Mr. Brian Kynoch reports

IMPERIAL DRILLING INTERSECTS 115 METRES GRADING 0.67% COPPER AND 0.85 G/T GOLD AT MOUNT POLLEY

Imperial Metals Corp. has released diamond drill results from the Mount Polley 2023 exploration program. A second phase of drilling was completed in June to follow up on the excellent results obtained in the first phase of drilling. Both phases were conducted in an underexplored area between the Springer and Cariboo mineralized zones.

Results from five of the 10 holes drilled in the second phase have been received and include a high-grade interval of 115 metres grading 0.67 per cent copper and 0.85 gram per tonne (g/t) gold from 302.5 metres in hole SD-23-175. These results continue to increase the dimensions of the Springer zone mineralization and, given the proximity to existing mining and planned pits, mineralization discovered in this area has a good potential to be converted from resource to reserve. The Springer zone contains most of the reserves in the current mine plan.

Brian Kynoch, president of Imperial, said: "The results of these two phases of drilling will now be used to remodel the Springer mineralization. The updated model will be used to update Mount Polley mining plans. Given the positive results from this drilling, we hope that the mine life can be extended. This drilling has also provided several targets for additional follow-up drilling."

The significant intervals in the five holes are included in the attached table.

All five drill holes are vertical and were collared in the current Springer pit.

Drill hole SD-23 175 is a stepout to the east on Section 3160N testing the continuation of Springer mineralization toward the Polley fault at depth. It intersected 0.67 per cent copper and 0.85 g/t gold over 115 metres from 302.5 metres and includes a higher-grade zone grading 1.03 per cent copper and 1.51 g/t gold over 40.0 metres from 320 metres. This mineralization is hosted by unusually well-developed skarn alteration in brecciated monzonite. It is marked by garnet-rich calc-silicate alteration and abundant magnetite reflected in the high iron content, up to 12.55 per cent iron, and high magnetic susceptibility. Additional detailed drilling to define the dimensions of this higher-grade mineralization will be planned.

All the remaining holes in this news release were targeted to expand on the successful phase 1 drilling results, including hole SD-23-167, which intercepted 162.5 metres grading 0.50 per cent copper and 0.52 g/t gold from 30 metres downhole. These results, which have extended the core of the main Springer zone to the east, should allow for much of the local area to be upgraded to indicated in the mineral resource block model in advance of reoptimization of the life-of-mine plan, allowing for their potential inclusion into mineral reserves. Mine planning optimization efforts will focus on the potential to resequence and improve the life-of-mine schedule by exploiting this higher-grade material sooner.

A description of the location and results from each drill hole are as follows.

SD-23-168 is a 35-metre stepout to the west of SD-23-167 on Section 3315N. It intersected 0.49 per cent copper and 0.53 g/t gold over 110 metres from a depth of 22.5 metres, as well as 0.45 per cent copper and 0.68 g/t gold over 62.5 metres from a depth of 167.5 metres.

SD-23-169 is a 50-metre stepout to the northwest of SD-23-167 on Section 3350N testing the northern edge of the Springer deposit in this area. It intersected 0.30 per cent copper and 0.41 g/t gold over 70 metres from a depth of 15 metres, and another intersection of 0.24 per cent copper and 0.57 g/t gold over 39.5 metres from a depth of 157.5 metres.

SD-23-170 is a 35-metre stepout to the east of SD-23-167 on Section 3310N. It intersected 0.70 per cent copper and 0.47 g/t gold over 24.4 metres from a depth of 23.9 metres.

SD-23-171 is a 35-metre stepout to the north of SD-23-167 on Section 3350N testing the northern edge of the Springer deposit in this area. It intersected 0.60 per cent copper and 0.48 g/t gold over 16.5 metres from a depth of six metres.

SD-23-175 is a 50-metre stepout to the east of SD-23-163 on Section 3160N. It intersected 0.67 per cent copper and 0.85 g/t gold over 115 metres from 302.5 metres and includes a higher-grade zone grading 1.03 per cent copper and 1.51 g/t gold over 40 metres from a depth of 320 metres.

Jim Miller-Tait, PGeo, Imperial's vice-president of exploration, has reviewed this news release as the designated qualified person as defined by National Instrument 43-101 for the Mount Polley exploration program. Samples reported were analyzed at Bureau Veritas Mineral Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was completed for all diamond drilling samples submitted to the labs. Significant assay intervals reported represent apparent widths. Insufficient geological information is available to confirm the geological model and true width of significant assay intervals.

About Imperial Metals Corp.

Imperial is a Vancouver-based exploration, mine development and operating company with holdings that include the Mount Polley mine (100 per cent), the Huckleberry mine (100 per cent) and the Red Chris mine (30 per cent). Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia. These properties have defined areas of mineralization and clear exploration potential. Management continues to evaluate various opportunities to advance many of these properties.

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