Imperial Metals (III) Q3 2024 earnings summary

Executive summary

• Adjusted EBITDA rose to $74.2 million in Q3 2024 from $10.5 million in Q3 2023, driven by higher revenues and improved mine operations.

• Net income reached $32.3 million ($0.20 per share) in Q3 2024, reversing a net loss of $2.9 million ($0.02 loss per share) in Q3 2023.

• Total revenue increased to $146.1 million in Q3 2024 from $78.5 million in Q3 2023, reflecting higher concentrate shipments and favorable metal prices.

Financial highlights

• Adjusted net income for Q3 2024 was $32.3 million ($0.20 per share) versus an adjusted net loss of $3.0 million ($0.02 loss per share) in Q3 2023.

• Cash earnings were $72.7 million in Q3 2024, up from $9.8 million in Q3 2023; cash earnings per share rose to $0.45 from $0.06.

• Capital expenditures including leases totaled $64.4 million in Q3 2024, up from $39.8 million in Q3 2023.

• Working capital deficiency stood at $151.9 million as of September 30, 2024.

Outlook and guidance

• Management expects to remain on track to achieve 2024 guidance, with ongoing work to advance permitting and feasibility for the Red Chris Block Cave project.

• Red Chris underground development activities are aligned with the permitting schedule, with the Nagha decline expected to reach extraction level by June 2025.