
| Calculation of Cash Cost Per Pound of Copper Produced | ||||||||||
| expressed in thousands, except cash cost per pound of copper produced | Three Months Ended September 30, 2026 | |||||||||
| Mount Polley | Red Chris | Composite | ||||||||
| Cash cost of copper produced in US$ | $ | 3,406 | $ | 10,766 | $ | 14,172 | ||||
| Copper produced – 000’s pounds | 4,104 | 4,431 | 8,535 | |||||||
| Cash cost per lb copper produced in US$ | $ | 0.83 | $ | 2.43 | $ | 1.66 | ||||
| expressed in thousands, except cash cost per pound of copper produced | Three Months Ended September 30, 2025 | |||||||||
| Mount Polley | Red Chris | Composite | ||||||||
| Cash cost of copper produced in US$ | $ | (9,663 | ) | $ | 8,723 | $ | (941 | ) | ||
| Copper produced – 000’s pounds | 7,655 | 6,270 | 13,925 | |||||||
| Cash cost per lb copper produced in US$ | $ | (1.26 | ) | $ | 1.39 | $ | (0.07 | ) | ||
| expressed in thousands, except cash cost per pound of copper produced | Nine Months Ended September 30, 2026 | |||||||||
| Mount Polley | Red Chris | Composite | ||||||||
| Cash cost of copper produced in US$ | $ | 16,247 | $ | 13,144 | $ | 29,391 | ||||
| Copper produced – 000’s pounds | 11,885 | 15,510 | 27,395 | |||||||
| Cash cost per lb copper produced in US$ | $ | 1.37 | $ | 0.85 | $ | 1.07 | ||||
| expressed in thousands, except cash cost per pound of copper produced | Nine Months Ended September 30, 2025 | |||||||||
| Mount Polley | Red Chris | Composite | ||||||||
| Cash cost of copper produced in US$ | $ | (29,193 | ) | $ | 26,850 | $ | (2,343 | ) | ||
| Copper produced – 000’s pounds | 26,055 | 20,252 | 46,307 | |||||||
| Cash cost per lb copper produced in US$ | $ | (1.12 | ) | $ | 1.33 | $ | (0.05 | ) | ||
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For detailed information, refer to Imperial’s 2026 Third Quarter Management’s Discussion and Analysis available on imperialmetals.com and sedarplus.ca.
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 21 greenfield exploration properties in British Columbia.
Company Contacts
Brian Kynoch | President | 604.669.8959
Darb S. Dhillon | Chief Financial Officer | 604.669.8959
Steve Robertson | Vice President Corporate Development | 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 expected delivery of higher grade material from Springer pit Phase 5 to Mount Polley’s mill in the fourth quarter of 2026 which should reduce or eliminate the need to process lower grade stockpiles; revised 2026 Mount Polley mine production guidance for copper and gold in light of expectations that the Mount Polley mine will likely find it difficult to meet the range of guidance estimated at the beginning of the year; the expected completion of the Red Chris feasibility study and, subject to the study outcomes, joint venture approval in early 2027; a potential extension of the Red Chris eventual mine life by up to 70 years should the Block Cave development proceed; expected copper and gold production for the initial 13-year Red Chris cave life; expectations that, should the Red Chris Block Cave receive joint venture approval, construction will commence in 2027, with production targeted for 2033; anticipated average annual Red Chris copper and gold production between 2035 and 2040; expectations that the terms of the $500 million grant for the Red Chris mine from the Government of Canada will be finalized in the coming months; total estimated development capital for the Red Chris Block Cave will be released following finalization of a National Instrument 43-101 technical report; ongoing updates to optimize plans for reopening the Huckleberry mine, including data from the diamond drilling and re-assaying of historic core to develop a new block model for the Main zone, with a targeted completion date for the reopening plan by the end of 2026; 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 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.
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