Mr. Brian Kynoch reports

IMPERIAL ANNOUNCES $16.8 MILLION PRIVATE PLACEMENT

Imperial Metals Corp. has arranged a non-brokered private placement of up to seven million common shares of the company at a price of $2.40 per share for gross proceeds of up to $16.8-million.

The proceeds from the private placement are intended to be used to finance the operation and development at the company's Red Chris mine and for general working capital purposes.

Closing of the private placement is anticipated to occur in stages with final closing on or about Aug. 31, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all applicable regulatory approvals, including approval of the Toronto Stock Exchange. All securities issued in connection with the private placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

N. Murray Edwards has agreed to purchase up to $8.40-million (up to 3.5 million shares), and directors and officers of the company have agreed to purchase up to $1.10-million (up to 458,000 shares). Such participation is considered a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The related-party transaction will be exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the gross securities to be issued under the private placement, nor the consideration to be paid by the insiders will exceed 25 per cent of the company's market capitalization.

About Imperial Metals Corp.

Imperial Metals is a Vancouver-based exploration, mine development and operating company with holdings that include the Mount Polley mine (100 per cent), the Huckleberry mine (100 per cent) and the Red Chris mine (30 per cent). Imperial Metals also holds a portfolio of 23 greenfield exploration properties in British Columbia.

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