Imperial Metals (III) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $154.6 million, down from $176.6 million year-over-year, driven by lower metal production but offset by higher copper and gold prices.

• Net income was $14.4 million ($0.08 per share), a decrease from $41.3 million ($0.26 per share) in Q1 2025, mainly due to lower mine operating income.

• Consolidated production totaled 10.1 million pounds copper and 13,641 ounces gold, both down from Q1 2025.

Financial highlights

• Adjusted net income for Q1 2026 was $14.4 million ($0.08 per share), compared to $41.3 million ($0.26 per share) in Q1 2025.

• Adjusted EBITDA was $70.8 million, down from $97.7 million year-over-year.

• Cash earnings were $68.6 million ($0.38 per share), compared to $96.0 million ($0.59 per share) in Q1 2025.

• Capital expenditures including leases were $40.2 million, down from $47.0 million in Q1 2025.

• Working capital deficiency improved to $(108.7) million from $(153.3) million year-over-year.

Outlook and guidance

• Both Mount Polley and Red Chris mines remain on track to meet 2026 copper and gold production guidance.

• Mount Polley 2026 production guidance: 19.0–21.0 million pounds copper and 40,000–44,000 ounces gold.

• Red Chris (100%) 2026 guidance: 60.0–66.0 million pounds copper and 47,500–52,500 ounces gold.

• Red Chris block cave feasibility study and permitting expected to complete in H2 2026.

• Huckleberry mine reopening plan targeted for completion by end of 2026.