Mr. Brian Kynoch reports

IMPERIAL PROVIDES UPDATE ON MOUNT POLLEY 2023 PRODUCTION

Imperial Metals Corp.'s 2023 metal production from Mount Polley was 30,145,000 pounds of copper and 41,834 ounces of gold. The mine achieved the low end of its target of 30 million to 33 million pounds for copper production and exceeded the high end of its target of 35,000 to 40,000 ounces for gold production.

Red Chris production will be released when the reconciled information is received from Newmont Corp.

Mount Polley mine

During the fourth quarter, 1,567,491 tonnes of ore were treated (up 44.6 per cent compared with Q4 2022). This increase is partially due to improved plant availability of 88.3 per cent (up 22 per cent from Q4 2022). During the quarter, 8,348,000 pounds copper (up 120.5 per cent from Q4 2022) and 10,349 ounces gold (up 48.0 per cent from Q4 2022) were produced.

With the damaged third ball mill returned to service in October, the November mill throughput averaged 19,609 tonnes per day, and, from Dec. 20 to Dec. 30, mill throughput averaged 20,076 tonnes per day. With all the mills operational, the plant is nearing historic throughput highs and achieving better availability while maintaining strong copper and gold recoveries.

Approximately two-thirds of the tailings stored in the Springer pit had been removed by year-end, and the remaining tailings are expected to be removed by the end of the first quarter 2024.

The 2024 production target for Mount Polley is 34 million to 37 million pounds copper and 37,000 to 41,000 ounces gold.

Red Chris update

Newmont completed the acquisition of Newcrest Mining Ltd. during the fourth quarter of 2023 and holds 70-per-cent interest in the Red Chris mine. Newmont noted, in a presentation, that considerations for 2024 include "taking time to assess and integrate the Newcrest assets; thoughtful approach to longer-term view." Newmont has since taken over the block cave feasibility study with further details to be released by Imperial when the information is received from Newmont. Newmont's reserve and resource estimates are expected to be released along with Newmont's 2023 year-end results. As Newmont is a U.S. listed issuer, the Newmont reserve and resource statement for Red Chris mine will be reported in line with SEC (Securities and Exchange Commission) reporting standards, not National Instrument 43-101 standards.

During the quarter, diamond drill rigs continued to explore at Red Chris. Diamond drilling was focused in the East zone block cave area gathering geological and geotechnical information.

Block cave development continues with the second ventilation raise bore expected to be on schedule for completion within the first half of 2024. The ramp is now more than halfway to the extraction level elevation.

Brian Kynoch, PEng, 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 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.

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