Imperial Metals (III) Q2 2024 earnings summary

Executive summary

• Q2 2024 operations aligned with guidance, driven by higher throughput and copper grades at Mount Polley and Red Chris.

• Consolidated H1 2024 production reached 27.85 million lbs copper and 26,629 oz gold, on track for annual guidance.

• Adjusted EBITDA for Q2 2024 was $55.1 million, up from $0.9 million in Q2 2023, reflecting strong operational results and higher metal prices.

Financial highlights

• Q2 2024 revenue was $131.7 million, up from $85.8 million in Q2 2023.

• Net income for Q2 2024 was $20.4 million ($0.13/share) versus a net loss of $16.0 million ($0.10/share) in Q2 2023.

• Adjusted EBITDA increased by $54.2 million year-over-year to $55.1 million.

• Cash earnings for Q2 2024 were $54.2 million ($0.33/share), up from $1.3 million ($0.01/share) in Q2 2023.

• Capital expenditures including leases were $55.9 million in Q2 2024, up from $42.5 million in Q2 2023.

Outlook and guidance

• Management expects to achieve 2024 production guidance based on H1 results.

• Red Chris Block Cave permitting and feasibility study work continues, with underground development aligned to permitting schedule.

• Mount Polley mine plans to update based on recent drilling; infrastructure improvements underway.