Imperial Metals’ net income falls to $1.2 million in September quarter
Key Facts
Imperial Metals’ net income fell to $1.2 million, or $0.01 per share, in the September 2026 quarter, from $38.5 million, or $0.23 per share, a year earlier, according to results published by the company on November 5. Revenue declined to $149.9 million from $168.8 million in the comparable period. The results came as consolidated copper and gold production fell and concentrate shipments from the Mount Polley and Red Chris mines declined. The comparison between revenue and production highlights the impact of mine performance and shipments on quarterly results, alongside metal prices and sales timing.
The company’s consolidated production totaled 8.535 million pounds of copper and 11,648 ounces of gold in the third quarter, compared with 13.925 million pounds and 15,783 ounces in the same quarter of 2025. At Mount Polley, Imperial said lower grades and copper recovery affected production, while increased processing partly offset the decline. Stockpiles accounted for 46% of mill feed during the quarter, and the company described them as low-grade ore that reduced copper and gold grades in the feed. The company expects higher-grade ore from Phase 5 to arrive in the fourth quarter. Mount Polley’s third-quarter copper production was 21% higher and gold production 16% higher than in the second quarter, according to the company’s operational update.
At Red Chris, the company attributed lower metal production to lower copper and gold grades and recovery rates, partly offset by a 17% increase in the processing rate. On a 100% ownership basis, the mine produced 14.771 million pounds of copper and 12,391 ounces of gold in the third quarter, compared with 20.900 million pounds and 21,660 ounces in the comparable period. Concentrate shipments fell to 1.0 from Mount Polley, from 1.5 a year earlier, and to 4.0 from Red Chris, from 5.0. Imperial said its revenue is affected by the timing and volume of shipments, as well as prices and foreign exchange rates.
Despite an improvement in the average cash settlement price for copper, Imperial’s quarterly revenue declined to $149.9 million from $168.8 million a year earlier, alongside lower copper and gold production and fewer concentrate shipments. The company says the Mount Polley plan targets production of 5.8 million pounds of copper and 11,000 ounces of gold in the fourth quarter. Imperial also expects the Mount Polley and Red Chris mines together to meet its 2026 production guidance of 79–87 million pounds of copper and 87,500–96,500 ounces of gold. Results in coming periods remain tied to operating progress and shipment timing, among the factors the company cited in explaining revenue.
On expansion, Imperial said the feasibility study for the Red Chris Block Cave project is nearing completion and that it expects a full investment decision in early 2027, subject to review, governance and joint venture approval. The company targets starting construction on the project in 2027 and production in 2033, according to its operational update. On a 100% ownership basis, Phase 1 is expected to produce more than 1.8 billion pounds of copper and 3.0 million ounces of gold over an initial cave life of 13 years. The Canadian government announced a C$500 million grant for the project in July, and the company said the grant terms are still being finalized. The project’s production outlook sits alongside the declines in production and revenue recorded in the September quarter.