Imperial Metals (III) Q3 2026 earnings summary

Executive summary

• Q3 2026 production was 8.535 million lb copper and 11,648 oz gold; revenue was $149.9 million and net income was $1.2 million, down from $38.5 million YoY.

• Mount Polley production improved QoQ, while Red Chris Block Cave feasibility work neared completion; a full investment decision is expected in early 2027.

Financial highlights

• Q3 revenue was $149.9 million versus $168.8 million YoY; nine-month revenue was $471.0 million versus $521.1 million.

• Q3 net income was $1.2 million, or $0.01/share, versus $38.5 million, or $0.23/share; lower mine operating income was partly offset by lower interest and tax expense.

• Adjusted net income was $1.2 million and adjusted EBITDA was $45.1 million, versus $38.5 million and $92.5 million YoY, respectively.

• Q3 cash earnings were $44.9 million, down from $90.4 million YoY; cash earnings/share was $0.25 versus $0.53.

Outlook and guidance

• 2026 consolidated production guidance remains 79.0–87.0 million lb copper and 87,500–96,500 oz gold.

• Revised 2026 Mount Polley guidance is 16.0–18.0 million lb copper and 30,500–33,700 oz gold; Q4 mine plan targets 5.8 million lb copper and 11,000 oz gold.

• Higher-grade Phase 5 ore is expected to reach Mount Polley’s mill in Q4 2026, with Boundary pit ore also expected to contribute.

• Red Chris Block Cave investment decision is expected in early 2027; subject to joint venture approval, construction is expected to start in 2027 and commercial production is targeted for 2033.

• Huckleberry reopening plan is targeted for completion by end-2026; development remains subject to further study and execution planning.