Imperial Metals Corporation (the “Company”)
(TSX:III) reports financial results for the three and nine months
ended September 30, 2019, as summarized in this release and
discussed in detail in the Management’s Discussion & Analysis.
The Company’s financial results are prepared in accordance with
International Financial Reporting Standards. The reporting
currency of the Company is the Canadian (“CDN”) Dollar.
QUARTER HIGHLIGHTS
FINANCIAL
On March 10, 2019, the Company entered into an
agreement to sell a 70% interest in the Red Chris mine to Newcrest.
The Company completed the sale to Newcrest on August 15, 2019 for a
final purchase price of US$804.4 million subject to debt and
working capital adjustments.
In accordance with IFRS, the Company has
classified Red Chris mine as a discontinued operation effective
January 1, 2019 up to closing of the transaction with Newcrest on
August 14, 2019, and the prior year comparative quarter
consolidated statement of income (loss) has been restated
accordingly. Effective August 15, 2019 onwards, the results from
the Red Chris Mine are presented on a proportional basis relative
to Imperial’s 30% ownership in the joint venture. Unless otherwise
stated this MD&A will report the total of continuing and
discontinued operations as one total for ease of comparison with
the prior comparative period.
The majority of the proceeds received were used
to repay most of the outstanding debt and eliminating interest
expense on the debt on August 15, 2019.
Total revenue decreased to $46.9 million in the
September 2019 quarter compared to $70.5 million in the 2018
comparative quarter, a decrease of $23.6 million or 33.0%.
Revenue from the Red Chris mine in the September
2019 quarter was $46.5 million compared to $52.7 million in the
2018 comparative quarter. This decrease was attributable to the
Company’s ownership decreasing to 30% from 100% on August 15, 2019
compared to picking up 100% share throughout the entire prior year
comparative quarter.
Revenue from the Mount Polley mine in the
September 2019 quarter was ($0.3) million compared to $17.8 million
in the 2018 comparative quarter. The decrease was attributable to
the mine being on care and maintenance during the 2019
quarter.
In the September 2019 quarter there were 3.3
concentrate shipments from the Red Chris mine (2018-2.7 concentrate
shipments). There were no concentrate shipments from the Mount
Polley mine (2018-0.5 concentrate shipment) due to the closure of
the mine in May 2019. 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$2.64 in the September 2019
quarter compared to US$2.77 in the 2018 comparative quarter. The
London Metals Exchange cash settlement gold price per troy ounce
averaged US$1,474 in the September 2019 quarter compared to
US$1,213 in the 2018 comparative quarter. The average CDN/US Dollar
exchange rate was 1.321 in the September 2019 quarter, 1.0% higher
than the exchange rate of 1.307 in the September 2018 quarter. In
CDN Dollar terms the average copper price in the September 2019
quarter was CDN$3.49 per pound compared to CDN$3.62 per pound in
the 2018 comparative quarter, and the average gold price in the
September 2019 quarter was CDN$1,947 per ounce compared to
CDN$1,585 per ounce in the 2018 comparative quarter.
Revenue in the September 2019 quarter decreased
by $4.6 million due to a negative revenue revaluation as compared
to a $5.1 million negative revenue revaluation in the 2018
comparative quarter. Revenue revaluations are the result of the
metal prices 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 prices at the last balance sheet
date and finalization of contained metal as a result of final
assays.
Net loss from continuing operations for the
September 2019 quarter was $16.0 million ($0.12 per share) compared
to net loss of $12.7 million ($0.11 per share) in the 2018
comparative quarter. The increase in net loss of $3.3 million was
primarily due to the following factors:
- Loss from mine operations went from $13.4 million in September
2018 to income of $0.4 million in September 2019, a decrease in net
loss of $13.8 million.
- Interest expense went from $18.7 million in September 2018 to
$9.4 million in September 2019, a decrease in net loss of $9.3
million. Lower interest expense was due to the majority of the debt
being repaid on August 15, 2019.
- Foreign exchange gains/losses went from a gain of $6.9 million
in September 2018 to a loss of $10.1 million in September 2019, an
increase in net loss of $17.0 million. The average CDN/US Dollar
exchange rate in the September 2019 quarter was 1.321 compared to
an average of 1.307 in the 2018 comparative quarter.
- Tax recovery went from $13.5 million in September 2018 to $8.8
million in September 2019, an increase in net loss of $4.7
million.
Cash flow from continuing operations was
negative $1.8 million in the September 2019 quarter compared to
negative $8.2 million in the 2018 comparative quarter. Cash flow is
a measure used by the Company to evaluate its performance, however,
it is not a term recognized under IFRS. The Company believes cash
flow is useful to investors and it is one of the measures used by
management to assess the financial performance of the Company.
Capital expenditures attributed to continuing
operations was $8.2 million in the September 2019 quarter, up from
$5.2 million in the 2018 comparative quarter. The increase was due
to the inclusion of Red Chris expenditures from August 15, 2019
onwards representing Imperial’s 30% proportionate share compared to
the prior year quarter where these expenditures were classified as
discontinued operations.
At September 30, 2019, the Company has not
hedged any copper, gold or CDN/US Dollar exchange. Quarterly
revenues will fluctuate depending on copper and gold prices, the
CDN/US Dollar exchange rate, and the timing of concentrate sales,
which is dependent on concentrate production and the availability
and scheduling of transportation.
OPERATIONS
Red Chris Mine
On August 15, 2019, Imperial completed the sale
of a 70% interest in the Red Chris mine to Newcrest Mining Limited.
Imperial’s portion of the third quarter production was 13.1 million
pounds copper and 5,634 ounces gold representing 100% of production
for the period July 1 through August 14, 2019, and 30% of
production for the period August 15 through September 30, 2019.
Third quarter metal production from Red Chris
was 19.5 million pounds copper and 8,419 ounces gold. These results
represent 100% of production at Red Chris. Copper and gold
production were up 11% in the third quarter compared to the second
quarter of 2019. Mill throughput for the quarter averaged 30,568
tonnes per calendar day.
|
|
Three Months Ended September 30* |
|
Nine Months Ended September 30* |
|
|
2019 |
2018 |
|
2019 |
2018 |
| Ore milled - tonnes |
2,812,236 |
2,810,076 |
|
7,874,663 |
7,930,517 |
| Ore milled per calendar day –
tonnes |
30,568 |
30,544 |
|
28,845 |
29,050 |
| Grade % - copper |
0.421 |
0.292 |
|
0.385 |
0.343 |
| Grade g/t - gold |
0.226 |
0.212 |
|
0.219 |
0.253 |
| Recovery % - copper |
74.81 |
74.92 |
|
75.03 |
75.39 |
| Recovery % - gold |
41.15 |
45.65 |
|
43.76 |
45.82 |
| Copper – 000’s pounds |
19,505 |
13,546 |
|
50,206 |
44,781 |
| Gold – ounces |
8,419 |
8,741 |
|
24,316 |
29,569 |
| Silver
– ounces |
35,318 |
22,780 |
|
88,371 |
77,050 |
* 100% Red Chris mine production
Exploration drilling commenced during the third
quarter, and there are currently six drill rigs on site at Red
Chris. Drilling to October 26, 2019 totalled 6,054 metres.
In the Gully zone, one 1,356.5 metre diamond
drill hole is complete, and two holes in progress. All three holes
are testing the extension of a high-grade copper-gold zone
intersected in RC12-580. RC12-580 drilled in 2012 and intercepted
660.8 metres grading 0.41 g/t gold and 0.37% copper starting at 280
metres down the hole. This interval included a smaller 50 metre
interval grading 1.1g/t gold and 0.90% copper.
In the Saddle zone, located between the Main and
East zones, eight shallow holes up to 300 metres in depth are
complete. This drilling was conducted in-fill a sparsely explored
area between the main and east zones to provide information for the
scheduling and design of the open pits.
At the East Zone, a deep in-fill resource
definition drilling program is underway to provide additional
geological, metallurgical and geotechnical data to support studies
for future underground operations. Four rigs located in this zone
are all drilling angle holes to cross the East Zone at depth and
test the margins of the higher grade zones outlined by the historic
vertical drilling.
Exploration, development and capital
expenditures to the account of the Company were $13.2 million in
the September 2019 quarter compared to $32.1 million in the
comparative 2018 quarter.
Mount Polley Mine
The Mount Polley mine remains on care and
maintenance since shut down of operations in May 2019.
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
|
2019 |
2018 |
|
2019* |
2018 |
| Ore milled - tonnes |
- |
1,393,368 |
|
1,002,352 |
4,588,798 |
| Ore milled per calendar day –
tonnes |
- |
15,145 |
|
16,432 |
16,809 |
| Grade % - copper |
- |
0.220 |
|
0.238 |
0.199 |
| Grade g/t - gold |
- |
0.266 |
|
0.298 |
0.284 |
| Recovery % - copper |
- |
38.39 |
|
28.92 |
58.49 |
| Recovery % - gold |
- |
65.06 |
|
46.60 |
69.66 |
| Copper – 000’s pounds |
- |
2,599 |
|
1,520 |
11,790 |
| Gold – ounces |
- |
7,748 |
|
4,472 |
29,138 |
| Silver
– ounces |
- |
7,684 |
|
4,609 |
24,181 |
*production stated for period January 1 to May
26, 2019
For the quarter ending September 30, 2019, Mount
Polley incurred idle mine costs comprised of $3.0 million in
operating costs and $1.3 million in depreciation expense.
Huckleberry Mine
Huckleberry remains on care and maintenance.
For the quarter ending September 30, 2019,
Huckleberry incurred idle mine costs comprised of $1.1 million in
operating costs and $0.2 million in depreciation expense.
EARNINGS AND CASH FLOW
The Company entered into an agreement for the
sale of a 70% interest in the Red Chris mine to Newcrest Mining
Limited on March 10, 2019 which closed on August 15, 2019. As
a result, this operation was classified as a discontinued operation
effective January 1, 2019 to August 14, 2019 and the comparative
periods have been restated.
Select Quarter Financial
Information
| Expressed in thousands, except
share and per share amounts |
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
Continuing operations: |
|
|
|
|
|
Total revenues |
$ |
6,991 |
|
$ |
17,829 |
|
$ |
42,467 |
|
$ |
76,647 |
|
|
Net loss |
$ |
(15,963 |
) |
$ |
(12,716 |
) |
$ |
(27,977 |
) |
$ |
(66,184 |
) |
|
Net loss per share |
$ |
(0.12 |
) |
$ |
(0.11 |
) |
$ |
(0.22 |
) |
$ |
(0.57 |
) |
|
Diluted loss per share |
$ |
(0.12 |
) |
$ |
(0.11 |
) |
$ |
(0.22 |
) |
$ |
(0.57 |
) |
|
Adjusted net loss (1) |
$ |
(6,940 |
) |
$ |
(21,206 |
) |
$ |
(36,981 |
) |
$ |
(54,530 |
) |
|
Adjusted net loss per share (1) |
$ |
(0.05 |
) |
$ |
(0.18 |
) |
$ |
(0.28 |
) |
$ |
(0.46 |
) |
|
Adjusted EBITDA(1) |
$ |
(1,668 |
) |
$ |
(9,796 |
) |
$ |
(1,885 |
) |
$ |
(3,427 |
) |
|
Cash flow (1)(2) |
$ |
(1,823 |
) |
$ |
(8,197 |
) |
$ |
(1,331 |
) |
$ |
(2,677 |
) |
|
Cash flow per share (1)(2) |
$ |
(0.01 |
) |
$ |
(0.07 |
) |
$ |
(0.01 |
) |
$ |
(0.02 |
) |
|
Discontinued operations: |
|
|
|
|
|
Total revenues |
$ |
39,872 |
|
$ |
52,652 |
|
$ |
164,695 |
|
$ |
191,812 |
|
|
Net income (loss) |
$ |
329,189 |
|
$ |
(15,893 |
) |
$ |
331,485 |
|
$ |
(15,146 |
) |
|
Net income (loss per) share |
$ |
2.56 |
|
$ |
(0.13 |
) |
$ |
2.61 |
|
$ |
(0.12 |
) |
|
Diluted income (loss) per share |
$ |
2.56 |
|
$ |
(0.13 |
) |
$ |
2.61 |
|
$ |
(0.12 |
) |
|
Adjusted net income (loss) (1) |
$ |
7,613 |
|
$ |
(15,893 |
) |
$ |
9,356 |
|
$ |
(15,146 |
) |
|
Adjusted net income (loss) per share (1) |
$ |
0.06 |
|
$ |
(0.13 |
) |
$ |
0.07 |
|
$ |
(0.13 |
) |
|
Adjusted EBITDA(1) |
$ |
129,410 |
|
$ |
(3,491 |
) |
$ |
143,469 |
|
$ |
24,354 |
|
|
Cash flow (1)(2) |
$ |
10,179 |
|
$ |
(3,569 |
) |
$ |
23,699 |
|
$ |
24,276 |
|
|
Cash flow per share (1)(2) |
$ |
0.08 |
|
$ |
(0.03 |
) |
$ |
0.19 |
|
$ |
0.20 |
|
|
Working capital (deficiency) |
$ |
77,416 |
|
$ |
(819,730 |
) |
$ |
77,416 |
|
$ |
(819,730 |
) |
|
Total assets |
$ |
1,024,082 |
|
$ |
1,665,647 |
|
$ |
1,024,082 |
|
$ |
1,665,647 |
|
| Total debt (including current
portion) |
$ |
4,214 |
|
$ |
873,789 |
|
$ |
4,214 |
|
$ |
873,789 |
|
|
(1) Refer to table under heading Non-IFRS Financial Measures
in the MD&A for further details. |
|
(2) Cash flow is defined as the cash flow from operations
before the net change in non-cash working capital balances, income
and mining taxes, and interest paid. Cash flow per share is
defined as cash flow divided by the weighted average number of
common shares outstanding during the year. |
|
|
Select Items Affecting Net Loss
(presented on an after-tax basis)
| expressed in thousands |
Three Months Ended September 30 |
|
|
Nine Months Ended September 30 |
|
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| Net income (loss) before
undernoted items from continuing operations |
$ |
79 |
|
$ |
(6,540 |
) |
$ |
(14,642 |
) |
$ |
(12,129 |
) |
| Interest expense |
|
(7,383 |
) |
|
(13,822 |
) |
|
(33,990 |
) |
|
(40,531 |
) |
| Recovery of BC Mineral taxes
including interest |
|
- |
|
|
- |
|
|
11,288 |
|
|
- |
|
| Gain on sale of Sterling |
|
- |
|
|
121 |
|
|
- |
|
|
296 |
|
| Foreign exchange gain (loss) on
debt |
|
(7,370 |
) |
|
7,525 |
|
|
10,656 |
|
|
(13,820 |
) |
| Loss on early repayment of
debt |
|
(1,289 |
) |
|
- |
|
|
(1,289 |
) |
|
- |
|
|
Net loss from continuing operations |
$ |
(15,963 |
) |
$ |
(12,716 |
) |
$ |
(27,977 |
) |
$ |
(66,184 |
) |
NON-IFRS FINANCIAL MEASURES
The Company reports four non-IFRS financial
measures: adjusted net income, adjusted EBITDA, cash flow and cash
cost per pound of copper produced which are described in detail
below. The Company believes these measures are useful to investors
because they are included in the measures that are used by
management in assessing the financial performance of the
Company.
Adjusted net income, adjusted EBITDA, and cash
flow are not generally accepted earnings measures and should not be
considered as an alternative to net income (loss) and cash flows as
determined in accordance with IFRS. As there is no standardized
method of calculating these measures, they may not be directly
comparable to similarly titled measures used by other
companies.
Adjusted Net Income (Loss) and Adjusted
Net Income (Loss) per Share
Adjusted net loss from continuing operations in
the September 2019 quarter was $6.9 million ($0.05 per share)
compared to an adjusted net loss of $21.2 million ($0.18 per share)
in the 2018 comparative quarter. Adjusted net loss reflects the
financial results excluding the effect of items not settling in the
current period and non-recurring items. Adjusted net loss is
calculated by removing the gains or losses, resulting from mark to
market revaluation of derivative instruments, net of tax,
unrealized foreign exchange gains or losses on non-current debt,
net of tax and other adjustments.
Adjusted EBITDA
Adjusted EBITDA from continuing operations in
the September 2019 quarter was a loss of $1.7 million compared to a
loss of $9.8 million in the 2018 comparative quarter. We define
Adjusted EBITDA as net income (loss) before interest expense,
taxes, depletion and depreciation, and as adjusted for certain
other items.
Cash Flow and Cash Flow Per
Share
Cash flow in the September 2019 quarter from
continuing operations was negative $1.8 million compared to
negative $8.2 million in the 2018 comparative quarter. Cash flow
per share was $(0.01) in the September 2019 quarter compared to
$(0.07) in the 2018 comparative quarter.
Cash flow and cash flow per share are measures
used by the Company to evaluate its performance however they are
not terms recognized under IFRS. Cash flow is defined as cash flow
from operations before the net change in non-cash working capital
balances, income and mining taxes, and interest paid and cash flow
per share is the same measure divided by the weighted average
number of common shares outstanding during the year.
Cash Cost Per Pound of Copper
Produced
The cash cost per pound of copper produced is a
non-IFRS financial measure that does not have a standardized
meaning under IFRS, and as a result may not be comparable to
similar measures presented by other companies. Management uses this
non-IFRS financial measure to monitor operating costs and
profitability. The Company is primarily a copper producer and
therefore calculates this non-IFRS financial measure individually
for its three copper mines, Red Chris (30% share effective August
15, 2019) Mount Polley and Huckleberry, and on a composite basis
for these mines.
The cash cost per pound of copper produced is
derived from the sum of cash production costs, transportation and
offsite costs, treatment and refining costs, royalties, net of
by-product and other revenues, divided by the number of pounds of
copper produced during the period.
Variations from period to period in the cash
cost per pound of copper produced are the result of many factors
including: grade, metal recoveries, amount of stripping
charged to operations, mine and mill operating conditions, labour
and other cost inputs, transportation and warehousing costs,
treatment and refining costs, the amount of by-product and other
revenues, the US$ to CDN$ exchange rate and the amount of copper
produced. Idle mine costs during the periods when the Huckleberry
and Mount Polley mines were not in operation have been excluded
from the cash cost per pound of copper produced.
|
|
|
Cash Cost Per Pound of Copper Produced expressed in thousands,
except cash cost per pound of copper produced |
|
|
Three Months Ended September 30, 2019 |
|
|
Red Chris* |
Mount Polley** |
Composite |
|
Cash cost of copper produced in US$ |
$ |
27,808 |
$ |
- |
$ |
27,808 |
|
Copper produced – pounds |
|
13,132 |
|
- |
|
13,132 |
|
Cash cost per lb copper produced in US$ |
$ |
2.12 |
$ |
- |
$ |
2.12 |
|
|
Three Months Ended September 30, 2018 |
|
|
Red Chris* |
Mount Polley** |
Composite |
|
Cash cost of copper produced in US$ |
$ |
36,250 |
$ |
7,816 |
$ |
44,066 |
|
Copper produced – pounds |
|
13,546 |
|
2,599 |
|
16,145 |
|
Cash cost per lb copper produced in US$ |
$ |
2.68 |
$ |
3.01 |
$ |
2.73 |
|
|
Nine Months Ended September 30, 2019 |
|
|
Red Chris* |
Mount Polley** |
Composite |
|
Cash cost of copper produced in US$ |
$ |
107,891 |
$ |
12,476 |
$ |
120,367 |
|
Copper produced – pounds |
|
43,832 |
|
3,825 |
|
47,657 |
|
Cash cost per lb copper produced in US$ |
$ |
2.46 |
$ |
3.26 |
$ |
2.53 |
|
|
Nine Months Ended September 30, 2018 |
|
|
Red Chris* |
Mount Polley** |
Composite |
|
Cash cost of copper produced in US$ |
$ |
107,808 |
$ |
20,035 |
$ |
127,843 |
|
Copper produced – pounds |
|
44,781 |
|
11,790 |
|
56,571 |
|
Cash cost per lb copper produced in US$ |
$ |
2.41 |
$ |
1.70 |
$ |
2.26 |
* The Red Chris Mine was classified as a discontinued operation
effective January 1, 2019 to August 14, 2019 and prior periods have
been restated. Effective August 15, 2019 onwards, the results from
Red Chris are presented on a proportional basis relative to
Imperials 30% ownership stake in the joint venture in continuing
operations.** The Mount Polley Mine is a continuing operation. The
mine was placed on care and maintenance on May 26, 2019.
For detailed information, refer to Imperial’s
2019 Third Quarter Report available on imperialmetals.com and
sedar.com.
About Imperial
Imperial is a Vancouver exploration, mine
development and operating company. The Company, through its
subsidiaries, owns a 30% interest in the Red Chris mine, and a 100%
interest in both the Mount Polley and Huckleberry copper mines in
British Columbia. Imperial will hold 45.3% interest in the Ruddock
Creek lead/zinc property upon completion of 2019 exploration
expenditures.
Company Contacts
Brian Kynoch | President
| 604.669.8959Andre Deepwell |
Chief Financial Officer | 604.488.2666Sabine Goetz
| Shareholder Communications |
604.488.2657 | investor@imperialmetals.com
FORWARD-LOOKING STATEMENTS & RISKS
NOTICE
The information in this news release provides a
summary review of the Company’s operations and financial position
as at and for the quarter ended September 30, 2019, and plans for
the future based on facts and circumstances as of November 14,
2019. Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking information which are prospective in nature and
reflect the current views and/or expectations of Imperial. Often,
but not always, forward-looking information can be identified by
the use of statements such as "plans", "expects" or "does not
expect", "is expected", "scheduled", "estimates", "forecasts",
"projects", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "should",
"would", "might" or "will" be taken, occur or be achieved. Such
information in this document includes, without limitation,
statements regarding: expectations regarding the care and
maintenance activities at Mount Polley; expectations regarding
current drilling programs; expectations regarding the Company’s
ownership interest in its Ruddock Creek project; production and
marketing; capital expenditures; adequacy of funds for projects and
liabilities; outcome and impact of litigation; cash flow; working
capital requirements; the requirement for additional capital;
results of operations, production, revenue, margins and earnings;
future prices of copper and gold; future foreign currency exchange
rates and impact; future accounting changes; and future prices for
marketable securities.
Forward-looking information is not based on
historical facts, but rather on then current expectations, beliefs,
assumptions, estimates and forecasts about the business and the
industry and markets in which the Company operates, including, but
not limited to, assumptions that: the Company will have access to
capital as required and will be able to fulfill its funding
obligations as the Red Chris minority joint venture partner; the
Company will be able to advance and complete remaining planned
rehabilitation activities within expected timeframes; there will be
no significant delay or other material impact on the expected
timeframes or costs for completion of rehabilitation of the Mount
Polley mine and implementation of Mount Polley’s long term water
management plan; the Company’s initial rehabilitation activities at
Mount Polley will be successful in the long term; all required
permits, approvals and arrangements to proceed with planned
rehabilitation and Mount Polley’s long term water management plan
will be obtained in a timely manner; there will be no material
operational delays at the Red Chris mine; equipment will operate as
expected; there will not be significant power outages; there will
be no material adverse change in the market price of commodities
and exchange rates; the Red Chris mine will achieve expected
production outcomes (including with respect to mined grades and
mill recoveries and access to water as needed). Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations. We can give no assurance that the
forward-looking information will prove to be accurate.
Forward-looking information involves known and
unknown risks, uncertainties and other factors which may cause
Imperial’s actual results, revenues, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements constituting
forward-looking information. Important risks that could cause
Imperial’s actual results, revenues, performance or achievements to
differ materially from Imperial’s expectations include, among other
things: the risk that the Company’s ownership of the Red Chris mine
may be diluted over time should it not have access to capital as
required and will not be able to meet its funding obligations as
the Red Chris minority joint venture partner; that additional
financing that may be required may not be available to Imperial on
terms acceptable to Imperial or at all; uncertainty regarding the
outcome of sample testing and analysis being conducted on the area
affected by the Mount Polley Breach; risks relating to the timely
receipt of necessary approvals and consents to proceed with the
rehabilitation plan and Mount Polley’s long term water management
plan; risks relating to the remaining costs and liabilities and any
unforeseen longer-term environmental consequences arising from the
Mount Polley Breach; uncertainty as to actual timing of completion
of rehabilitation activities and the implementation of Mount
Polley’s long term water management plan; risks relating to the
impact of the Mount Polley Breach on Imperial’s reputation; the
quantum of claims, fines and penalties that may become payable by
Imperial and the risk that current sources of funds are
insufficient to fund liabilities; risks that Imperial will be
unsuccessful in defending against any legal claims or potential
litigation; risks of protesting activity and other civil
disobedience restricting access to the Company’s properties;
failure of plant, equipment or processes to operate in accordance
with specifications or expectations; cost escalation,
unavailability of materials and equipment, labour unrest, power
outages, and natural phenomena such as weather conditions and water
shortages negatively impacting the operation of the Red Chris mine;
changes in commodity and power prices; changes in market demand for
our concentrate; inaccurate geological and metallurgical
assumptions (including with respect to the size, grade and
recoverability of mineral reserves and resources); and other
hazards and risks disclosed within the MD&A for the three and
nine months ended September 30, 2019 and other public filings,
available on Imperial’s profile at sedar.com. For the reasons set
forth above, investors should not place undue reliance on
forward-looking information. Imperial does not undertake to update
any forward-looking information, except in accordance with
applicable securities laws.
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