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IMPERIAL COMPLETES RIGHTS OFFERING

Imperial Metals Corp. has completed its previously announced rights offering, which expired at 2 p.m. (Pacific Time), Friday, June 24, 2022. The company will issue a total of 13,475,400 common shares in the rights offering for gross proceeds of approximately $41-million.

The company will issue a total of 9,948,611 common shares under basic subscription privileges in the rights offering and a total of 3,526,789 common shares under additional subscription privileges. To the knowledge of the company, no person will become an insider as a result of the rights offering. The total number of issued and outstanding common shares of the company upon completion of the rights offering will be 154,871,341.

The proceeds of the rights offering will be used as set out in the company’s rights offering circular dated May 19, 2022.

Shareholdings of N. Murray Edwards

As a result of the rights offering, Mr. Edwards beneficially will own and control 69,375,775 common shares of the company, representing 44.80 per cent of the company’s issued and outstanding common shares as of the date hereof. Prior to the rights offering, Mr. Edwards owned and controlled 59,622,910 common shares, representing 42.17 per cent of the company’s issued and outstanding common shares. The common shares were acquired by Mr. Edwards for investment purposes and he may acquire or dispose of securities of the company in the future depending on market conditions, reformulation of plans and/or other relevant factors, in each case in accordance with applicable securities laws. This portion of the news release is issued pursuant to National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR by Mr. Edwards containing additional information with respect to the foregoing matters. A copy of the early warning report may be obtained directly from the company upon request.

About Imperial Metals Corp.

Imperial is a Vancouver-based exploration, mine development and operating company. The company, through its subsidiaries, owns a 30-per-cent interest in the Red Chris mine, and a 100-per-cent interest in both the Mount Polley and Huckleberry copper mines in British Columbia. Imperial also holds a portfolio of 23 greenfield exploration properties in British Columbia.

We seek Safe Harbor.

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