VANCOUVER, British Columbia, May 13, 2024 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the "Company") (TSX:III) reports financial results for the three months ended March 31, 2024. QUARTER HIGHLIGHTS FINANCIAL Adjusted EBITDA increased by $4.4 million to $10.3 million in Q1 2024 compared to $5.9 million in Q1 2023. Total revenue was $84.6 million in the March 2024 quarter compared to $92.7 million in the 2023 comparative quarter. In the March 2024 quarter, Mount Polley mine had 1.3 concentrate shipments (2023-1.4 concentrate shipments). The Red Chris mine (100% basis) had 4.0 concentrate shipments (2023-2.4 concentrate shipments). Variations in revenue are impacted by the 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. The London Metals Exchange cash settlement copper price per pound averaged US$3.83 in the March 2024 quarter compared to US$4.05 in the 2023 comparative quarter. The LBMA (London Bullion Market Association) cash settlement gold price per troy ounce averaged US$2,072 in the March 2024 quarter compared to US$1,888 in the 2023 comparative quarter. The average US/CDN Dollar exchange rate was 1.349 in the March 2024 quarter, 0.22% lower than the exchange rate of 1.352 in the March 2023 quarter. In CDN Dollar terms the average copper price in the March 2024 quarter was CDN$5.17 per pound compared to CDN$5.48 per pound in the 2023 comparative quarter, and the average gold price in the March 2024 quarter was CDN$2,795 per ounce compared to CDN$2,553 per ounce in the 2023 comparative quarter. A negative revenue revaluation in the March 2024 quarter was $(0.2) million as compared to a $5.9 million of positive revenue revaluation in the 2023 comparative quarter. Revenue revaluations are the result of the metal price on the settlement date and/or the current period balance sheet date being higher or lower than when the revenue was initially recorded or the metal price at the last balance sheet date and finalization of contained metal as a result of final assays. Net loss for the March 2024 quarter was $9.2 million ($0.06 per share) compared to net loss of $7.3 million ($0.05 per share) in the 2023 comparative quarter. The increase in net loss of $1.9 million was primarily due to the following factors: Loss from mine operations was $1.5 million in March 2024 quarter, which is an improvement of $0.1 million in comparison to a loss of $1.6 million in March 2023 comparative quarter. Idle mine cost went from $2.1 million in March 2023 to $1.9 million in the March 2024 quarter. Interest expense increased from $6.0 million in March 2023 to $10.5 million in March 2024, increasing net loss by $4.5 million. Tax recovery went from $4.4 million in March 2023 to $6.6 million in March 2024, decreasing net loss by $2.2 million. The average US/CDN Dollar exchange rate in the March 2024 quarter was 1.349 compared to an average of 1.352 in the 2023 comparative quarter. Capital expenditures including leases were $36.2 million in the March 2024 quarter, an increase of $11.9 million from $24.3 million in the 2023 comparative quarter. The March 2024 quarter expenditures included $16.5 million in exploration, $7.3 million on stripping costs, $2.9 million for tailings dam construction and $9.5 million of other capital. At March 31, 2024, the Company had not hedged any copper, gold or US/CDN Dollar exchange. Quarterly revenues will fluctuate depending on copper and gold prices, the US/CDN Dollar exchange rate, and the timing of concentrate sales, which is dependent on concentrate production and the availability and scheduling of transportation. OPERATIONS During the quarter ended March 31, 2024, Imperial's consolidated metal production was 12.35 million pounds copper (Q1 2023-10.16 million pounds copper) and 12,861 ounces gold (Q1 2023-13,129 ounces gold). Mount Polley Mine Mount Polley metal production for the first quarter of 2024 was 7,355,191 pounds copper and 10,009 ounces gold, compared to 8,347,899 pounds copper and 10,349 ounces gold produced during the fourth quarter of 2023. Mill throughput was up 20.3%, with 1.67 million tonnes being treated compared with 1.39 million tonnes treated in the first quarter of 2023. Copper production in the first quarter 2024 was up by 10.1% because of the increase in throughput which offset lower grade and recovery compared to first quarter of 2023. Tailing removal from the Springer Pit were 84% completed at the end of March 2024 and are expected to be completely removed by early May 2024. Stripping for Phase 5 pushback of the Springer pit mined approximately 1.7 million tonnes of waste by the end of March 2024.   Three Months EndedMarch 312024   Three Months EndedMarch 312023   Ore milled - tonnes 1,671,505   1,389,636   Ore milled per calendar day - tonnes 18,368   15,440   Grade % - copper 0.25   0.27   Grade g/t - gold 0.28   0.31   Recovery % - copper 79.4   81.1   Recovery % - gold 66   71.5   Copper - 000's pounds 7,355   6,678   Gold - ounces 10,009   9,980             At Mount Polley, a diamond drilling program started on March 3, 2024 which focused on two goals. The first is to test for mineralization around the perimeter of the planned Springer pit where there are gaps in the 3-dimensional mineralization model. The second goal is to follow-up on last year's successful drilling in the Springer zone by filling gaps in the drilling of the zone and by continuing to test the zone at depth. The first two drill holes of this program have been completed and the third is in progress. About 1,800 metres of drilling were completed by the end of the quarter. Exploration, development, and capital expenditures in the first quarter of 2024 were $15.8 million compared to $4.8 million in the 2023 comparative quarter. Red Chris Mine Red Chris production (100%) for the first quarter of 2024 was 16,660,225 pounds copper and 9,507 ounces gold compared to 11,589,689 pounds copper and 10,496 ounces gold during the same quarter of 2023. In the 2024 first quarter, Red Chris copper production was up 44% compared to the same quarter in 2023 and down 9% for gold compared to the same quarter of 2023. The increase in copper production was a result of a 33% increase in copper grade (0.431% vs 0.325%) and an 8% increase in recovery (83.4% vs. 77.4%). The drop in gold production in the first quarter 2024 was the result of lower gold grade (0.263 g/t gold vs 0.311 g/t gold) being treated compared to the same quarter last year. Imperial's 30% portion of Red Chris mine for the first quarter of 2024 was 4,998,000 pounds copper and 2,852 ounces gold. 100% Red Chris mine production Three Months EndedMarch 312024   Three Months EndedMarch 312023   Ore milled - tonnes 2,100,354   2,090,772   Ore milled per calendar day - tonnes 23,081   23,231   Grade % - copper 0.43   0.32