Imperial Reports Production and Red Chris Exploration Update for 2023 Second Quarter

VANCOUVER, British Columbia, July 24, 2023 (GLOBE NEWSWIRE) -- 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 second quarter was 11,181,595 pounds copper and 14,289 ounces gold, of which 7,062,836 pounds copper and 10,185 ounces gold were produced at Mount Polley and 4,118,759 pounds copper and 4,104 ounces gold from Imperial’s 30% share of Red Chris mine production. Total production increased this quarter compared to 10,155,001 pounds copper and 13,129 ounces gold produced in the previous quarter (6,678,094 pounds copper and 9,980 ounces gold coming from Mount Polley and 3,476,907 pounds copper and 3,149 ounces gold coming from its 30% share of Red Chris mine production).

Mount Polley metal production was up by 5.8% for copper and 2.1% for gold for this quarter due to higher copper and gold grades, and slightly higher throughput. The throughput averaged 15,724 tonnes per day compared to 15,440 tonnes per day in the previous quarter; copper recovery was 79.9% compared to 81.1% in the first quarter and gold recovery was 68.3% compared to 71.5% in the previous period. A lightning strike damaged a mill motor during the quarter, which inhibited the ability to increase throughput while maintaining the excellent metals recoveries that are being achieved. The motor is out for repair and expected to be returned to operation in August.

Red Chris copper and gold production (100%) for the quarter was 13,729,195 pounds copper and 13,680 ounces gold, an increase of 18% and 30% respectively from the prior quarter (11,589,689 pounds copper and 10,496 ounces gold) largely driven by higher mill throughput and higher head grades (0.35% copper and 0.34g/t gold compared to 0.33% copper and 0.31g/t gold in the previous quarter) and improved gold recovery (52.6% compared to 50.2%).

The Red Chris Block Cave Feasibility Study is expected to be completed in the second half of 2023. Several optimization opportunities to unlock further value are being assessed as part of the Feasibility Study including options for the initial extraction level of the first block cave and alternative plant expansion options. Newcrest is reviewing various options to offset any inflationary cost pressures on future capital expenditure and operating costs. Progress towards block cave mining is advancing with the exploration decline at 3,245 metres as of July 20, 2023, and the ventilation fans have been commissioned in the first ventilation raise.