Vancouver - Imperial Metals Corporation (the 'Company') (TSX:III) reports financial results for the three and nine months ended September 30, 2022, as summarized in this news release and discussed in detail in the Management's Discussion & Analysis. The Company's financial results are prepared in accordance with International Financial Reporting Standards ('IFRS'). The reporting currency of the Company is the Canadian ('CDN') Dollar.
FINANCIAL
Total revenue increased to $41.7 million in the September 2022 quarter compared to $37.1 million in the 2021 comparative quarter, an increase of $4.6 million. In the September 2022 quarter, the Red Chris mine (100% basis) had 4.4 concentrate shipments (2021 - 4.0 concentrate shipments), and Mount Polley mine had 0.3 concentrate shipments (2021- nil 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. The London Metals Exchange cash settlement copper price per pound averaged US$3.51 in the September 2022 quarter compared to US$4.25 in the 2021 comparative quarter. London Bullion Market Association, London gold price per troy ounce averaged US$1,729 in the September 2022 quarter compared to US$1,789 in the 2021 comparative quarter. The average US/CDN Dollar exchange rate was 1.306 in the September 2022 quarter, 3.6% higher than the exchange rate of 1.260 in the 2021 comparative quarter. In CDN Dollar terms the average copper price in the September 2022 quarter was CDN$4.59 per pound compared to CDN$5.36 per pound in the 2021 comparative quarter, and the average gold price in the September 2022 quarter was CDN$2,258 per ounce compared to CDN$2,254 per ounce in the 2021 comparative quarter. A negative revenue revaluation in the September 2022 quarter was $4.6 million as compared to a $0.8 million negative revenue revaluation in the 2021 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 loss for the September 2022 quarter was $27.9 million ($0.18 per share) compared to net loss of $3.8 million ($0.03 per share) in the 2021 comparative quarter. The increase in net loss of $24.1 million was primarily due to the following factors:
Mine operations went from an income of $4.9 million in September 2021 to a loss of $9.2 million in September 2022, increasing net loss by $14.1 million.
Mount Polley restart costs went from $1.6 million in September 2021 to $12.2 million in September 2022, increasing net loss by $10.6 million.
Idle mine costs went from $6.2 million in September 2021 to $1.4 million in September 2022, decreasing net loss by $4.8 million.
Interest expenses went from $0.2 million in September 2021 to $2.4 million in September 2022, increasing net loss by $2.2 million.
Mount Polley Mine
Production at Mount Polley was 2.4 million pounds copper and 5,084 ounces gold for the third quarter of 2022. During this third quarter, 984,814 tonnes were milled. There has been a steady increase in throughput from 7,268 tonnes per day in July to 11,079 tonnes per day in August and 13,868 tonnes per day in September. Further increases in throughput were hampered by the trunnion machining that was required to repair Pebble Mill 3. This work is complete and Pebble Mill 3 was put into operation in early October. All eight mills in the grinding circuit are now operational, and we look forward to increasing the mill throughput. Exploration, development, and capital expenditures in the September 2022 quarter were $8.1 million compared to $1.3 million in the 2021 comparative quarter.
About Imperial
Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia
Contact:
Brian Kynoch
President
T: 604.669.8959
Darb Dhillon
Chief Financial Officer
T: 604.669.8959
Cautionary Note Regarding Forward-Looking Statements
Certain information contained in this news release are not statements of historical fact and are 'forward-looking' statements. Forwardlooking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, statements regarding the Company's expectations with respect to the impact of COVID-19 on the Company's business and operations; metal pricing and demand; fluctuation of revenues; potential development plans and mining methods at Red Chris and Mount Polley; progress and advancement of the exploration decline; expectations regarding care and maintenance activities at Huckleberry; expectations regarding metal production guidance and estimates; expectations and timing regarding current and future exploration and drilling programs; expectations regarding recovery, throughput and mined grades for copper and gold; and expectations regarding the usefulness of non-IFRS financial measures including adjusted net loss, adjusted EBITDA, cash earnings and cash cost per pound of copper. In certain cases, forward-looking statements can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'outlook', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved' or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In making the forward-looking statements in this news release, the Company has applied certain factors and assumptions that are based on information currently available to the Company as well as the Company's current beliefs and assumptions. These factors and assumptions and beliefs and assumptions include, the risk factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, many of which are beyond the Company's ability to control or predict. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and all forward-looking statements in this news release are qualified by these cautionary statements
IMPERIAL METALS CORPORATION 
