Imperial Reports Red Chris Mine Block Cave Planning Progress and 2026 Third Quarter Production Update

Imperial Metals Corporation (III) released a combined operations and project update for the third quarter of 2026, detailing production figures and strategic developments across its portfolio. The company reported total attributable output of 8.535 million pounds of copper and 11,648 ounces of gold, combining its 30% interest in the Red Chris mine and its 100% interest in the Mount Polley mine.

At Red Chris, the 100% basis production for the quarter included 14.771 million pounds of copper, a 29% year-over-year decline, and 12,391 ounces of gold, down 43% year-over-year. Imperial Metals’ 30% share of Red Chris output amounted to 4.431 million pounds of copper and 3,717 ounces of gold. Meanwhile, the Mount Polley mine produced 4.104 million pounds of copper, down from 7.655 million pounds in the prior year period, and 7,931 ounces of gold, compared to 9,285 ounces previously.

Regarding the Red Chris Block Cave project, Imperial Metals stated that the feasibility study is nearing completion. The company now expects to make a full funds investment decision in early 2027, a shift from the previous timeline of the second half of 2026. Construction is planned to begin in 2027, with first production targeted for 2033. The project features a 13-year initial cave life expected to yield 3.0 million ounces of gold and more than 1.8 billion pounds of copper on a 100% basis, with a potential 70-year mine life. Additionally, the company noted a Canadian government grant exceeding $500 million, with final terms expected before the end of 2026. Development capital for the project will not be disclosed until an NI 43-101 technical report is completed.

Imperial Metals revised its 2026 guidance for the Mount Polley mine downward, setting a new range of 16–18 million pounds of copper and 30,500–33,700 ounces of gold, compared to the previous estimate of 19–21 million pounds of copper and 40,000–44,000 ounces of gold. Management reaffirmed a consolidated 2026 guidance of 79–87 million pounds of copper and 87,500–96,500 ounces of gold.

Imperial Metals Corporation (III) issued a production guidance cut for its Mount Polley operation, missing repeated prior commitments and market expectations that had been conditioned on the mine meeting its targets. The company also announced that the investment decision for the Red Chris block cave project has slipped from the second half of 2026 to early 2027.

The block cave scale details indicate 3.0 moz Au and >1.8 Blb Cu over 13 years, with a 70-year potential. First production is scheduled for 2033, seven years out. These details were largely pre-released by operator Newmont, which released information earlier today, meaning they are not new information unique to Imperial.

The release does not disclose the block cave development capital, deferring it to a future NI 43-101. On a 30%-owned, 100%-basis capex project, this is the key unknown for Imperial's funding requirement, and it is being withheld.

The release states Imperial "anticipates the consolidated metal production… will achieve the guidance of 79–87 million pounds copper and 87,500–96,500 ounces gold for 2026." That 79–87 Mlb exactly equals Red Chris 100% (60–66) plus Mount Polley 100% at the PRE-CUT range (19–21). With Mount Polley now 16–18, the combined 100%-basis figure is only 76–84 Mlb. Worse, the release itself defines "consolidated" production as the attributable 30% Red Chris + 100% Mount Polley share (8.535 Mlb for the quarter), under which definition the attributable full year would be roughly 34 Mlb — nowhere near 79–87. The reaffirmed headline guidance is therefore stale and internally inconsistent with the guidance cut in the same document.

Imperial Metals Corporation (III) is a Vancouver-based mining company with producing, development, and exploration assets in British Columbia, Canada. The company’s Mount Polley mine is 100% owned and operates as an open-pit copper-gold facility. Current operations involve mining the Phase 5 pushback of the Springer pit, supplemented by the C2 pit, Phase 4, and low-grade stockpiles. A tailings dam raise has been approved to 987 m, extending the permitted mine life to 2034.

Imperial Metals also holds a 30% interest in the Red Chris mine, which is 70% owned and operated by Newmont. Located in the Golden Triangle, Red Chris is an open-pit copper-gold operation transitioning toward block cave mining. The company’s Huckleberry mine is 100% owned and is currently on care and maintenance, with a reopening plan targeted for completion by the end of 2026.

The company maintains a portfolio of greenfield exploration properties in British Columbia. While a recent release states there are 20 properties, the May 2026 NCIB release and prior materials indicate 23, representing a minor inconsistency in disclosure. Management includes Brian Kynoch as President, Steve Robertson as VP Corporate Development and Qualified Person, and Darb Dhillon as CFO.