Reported Earnings • Aug 09
Second quarter 2026 earnings released: EPS: CA$0.12 (vs CA$0.25 in 2Q 2025) Second quarter 2026 results: EPS: CA$0.12 (down from CA$0.25 in 2Q 2025). Revenue: CA$166.5m (down 5.3% from 2Q 2025). Net income: CA$22.0m (down 46% from 2Q 2025). Profit margin: 13% (down from 23% in 2Q 2025). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 09
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to €5.30. The fair value is estimated to be €4.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €4.52, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 18x in the Metals and Mining industry in Europe. Total returns to shareholders of 256% over the past three years. Announcement • Jul 04
Imperial Metals Corporation Receives CAD 500 Million Commitment from Government of Canada for Red Chris Block Cave Project Imperial Metals Corporation reported that the Federal Government of Canada has announced its commitment to contribute CAD 500 million to support the Red Chris Block Cave project in connection with the Canada-British Columbia Co-operative Prosperity Agreement. Announcement • Jun 21
Imperial Metals Corporation Receives Major Regulatory Authorizations For Red Chris Block Cave Project Imperial Metals Corporation has reported that the Province of British Columbia has granted key authorizations approving the transition of Red Chris from open pit operations to a block cave mine. The authorization of an amended Environmental Assessment Certificate, following a consent-based framework with the Tahltan Nation, and an amended Mines Act authorization effectively permit an extension of mine life into the mid-2040s. The Red Chris mine is situated in an emerging world-class mining district boasting significant mineralization, access to reliable, clean hydroelectric power, port access, governmental support and strong First Nations economic leadership. A Definitive Feasibility Study and a detailed cost estimate are being completed by the Newmont Corporation as operator of the Red Chris mine. During this phase, the Red Chris Block Cave is expected to generate over 1,800 construction jobs, sustain approximately 1,500 peak-season operating roles and increase Canada’s copper production by roughly 15%. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €4.48, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 19x in the Metals and Mining industry in Europe. Total returns to shareholders of 258% over the past three years. Announcement • May 24
Imperial Metals Corporation Elects David Edwards as Directors Imperial Metals Corporation at Annual and Special Meeting of Shareholders held on May 20, 2026 approved David Edwards as directors. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. Independent Director Lyn Anglin was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 24
Imperial Metals Corporation Provides Production Guidance for the Year 2026 Imperial Metals Corporation provided production guidance for the year 2026. For the year, both copper and gold production were however in line with the budgeted 2026 production, and the guidance for 2026 Red Chris production (100%) remains 60 - 66 million pounds of copper and 47,500 – 52,500 ounces of gold. Announcement • Mar 10
Imperial Metals Corporation, Annual General Meeting, May 20, 2026 Imperial Metals Corporation, Annual General Meeting, May 20, 2026. Announcement • Feb 11
Imperial Metals Corporation Provides Production Guidance for the Year 2026 Imperial Metals Corporation provided production guidance for the year 2026. For the year, the 2026 production target is 19 million - 21 million pounds copper and 40,000 ounces - 44,000 ounces gold. Announcement • Jan 23
Imperial Metals Corporation Reports on the First Diamond Drill Hole from the Mount Polley 2025 Phase 2 Diamond Drill Program Imperial Metals Corporation reported on the first diamond drill hole from the Mount Polley 2025 Phase 2 Diamond Drill Program which includes 11.0 metres with a grade of 4.43% copper, 1.53 g/t gold and 41.7 g/t silver. The nine hole Phase 2 program consisted of 3,718.3 metres. The Mount Polley 2025 Phase 2 program had three goals; to test a high-grade zone beneath the Wight Pit, to expand and determine the boundaries for mineralization in the higher gold grade encountered at depth in the C2 zone, and to test beneath the previously mined Bell Pit for depth extension using new targeting techniques successfully deployed in the Springer Pit. The results of the first hole drilled in this program have been received, with the remainder pending. Drill hole WB-25-268 was collared on the eastern edge of the previously mined Wight Pit and targeted a high-grade area located in the Green zone, adjacent to the Martel zone, at depth beneath the Wight Pit. The goal of drill holeWB-25-268 was to test the continuity and further define the high-grade zone originally defined by holes WB-05-189 (15.0 metres grading 3.1% copper, 0.33 g/t gold, and 20.1 g/t silver) andWB-04-179 (12.4 metres grading 6.7% copper, 3.65 g/t gold, and 44.8 g/t silver). Hole WB-25-268 intercepted a hydrothermal fragmental potassic-altered breccia hosting significant bornite and chalcopyrite cement at the target depth that returned from 304.4 metres, 11.0 metres grading 4.43% copper,1.53 g/t gold, and 41.7 g/T silver. In addition to the mineralization intercepted in the targeted zone the hole intersected a number of other higher-grade sections, both above and below the targeted area, including 9.6 metres grading 3.71% copper, 0.42 g/t gold and 9.89 g/t silver starting at 272.5 metres. The higher silver to copper ratio returned in this hole is typical of mineralization in the northeast quadrant of the Mount Polley property. Announcement • Nov 28
Imperial Metals Corporation Provides Huckleberry Exploration Update Imperial Metals Corporation reported that all nine drillholes of the 2025 Huckleberry mine diamond drilling program, totaling 1,743 metres, intersected copper, molybdenum, silver, and gold mineralization. Drillhole MZ-25-1 intersected an elevated gold interval of 22.6 metres of 0.23 g/t gold from 73.7 to 96.3 metres. However, gold and silver were recovered and were present at payable levels in all the copper concentrate produced at Huckleberry. Gold and silver assay results from the 2025 drilling and the resampling of 18 historic holes from the Main Zone will be included in the block model for the Main Zone deposit and will enable gold and silver values to be integrated into mine planning. Most of the mineralization from 2025 drilling is hosted in the volcanic rock surrounding the Main Zone stock, but some mineralization, especially molybdenum, continued into the stock itself. At Whiting Creek, located 8.5 kilometres north of the Huckleberry mill, three step-out drill holes totaling 1,870 metres were completed during the 2025 exploration program. A full QA/QC program using blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals. Announcement • Aug 13
ImImperial Metals Corporation Announces Discovery of Copper Mineralization in 400 Metre Step-Out Drill Hole, Four Kilometres North of the Mount Polley Mill Imperial Metals Corporation reported that an exploration drill hole, drilling a blind target through clastic cover rocks, intercepted a hydrothermal breccia hosting significant visual native copper at the unconformity with the Mount Polley Intrusive Complex (MPIC). Two intercepts in diamond drill hole FP-25-01 of 7.0 metres grading 0.70% copper and 0.27 g/t gold starting at 383.0 metres, and 20.0 metres grading 0.25% copper and 0.96 g/t gold starting at 417.5 metres, mark the discovery of significant mineralization in a major step-out. The drill hole was collared 4.15 kilometres north of the operating Mount Polley mill. Hole FP-25-01 was drilled 1.2 kilometres north-northwest from the previously mined Wight Pit (Northeast Zone) where some of the highest copper grade ore has been mined at Mount Polley. The series of mineralized zones that occur along the interpreted structural corridor occur over a linear distance of over 1,500 metres. The link between mineralization and the structure will be further investigated. The extent of non-copper-gold bearing magnetite breccia below 437.5 metres is a clear sign of extensive hydrothermal activity well north of the exposed MPIC and provides support for further exploration targeting in the surrounding area. Drilling continued after the drill results reported in the May 22, 2025 News Release with 16 additional drill holes designed to aid in expanding the resource in the gold-rich C2 Zone, and 2 holes in the pit to provide detailed information to support mine planning. Diamond drilling at Mount Polley has been suspended for now. Announcement • Aug 07
Imperial Metals Corporation Announces Supreme Court of British Columbia Dismisses Judicial Review Petition, Mount Polley to Continue Constructing TSF Raise Imperial Metals Corporation announced that the Supreme Court of British Columbia has dismissed the application of the Xatsull First Nation ("Xatsull") for an injunction and judicial review of two provincial approvals authorizing construction of a four-metre lift on the tailings storage facility ("TSF") at the Mount Polley Mine ("Mount Polley"). The Court found the decisions of the two provincial authorities allowing Mount Polley to construct the TSF lift were reasonable and were made fairly, and that the Government sufficiently consulted with the Xatsull before making those decisions. The Court's decision cited the extensive consultation record and actions taken in support of Xatsull's review of the approvals. Imperial and Mount Polley are committed to transparent engagement with Indigenous communities and environmental responsibility. Maintaining a meaningful relationship with Xatsull and Williams Lake First Nation is important to the Company, including supporting sustainable development through meaningful dialogue. Mount Polley Mine employs over 390 employees, making it a significant economic driver in the region. Although the mine can continue to construct the TSF raise and may now deposit tailings that rely on that raise, without receipt of pending Mines permit amendment which allows Mount Polley to continue to mine, the mine may again be put in jeopardy of significantly revising operational plans or ceasing operation if the Mines permit amendment process is not expedited. Announcement • May 23
Imperial Metals Corporation Reports Initial Diamond Drill Results from the Mount Polley 2025 Exploration Program Imperial Metals Corporation reported initial diamond drill results from the Mount Polley 2025 exploration program with a notable interval of 152.5 metres grading 0.46% copper and 0.97 g/t gold starting from a depth of 282.5 metres, including 85.0 metres grading 0.67% copper and 1.56 g/t gold starting at 285.0 metres in C2 Zone diamond drill hole C2-25-121. The C2 Zone is located immediately south of the Cariboo Pit and, similar to the Cariboo and the WX zones, gold values in the mineralization of the C2 Zone exceed copper values. Also, much of the copper mineralization near surface and along faults in this zone is oxidized which results in lower copper recovery in processing. Given the recent increase in gold price, exploration priority has been given to the C2 Zone. This year's drilling in the C2 Zone has been designed to fill gaps in the historic drilling to provide the information required to design an expanded pit in this area, and to target a higher-grade zone at depth. Holes C2-25-116, C2-25-117 and C2-25-119 targeted gaps in drilling that would potentially fall within an expanded pit in the C2 Zone. Including 33.7 metres grading 0.79% copper and 2.02 g/t gold from a depth of 347.5 metres. Hole C2-25-121 intersected 152.5 metres grading 0.,46% copper and 0. 97 g/t gold from adepth of 282.5 metres. Including 85.0 metres grading 0.,67% copper and 1. 56 g/t gold from a deep depth of 285.0 metres. The first phase of diamond drilling is ongoing. Jim Miller-Tait, P.Geo., Imperial's VP Exploration, has reviewed this news release as the designated Qualified Person as defined by National Instrument 43-101 for the Mount Polley exploration program. Samples reported were analysed at Bureau Veritas Mineral Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Significant assay intervals reported represent apparent widths. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals. Diamond drill data, cross sections and plan view maps are available on Imperialmetals.com. Announcement • Mar 11
Imperial Metals Corporation, Annual General Meeting, May 21, 2025 Imperial Metals Corporation, Annual General Meeting, May 21, 2025. Announcement • Feb 21
Imperial Provides Update on Red Chris 2024 Production and Production Guidance for 2025 for Mount Polley Imperial Metals Corporation reported that 2024 metal production from Red Chris (100% basis) was 85,320,618 pounds of copper and 59,811 ounces of gold, up from 57,051,467 pounds of copper and 46,046 ounces of gold in 2023, on higher grades and recoveries for both metals. Red Chris met its 2024 production guidance of 85.0 million pounds of copper and 57,000 ounces of gold for the calendar year 2024.Imperial’s 30% share of Red Chris mine production for 2024 was 25,595,185 pounds of copper up from 17,115,440 pounds copper in 2023 and 17,943 ounces of gold up from 13,814 ounces gold in 2023. The Red Chris feasibility study is advancing as are permitting activities and some underground development work to support the underground block cave project. Newmont Mining Corporation guidance for Red Chris mine production (100%) is 88 million pounds of copper and 86,000 ounces of gold for the calendar year 2025.Both copper and gold production are expected to be higher in 2025 at Red Chris as the mining sequence provides for mining higher grade ore during the year, including a 50% increase in gold production year over 2024 results. The 2025 production target for Mount Polley is 25.0 - 27.0 million pounds copper and 35,000 - 40,000 ounces gold. The production target for gold is the same as in 2024, while the copper production target is lower. Phase 4 Springer Pit ore, which has a higher recoverable copper grade is targeted to be fully mined by the third quarter of 2025, with the lower copper grade from the Phase 5 pushback in the Springer pit delivering process ore in the fourth quarter of 2025. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: CA$0.20 (vs CA$0.019 loss in 3Q 2023) Third quarter 2024 results: EPS: CA$0.20 (up from CA$0.019 loss in 3Q 2023). Revenue: CA$146.1m (up 86% from 3Q 2023). Net income: CA$32.3m (up CA$35.2m from 3Q 2023). Profit margin: 22% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: CA$0.13 (vs CA$0.10 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$0.13 (up from CA$0.10 loss in 2Q 2023). Revenue: CA$131.7m (up 54% from 2Q 2023). Net income: CA$20.4m (up CA$36.4m from 2Q 2023). Profit margin: 16% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Jul 23
Imperial Metals Corporation Reports Diamond Drill Results from the Final 18 Diamond Drill Holes from the Mount Polley 2024 Exploration Program Imperial Metals Corporation reported diamond drill results from the final 18 diamond drill holes from the Mount Polley 2024 exploration program, including a notable interval of 895 metres grading 0.26% copper and 0.32 g/t gold starting from a depth of 27.5 metres, including 342.5 metres grading 0.42% copper and 0.48g/t gold starting from 27.5 metres, in diamond drill hole SD-24-196. The 2024 drilling at Mount Polley followed up on the significant results obtained in the 2023 drill program which focused on the Springer zone at Mount Polley. Hole SD-24-196 was an angled hole oriented at 155°/75° (strike/dip), collared in the floor on the south side of the Springer Pit. This hole, like the other holes in this drill program targeted gaps in drilling within the current pit designs (Phase 5 and 6 pits) in the Springer zone and also to test for extended mineralization at depth. The results confirm that copper-gold mineralization extends vertically beneath the floor of the Springer Pit for 885 metres. The results will be used to remodel the Springer zone mineralization, optimize the pit designs for the Springer Pit, increase resolution in mine scheduling and potentially to consider pit expansions and further drilling. A total of 7,377 metres of diamond drilling were completed at Mount Polley between March and May, 2024. Hole SD-24-183 was a vertical hole located in the center of the Springer Pit targeting an area with gaps in drilling. The drill hole intersected 160 metres grading 0.42% copper and 0.43 g/t gold, starting from 7.5 metres depth, including 18.65 metres of 1.67% copper and 1.57 g/t gold. This interval also intercepted 27.5 metres of 0.12% molybdenum from 107.5 metres; this level of molybdenum mineralization is the highest ever intersected in the Springer zone. Hole SD-24-190 was a vertical hole collared in the center of the Springer Pit, about 35 metres northwest of hole SD-24-183. The drill hole intersected 249.0 metres grading 0.33% copper and 0.39 g/t gold, starting from three metres depth, including 109.5 metres of rock grading 0.51% copper and 0.54 g/t gold, starting from three metres. Hole SD-24-191 was a vertical hole collared in the Springer Pit, about 100 metres northwest of SD-24-183. The drill hole intersected 304.0 metres grading 0.24% copper and 0.27 g/t gold, starting from six metres depth, including 34.0 metres grading 0.35% copper and 0.47 g/t gold, starting from six metres depth. Hole SD-24-192 was a vertical hole collared approximately 70 metres southeast of SD-24-183. The drill hole intersected 244.5 metres grading 0.26% copper and 0.37 g/t gold, starting from 4.5 metres depth, including 96.80 metres of rock grading 0.39% copper and 0.31 g/t gold, starting from 4.5 metres depth and 79.45 metres grading 0.26% copper and 0.60 g/t gold, starting from 162.5 metres depth. Hole SD-24-197 was an angled hole oriented at 040°/65 ° collared in the northern part of the Springer Pit. This hole targeted an undrilled area along the northeastern boundary of the deposit in an area with high potential to hit higher grade mineralization. The drill hole intersected 117.5 metres grading 0.32% copper and 0.62 g/t gold, starting from 82.5 metres depth. New Risk • Jun 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$139m free cash flow). Earnings have declined by 0.6% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (4.5% increase in shares outstanding). Announcement • May 24
Imperial Metals Corporation Reports Diamond Drill Results from Three More Holes of Mount Polley 2024 Exploration Program Imperial Metals Corporation reported diamond drill results from three more holes of the Mount Polley 2024 exploration program, including a notable interval of 257.5 metres grading 0.71% copper and 0.39 g/t gold from 35.0 metres in diamond drill hole SD-24-180. This phase of drilling is ongoing and is following up on the significant results obtained in the 2023 drill programs. Hole SD-24-180 was a vertical hole located 33 metres northwest from previously released hole SD-24-179 which intersected 270 metres grading 0.65% copper and 0.48 g/t gold from 22.5 metres on section 3230N. Holes SD-24-180 and SD-24-179 were planned to target gaps in the southwest edge of the Springer Pit at both shallow and deep levels. The first 135.5 metres of this intercept are within the current ultimate pit design for the Springer Pit. The portion of this hole beneath the ultimate pit tests an area that has been studied for potential underground mining. Hole SD-24-180 had 18 metres of casing and encountered the first recoverable core at 33 metres. The lithology throughout the entire hole closely resembles hole SD-24-179 and alternates between intense crackle breccia to moderately pseudo-brecciated monzonite to monzodiorite, with strong potassium feldspar, biotite, calc-silicate, albite and magnetite alteration. Copper mineralization throughout the hole is dominantly disseminated with veinlet-controlled chalcopyrite and trace bornite. Similar to hole SD-24-179, hole SD-24-180 intersects pervasive calc-silicate and magnetite alteration three times, providing pockets with a higher percentage of chalcopyrite. Hole SD-24-178 was an angled hole oriented at 225°/-60° and was collared on the north rim of the current Springer Pit. The hole was planned to test the extent of mineralization of the Springer Pit near a fault that appears to form the northern boundary of Springer mineralization. The first 143 metres of this hole are within the ultimate pit design. The hole intersected 12.5 metres of 0.28% copper and 0.39 g/t gold starting at 30 metres along with some lower grade intervals in the pit that will be mined in the Phase 5 pushback of the Springer pit. Mineralization within the pit may provide some additional mill feed from upper benches of the Phase 5 pushback. Hole SD-24-181 was a vertical hole collared on the eastern edge at the bottom of the Springer Pit. The hole was designed to test potential mineralization further to the east at depth. Hole SD-24-181 intersected two notable intervals of gold mineralization. The first interval had a width of 22.5 metres grading 0.18% copper and 0.44 g/t gold from 42.5 metres and is within the current pit design. The second interval had a width of 35 metres grading 0.17% copper and 0.49 g/t gold from 107.5 metres and is beneath the current ultimate pit design. Jim Miller-Tait, P.Geo., Imperial’s VP Exploration, has reviewed this news release as the designated Qualified Person as defined by National Instrument 43-101 for the Mount Polley exploration program. Samples reported were analysed at Bureau Veritas Mineral Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Significant assay intervals reported represent apparent widths. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals. New Risk • May 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$139m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$139m free cash flow). Earnings have declined by 0.6% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (4.5% increase in shares outstanding). Reported Earnings • May 14
First quarter 2024 earnings released: CA$0.057 loss per share (vs CA$0.047 loss in 1Q 2023) First quarter 2024 results: CA$0.057 loss per share (further deteriorated from CA$0.047 loss in 1Q 2023). Revenue: CA$84.6m (down 8.7% from 1Q 2023). Net loss: CA$9.17m (loss widened 26% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Announcement • Apr 30
Imperial Metals Corporation Reports Partial Diamond Drill Results from the Mount Polley 2024 Exploration Program Imperial Metals Corporation reported partial diamond drill results from the Mount Polley 2024 exploration program, including a notable interval of 270 metres grading 0.65% copper and 0.48 g/t gold from 22.5 metres in diamond drill hole SD-24-179. Drilling is ongoing with 4,983 metres in 20 holes completed to date. The 2024 program is designed to follow up on last year’s successful drilling in the Springer zone. Hole SD-24-179 was a vertical hole located on section 3230N and was planned to target significant gaps in the southern/western portion of the Springer zone mineralization at both shallow and deep levels. This mineralization has good potential to be converted from resource to reserve due to its proximity to existing mining and planned pits. The first 158.0 metres of this intercept are in the current ultimate pit design for the Springer pit. The portion of this hole beneath the ultimate pit tests an area that has been studied for potential underground mining. The hole was collared atop tailings in the Springer pit and was cased to the first recoverable core at 21 metres. Throughout the entire hole the lithology alternates between intense crackle breccia to moderately pseudo-brecciated monzonite to monzodiorite, with strong potassium feldspar, biotite, calc-silicate, albite and magnetite alteration. Copper mineralization throughout the hole is dominantly disseminated and veinlet-controlled chalcopyrite and trace bornite. Pervasive calc-silicate and magnetite skarn alteration, with iron content up to 27%, was intersected three times within the hole and provides pockets with higher chalcopyrite content. Holes TZ-24-04, TZ-24-05, and TZ-24-06 were collared on the northeast rim of the Cariboo pit. The TZ holes are production planning holes and are part of a geochemical classification program that will help determine acid generating potential of rock excavated during the Mount Polley Phase 5 pit expansion. Short, mineralized intervals were intercepted. Jim Miller-Tait, P.Geo., Imperial’s VP Exploration, has reviewed this news release as the designated Qualified Person as defined by National Instrument 43-101 for the Mount Polley exploration program. Samples reported were analysed at Bureau Veritas Mineral Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Significant assay intervals reported represent apparent widths. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals. Announcement • Mar 15
Imperial Metals Corporation Provides Production Guidance for the Year 2024 Imperial Metals Corporation provided production guidance for the year 2024. Newmont guidance for Red Chris mine production (100%) is 85.0 million pounds of copper and 57,000 ounces of gold for the calendar year 2024. Reported Earnings • Mar 15
Full year 2023 earnings released: CA$0.23 loss per share (vs CA$0.51 loss in FY 2022) Full year 2023 results: CA$0.23 loss per share (improved from CA$0.51 loss in FY 2022). Revenue: CA$344.5m (up 99% from FY 2022). Net loss: CA$36.7m (loss narrowed 52% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Announcement • Mar 08
Imperial Metals Corporation, Annual General Meeting, May 22, 2024 Imperial Metals Corporation, Annual General Meeting, May 22, 2024. Announcement • Feb 07
Imperial Metals Corporation announced that it expects to receive CAD 45 million in funding Imperial Metals Corporation announced a non brokered private placement to issue unsecured non-convertible debentures for the gross proceeds of CAD 45,000,000. The Debentures have a maturity date of November 1, 2025 and bear interest at a rate of 12% per annum, with interest paid semi-annually in cash, with the first payment due September 1, 2024. The Debentures have an early redemption premium of 2% payable on the principal amount outstanding if the Company chooses to redeem them prior to maturity. The transaction will include participation from N. Murray Edwards has agreed to purchase up to CAD 35,000,000 of the Debentures, and directors and officers of the Company are expected to purchase an aggregate of up to CAD 1,800,000 of the Debentures. Announcement • Jan 18
Imperial Metals Corporation Provides Production Guidance for the Year 2024 Imperial Metals Corporation provided production guidance for the year 2024. For the year, the company expected production target for Mount Polley is 34–37 million pounds copper and 37,000 -41,000 ounces gold. Reported Earnings • Nov 09
Third quarter 2023 earnings released: CA$0.019 loss per share (vs CA$0.18 loss in 3Q 2022) Third quarter 2023 results: CA$0.019 loss per share (improved from CA$0.18 loss in 3Q 2022). Revenue: CA$78.5m (up 88% from 3Q 2022). Net loss: CA$2.91m (loss narrowed 90% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Nov 02
Imperial Metals Corporation Reports Drill Results of the Final Four Holes of the 2,031 Metres Diamond Drilling Program at Whiting Creek Imperial Metals Corporation reported drill results of the final four holes of the 2,031 metres diamond drilling program at Whiting Creek. The drill results include an intercept of 162.5 metres grading 0.33% copper and 1.64 g/t silver in hole CW-23-3B. Ongoing surface exploration and this year's results have extended the Creek Zone mineralization 450 metres to the west. The mineralization remains open and there is clearly potential for further discovery in this underexplored area and throughout the Whiting Creek intrusive complex and adjacent volcanics. The target is a calc-alkalic porphyry mineralization associated with the Bulkley plutonic suite, like the Huckleberry deposit. Veining and strong hydrothermal alteration are prevalent throughout the area, along with a pyritic halo approximately 6 km by 3 km in plan dimension. The dominant intrusive is the Whiting Creek Stock, which is a body of biotite rich quartz diorite to granodiorite, approximately 3 km by 4 km in surface dimension. Over the past two years, Imperial has conducted a program of geological mapping, geochemical surveys, whole rock trace element studies, and airborne and surface geophysical surveys over the Whiting Creek area. From these recent surveys numerous drill targets were identified and in July to August of 2023, Imperial completed 2,031metres of diamond drilling in five holes on the Whiting Creek prospect. Hole CW-23-03B was drilled at 225deg azimuth and a dip of -50deg to a final depth of 438 metres and was collared approximately 75 metres north northwest from previously reported drillhole CW-23-01 (September 18, 2023). The first 165 metres of the hole were Whiting Creek Stock intrusive rocks. The hole then passed through the intrusive to volcanic contact and intersected veined and altered andesite volcanic rocks to the bottom of the hole. While historic drill holes in the Creek Zone intersected copper and molybdenum within the Whiting Creek Stock, intercepts from 2023 drilling confirm that the surrounding altered volcanics can host significant copper, molybdenum and silver mineralization. Significant intervals include: Hole CW-23-02, Hole CW-23-03 B was drilled at 225deg azIMuth and a dip of - 50deg to a final depth of438 metres and was collaredapproximately 75 metres north northwest from previously reports drillhole CW-23-1 (September 18, 2023); The first 165 metres of the holes were Whiting Creek Stock intrusive rock. The hole then passed through The intrusive to volcanic contact and intersecting veined and altered andesites volcanic rocks to the bottom of The hole. While historic drill holes In the Creek Zone intersected copper & molybdenum within The Whiting Creek Stock, intersected copper and molyssdenum within the WhitingC Stock, intercepts from 20 23 drilling confirm that the surrounding altered volcanic rocks can host significant copper,molybdenum and silver Mineralization. Significant intervals include: Significant intervals include: Hole From To width: CuEq% =Cu% +(6.84Mo%)+0.01Ag g/t) based on insitu rock value, recoveries not included (Cu at USD 3.80/lb, Mo at USD 26.00/lb, Ag at USD 23.00/oz) Jim Miller-Tait, P.Geo., Imperial's VP Exploration, has reviewed this news release as the designated Qualified Person as defined by National Instrument 43-101 for the Whiting Creek exploration program. Samples reported were analysed at Bureau Veritas Mineral Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Significant assay intervals reported represent apparent widths. Significant assay intervals reported represent evident widths. Insufficient intervals were observed at the Whiting Creek mineralization was observed at the Huckleberry mine. Announcement • Oct 14
Imperial Metals Corporation announced that it expects to receive CAD 20 million in funding Imperial Metals Corporation announced a non-brokered private placement of unsecured non-convertible debentures for aggregate principal amount of up to CAD 20,000,000 on October 13, 2023. The transaction will include participation from N. Murray Edwards for up to CAD 12,500,000. The Debentures have a maturity date of July 1, 2025 and bear interest at a rate of 12.0% per annum, with interest paid semiannually in cash, with the first payment due May 1, 2024. Announcement • Sep 20
Imperial Metals Corporation Reports Diamond Drill Results for Hole C-23-01B Imperial Metals Corporation reports diamond drill results for hole CW-23-b01B, the first of five drill holes from the Whiting Creek 2023 exploration program. The drill results include an intercept of 52.6 metres grading 0.45% copper and 1.29 g/t silver starting from the top of bedrock at a depth of 67.4 metres. The Whiting Creek prospect forms part of the Huckleberry property and is located approximately 8.5 km north of the Huckleberry mill. The target is a calc-alkalic porphyry associated with the Bulkley plutonic suite, like the Huckleberry deposit. Veining and strong hydrothermal alteration are prevalent throughout the area, along with a pyritic halo approximately 6 km by 3 km in plan dimension. The dominant intrusive is the Whiting Creek Stock, which is a body of biotite rich quartz diorite to granodiorite, approximately 3 km by 4 km in surface dimension. Over the past two years Imperial has conducted a program of geological mapping, geochemical surveys, whole rock trace element studies and airborne and surface geophysical surveys over the Whiting Creek area. Numerous drill targets were identified and in July and August of 2023, Imperial completed 2,031 metres of diamond drilling on the Whiting Creek prospect. This year’s drilling targeted an underexplored area called Creek Zone West located 450 metres west of Creek Zone drill hole WC2016-02, which intersected 222.5 metres at 0.309% copper, 0.017% molybdenum and 1.18 g/t silver in 2016. Drilling at Creek Zone West targeted overlapping geophysical and geochemical anomalies, and the northwestern covered contact between the Whiting Creek Stock and the surrounding Telkwa Formation volcanics. Hole CW-23-01B was drilled at 225° azimuth and a dip of -50° to a final depth of 408 metres. Veined and altered andesite volcanic and intrusive rocks associated with the Whiting Creek Stock were the primary lithologies encountered. Numerous mafic to intermediate post mineral dykes crosscut all lithologies in a northwest to southeast trend following a prominent structural trend on the property. Copper, molybdenum, and silver mineralization occurs throughout hole CW-23-01B within every lithology except the post mineral dykes. Higher grade copper mineralization is concentrated in the veined and altered andesite volcanics. The hole intersected 316.8 metres grading 0.23% copper, 0.008% molybdenum and 0.89 g/t silver from 67.4 metres, including 52.6 metres grading 0.45% copper 0.006% molybdenum and 1.29 g/t silver starting from the top of bedrock at a depth of 67.4 metres to 120 metres and 37.5 metres of 0.32% copper, 0.005% molybdenum and 1.72 g/t silver from 320.0 metres to 357.5 metres. The highest-grade section, from 67.4 metres to 120 metres, was extremely fractured and contained chalcocite coatings on pyrite-chalcopyrite bearing veins along fracture planes, which may reflect a zone of supergene enrichment. While historic drill holes in the Creek Zone intersected copper and molybdenum within the Whiting Creek Stock, intercepts from 2023 drilling confirm suggest that the surrounding altered volcanics can host significant mineralization. This is an important discovery as the highest copper concentrations and the majority of production at the Huckleberry mine has come from the altered contact volcanics. Additionally, intercepts from hole CW-23-01B identified a chalcocite enriched zone in the upper fractured rock and has expanded known copper mineralization 450 metres to the west. Whiting Creek has been targeted over several generations of exploration, with numerous geochemical, geophysical, and drill programs conducted. Prominent surface gossans have attracted attention from explorers since the early 20th century. Previous exploration has discovered promising geophysical anomalies, large copper-in-soils anomaly, and numerous significant drill intercepts in a number of zones. Announcement • Sep 01
Imperial Metals Corporation announced that it has received CAD 16.8 million in funding On August 31, 2023, Imperial Metals Corporation closed the transaction. New Risk • Sep 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Shareholders have been diluted in the past year (4.5% increase in shares outstanding). New Risk • Aug 10
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$163m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-CA$163m free cash flow). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Reported Earnings • Aug 10
Second quarter 2023 earnings released: CA$0.10 loss per share (vs CA$0.21 loss in 2Q 2022) Second quarter 2023 results: CA$0.10 loss per share (improved from CA$0.21 loss in 2Q 2022). Revenue: CA$85.8m (up 136% from 2Q 2022). Net loss: CA$16.0m (loss narrowed 45% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Jul 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.3% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Announcement • Jul 25
Imperial Metals Corporation Reports Red Chris Exploration Update Imperial Metals Corporation announced The Red Chris Block Cave Feasibility Study is expected to be completed in the second half of 2023. Several optimization opportunities to unlock further value are being assessed as part of the Feasibility Study including options for the initial extraction level of the first block cave and alternative plant expansion options. Newcrest is reviewing various options to offset any inflationary cost pressures on future capital expenditure and operating costs. Progress towards block cave mining is advancing with the exploration decline at 3,245 metres as of July 20, 2023, and the ventilation fans have been commissioned in the first ventilation raise. The exploration program at Red Chris is focused on the discovery of additional zones of higher-grade mineralization within the Red Chris porphyry corridor. During the quarter, there were up to four diamond drill rigs in operation, and a further 6,947 metres of drilling was completed during the quarter from 11 drill holes. At East Ridge, located adjacent to the East Zone, 85 holes have now been completed. Assay results were received for 8 holes during the quarter, with assay results from 1 hole pending. The drilling was undertaken on a nominal 100 metre by 100 metre grid to determine the footprint, understand the mineralization, geotechnical and metallurgical characteristics and to determine the extent and continuity of the higher-grade mineralization within the East Ridge. Drilling to date has tested a corridor 1,000 metres long, 450 metres wide and to a vertical extent of 1,000 metres. Mineralization remains open at depth and to the east. In March 2023, an updated East Ridge Exploration Target (“Exploration Target”), was issued with ranges from a lower case of approximately 400 million tonnes at 0.49% copper and 0.42 g/t gold for 4.2 billion pounds copper and 5.4 million ounces gold and an upper case tonnage of approximately 500 million tonnes at 0.47% copper and 0.39 g/t gold for 5.1 billion pounds copper and 6.1 million ounces gold (previously reported in the March 13, 2023 news release). The updated Exploration Target is not included in the current Mineral Resource. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The grades and tonnages in the Exploration Target are estimates based on continuity of mineralization defined by exploration diamond drilling results (previously reported including relevant sections and plans) within the Redstock Intrusive with the lower range estimate in the area with a nominal drill hole spacing of 100 metres by 100 metres and the upper range estimate extended into the area with a nominal drill hole spacing of 100 metres by 200 metres. East Ridge is outside the current Red Chris Mineral Resource estimate. Geotechnical and metallurgical studies are underway on the East Ridge with the aim to include the East Ridge in an updated Red Chris Mineral Resource estimate in 2023. A series of three diamond holes drilling from south to north, the opposite direction to most of the drilling to date, has commenced. The aim of the drilling is to assess the continuity of the mineralization and test for any bias from the original drill orientation. The results from the first hole RC875 returned an intercept of 406 metres grading 1.0% copper and 1.1g/t gold from 486 metres, that includes 248 metres grading 1.4% copper and 1.6g/t gold from 644 metres. Note that this result is a partial intercept and additional assays are pending. This result indicates continuity of the higher-grade mineralization across the vertical extent of the deposit. The south to north drilling was halted this spring due to poor access conditions. The plan is to restart this program in the upcoming winter when access conditions improve. Drilling east of the East Ridge Exploration Target returned a higher-grade intercept. Hole RC876, drilled 100 metres east of hole RC860 (previously reported in the April 26, 2023 news release), returned an interval of 274 metres grading 0.45% copper and 0.67g/t gold from 998 metres. This 274 metre intercept included higher grade intervals of 42 metres grading 1.1% copper and 1.5g/t gold from 1,080 metres, 14 metres grading 0.63% copper and 1.7g/t gold from 1,144 metres and 26 metres grading 0.5% copper and 1.1g/t gold from 1,170 metres. This intersection, located approximately 200 metres east of the Exploration Target, demonstrates the prospectivity of this area for further discoveries. This new discovery, at Far East Ridge, has the potential to become the fifth zone of mineralization along the Red Chris porphyry corridor. Follow up drilling is planned for 2024. A regional exploration program commenced during the quarter, with a program of geological mapping, and geochemical sampling on targets generated from the application of the knowledge gained from the Red Chris discoveries. Approximately 4,000 metres of growth-related drilling targeting higher-grade mineralization within the Red Chris porphyry corridor at Far West and Gully Zone is planned for the September 2023 quarter using one drill rig. Announcement • Jul 21
Imperial Metals Corporation Reports Diamond Drill Results from the Mount Polley 2023 Exploration Program Imperial Metals Corporation reported diamond drill results from the Mount Polley 2023 exploration program. A second phase of drilling was completed in June to follow up on the excellent results obtained in the first phase of drilling. Both phases were conducted in an underexplored area between the Springer and Cariboo mineralized zones. Results from five of the ten holes drilled in the second phase have been received and include a high grade interval of 115 metres grading 0.67% copper and 0.85 g/t gold from 302.5 metres in hole SD-23-175. These results continue to increase the dimensions of the Springer zone mineralization and, given the proximity to existing mining and planned pits, mineralization discovered in this area has a good potential to be converted from resource to reserve. The Springer zone contains most of the reserves in the current mine plan. All five drill holes are vertical and were collared in the current Springer pit. Drillhole SD-23 175 is a step out to the east on Section 3160N testing the continuation of Springer mineralization towards the Polley fault at depth. It intersected 0.67% copper and0.85 g/t gold over 115 metres from 302.5 metres and includes a higher-grade zone grading 1.03% copper and 1.51 g/t gold over 40.0 metres from 320 metres. This mineralization is hosted by unusually well developed skarn alteration in brecciated monzonite. It is marked by garnet-rich calc-silicate alteration and abundant magnetite reflected in the high iron content, up to 12.55% iron, and high magnetic susceptibility. Additional detailed drilling to define the dimensions of this higher-grade mineralization will be planned. All the remaining holes in this news release were targeted to expand on the successful Phase 1 drilling results, including hole SD-23-167, which intercepted 162.5 metres grading 0.50% copper and 0.52 g/t gold from 30 metres down hole. These results, which have extended the core of the main Springer Zone to the east, should allow for much of the local area to be upgraded to Indicated in the Mineral Resource block model in advance of re-optimization of the life-of-mine plan, allowing for their potential inclusion into Mineral Reserves. Mine planning optimization efforts will focus on the potential to re- sequence and improve the life-of-mine schedule by exploiting this higher-grade material sooner. A description of the location and results from each drillhole are as follows. SD-23-168 is a 35 metre step out to the west of SD-23-167 on Section 3315N. It intersected 0.49% copper and 0.53 g/t gold over 110 metres from 22.5 metres depth, as well as 0.45% copper and 0.68g/t gold over 62.5 metres from 167.5 metres depth. SD- 23-169 is a 50 metre step-out to the north-west of SD-23-167 on Section 3350N testing the northern edge of the Springer deposit in this area. It intersected 0.30% copper and 0.41 g/t gold over 70 metres from 15 metres depth, and another intersection of 0.24% copper and 0.57g/t gold over 39.5 metres from 157.5 metres depth. SD-23-170 is a 35 metre step out to the east of SD-23-167 on Section 3310N. It intersected 0.70% copper and 0.47 g/t gold over 24.4 metres from 23.9 metres depth. SD-23-171 is a 35 metre step out to the north of SD-23-167 on Section 3350N testing the northern edge of the Springer deposit in this area. It intersected 0.60% copper and 0.48 g/t gold over 16.5 metres from 6 metres depth. SD-23-175 is a 50 metre step out to the east of SD-23-163 on Section 3160N. It intersected 0.67% copper and 0.85 g/t gold over 115 metres from 302.5 metres and includes a higher-grade zone grading 1.03% copper and 1.51 g/t gold over 40 metres from 320 metres depth. Jim Miller-Tait, P.Geo., Imperial's VP Exploration, has reviewed this news release as the designated Qualified Person as defined by National Instrument 43-101 for the Mount Polley exploration program. Samples reported were analysed at Bureau Veritas Mineral Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Significant assay intervals reported represent apparent widths. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals. Reported Earnings • May 11
First quarter 2023 earnings released: CA$0.047 loss per share (vs CA$0.049 loss in 1Q 2022) First quarter 2023 results: CA$0.047 loss per share. Revenue: CA$92.7m (up 180% from 1Q 2022). Net loss: CA$7.25m (loss widened 4.7% from 1Q 2022). Reported Earnings • Mar 16
Full year 2022 earnings released: CA$0.51 loss per share (vs CA$0.19 loss in FY 2021) Full year 2022 results: CA$0.51 loss per share (further deteriorated from CA$0.19 loss in FY 2021). Revenue: CA$172.8m (up 29% from FY 2021). Net loss: CA$76.0m (loss widened 191% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Jan 25
Imperial Metals Corporation Provides Update on Red Chris Exploration Program Imperial Metals Corporation provided Update on Red Chris Exploration Program. At East Ridge, drilling continues to expand the zone, which is outside of the current Mineral Resource estimate. To date 71 holes have been completed and five are in progress. Assays were received from 12 holes during the quarter. The follow up drilling is being completed on a nominal 100 metre by 100 metre grid to determine the footprint, characterize the mineralization and to demonstrate the extent of continuity of the higher-grade mineralization. Drilling to date has tested a corridor 900 metres long, 250 metres wide and to a vertical extent of 1,000 metres. Drilling has returned the deepest higher-grade intercept at the project to date with RC857 intersecting 266 metres grading 0.57% copper and 0.43 g/t gold from 1,534 metres, including 34 metres grading 1.6% copper and 1.1 g/t gold from 1,706 metres. These results have extended the higher-grade mineralization, which remains open at depth, by a further 100 metres to a depth of more than 700 metres vertical on Section 36N. Hole RC848 drilled on Section 38N intercepted 248 metres grading 0.46% copper and 0.33 g/t gold from 1,320 metres, including 34 metres grading 0.86% Cu and 1.0 g/t gold from 1,510 metres. RC853 drilled on Section 32N intercepted 460 metres grading 0.39% copper and 0.21 g/t gold from 942 metres. All three of the above noted drill holes are the deepest holes on their respective sections and extend the East Ridge mineralization to depth. Hole RC843 intercepted 202 metres of 0.64% copper and 0.47 g/t gold from 810 metres, that included a higher grade intercept of 78 metres grading 1.0% copper and 0.83 g/t gold from 864 metres. RC843 is about 100 metres above RC745 (previously reported) and expands the zone upward on Section 37N. The intercept is approximately 700 metres below surface, making it one of the shallowest higher-grade intercepts at East Ridge. Hole RC858 collared at the western edge of the Main Zone pit, intersected 276 metres grading 0.31% copper and 0.36 g/t gold from 500 metres, including a 68 metre higher grade interval grading 0.70% copper and 0.65 g/t gold from 700 metres. This hole continues to expand the Main Zone mineralization west towards the Gully Zone. During the quarter, there were up to seven diamond drill rigs in operation at Red Chris. A further 13,854 metres of drilling has been completed during the quarter from 18 drill holes, with all drill holes intersecting mineralization. Diamond drilling continues to define the extent and continuity of this higher-grade mineralization. A further 25 diamond drill holes at minimum are planned to test and close out the target mineralization. This program is expected to be completed by the second quarter of 2023. Block Cave development continues with the exploration decline at 2,685 metres as of January 18, 2023, and the first ventilation raise bore is on schedule for completion within the first quarter of 2023. The Feasibility Study is now expected to be completed in the second half of 2023 to allow optimization opportunities to be evaluated and further defined, with no impact to the project development timeline expected. Inflation and global supply chain interruptions continue to be assessed as part of the Feasibility Study and value engineering is underway with the objective to offset inflationary cost pressures. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Director Lyn Anglin was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2022 earnings released: CA$0.18 loss per share (vs CA$0.027 loss in 3Q 2021) Third quarter 2022 results: CA$0.18 loss per share (further deteriorated from CA$0.027 loss in 3Q 2021). Revenue: CA$41.7m (up 13% from 3Q 2021). Net loss: CA$27.9m (loss widened CA$24.2m from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Director Lyn Anglin was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Director Lyn Anglin was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 09
Second quarter 2022 earnings released: CA$0.21 loss per share (vs CA$0.039 loss in 2Q 2021) Second quarter 2022 results: CA$0.21 loss per share (down from CA$0.039 loss in 2Q 2021). Revenue: CA$36.4m (up 6.3% from 2Q 2021). Net loss: CA$29.3m (loss widened 477% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 08
First quarter 2022 earnings released: CA$0.049 loss per share (vs CA$0.02 loss in 1Q 2021) First quarter 2022 results: CA$0.049 loss per share (down from CA$0.02 loss in 1Q 2021). Revenue: CA$33.1m (flat on 1Q 2021). Net loss: CA$6.93m (loss widened 172% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 5 highly experienced directors. Independent Director JP Veitch was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: CA$0.19 loss per share (down from CA$0.038 loss in FY 2020). Revenue: CA$133.6m (down 9.8% from FY 2020). Net loss: CA$26.1m (loss widened 433% from FY 2020). Revenue exceeded analyst estimates by 3.6%. Over the next year, revenue is forecast to grow 35%, compared to a 31% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 11
Third quarter 2021 earnings released: CA$0.027 loss per share (vs CA$0.055 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: CA$37.1m (down 2.9% from 3Q 2020). Net loss: CA$3.77m (down 153% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2021 earnings released: CA$0.039 loss per share (vs CA$0.006 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: CA$34.2m (down 24% from 2Q 2020). Net loss: CA$5.08m (loss widened CA$4.25m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 09
First quarter 2021 earnings released: CA$0.02 loss per share (vs CA$0.048 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: CA$33.1m (up 18% from 1Q 2020). Net loss: CA$2.54m (loss narrowed 59% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. 
