Mr. Brian Kynoch reports

IMPERIAL PROVIDES RED CHRIS UPDATE

Imperial Metals Corp. has updated its mineral reserves and resources estimates for the Red Chris project. The Newmont mineral reserve and resource statement for Red Chris mine will be reported in line with SEC mining reporting standards, rather than National Instrument 43-101 ("NI 43-101") standards, due to Newmont's primary listing as a US-listed issuer.

Newmont used the previous Newcrest mineral reserve and resource estimates as a base to which they applied both their internal standards and guidelines and the US SEC S-K 1300 reporting rules to prepare the updated reserve and resource statement. Whereas Newmont did not prepare an NI 43-101 report in the process of updating its mineral reserve and resource statement, the previous Newcrest estimates were based solely on the NI 43-101 standards.

Imperial will retain its previously disclosed mineral reserves and resources statement, adjusted for production, until such time as an NI 43-101-compliant report is issued.

As a result of adherence to the United States reporting criteria, some of the Red Chris mineral reserve and resource inventories have either been reclassified or removed from the Newmont mineral reserve and resource statement. The majority of the changes are outlined as follows:

Previously classified as a mineral reserve, Macro Block 3 has been reclassified as a mineral resource because the ounces associated with these tonnes, which were also inferred, were included in the reserve and this is not allowable under SEC guidelines. The classification of this mining block will be re-evaluated by Newmont and could return to mineral reserve status in the Feasibility Study, pending the results of additional study work and drilling.

The majority of the Open Pit mineral resources previously reported by Newcrest have been removed from Newmont's mineral reserve and resource statement due to SEC requirements for an initial assessment and internal reporting standards at Newmont which require a level of study work before inclusion in mineral resources. This assessment is currently uncertain due to sequencing competition and potential interaction with a block cave underground mine, and waste and tailings storage availability. It is Imperial's belief that these materials continue to be viable mine extension candidates which could be considered in future studies.

Newmont's estimated Open Pit mineral reserve has been reduced modestly to reflect an updated life-of-mine plan for the open pit. The difference between this updated Newmont mineral reserve and the previous Newcrest mineral reserve has been reclassified by Newmont as a mineral resource. Further evaluation by Newmont of the Open Pit life of mine plan is ongoing with efforts to extend it; the results of this work are expected in 2024.

The Underground Block Cave mineral resource has also been reduced as a result of SEC requirements to report Mineral Resources exclusive of mineral reserves, and Newmont's internal requirements to ensure reasonable prospects for economic extraction, including requirements on minimum mining widths around the existing Mineral Reserve footprint.

The East Ridge discovery is not included in Newmont's mineral reserve and resource estimates. When the East Ridge drill results, and associated technical study has been completed, Imperial expects the Red Chris mineral resource to increase.

A Block Cave Feasibility Study for Red Chris is currently being reviewed and updated by Newmont as required by our Joint Venture agreement. Imperial will update its mineral reserve and resource statement for Red Chris at the time that study is issued. Newmont will provide Imperial with the schedule for completion of the Block Cave Feasibility Study in March 2024.

Newmont's guidance for Red Chris mine production (100%) for 2024 is 85 million pounds of copper and 57 thousand ounces of gold.

Greg Gillstrom, P.Eng., Senior Geological Engineer for Imperial Metals Corporation, has reviewed the scientific and technical disclosure contained in this news release and is the designated Qualified Person as defined by 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.

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