Imperial Provides Update on Mount Polley 2023 Production
Imperial Provides Update on Mount Polley 2023 Production
Vancouver | January 17, 202 4 | Imperial Metals Corporation (“Imperial”) (TSX:III) reports that 2023 metal
production from Mount Polley was 30.145 million pounds of copper and 41,834 ounces of gold. The mine achieved
the low end of its tar get of 30–33 million pounds for copper production and exceeded the high end of its target of
35-40 thousand ounces for gold production.
Red Chris production will be released when the reconciled information is received from Newmont Corporation
(“Newmont”).
Mount Polley Mine
During the fourth quarter 1,567,491 tonnes of ore were treated (up 44.6% compared to Q4 2022), this increase is
partially due to improved plant availability of 88.3% (up 22% from Q4 2022). During the quarter 8.348 million pounds
copper (up 120.5% from Q4 2022) and 10,349 ounces gold (up 48.0% from Q4 2022) were produced.
With the damaged third ball mill returned to service in October, the November mill throughput averaged 19,609
tonnes per day, and from December 20th to 30th mill throughput averaged 20,076 tonnes per day. With all the mills
operational the plant is nearing historic throughput highs and achieving better availability while maintaining strong
copper and gold recoveries.
Approximately 2/3 of the tailings stored in the Springer Pit had been removed by year end and the remaining tailings
are expected to be removed by the end of the first quarter 2024.
Mount Polley Mine Production Three Months Ended December 31 Year Ended December 31
2023 2022 2023 2022*
Ore milled - tonnes 1,567,491 1,084,016 5,948,239 2,068,830
Ore milled per calendar day - tonnes 17,038 11,783 16,297 11,244
Grade % - copper 0.302 0.230 0.287 0.214
Grade g/t - gold 0.286 0.325 0.311 0.306
Recovery % - copper 79.9 68.9 80.0 63.5
Recovery % - gold 71.8 61.8 70.4 59.4
Copper – 000’s pounds 8,348 3,786 30,145 6,206
Gold – ounces 10,349 6,995 41,834 12,078
*production from restart of operations in late June to December 31, 2022
The 2024 production target for Mount Polley is 34–37 million pounds copper and 37-41 thousand ounces gold.
Red Chris Update
Newmont completed the acquisition of Newcrest Mining Limited during the fourth quarter of 202 3 and holds 70%
interest in the Red Chris mine. Newmont noted, in a presentation, that considerations for 2024 include “Taking time
to assess and integrate the Newcrest assets; thoughtful approach to longer-term view”. Newmont has since taken
over the block cave Feasibility Study with further details to be released by Imperial when the information is received
from Newmont. Newmont’s reserve and resource estimates are expected to be released along with Newmont’s 2023
News Release
year-end results. Being a US listed issuer, the Newmont reserve and resource statement for Red Chris mine and will
be reported in line with SEC reporting standards, not NI 43-101 standards.
During the quarter, diamond drill rigs continued to explore at Red Chris . Diamond drilling was focused in the East
Zone block cave area gathering geological and geotechnical information.
Block Cave development continues with the second ventilation raise bore expected to be on schedule for completion
within the first half of 2024. The ramp is now more than halfway to the extraction level elevation.
Brian Kynoch, P.Eng., Imperial’s President has reviewed the disclosures contained in this news release and is the
designated Qualified Person as defined by National Instrument 43-101 (“NI 43-101”).
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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.
Imperial Contacts
Brian Kynoch | President | 604.669.8959
Darb 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 Imperial management’s
expectations or beliefs regarding future events and include, but are not limited to statements regarding: expected gold
head grades; meeting production targets; production expectations for Red Chris and Mount Polley mine production;
exploration at Red Chris; Imperial’s expectations and timing with respect to current and planned drilling programs at Red
Chris, including plans with respect to the completion of the Feasibility Study; potential change in strategy of the current
and planned drilling programs at Red Chris; and the expected completion of the first ventilation raise bore at the Red Chris
mine.
In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not
expect”, “is expected”, “is targeted”, “targets”, “outlook”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain
actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved" or the negative of
these terms or compara ble terminology. By their very nature forward -looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements of Imperial to be
materially different from any future results , performance or achievements expressed or implied by the forward -looking
statements.
In making the forward-looking statements in this news release, Imperial has applied certain factors and assumptions that
are based on information currently available to Imperial as well as Imperial’s current beliefs and assumptions. These factors
and assumptions and beliefs and assumptions include, the risk factors detailed from time to time in Imperial’s interim and
annual financial statements and management’s discussion and analysis of those statements, all of which are filed and
available for review on SEDAR+ at www.sedarplus.com. Although Imperial 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 Imperial’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 eve nts 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.
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