Imperial Metals (III) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $691.8 million in 2025, up 40% year-over-year, driven by strong copper and gold production and higher metal prices.

• Net income rose to $153.8 million ($0.91 per share) from $106.3 million ($0.66 per share) in 2024.

• Adjusted EBITDA reached $381.7 million, and cash earnings totaled $374.5 million.

• Reduced total debt by $194.1 million during 2025.

Financial highlights

• Revenue from Mount Polley was $387.0 million and from Red Chris (30% share) $304.2 million in 2025.

• Adjusted net income was $153.9 million ($0.91 per share), up from $102.8 million ($0.64 per share) in 2024.

• Cash cost per pound of copper produced (with by-product credits) was negative US$0.28.

• Capital expenditures including finance leases were $243.3 million, up from $202.2 million in 2024.

• Cash and cash equivalents at year-end were $36.8 million.

Outlook and guidance

• 2026 Mount Polley production target: 19.0–21.0 million lbs copper, 40,000–44,000 oz gold.

• Red Chris (100% basis) 2026 guidance: 60.0–66.0 million lbs copper, 47,500–52,500 oz gold.

• Red Chris block cave feasibility study expected to complete in H2 2026; further financing may be needed for development.

• Exploration drilling planned for Mount Polley and Huckleberry in 2026.