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Imperial Reports 2014 Second Quarter Financial Results and Financing

Press Release –

Vancouver — August 14, 2014 | Imperial Metals Corporation (III-TSX) — reports comparative financial results for the second quarter period ending June 30, 2014.

Revenues were $51.1 million in the June 2014 quarter compared to $41.3 million in the comparative 2013 quarter. Variations in revenue are impacted by the timing and quantity of concentrate shipments, metal prices and exchange rate, and period end revaluations of revenue attributed to concentrate shipments where copper price will settle at a future date. The increase in revenue in the June 2014 quarter over the comparative 2013 quarter is due to a larger quantity of copper shipped and slightly lower gold shipped, offset by lower copper and gold prices. The lower metal prices were offset by a weaker Canadian dollar. There were two concentrate shipments in the June 2014 quarter compared to two shipments in the comparative 2013 quarter.

The London Metals Exchange cash settlement copper price per pound averaged US$3.08 in the June 2014 quarter compared to US$3.24 in the June 2013 quarter. The London Metals Exchange cash settlement gold price per troy ounce averaged US$1,289 in the June 2014 quarter compared to US$1,413 in the June 2013 quarter. The CDN Dollar compared to the US Dollar averaged about 6.6% lower in the June 2014 quarter than in the June 2013 quarter. In CDN Dollar terms the average copper price in the June 2014 quarter was CDN$3.36 per pound compared to CDN$3.31 per pound in the June 2013 quarter and the average gold price in the June 2014 quarter was CDN$1,406 per ounce compared to CDN$1,428 per ounce in the June 2013 quarter.

Revenue in the June 2014 quarter was decreased by a $0.7 million negative revenue revaluation compared to a negative revenue revaluation of $5.2 million in the June 2013 quarter. Negative revenue revaluations are the result of the copper price on the settlement date and/or the current period balance sheet date being lower than when the revenue was initially recorded or the copper price at the last balance sheet date. The copper price started the quarter at US$3.01 per pound and ended the quarter at US$3.08 per pound.

Income from mine operations increased to $17.5 million from $13.3 million in the June 2013 quarter as result improved contribution margins from mine operations.

Net income for the June 2014 quarter was $15.2 million ($0.20 per share) compared to net income of $7.5 million ($0.10 per share) in the comparative June 2013 quarter. In addition to variances in revenues and income from mine operations described above, variations in net income period over period are predominately attributable to movements in foreign exchange and realized and unrealized gains and losses on derivative instruments and taxes.

In the June 2014 quarter net income benefitted from net foreign exchange gains of $13.2 million compared to foreign exchange losses of $0.9 million in the comparative 2013 quarter. The current quarterly net foreign exchange gain is primarily attributable to US denominated long term debt reflecting the foreign currency movements in the quarter compared to the foreign exchange rate when the debt was entered incurred. The net impact of the $13.2 million foreign exchange gain is comprised of a $12.0 million gain on the senior notes, a $1.6 million gain on long term equipment loans, and losses of $0.4 million on operational items. The average CDN/US Dollar exchange rate in the June 2014 quarter was 1.091 compared to an average of 1.023 in the June 2013 quarter.

In the June 2014 quarter the Company recorded losses on derivative instruments of $7.4 million compared to gains of $1.1 million in the June 2013 quarter. In the June 2014 quarter the Company recorded an unrealized loss of $5.2 million on the foreign currency swap entered into during the March 2014 quarter due to a decrease in the CDN/US Dollar exchange rate compared to the price in the derivative contract. The decrease in the copper and gold price compared to the price in the derivative contracts resulted in a $2.2 million loss for copper and gold derivative instruments in the June 2014 quarter compared to a $1.1 million gain in the June 2013 quarter.

The Company recorded $1.4 million as its equity share of Huckleberry’s net income during the June 2014 quarter compared to $2.3 million equity income in the June 2013 quarter. The lower net income was the result of the temporary shutdown of the Huckleberry milling facility for a part of the quarter as a result of the bull gear failure in March 2014.

Income and mining tax expense increased by $1.6 million in 2014 from 2013 due to higher income before taxes excluding equity income from Huckleberry. The income and mining tax expense was higher during the June 2013 quarter due a $2.3 million adjustment to deferred income taxes resulting from the British Columbia provincial income tax rate increasing from 10% to 11%.

Cash flow increased to $21.5 million in the June 2014 quarter from $16.0 million in the June 2013 quarter. Cash flow is a measure used by the Company to evaluate its performance, however, it is not a term recognized under IFRS in Canada. Cash flow is defined as cash flow from operations before the net change in non-cash working capital balances, income and mining taxes, and interest paid. The Company believes cash flow is useful to investors and it is one of the measures used by management to assess the financial performance of the Company.

Capital expenditures, inclusive of capitalized interest, were $141.8 million in the June 2014 quarter, up from $83.2 million in the June 2013 quarter. The expenditures in the June 2014 quarter were financed by cash flow from the Mount Polley mine and from long term debt. At June 30, 2014 the Company had $7.0 million in cash (December 31, 2013-$3.1 million). The Company had no short term debt at June 30, 2014 (December 31, 2013-$132.4 million) as this was all repaid from the long term financing arrangements for the Red Chris project. Refer to Note 10 of the June 30, 2014 condensed consolidated interim financial statements for details of the Company’s long term financings.

Read more: http://www.imperialmetals.com/s/News_2014.asp?ReportID=669764

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