Imperial Metals Corporation III

MaterialsMetals & MiningCanada

Last close 6.27 CAD on Nov 2, 2026, −37.3% year to date

Quant rating

Quant rating D Rank 130 of 154 in Materials

Growth D 126 of 154
Valuation B 38 of 154
Quality C 95 of 154
Revisions D 135 of 154
Momentum D 118 of 154

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.1B
Enterprise value: 1.2B
52-week range: 6.01 – 14.01
3-year range: 1.76 – 14.01
Dividend yield: –
Beta (5 years): 0.97
Shares outstanding: 178M
Next earnings: –

About the company

Imperial Metals Corporation is a Canada-based mining company. The Company is engaged in the acquisition, exploration, development, mining and production of base and precious metals. The Company owns the Mount Polley mine (100%), the Huckleberry mine (100%), and Huckleberry copper mines and holds a 30% interest in the Red Chris copper/gold mine. It also holds a portfolio of 23 greenfield exploration properties in British Columbia. The Company holds mineral properties and greenfield exploration projects. Mount Polley mine is an open-pit copper/gold mine located in south-central British Columbia, 56 kilometers northeast of Williams Lake. Huckleberry mine is an open-pit copper mine, located 88 kilometers from Houston, British Columbia. The property encompasses 23,241 hectares. Its Red Chris copper/gold mine is in northwest British Columbia, 80 km south of Dease Lake and its property encompasses 23,142 hectares.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	692	494	344	173	134	–
Revenue growth	39.9%	43.5%	99.3%	29.3%	−9.8%	36.1%
EPS (basic, normalized)	–	–	–	–	−0.19	–
EPS growth	–	–	–	–	–	–
Gross margin	44.9%	33.7%	−3.2%	−9.8%	7.8%	14.7%
Net margin	22.2%	21.5%	−10.7%	−44.0%	−19.5%	−6.1%
ROE	16.6%	13.8%	−5.1%	−10.1%	−3.5%	2.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	86.9
Current ratio	0.79x
Long-term debt (mil)	5.5
Net debt (mil)	111
Total equity (mil)	1,065
Net debt / equity	0.10x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	692	+39.9%	1.8x	–	–	–	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
III Imperial Metals Corporation	1.1B	–	22.2%	1.05x	–	–	–	–
SCCO Southern Copper Corp	211.8B	0.00x	32.3%	11.74x	22.5x	23.8x	13.4x	13.9x
FCX Freeport-McMoRan Inc	123.3B	1.93x	8.5%	4.31x	19.5x	14.4x	8.4x	6.0x
LUN Lundin Mining Corporation	25.5B	0.71x	25.8%	2.61x	16.1x	14.6x	7.4x	6.7x
JIXAY Jiangxi Copper Co Ltd	19.9B	–	–	–	–	–	–	–
IVN Ivanhoe Mines Ltd.	12.9B	0.90x	42.0%	1.53x	30.5x	14.5x	10.2x	6.4x
Mean		0.88x	26.2%	4.25x	22.2x	16.8x	9.8x	8.2x
Median		0.80x	25.8%	2.61x	21.0x	14.5x	9.3x	6.5x

Technical analysis

1M−25.8%
3M−12.9%
1Y−8.5%
3Y+202.9%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Imperial Metals Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	692	494	344	173	134	148
Cost of revenue	381	328	355	190	123	127
Gross profit	311	166	−10.9	−16.9	10.4	20.6
Selling, general & administrative expenses	10.5	1.6	4.6	4.2	4.4	3.9
Research & development	–	–	–	–	–	–
Interest expense (income), operating	22.1	29.7	27.1	7.3	1.0	0.5
Unusual expense (income)	6.6	5.1	3.5	−15.1	−3.6	0
Other operating expenses	21.9	18.4	16.1	75.4	39.3	25.1
Operating income	250	112	−62.2	−88.8	−30.6	−8.9
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	250	112	−62.2	−88.8	−30.6	−8.9
Provision for taxes	95.9	5.3	−25.4	−12.8	−4.6	−4.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	154	106	−36.7	−76.0	−26.1	−4.9
Extraordinary items	–	–	–	–	–	0
Net income	154	106	−36.7	−76.0	−26.1	−4.9
EBIT, normalized	278	146	−31.4	−96.3	−33.3	−8.4
EBITDA, normalized	405	228	19.4	−55.0	10.1	31.9
Basic EPS, normalized	–	–	–	–	−0.19	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Imperial Metals Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	36.8	58.1	24.9	27.5	33.4	34.1
Receivables	32.1	30.1	32.0	30.0	8.9	6.0
Total inventory	98.6	85.5	57.3	51.6	27.6	12.4
Prepaid expenses	7.3	6.0	5.7	5.1	3.6	2.8
Other current assets	0	0	0	0	0	0
Total current assets	175	180	120	114	73.5	55.4
Property, plant & equipment	1,558	1,431	1,247	1,146	1,065	979
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	60.6	47.1	45.1	39.1	48.1	56.5
Total assets	1,793	1,658	1,412	1,300	1,186	1,091
Liabilities
Accounts payable	–	77.7	–	–	–	–
Payable/accrued	89.7	–	80.2	70.8	59.6	44.2
Accrued expenses	29.5	19.8	–	–	–	–
Short-term debt	120	168	133	101	29.5	0
Current portion of long-term debt	55.2	110	74.0	7.6	2.9	0.8
Other current liabilities	2.4	2.3	0.7	0	0.6	1.1
Total current liabilities	296	377	288	179	92.6	46.1
Long-term debt	3.9	95.3	113	89.2	2.6	1.6
Minority interest	–	–	–	–	–	–
Other liabilities	466	362	295	295	328	315
Total liabilities	766	834	696	564	423	363
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	491	437	437	420	380	319
Additional paid-in capital	46.4	50.0	49.5	48.7	41.4	41.0
Retained earnings (accumulated deficit)	482	328	222	259	335	361
Treasury stock	–	–	–	–	–	–
Other equity	8.1	8.5	7.9	8.0	7.6	7.6
Total equity	1,027	824	716	736	763	728
Total liabilities & shareholders' equity	1,793	1,658	1,412	1,300	1,186	1,091

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Imperial Metals Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	154	106	−36.7	−76.0	−26.1	−4.9
Depreciation, depletion & amortization	95.6	61.5	48.9	39.9	41.0	40.3
Deferred taxes	88.7	1.9	−26.3	−12.7	−5.3	−4.3
Non-cash items	36.4	41.5	37.8	−4.1	1.4	5.8
Changes in working capital	−25.9	−55.8	−27.4	−33.9	4.0	−12.0
Cash from operations	349	155	−3.8	−86.8	15.0	24.9
Investing activities
Capital expenditures	−222	−182	−122	−145	−102	−73.6
Other investing cash flows	9.1	21.2	−2.9	16.7	−0.7	−4.6
Cash from investing	−213	−161	−125	−128	−103	−78.2
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−157	37.6	127	208	87.2	−1.5
Cash from financing	−157	37.6	127	208	87.2	−1.5
Foreign exchange effects	−0.5	1.2	0	0.5	0	−1.1
Net change in cash	−21.3	33.2	−2.6	−5.8	−0.7	−55.9
Free cash flow	127	−26.8	−126	−231	−87.2	−48.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.