Imperial Reports 2015 Financial Results
Press Release
Vancouver – March 30, 2016 | Imperial Metals Corporation (the “Company”) (III-TSX) reports financial results for its fiscal year ended December 31, 2015. The Company incurred a net loss for the year ended December 31, 2015 of $97.0 million ($1.25 per share) compared to net loss of $37.3 million ($0.50 per share) in 2014. The 2015 loss was primarily driven by the loss from mine operations, foreign exchange losses on non-current debt, the inclusion of interest expense in the Statement of Income effective July 1, 2015, relating to the commencement of commercial production at the Red Chris mine, offset in part by realized and unrealized gains on derivative instruments. The 2014 loss was primarily related to the $67.4 million provision for rehabilitation costs taken by the Company for the Mount Polley tailings dam breach, and foreign exchange losses on non-current debt.
The 2015 net loss included foreign exchange losses related to changes in CDN/US Dollar exchange rates of $81.9 million of which $81.7 million was unrealized compared to foreign exchange losses of $20.5 million in 2014 of which $19.4 million was unrealized. The $81.9 million foreign exchange loss is comprised of a $71.3 million loss on the senior notes, a $7.1 million loss on long term equipment loans, and a loss of $3.5 million on operational items. The average CDN/US Dollar exchange rate in 2015 was 1.279 compared to 1.105 in 2014.
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