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Imperial Metals Corp. (III-TSX) has reported a second quarter loss of $16 million or 10 cents per share, down from a net loss of $29.3 million or 21 cents in the equivalent 2022 quarter. The company attributed the decrease in the net loss in part to Mount Polley restart costs which dropped from $30.2 million in the second quarter of 2022 to zero in the most recent quarter.
Imperial’s wholly-owned and 30% stake-sharing copper and gold mines include Mount Polley and Huckleberry in British Columbia, Canada and Red Chris in partnership with Newcrest Mining Ltd. (NCM-ASX). This joint venture is set to be acquired by Newmont Corp. (NGT-TSX, NEM-NYSE).
The metals production in the second quarter of 2023 provided further indicative figures of the company’s financial performance. Imperial’s consolidated metal production was 11.2 million pounds of copper and 14,289 ounces of gold. Mount Polley produced 7.06 million pounds of copper and 10,185 ounces of gold while the 30% share of production from Red Chris was 4.1 million pounds of copper and 4,104 ounces of gold. Overall, the quarter generated an 18% and 30% increase from the prior quarter in copper and gold production, respectively.
Imperial is also currently engineering the feasibility study for the Red Chris Block Cave which is expected to be completed in the second half of 2023. An exploration program is also being conducted to potentially access higher-grade mineralization within the porphyry corridor.
Accompanying Imperial’s report of their second quarter came with a 0.36% drop or $0.01 to $2.74. The shares are reported to be ranging from a low of $1.60 up to $2.82 in a 52-week timespan. With many projects and opportunities arising, this may possibly provide an opening to profitability for Imperial Metals Corp