What is the expected timeline to complete further drilling and move towards a resource estimate?

Timeline outlook

Imperial Metals has just announced a breakthrough step‑out discovery 4.15 km north of the operating Mount Polley mill, but the press‑release does not contain a specific schedule. From a mining‑company‑operations perspective, a “step‑out” program of this size typically follows a two‑phase timeline:

1. Completion of the current drill program – Imperial will need to drill a follow‑up suite (approximately 2,000 m of additional drilling) to test the continuity of the breccia, define the strike and depth extent, and collect sufficient bulk‑sample data for metallurgical testing. Given the current hole (FP‑25‑01) was only the first blind target, the company usually allocates 3‑4 months to finish the remaining holes in the current season (i.e., by Q4 2025).

2. Resource definition and preliminary resource estimate – Once drilling is complete, the company will need to compile assay results, run a resource‑modeling exercise, and obtain the necessary internal and external (NI 43‑101) approvals. For a newly discovered copper‑gold system of this size, the industry standard is 6‑12 months from the end of drilling to release a Preliminary Economic Assessment (PEA) or at‑least a “preliminary resource estimate”. Consequently, a full resource estimate is realistically expected by mid‑2026 to early‑2027, assuming no major drilling setbacks or permitting delays.

Trading implications

The 3‑month window to finish the step‑out drill program creates a near‑term catalyst: each subsequent hole will either confirm a sizable copper‑gold envelope or constrain the target to a narrow anomaly. Positive drill updates in the next 8‑12 weeks should trigger short‑term buying pressure, especially as the market price of copper remains in an upward trend (≈ US$9‑10 lb). Conversely, a lack of continuity or low grades could dampen the bullish momentum and open the stock to short‑term volatility.

From a longer‑term perspective, a mid‑2026 resource estimate will be the first quantitative benchmark for this new district. Investors should position for a “buy‑the‑rumor” play now (anticipating drill‑result releases) and consider scaling out or tightening stops once the resource estimate is released—its size and grade will dictate whether the discovery graduates to a multi‑million‑tonne resource that could justify additional capital spend and potentially lift the stock into a higher‑valuation multiple relative to peers. In the interim, keep a watch on the company’s drill‑completion schedule and any early assay releases; they will be the primary price drivers until the formal resource estimate is filed.