Imperial Reports First Quarter 2026 Financial Results
Press Release
Vancouver | May 6, 2026 | Imperial Metals Corporation (the “Company” or “Imperial”) (TSX:III) reports financial results for the three months ended March 31, 2026. Imperial’s consolidated production totalled 10,093,345 pounds copper and 13,641 ounces gold.
“Higher commodity prices resulted in a strong revenue quarter for Imperial offsetting the lower metal production in the first quarter of 2026 that was forecasted in the mine plans of both Red Chris and Mount Polley.”, said the President, Brian Kynoch. “From an operational perspective, the mines achieved a composite cash cost of US$0.17 per pound of copper produced during the quarter and both mines continue to work well and remain on track to meet both copper and gold production guidance for 2026.”
FINANCIAL
Total revenue was $154.6 million in the March 2026 quarter compared to $176.6 million in the 2025 comparative quarter.
In the March 2026 quarter, Mount Polley mine had 0.6 concentrate shipments (2025-1.9 concentrate shipments). The Red Chris mine (100% basis) had 4.0 concentrate shipments (2025-5.0 concentrate shipments).
Variations in revenue are impacted by the timing and quantity of concentrate shipments, metal prices and exchange rates, and period end revaluations of revenue attributed to concentrate shipments where copper and gold prices will settle at a future date.
At March 31, 2026, the Company had not hedged any copper, gold or US/CDN Dollar exchange.
The London Metals Exchange cash settlement copper price per pound averaged US$5.83 in the March 2026 quarter compared to US$4.24 in the 2025 comparative quarter. The LBMA (London Bullion Market Association) Final and Initial gold price per troy ounce averaged US$4,877 in the March 2026 quarter compared to US$2,862 in the 2025 comparative quarter. The average US/CDN Dollar exchange rate was 1.372 in the March 2026 quarter compared to the exchange rate of 1.435 in the March 2025 quarter. In CDN Dollar terms the average copper price in the March 2026 quarter was CDN$8.00 per pound compared to CDN$6.08 per pound in the 2025 comparative quarter, and the average gold price in the March 2026 quarter was CDN$6,690 per ounce compared to CDN$4,108 per ounce in the 2025 comparative quarter.
A negative revenue revaluation in the March 2026 quarter was $3.8 million compared to a positive revenue revaluation of $10.0 million the 2025 comparative quarter. Revenue revaluations are the result of the metal price on the settlement date and/or the current period balance sheet date being higher or lower than when the revenue was initially recorded or the metal price at the last balance sheet date and finalization of contained metal as a result of final assays.
Net income for the March 2026 quarter was $14.4 million ($0.08 income per share) compared to net income of $41.3 million ($0.26 income per share) in the 2025 comparative quarter. The decrease in net income of $26.9 million was primarily due to the following factors:
⦁ Income from mine operations decreased to $47.8 million in the March 2026 quarter from an income of $78.3 million in March 2025, a decrease of $30.5 million;
⦁ Net interest expense of $3.5 million in March 2026 down from $8.1 million in March 2025, increasing net income by $4.6 million;
⦁ Tax expense went from $23.3 million in March 2025 to tax expense of $22.0 million in March 2026, increasing net income by $1.3 million.
Capital expenditures including leases were $40.2 million in the March 2026 quarter, a decrease of $6.8 million from $47.0 million in the 2025 comparative quarter. The March 2026 quarter expenditures included $20.8 million in exploration and development, $7.8 million for tailings dam construction and $11.6 million of other capital.
OPERATIONS
During the quarter ended March 31, 2026, Imperial’s consolidated metal production was 10.1 million pounds copper (Q1 2025-15.8 million pounds copper) and 13,641 ounces gold (Q1 2025-17,120 ounces gold).
Mount Polley Mine
Mount Polley metal production for the first quarter of 2026 was 4.399 million pounds copper and 7,608 ounces gold, compared to 8.904 million pounds copper and 10,621 ounces gold produced during the first quarter of 2025. Copper production was down 51% and gold production was down 28%, on lower grades, recoveries and throughput compared to the first quarter of 2025. Compared to the fourth quarter of 2025, throughput was up 5%, gold production was up 15% and copper production was down 5%.
Guidance for 2026 production target for Mount Polley mine remains 19.0 – 21.0 million pounds copper and 40,000 – 44,000 ounces gold.
IBF4
