Mr. Mark Smith reports

IBC ADVANCED ALLOYS REPORTS FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2023

IBC Advanced Alloys Corp. has released its financial results for the quarter ended Sept. 30, 2023. (Unless otherwise noted, all financial amounts in this news release are expressed in U.S. dollars.)

Consolidated sales rose to $6.7-million in the quarter, with both operating divisions booking higher revenue. Gross profit and gross margins also improved across both divisions, as did operating income and adjusted earnings before interest, taxes, depreciation and amortization.

"I was very pleased to see stronger financial and operating performance over the prior-year quarter across both of our operating divisions," said Mark A. Smith, chairman and chief executive officer of IBC Advanced. "Demand remained strong in the quarter for our copper alloy products, and our engineered materials division improved largely due to more favourable pricing in commercial and defence markets for our products. The entire IBC team is working very hard to put the company on the path to sustained profitability, and I look forward to helping deliver that to both our shareholders and our employees."

Copper alloys division

Sales have increased in copper alloys in the current-year periods, as compared with the prior-year periods, primarily due to increased market demand for its products, especially from customers in the electronics sector that are manufacturing products related to the rapidly growing network connectivity of consumer goods and the transition to 5G networks. The division's gross margin also strengthened in the year to 17.6 per cent from 9.7 per cent in the prior-year quarter. Operating performance has remained strong as the division continues to take advantage of lower costs and greater efficiencies resulting from its consolidated foundry and forge operations.

Engineered materials division

Sales increased in the quarter ended Sept. 30, 2023, largely due to more favourable pricing for the division's products in commercial and defence markets. The engineered materials division is continuing its efforts to improve yields.

Full results can be seen in the company's financial statements and management's discussion and analysis, available at SEDAR and on the company's website.

About IBC Advanced Alloys Corp.

IBC Advanced is a leading beryllium and copper advanced alloy company, serving a variety of industries such as defence, aerospace, automotive, telecommunications, precision manufacturing and others. IBC Advanced's copper alloys division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper and aluminum bronze. IBC Advanced'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 Advanced's has production facilities in Indiana and Massachusetts. The company's common shares are traded on the TSX Venture Exchange under the symbol IB and the OTCQB under the symbol IAALF.

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