Imperial Metals (III) Q3 2025 earnings summary

Executive summary

• Third quarter operations aligned with guidance, driven by higher throughput at Mount Polley and higher copper and gold grades at Red Chris.

• Consolidated nine-month production reached 46.3 million pounds copper and 50,751 ounces gold, tracking toward the high end of 2025 guidance.

• Adjusted EBITDA for the quarter was $92.5 million, with cash earnings of $90.4 million, reflecting strong operations and higher metal prices.

• Year-to-date revenue of $521.1 million surpassed the previous annual record, and net debt was reduced by $129.5 million.

Financial highlights

• Q3 2025 revenue was $168.8 million, up from $146.1 million in Q3 2024.

• Net income for Q3 2025 was $38.5 million ($0.23/share), compared to $32.3 million ($0.20/share) in Q3 2024.

• Adjusted EBITDA rose to $92.5 million from $73.7 million year-over-year.

• Cash earnings per share increased to $0.53 from $0.45 year-over-year.

• Working capital deficiency improved to $(98.3) million from $(151.9) million year-over-year.

Outlook and guidance

• On track to achieve or exceed the high end of 2025 copper and gold production targets at Mount Polley and Red Chris.

• Mount Polley copper production for 2025 now targeted at about 30 million pounds, exceeding original guidance.

• Gold production expected to reach about 40,000 ounces for 2025, at the high end of guidance.

• Red Chris block cave feasibility study progressing, with a potential investment decision in 2026 pending permits.