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Imperial Completes Rights Offering

Press Release

Vancouver | June 25, 2021 | Imperial Metals Corporation (the “Company”) (TSX:III) is pleased to announce the successful completion of its previously announced rights offering (the “Rights Offering”), which expired at 2:00 p.m. (Pacific Time) today. The Company will issue a total of 12,853,267 common shares in the Rights Offering for gross proceeds of approximately $60.4 million.

The Company will issue a total of 10,992,281 common shares under basic subscription privileges in the Rights Offering and a total of 1,860,986 common shares under additional subscription privileges. To the knowledge of the Company, no person will become an insider as a result of the Rights Offering. The total number of issued and outstanding common shares of the Company upon completion of the Rights Offering will be 141,392,191.

The proceeds of the Rights Offering will be used as set out in the Company’s Rights Offering circular dated May 18, 2021.

This news release does not constitute an offer for sale or the solicitation of an offer to buy any securities in the United States. The Company registered the offer and sale of the shares issuable on exercise of the rights on a Form F-7 registration statement (File No. 333-256267) under the U.S. Securities Act of 1933, as amended, a copy of which can be found at www.sec.gov and may also be obtained by contacting the Chief Financial Officer at 604.488.2658 or by email at [email protected]

About Imperial

Imperial is a Vancouver based 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.

Company Contacts

Brian Kynoch | President | 604.669.8959

Darb Dhillon | Chief Financial Officer | 604.488.2658

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