Red Chris Production And Exploration Update

VANCOUVER - Imperial Metals Corporation reported Red Chris metal production was 22.0 million pounds copper and 19,540 ounces gold in Q2, up 65% and 62% respectively from the 13.3 million pounds copper and 12,088 ounces gold produced during the first quarter of 2022. The improved production was a result of higher throughput (2.6 million tonnes versus 2.0 million tonnes), higher head grades (0.48% copper and 0.39 g/t gold compared to 0.41% copper and 0.36g/t gold) and higher recoveries (80.5% copper and 60.6% gold versus 72.6% copper and 51.9% gold) in the first quarter. Imperial’s 30% portion of the second quarter production was 6.6 million pounds copper and 5,862 ounces gold.

Exploration drilling at the East Ridge zone continues to define and expand the high grade mineralization which remains open to the east and depth. An additional 32 holes were completed during the quarter for a total of 30,482 meters. All exploration holes intersected mineralization. Five dedicated geotechnical holes were also drilled. The East Ridge mineralized corridor (>0.4% copper and >0.4 g/t gold) extends over 900 meters long, up to 1,000 meters high and 125 meters wide, with higher grade (>0.8% copper and >0.8 g/t gold) in several smaller pods over an area 500 meters high, 400 meters long and 100 meters wide.

An Exploration Target has been defined for East Ridge. The Exploration Target ranges from a lower tonnage of approximately 170 million tonnes at 0.5% copper and 0.5 g/t gold containing 2.0 billion pounds copper and 2.8 million ounces gold to an upper tonnage of approximately 300 million tonnes at 0.4% copper and 0.4 g/t gold containing 2.9 billion pounds copper and 4.3 million ounces gold. The grades and tonnages are estimates based on continuity of mineralization defined by exploration diamond drilling results with the lower range estimate in the area having a nominal drill hole spacing of 100 meters by 100 meters and the upper range estimate extended into the area with a nominal drill hole spacing of 100 meters by 200 meters.

The East Ridge Exploration Target is outside of the current Mineral Resource estimate. The potential tonnage and grade of the Exploration Target for East Ridge is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Progress toward block cave mining is continuing with the development of the exploration decline having reached 1,703 meters. The Feasibility Study is expected to be released in the first half of 2023.

Underground drilling of the East Ridge zone from the exploration decline has been initiated. This drilling will focus on extending the East Ridge mineralization to depth and to the east. Drilling from underground will significantly reduce the meterage required to further test the East Ridge and the surface disturbance required to construct drill pads and roads.

Drilling results from the second quarter include hole RC786 which returned 482 meters of 0.43% copper and 0.26 g/t gold from 712 meters including 32 meters of 0.80% copper and 0.88 g/t gold from 948 meters. This hole is 100 meters above previously reported hole RC773, testing the upward extent of the East Ridge on this section, and confirms the mineralization remains open up-dip on this section. Hole RC789W was drilled on the same section and returned 154 meters from 1242 meters of 0.47% copper and 0.46 g/t gold including 16 meters of 1.2% copper and 1.5 g/t gold from 1370 meters and 10 meters of 1.5% copper and 2.0 g/t gold also from 1370 meters. Hole RC789W is located 100 meters below hole RC773 and 100 meters above hole RC779, both of which have been previously reported. Hole RC795 returned 92 meters of 0.55% copper and 0.41 g/t gold from 1324 meters including 16 meters from 1390 meters of 0.97% copper and 0.59 g/t gold. Hole RC795 is 100 meters above previously reported RC785. Hole RC797 returned 152 meters at 0.41% copper and 0.12 g/t gold from 1,288 meters and demonstrates the system is present and remains open to the east. Approximately 50,000 meters of growth-related drilling targeting mineralization definition and continuity is planned for the second half of 2022 with eight drill rigs.