Imperial Metals (III) Q2 2026 earnings summary

Executive summary

• Achieved consolidated Q2 2026 production of 8.8 million lbs copper and 11,226 oz gold, down from Q2 2025 due to lower grades and throughput at both Mount Polley and Red Chris mines.

• Received key permits extending mine life at both Mount Polley (tailings dam raise) and Red Chris (block cave mining transition).

• Continued investment in operations and exploration despite lower grades, positioning for higher returns as higher grade ore becomes accessible later in 2026.

Financial highlights

• Q2 2026 revenue was $166.5M, down from $175.8M in Q2 2025, mainly due to fewer concentrate shipments and lower production.

• Net income for Q2 2026 was $22.0M ($0.12/share), down from $40.6M ($0.25/share) in Q2 2025.

• Adjusted net income was $22.6M ($0.13/share) vs. $40.6M ($0.25/share) in Q2 2025.

• Adjusted EBITDA was $70.0M, down from $99.5M in Q2 2025.

• Capital expenditures including leases were $67.0M, up from $64.1M in Q2 2025.

Outlook and guidance

• Higher grade ore from Mount Polley Phase 5 expected to be processed in Q4 2026, reducing reliance on low-grade stockpiles.

• Red Chris 2026 production guidance remains 60–66M lbs copper and 47,500–52,500 oz gold (100% basis).

• Red Chris block cave feasibility study completion and joint venture approval targeted for H2 2026.

• Huckleberry mine reopening plan, incorporating new drilling data, targeted for completion by end of 2026.