Imperial, Dundee report YoY growth

Imperial Metals reported a total revenue of C$78.5 million in the September quarter, up significantly from C$31.7 million for the same period in 2022.

Net loss for the quarter was C$2.9 million, or C$0.02 per share, compared to a net loss of C$27.9 million, or C$0.18 per share, year-on-year. The decrease was mainly due to mine operations improvements, Mount Polley restart costs, increased interest rates and changes in tax expenses, according to Imperial.

Production was up YoY, at 12Mlb of copper and 14,335oz of gold. The Mount Polley mine in British Columbia produced 8Mlb of copper and 11,321oz of gold, while the Red Chris mine in BC, a joint venture with Newcrest, had 4Mt of copper and 3,014oz of gold output.

The Red Chris exploration program continued in the September quarter, with work underway to update the mine's resources estimate. Imperial's Huckleberry operations remain on care and maintenance after it ceased in August 2016 due to a drop in copper prices.

Dundee

Meanwhile, Dundee Precious Metals reported a revenue of US$135 million in the September quarter, up 5% from US$128.6 million in the same quarter last year.

Net earnings of Dundee were $27.1 million, or $0.15 per share, an increase compared to a net loss of $57.7 million, or $0.30 per share, in the September quarter of 2022.

Dundee produced a total of 74,102oz of gold and 7.2Mlb of copper, with the Ada Tepe mine in Bulgaria achieving record quarterly gold production due to higher grades, partially offset by lower grades at the Chelopech mine in Bulgaria. At the Tsumeb mine in Namibia, planned furnace maintenance was completed, with the smelter resuming operations and ramping up to full production at the end of September. 

"With strong gold production, including record quarterly performance from Ada Tepe, we generated over $180 million of free cash flow year-to-date, demonstrating the quality of our assets and strength of our operating teams," chief executive David Rae said. "Our mining operations are on track to achieve their 2023 guidance for production and all-in sustaining cost, and we continue to be well-positioned as one of the lowest-cost gold producers."

Dundee's 2023 guidance is estimated at 270,000-315,000oz of gold production, 30-35Mlb of copper production, and $700-860/oz of gold in all-in sustaining cost.