Imperial Reports 2024 Financial Results

/EIN News/ -- VANCOUVER, British Columbia, March 26, 2025 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for its fiscal year ended December 31, 2024.

“Operationally, the 2024 year was aligned with guidance. Copper production was higher at Mount Polley driven largely by higher through-put and copper grades, and both copper and gold production were higher at Red Chris due to higher copper and gold grades,“ said Brian Kynoch, President. “Consolidated production totalled 61,296,423 pounds copper and 57,051 ounces gold. The solid operational results along with higher metal prices helped drive strong financial results. The Company achieved record revenue of $494.4 million. In addition, adjusted EBITDA totalled $209.9 million and cash earnings totalled $211.2 million.”

“Looking forward, we expect to produce 25.0 to 27.0 million pounds copper and 35,000 - 40,000 ounces gold at Mount Polley and 88.0 million pounds copper and 86,000 ounces gold at Red Chris (100%).”

Select Annual Financial Information	Year Ended December 31
expressed in thousands, except share and per share amounts		2024			2023			2022
Operations:
Total revenues	$	494,371		$	344,455		$	172,797
Net income (loss)	$	106,261		$	(36,715	)	$	(75,975	)
Net income (loss) per share	$	0.66			$(0.23	) $	$	(0.51	)
Diluted income (loss) per share	$	0.65		$	(0.23	)	$	(0.51	)
Adjusted net income (loss)	$	102,790		$	(36,092	)	$	(95,598	)
Adjusted net loss per share	$	0.64		$	(0.23	)	$	(0.64	)
Adjusted EBITDA	$	209,939		$	24,876		$	(63,131	)
Cash earnings	$	211,169		$	23,557		$	(52,873	)
Cash earnings per share	$	1.30		$	0.15		$	(0.36	)
Working capital deficiency deficiency	$	(197,543	)	$	(167,597	)	$	(65,091	)
Total assets	$	1,657,881		$	1,411,990		$	1,299,702
Total debt (including current portion)	$	372,851		$	319,787		$	197,788

Select Items Affecting Net Loss

presented on an after-tax basis				Year Ended December 31
		2024			2023			2022
	(000’s)			(000’s)			(000’s)
Net income (loss) before undernoted items	$	143,163		$	(5,429	)	$	(67,063	)
Interest expense		(36,902	)		(31,332	)		(8,921	)
Foreign exchange gain on debt		-			46			9
Net Income (loss)	$	106,261		$	(36,715	)	$	(75,975	)

Total revenue increased to $494.4 million in 2024 compared to $344.5 million in 2023, an increase of $149.9 million or 44%.

Revenue from copper concentrate from the Mount Polley mine in 2024 was $301.5 million compared to $233.3 million in 2023, an increase of $68.2 million. In 2024, the Mount Polley mine had 7.0 concentrate shipments (2023-5.7 concentrate shipments).

Imperial’s 30% share of revenue from the Red Chris mine in 2024 was $190.0 million compared to $109.8 million in 2023, an increase of $80.2 million. In 2024, the Red Chris mine (100% basis) had 19 concentrate shipments (2023-12.4 concentrate shipments).

Variations in revenue are impacted by the restart of operations the timing and quantity of concentrate shipments, metal prices and exchange rates, and period end revaluations of revenue attributed to concentrate shipments where copper and gold prices will settle at a future date.

The London Metals Exchange cash settlement copper price per pound averaged US$4.15 in 2024 compared to US$3.85 in 2023. London Bullion Market Association, London gold price per troy ounce averaged US$2,387 in 2024 compared to US$1,943 in 2023. The average US/CDN dollar exchange rate in 2024 was 1.370 compared to an average of 1.350 in 2023. In CDN dollar terms, the average copper price in 2024 was CDN$5.68 per pound compared to CDN$5.19 per pound in 2023, and the average gold price in 2024 was CDN$3,271 per ounce compared to CDN$2,622 per ounce in 2023.

The total revenue includes a negative revenue revaluation in 2024 was $11.1 million compared to a negative revenue revaluation of $7.6 million in 2023. Revenue revaluations are the result of the metal price on the settlement date and/or the current period balance sheet date being higher or lower than when the revenue was initially recorded or the metal price at the last balance sheet date and finalization of contained metal as a result of final assays and weights.

Net income in 2024 was $106.3 million (income of $0.66 per share) compared to a net loss of $36.7 million ($0.23 loss per share) in 2023. The majority of the increase in net income of $143.0 million was primarily due to the following factors:

• Income from mine operations increased to $161.2 million in 2024 from loss of $13.7 million in 2023, an increase of $174.7 million;
• interest expense of $36.9 million in 2024 up from $31.3 million in 2023, an increase of $5.6 million as a result of additional financing required to support working capital and capital expenditures in 2024 at the Company’s operating mines; and
• tax expense of $5.3 million in 2024 increased from a tax recovery of $25.4 in 2023.
  

Capital expenditures including finance leases were $202.2 million in 2024, up from $137.3 million in 2023. Expenditures in 2024 included:

• $67.5 million in exploration and development, an increase of $22.6 million in comparison to $44.9 million in 2023;
• $53.0 million for tailings dam construction, an increase of $16.4 million in comparison to $36.6 million in 2023;
• $41.0 million on stripping costs, an increase of $28.4 million in comparison to $12.6 million in 2023; and
• Investment in sustaining capital of $40.7 million, a decrease of $2.5 million in comparison $43.2 million in 2023.

At December 31, 2024, the Company had $58.1 million in cash compared to $24.9 million at December 31, 2023.

At December 31, 2024, the Company had not hedged any copper, gold or US/CDN Dollar exchange. Revenues will fluctuate depending on copper and gold prices, the US/CDN Dollar exchange rate, and the timing of concentrate sales, which is dependent on concentrate production and the availability and scheduling of transportation.

NON-IFRS FINANCIAL MEASURES

The Company reports on four non-IFRS financial measures: adjusted net loss, adjusted EBITDA, cash earnings and cash cost per pound of copper produced, which are described in detail below. The Company believes these measures are useful to investors because they are included in the measures that are used by management in assessing the financial performance of the Company.

Adjusted net income (loss), adjusted EBITDA, cash earnings and cash cost per pound of copper are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers.

Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share

Adjusted net income (loss) is derived from operating net income (loss) by removing the gains or loss, resulting from acquisition and disposal of property, net of tax, unrealized foreign exchange gains or losses on long term debt, net of tax and other non-recurring items. Adjusted net income in 2024 was $102.8 million ($0.64 per share) compared to an adjusted net loss of $36.1 million ($0.23 per share) in 2023. We believe that the presentation of Adjusted Net Income (Loss) helps investors better understand the results of our normal operating activities and the ongoing cash generating potential of our business.

Adjusted EBITDA

Adjusted EBITDA in 2024 was $209.9 million compared to $24.9 million in 2023. We define Adjusted EBITDA as net income (loss) before interest expense, taxes, depletion, and depreciation, and as adjusted for certain other items.

Cash Earnings and Cash Earnings Per Share

Cash earnings in 2024 was $211.2 million compared to $23.6 million in 2023. Cash earnings per share were $1.30 in 2024 compared to $0.15 in 2023.

Cash earnings and cash earnings per share are measures used by the Company to evaluate its performance; however, they are not terms recognized under IFRS. We believe that the presentation of cash earnings and cash earnings per share is appropriate to provide additional information to investors about how well the Company can earn cash to pay its debts and manage its operating expenses and investment. Cash earnings is defined as cash flow from operations before the net change in non-cash working capital balances, income and mining taxes paid, and interest paid. Cash earnings per share is the same measure divided by the weighted average number of common shares outstanding during the year.

Cash Cost Per Pound of Copper Produced

Management uses this non-IFRS financial measure to monitor operating costs and profitability. The Company is primarily a copper producer and therefore calculates this non-IFRS financial measure individually for its two operating copper mines, Red Chris (30% share) and Mount Polley, and on a composite basis for these mines.

Variations from period to period in the cash cost per pound of copper produced are the result of many factors including: grade, metal recoveries, amount of stripping charged to operations, mine and mill operating conditions, labour and other cost inputs, transportation and warehousing costs, treatment and refining costs, the amount of by-product and other revenues, the US$ to CDN$ exchange rate and the amount of copper produced.

Idle mine and mine restart costs during the periods when the Huckleberry mine is not in operation have been excluded from the cash cost per pound of copper produced.

Calculation of Cash Cost Per Pound of Copper Produced
expressed in thousands, except cash cost per pound of copper produced	Year Ended December 31, 2024
	Mount Polley				Red Chris		Composite
Cash cost of copper produced in US$	$	25,075			$	64,391	$	89,466
Copper produced – 000’s pounds		35,700				25,596		61,296
Cash cost per lb copper produced in US$	$	0.70			$	2.52	$	1.46
	Year Ended December 31, 2023
	Mount Polley				Red Chris		Composite
Cash cost of copper produced in US$	$	64,037			$	74,237	$	138,274
Copper produced – 000’s pounds		30,146				17,116		47,262
Cash cost per lb copper produced in US$	$	2.12			$	4.34	$	2.93

OPERATIONS

Mount Polley Mine

During the year ended December 31, 2024, a total of 6,741,127 tonnes of ore was treated. Metal production was 35,700,238 pounds of copper and 39,108 ounces of gold. Copper recovery averaged 82.3% and gold recovery was 68.6% from grades averaging 0.292% copper and 0.263 g/t gold.

During the fourth quarter 1,660,937 tonnes of ore were treated, an increase of 6% in comparison to the fourth quarter of 2023. The production during the fourth quarter of 2024 was 9,241,667 pounds copper, an increase of 11% from the comparative quarter of 2023 and 9,564 ounces gold, a decrease of 7.6% from the comparative quarter of 2023.

	Three Months Ended December 31			Year Ended December 31
	2024	2023		2024	2023
Ore milled - tonnes	1,660,937	1,567,491		6,741,127	5,948,239
Ore milled per calendar day - tonnes	18,054	17,038		18,418	16,297
Grade % - copper	0.306	0.302		0.292	0.287
Grade g/t - gold	0.256	0.286		0.263	0.311
Recovery % - copper	82.5	79.9		82.3	80.0
Recovery % - gold	69.9	71.8		68.6	70.4
Copper - 000’s pounds	9,242	8,348		35,700	30,145
Gold - ounces	9,564	10,349		39,108	41,834

Exploration, development, and capital expenditures in 2024 were $96.5 million compared to $35.5 million in the 2023 comparative year.

The 2025 production target for Mount Polley is 25.0 - 27.0 million pounds copper and 35,000 - 40,000 ounces gold.

The production target for gold is the same as in 2024, while the copper production target is lower. Phase 4 Springer Pit ore, which has a higher recoverable copper grade is targeted to be fully mined by the third quarter of 2025, with the lower copper grade from the Phase 5 pushback in the Springer pit delivering process ore in the fourth quarter of 2025.

A diamond drilling program is scheduled for 2025 to follow up on the successful drilling in the C2 zone during 2024. The C2 zone has a high gold to copper ratio.

Red Chris Mine

Red Chris metal production (100% basis) for 2024 was 85,320,618 pounds copper and 59,811 ounces gold, an increase of 49.6% and 29.9% respectively from 57,051,467 pounds copper and 46,046 ounces gold produced in 2023. The increase of metal production in 2024 was due to higher grades and higher copper and gold recovery partially offset by lower tonnes of ore milled.

Imperial’s 30% share of Red Chris mine production for 2024 was 25,595,185 pounds of copper up from 17,115,440 pounds copper in 2023 and 17,943 ounces of gold up from 13,814 ounces gold in 2023.

Newmont Mining Corporation (“Newmont”) guidance for Red Chris mine production (100%) is 88.0 million pounds of copper and 86,000 ounces of gold for the calendar year 2025.

Both copper and gold production are expected to be higher in 2025 at Red Chris as the mining sequence provides for mining higher grade ore during the year, including a 50 percent increase in targeted 2025 gold production over 2024 levels.

100% Red Chris mine production	Three Months Ended December 31			Year Ended December 31
	2024	2023		2024	2023
Ore milled - tonnes	2,404,488	2,529,481		8,989,816	9,266,769
Ore milled per calendar day - tonnes	26,136	27,494		24,562	25,388
Grade % - copper	0.653	0.398		0.516	0.356
Grade g/t - gold	0.528	0.269		0.367	0.295
Recovery % - copper	83.6	81.1		83.4	78.5
Recovery % - gold	59.6	54.1		56.3	52.4
Copper - 000’s pounds	28,952	17,980		85,321	57,051
Gold - ounces	24,359	11,822		59,811	46,046

Imperial’s 30% share of exploration, development, and capital expenditures was $104.0 million in 2024 compared to $100.3 million in the 2023 comparative year.

Exploration plans for Red Chris during 2025 include multiple diamond drill programs, predominantly within close proximity to the Red Chris mine. A drill program of approximately 2,400m will be drilled from underground development to better define the extents of mineralization at East Ridge. An additional 3,500m of drilling will target the Far East Ridge prospect. Planned surface drilling programs include approximately 3,500m of diamond drilling to investigate potential extensions of higher-grade mineralization. Approximately 4,300m of drilling is also planned at the western end of the porphyry corridor at the Gully Zone and Far West, to follow up on potential for mineralization. A further 2,500m of diamond drilling is also planned within an untested part of the Red Chris porphyry corridor.

Block Cave Feasibility Study

The Red Chris Block Cave Feasibility Study is advancing as are permitting activities and some underground development work and other to support the underground block cave project. The total development completed up to February 28, 2025 was 11,319 metres, of which 7,586 metres were completed on the Nagha declines and conveyor galleries.

Huckleberry Mine

Huckleberry operations ceased in August 2016 and the mine remains on care and maintenance status.

Site personnel continue to focus on maintaining site access, water management, maintenance of site infrastructure and equipment, and mine permit compliance. Work is also planned in 2025 to investigate and update the tailings facility design for Huckleberry.

In 2024, Huckleberry incurred idle mine costs comprised of $8.1 million in operating costs and $1.2 million in depreciation expense, which is an increase from $7.5 million in operating costs and $1.0 million in depreciation in 2023.

Exploration, development, and capital expenditures in 2024 were $0.8 million compared to $0.7 million in 2023.

TECHINICAL INFORMATION

The technical and scientific information related to the Company’s mineral projects has been reviewed and approved by Brian Kynoch, P.Eng., President of Imperial Metals, and is a designated Qualified Person as defined by NI 43-101.

Jim Miller-Tait, P.Geo. Vice President Exploration with Imperial Metals, is the designated Qualified Person as defined by National Instrument 43-101 for Red Chris, Mount Polley and Huckleberry mines exploration programs.

FOURTH QUARTER RESULTS FROM OPERATIONS

Revenue in the fourth quarter of 2024 was $132.0 million compared to $87.6 million in 2023. Sales revenue is recorded when title for concentrate is transferred on ship loading. Variations in revenue are impacted by the timing and quantity of concentrate shipments, metal prices and exchange rates, and period end revaluations of revenue attributed to concentrate shipments where copper and gold prices will settle at a future date along with finalization of contained metals as a result of final assays.

The income from mine operations in the fourth quarter of 2024 was $63.4 million compared to the loss of $1.8 million in the comparative quarter of 2023.

The Company recorded a net income of $62.8 million ($0.39 income per share) in the fourth quarter of 2024 compared to net loss of $10.5 million ($0.06 loss per share) in the prior year quarter.

Expenditures for exploration and ongoing capital projects at Mount Polley, Red Chris and Huckleberry totalled $45.7 million during the three months ended December 31, 2024, compared to $30.7 million in the 2023 comparative quarter.

OUTLOOK

Corporate and Operations

At December 31, 2024, the Company had not hedged any copper, gold, or US$/CDN$ exchange. Quarterly revenues will fluctuate depending on copper and gold prices, the US$/CDN$ exchange rate, and the timing of concentrate sales, which is dependent on concentrate production and the availability and scheduling of transportation.

The 2025 production target for Mount Polley is 25.0 - 27.0 million pounds of copper and 35,000 - 40,000 ounces gold.

Newmont guidance for Red Chris mine production (100%) is 88.0 million pounds of copper and 86,000 ounces of gold for the calendar year 2025.

The Company will need to conclude further financing arrangements to fund its share of cost of the ongoing development of a block cave mine at Red Chris.

Exploration

Imperial maintains a large portfolio of greenfield exploration properties in British Columbia. These properties have defined areas of mineralization and exploration potential. Management continues to evaluate various opportunities to advance many of these properties.

A diamond drilling program is scheduled in 2025 for Mount Polley to follow up on the successful drilling in the C2 zone during 2024. The C2 zone has a high gold to copper ratio.

For detailed information, refer to Imperial’s 2024 Management Discussion and Analysis available on imperialmetals.com and sedarplus.ca.

About Imperial

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

Company Contacts

Brian Kynoch | President | 604.669.8959
Darb S. Dhillon | Chief Financial Officer | 604.488.2658

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this news release are not statements of historical fact and are “forward-looking” statements. Forward-looking statements relate to future events or future performance and reflect Company management’s expectations or beliefs regarding future events and include, but are not limited to, statements regarding: 2025 production guidance for copper and gold at the Mount Polley and Red Chris mines; expectations that the Mount Polley Phase 4 Springer Pit ore will have a higher recoverable copper grade and be fully mined by the 2025 third quarter, and the Phase 5 pushback of the Springer Pit will be mined in the 2025 fourth quarter and deliver lower copper grade process ore; Mount Polley’s 2025 diamond drilling program to follow up on 2024’s successful drilling in the C2 zone (which has a high gold to copper ratio); expectations that the Red Chris 2025 mining sequence will provide higher grade ore, including a fifty (50) percent increase in gold production over 2024 results; exploration plans at Red Chris which will include multiple diamond drill programs, predominantly within close proximity to the Red Chris mine, including a drill program to be drilled from underground development to better define the extents of mineralization at East Ridge and target the Far East Ridge prospect, diamond drilling to investigate potential extensions of higher-grade mineralization, drilling at the western end of the porphyry corridor at the Gully Zone and Far West, and diamond drilling within an untested part of the Red Chris porphyry corridor; the continuation of work to advance preparation of the feasibility study, permitting activities and some underground development to support the Red Chris’ underground block cave project; the necessity to conclude further financing arrangements to fund the Company’s share of the cost of ongoing development of the Red Chris underground block cave project; Huckleberry mine’s care and maintenance activities and 2025 plans to investigate and update the tailings facility design; the Company’s continued evaluation of various opportunities to advance its portfolio of greenfield exploration properties in British Columbia; the Company’s continued evaluation of potential acquisitions; capital expenditures; adequacy of funds for projects and liabilities; expectations regarding the date of maturity and interest payable of debentures ; cash flow; working capital requirements; the requirement for additional funding for capital projects; the ability for the Company to continue as a going concern, including sufficient funding of the Company’s obligations as they come due; results and targets of operations, production, revenue, margins and earnings; future prices of copper and gold; future foreign currency exchange rates, including its impact on derivative instruments; volatility of the Company’s income or loss from derivative instruments; liquidation of marketable securities; and the use of non-IFRS financial measures including adjusted net loss, adjusted EBITDA, cash earnings and cash cost per pound of copper.

Forward-looking information is not based on historical facts, but rather on then current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including, but not limited to, assumptions that: the Company will have access to capital as required and will be able to fulfill its funding obligations as the Red Chris minority joint venture partner; there are risks related to holding non-majority investment interests in the Red Chris mine Joint Venture; the Company will be successful in defending itself against the Canadian Fisheries Act direct indictment instituted against the Company and others, including its subsidiary Mount Polley Mining Corporation, on December 6, 2024 (the “Indictment”), and any adverse findings or judgments resulting from the Indictments; the Company will be able to advance and complete remaining planned rehabilitation activities within expected timeframes; there will be no significant delay or other material impact on the expected timeframes or costs for completion of rehabilitation of the Mount Polley and Huckleberry mines; the Company’s rehabilitation activities at Mount Polley and Huckleberry will be successful in the long term; all required permits, approvals and arrangements to proceed with planned rehabilitation at Huckleberry will be obtained in a timely manner; there will be no material operational, permitting and/or exploration delays at the Red Chris and Mount Polley mines; there will be no material delay in the receipt of the Red Chris block cave feasibility study and subsequent, related expansion plans; equipment will operate as expected; there will not be significant power outages; there will be no material adverse change in the market price of commodities and exchange rates; and the Red Chris and Mount Polley mines will achieve expected production outcomes (including with respect to mined grades and mill recoveries and access to water as needed) with no material delays, shutdowns, property damage and/or loss as a result of climate change impacts, such as (but not limited to) those arising from wildfires, flooding and mudslides; the scope and duration of Outbreaks and other catastrophic events (natural or otherwise) and their impact on our business will not be significant and the Company’s operations will be able to return to normal as they subside; the Company will continue to successfully defend itself against cybersecurity threats; and challenges with Canada’s trading partners and other geopolitical risks will not have a material adverse impact on the Company’s operations; and other hazards and risks disclosed within the “Risk Factors” section of the Company’s current Annual Information Form and the current MD&A, and other public filings which are available on Imperial’s profile at sedarplus.ca. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. We can give no assurance that the forward-looking information will prove to be accurate.

Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause Imperial’s actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements constituting forward-looking information.

Important risks that could cause Imperial’s actual results, revenues, performance or achievements to differ materially from Imperial’s expectations include, among other things: the risk that the Company’s beneficial interest of the Red Chris mine may be diluted over time should it not have access to capital as required and will not be able to meet its funding obligations as the Red Chris minority joint venture partner; the risk that the Red Chris block cave feasibility study is not finalized in a timely manner or at all, thereby materially or indefinitely delaying anticipated Red Chris expansion plans; additional financing that may be required may not be available to Imperial on terms acceptable to Imperial or at all; risks relating to the timely receipt of necessary approvals and consents to proceed with the rehabilitation plans at the Mount Polley and Huckleberry mines; risks relating to mining operations and mine restart timelines; uncertainty regarding general economic conditions; uncertainty regarding the short-term and long-term impact of Outbreaks on the Company’s operations and investments and on the global economy and metals prices generally, risks that Outbreaks may adversely impact copper and gold prices, our ability to transport or market our concentrate, cause disruptions in our supply chains and create volatility in commodity prices and demand; risks relating to the potential ineffectiveness of the measures taken in response to Outbreaks; risks associated with competition within the mining industry; the Company’s dependency on third party smelters; risks relating to geopolitical instability, tariffs and trade barriers; the quantum of claims, fines and penalties that may become payable by Imperial, including any which may result from the Indictments, and the risk that current sources of funds are insufficient to fund liabilities; risks that Imperial will be unsuccessful in defending against the Indictments, and any other legal claims or potential litigation; risks of protesting activity and other civil disobedience restricting access to the Company’s properties; failure of plant, equipment or processes to operate in accordance with specifications or expectations; cost escalation, unavailability of materials and equipment, labour unrest, power outages, climate change impacts, such as (but not limited to) those arising from wildfires, flooding and mudslides and other natural phenomena such as weather conditions and water shortages, negatively impacting the operation of the Red Chris and Mount Polley mines, and care and maintenance activities at the Huckleberry mine and potentially causing material delays, shutdowns, property damage and/or loss; changes in commodity and power prices; changes in market demand for our concentrate; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources); uncertainty relating to mineral resource and mineral reserve estimates; uncertainty relating to production estimates; risks associated with mineral exploration and project development; fluctuations in exchange rates and interest rates; risks associated with permitting and government regulations; environmental and health and safety matters; risks relating to joint venture projects; risks relating to foreign operations; dependence on key management personnel; taxation risk; conflicts of interest; cyber threats and potential adverse impacts from the global incorporation of artificial intelligence and machine learning into business processes; credit risk related to cash, trade and other receivables, and future site reclamation deposits; risks relating to the use of derivative contracts and other hazards and risks disclosed within the “Risk Factors” section of the Company’s current Annual Information Form, and other public filings which are filed and available for review on Imperial’s SEDAR+ profile at www.sedarplus.ca. Imperial does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, many of which are beyond the Company’s ability to control or predict. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and all forward-looking statements in this news release are qualified by these cautionary statements.