Imperial Reports Production Update for 2023 Third Quarter

Press Release

Vancouver | October 16, 2023 | Imperial Metals Corporation (“Imperial” or the “Company”) (TSX:III) reports quarterly copper and gold production from Mount Polley and Red Chris mines. Imperial’s production for the third quarter was 12,182,493 pounds copper and 14,335 ounces gold, of which 8,056,570 pounds copper and 11,321 ounces gold were produced at Mount Polley and 4,125,923 pounds copper and 3,014 ounces gold from Imperial’s 30% share of Red Chris mine production. In the previous quarter 11,181,595 pounds copper and 14,289 ounces gold were produced, with 7,062,836 pounds copper and 10,185 ounces gold coming from Mount Polley and 4,118,759 pounds copper and 4,104 ounces gold coming from its 30% share of Red Chris mine production. Copper production for the quarter was up 9%, largely from increased production at Mount Polley while gold production was virtually the same compared to the previous quarter with increased production at Mount Polley offsetting lower gold production at Red Chris.

Mount Polley metal production was up by 14.1% for copper and 11.2% for gold for this quarter due to slightly higher copper grades, and higher throughput. The throughput averaged 16,959 tonnes per day compared to 15,724 tonnes per day in the previous quarter; copper recovery was 79.5% compared to 79.9% in the first quarter and gold recovery was 70.1% compared to 68.3% in the previous period. Excellent metal recoveries continued to be achieved throughout the quarter despite additional throughput being restricted as the mill motor, which was damaged due to a lightning strike in the second quarter, was under repair until this month.

Red Chris copper and gold production (100%) for the quarter was 13,753,075 pounds copper and 10,048 ounces gold, compared to 13,729,195 pounds copper and 13,680 ounces gold in the previous quarter. Gold production was 27% lower than the prior period, primarily driven by lower gold head grade from the Phase 7 ore source, which was in line with expectations.

The exploration program continued at Red Chris during the quarter with drilling completed west of the Main Zone, in the Gully, and Far West zones as well as in the recently recognised White Rock Canyon targets. In addition to drilling, a program of geological mapping and geochemical sampling was completed across several regional targets.

Newcrest continued the development of the Block Cave during the quarter. As at October 8, 2023, the exploration decline advanced to 3,580 metres and the conveyor decline advanced to 548 metres. The Feasibility Study also progressed, with financial evaluation of the project continuing during the quarter. Brian Kynoch, P.Eng., Imperial’s President has reviewed the disclosures contained in this news release and is the designated Qualified Person as defined by National Instrument 43-101 (“NI 43-101”).

About Imperial

Imperial is a Vancouver based exploration, mine development and operating company with holdings that include the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine (30%). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia.

Company Contacts

Brian Kynoch | President | 604.669.8959
Darb S. Dhillon | Chief Financial Officer | 604.488.2658

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