Imperial Metals reported net income of $1.2 million, or $0.01 a share, for the third quarter of 2026, down from $38.5 million, or $0.23 a share, in the same quarter of 2025. Revenue fell to $149.9 million from $168.8 million. Income from mine operations dropped to $22.9 million from $72.1 million, a $49.2 million decline that lower interest and tax expenses only partly offset. Capital expenditures including leases were $64.6 million.
Consolidated production totalled 8,535,703 pounds of copper and 11,648 ounces of gold in the quarter. At Mount Polley, production was 4.104 million pounds of copper and 7,931 ounces of gold, down from 7.655 million pounds and 9,285 ounces a year earlier on lower grades and lower copper recovery, though copper output rose 21 percent and gold 16 percent against the second quarter of 2026.
At Red Chris, production on a 100 percent basis was 14.771 million pounds of copper and 12,391 ounces of gold, down 29 percent and 43 percent respectively from the third quarter of 2025. Imperial had not hedged any copper, gold or currency exposure at September 30, so the shortfall is an operating result, not a hedging one.
Management pointed to the Red Chris block cave definitive feasibility study as the quarter’s highlight, saying it is beginning to show the scale and growth potential of the project as it approaches a final investment decision. For a producer whose two operating mines both shrank year on year, that study now carries the equity story.