TSX-listed Imperial Metals Corporation’s earnings before interest, taxes, depreciation and amortisation (Ebitda) decreased to $45.1-million for the quarter ended September 30, from $92.5-million in the third quarter of 2025.

Production for the quarter totalled 8.54-million pounds of copper and 11 648 oz of gold.

The Mount Polley mine, in Canada, recorded one concentrate shipment during the quarter, compared with one-and-a-half in the third quarter of 2025, while the Red Chris mine, also in Canada, recorded four concentrate shipments, compared with five in the prior comparable quarter.

Imperial’s revenue decreased to $149.9-million in the quarter under review, compared with $168.8-million in the prior comparable quarter.

The company explains that the lower revenue was the result of the difference in 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.

Revenue revaluation for the September quarter was $5.7-million, compared with $7.2-million in the comparative quarter of 2025. Revenue revaluations arise from changes in metal prices between the initial recognition of revenue and the settlement date and/or the reporting balance sheet date, together with adjustments to payable metal quantities following receipt of final assay results.

Net income for the September 2026 quarter was $1.2-million, or $0.01 a share, compared with net income of $38.5-million, or $0.23 a share, in the 2025 comparative quarter.

Capital expenditure including leases was $64.6-million in the September quarter, compared with $69.1-million in the 2025 comparative quarter.

The September quarter expenditures included $36-million in exploration and development, $18.8-million for tailings dam construction and $9.8-million of other capital.

Metal production for the third quarter was down compared with the third quarter of 2025 on lower metal grades and lower copper recovery.

However, copper production was 21% higher and gold production 16% higher compared with the second quarter of this year, establishing a trend for better performance at Mount Polley.

“With improved throughput in the third quarter and the continued progress on the Phase 5 pushback, metal production at Mount Polley improved during the quarter, compared with the second quarter.

“The key highlight for the quarter, however, is the progress on the Red Chris block cave definitive feasibility study, which is starting to reveal a combination of scale, quality and growth potential as we get closer to a final investment decision,” says Imperial Metals president Brian Kynoch.

Imperial expects to meet its combined full-year guidance of between 79-million and 87-million pounds of copper and between 87 500 oz and 96 500 oz of gold.

BLOCK CAVE

The Red Chris block cave project is a large-scale copper/gold opportunity. The project is designed to mine the porphyry copper/gold system beneath the existing openpit and includes an underground block cave mine, expansion of existing processing facilities, and upgrades to site infrastructure unlocking higher-grade mineralisation at depth.

Imperial says the feasibility study is nearing completion, subject to review and governance oversight with a full funds investment decision now expected in early 2027.

Advancement in the feasibility study is nearing completion and now reflects a better view of the investment requirements, schedule and production profile. On a 100% ownership basis, the company says the first phase of the project is expected to produce more than 1.8-billion pounds of copper and three-million ounces of gold over its initial 13-year cave life.

Subject to approval by the Red Chris Joint Venture, construction of the Red Chris block cave is expected to begin in 2027, with commercial production targeted for 2033. The project is expected to ramp up to an average of between 145-million and 187-million pounds of copper and 275 000 oz/y and 325 000 oz/y of gold between 2035 and 2040.

The Red Chris mine has the potential for up to 70 years of mine life.