Mr. Pierre Neatby reports

IMPERIAL MINING PROMOTES DR. LUC DUCHESNE TO CHIEF SCIENCE OFFICER

Imperial Mining Group Ltd. has formally promoted Dr. Luc Duchesne to the position of chief science officer. Since joining Imperial in September, 2022, Dr. Duchesne has been instrumental in sourcing and managing government grants, such as the $500,000 grant announced on Oct. 24, 2023, and others reported in the company's Oct. 25, 2023, update. Following his promotion, Dr. Duchesne will notably take on the additional responsibility of managing the environmental permitting process in connection with the development of the Crater Lake project. He will also be responsible for delivering an improved flowsheet for producing scandium oxide, working closely with Imperial's consultant Yakum Consulting and being involved in company strategy.

"I am very pleased to announce the promotion of Luc," said Pierre Neatby, president and chief executive officer, adding, "We are fortunate to have this calibre of talent and experience on our team, and we look forward to the value that I trust Luc will continue to create in his new role."

Dr. Duchesne bio

Dr. Duchesne bridges the gap between science and business with more than 35 years of experience operating at senior levels in multiple sectors, including pharmaceutical, agriculture, manufacturing, energy and mining. He has authored and co-authored 85 peer-reviewed scientific articles, literature reviews and books, and more than 300 non-peer-reviewed investment articles and op-eds, including one fiction novel. He is passionate about sustainability and the impact of humankind on the environment. He earned a PhD from the University of Guelph in 1988, an MSc from the University of Toronto in 1985 and a BSc in forestry sciences from Laval University in 1983. As a former senior scientist with Natural Resources Canada from 1991 to 2003, he received a 5NR Science Award to Leaders in Sustainable Development for advancing and communicating science for sustainable development.

About Crater Lake:

• Imperial's flagship project;
• The only primary scandium project in North America located in mining-friendly Quebec;
• Robust preliminary economic assessment results issued in June, 2022 (after-tax net present value at 10 per cent of $1.72-billion, and internal rate of return of 32.8 per cent;
• See the update of Oct. 25, 2023, for current initiatives;
• On Sept. 14, 2023, Imperial reported the following key highlights based on the results of its National Instrument 43-101 compliant technical report and updated mineral resources estimate (available under Imperial's profile on SEDAR+):
  • Imperial's independent qualified persons from InnovExplo report updated indicated resources of 11.8 million tonnes grading 275.9 grams per tonne scandium oxide (Sc2O3) and inferred resources of 15.9 million tonnes grading 268.4 g/t Sc2O3 for the northern lobe of the TG scandium zone;
  • The updated mineral resource estimate represents a 58-per-cent increase in total scandium tonnage for the indicated resources category and a 22-per-cent increase in total scandium tonnage for the inferred resources category;
  • Determinations of magnet rare earth oxides (neodymium, praseodymium, dysprosium and terbium) were made for both resource categories;
  • Using a net smelter return (NSR) cut-off value of $110.11/t for potential open-pit extraction method, the value of the mineralization was determined to range between $414 and $426/t;
  • Mineralization remains open laterally and at depth, demonstrating the potential to increase the mineral resource with additional drilling.

Grant of options

The corporation has also granted an aggregate of 1.25 million incentive stock options to five directors and one officer of the corporation in accordance with the corporation's annual stock option plan. The options are exercisable at a price of nine cents per share (the same price as the private placement announced in July, 2023, and a significant premium over the closing price of Nov. 3, 2023) for a period of five years from the date of grant. The options shall vest according to the following vesting schedule: 25 per cent shall vest immediately upon issue; 25 per cent shall vest upon the date that is six months from the date of issue; 25 per cent shall vest upon the date that is 12 months from the date of issue; and the remaining 25 per cent shall vest upon the date that is 18 months from the date of issue.

About Imperial Mining Group Ltd.

Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Quebec. Imperial is publicly listed on the TSX Venture Exchange as IPG and on the OTCQB Exchange as IMPNF and is led by an experienced team of mineral exploration and development professionals with a strong record of mineral deposit discovery in numerous metal commodities.

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