Imperial Metals Corporation is reporting its financial results for its fiscal year ended December 31, 2024.
“Operationally, the 2024 year was aligned with guidance,” said Brian Kynoch, president. “Copper production was higher at Mount Polley driven largely by higher through-put and copper grades, and both copper and gold production were higher at Red Chris due to higher copper and gold grades. Consolidated production totalled 61,296,423 pounds copper and 57,051 ounces gold. The solid operational results along with higher metal prices helped drive strong financial results. The company achieved record revenue of $494.4 million. In addition, adjusted EBITDA totalled $209.9 million and cash earnings totalled $211.2 million.
“Looking forward, we expect to produce 25.0 to 27.0 million pounds copper and 35,000 – 40,000 ounces gold at Mount Polley and 88.0 million pounds copper and 86,000 ounces gold at Red Chris (100%).”
Total revenue increased to $494.4 million in 2024 compared to $344.5 million in 2023, an increase of $149.9 million or 44%.
Revenue from copper concentrate from the Mount Polley mine in 2024 was $301.5 million compared to $233.3 million in 2023, an increase of $68.2 million. In 2024, the Mount Polley mine had 7.0 concentrate shipments (2023-5.7 concentrate shipments).
Imperial’s 30 per cent share of revenue from the Red Chris mine in 2024 was $190.0 million compared to $109.8 million in 2023, an increase of $80.2 million. In 2024, the Red Chris mine (100% basis) had 19 concentrate shipments (2023-12.4 concentrate shipments).
Variations in revenue are impacted by the restart of operations 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.