Mr. Mark Smith reports

IBC ADVANCED ALLOYS ANNOUNCES ENTERING INTO NEW TERM LOAN AND AMENDMENT OF EXISTING CREDIT FACILITIES

Some of IBC Advanced Alloys Corp.'s United States subsidiaries have entered into a term loan with Sallyport Commercial Finance LLC and amendments to existing credit facilities with each of Sallyport and Iron Horse Credit LLC, as further described herein, resulting in access to $7-million (U.S.) in additional funding. Following repayment of the outstanding principal owed on the company's 9.5 per cent senior unsecured debentures and 8.25 per cent senior unsecured convertible debentures due on Sept. 5, 2023, the company expects to have approximately $4-million (U.S.) available for working capital.

The term loan is governed by a real estate lien note between the subsidiaries and Sallyport, pursuant to which Sallyport will provide the subsidiaries with $3-million (U.S.), secured by a mortgage and assignment of rents granted by Nonferrous Products Inc., one of the subsidiaries, on a property in Indiana. The term loan will accrue interest at an annual rate equivalent tfo the prime rate plus 6.75 per cent. The term loan has a term of nine months and is subject to customary terms for similar agreements in the United States manufacturing sector.

The amendments will upsize and amend the account sale and purchase agreement (the ASPA) among Sallyport and the subsidiaries, and the credit and security agreement among Iron Horse and the subsidiaries. The existing terms of the ASPA and the credit agreement are described in the company's press release dated July 29, 2021. Pursuant to the amendments, Sallyport will increase the maximum size of the credit facility to $7-million (U.S.) and will amend the structure of the facility from a disclosed factoring facility to a batch or "bulk" factoring facility, and Iron Horse will increase the maximum size of the credit facility to $6-million (U.S.).

About IBC Advanced Alloys Corp.

IBC is a leading beryllium and copper advanced alloys company serving a variety of industries such as defence, aerospace, automotive, telecommunications, precision manufacturing and others. IBC's copper alloy division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper and aluminum bronze. IBC's engineered materials division makes the Beralcast family of alloys, which can be precision cast and are used in an increasing number of defence, aerospace and other systems, including the F-35 joint strike fighter. IBC has production facilities in Indiana and Massachusetts. The company's common shares are traded on the TSX-V under the symbol IB and on the OTCQB under the symbol IAALF.

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