IPG Imperial Mining Group Ltd

Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) is pleased to announce that it is sponsoring a 3-year research project at McGill University to better understand the unique genesis of the scandium/Rare Earths deposit formation at Imperial’s Crater Lake Project in northeastern Quebec for which a 43-101-compliant Preliminary Economic Assessment (PEA) was issued in July 2022. An updated resource estimate was issued on September 14, 2023. Imperial will benefit from this research by better understanding how to target high scandium concentrations within its deposit with high predictability and increase the profitability of its mining operations.

McGill’s research aims to develop a genetic model for Scandium and other Rare Earth Elements featured at the Crater Lake Project. The research will be directed by Dr. Anthony Williams-Jones, Professor and Logan Chair from the Department of Earth & Planetary Sciences. Professor Williams-Jones’ has received international acclaim for his work on the genesis of mineral deposits, particularly that of the critical metals, including scandium. The result of the work will also help a Ph.D candidate earn his degree.

The work to be conducted over the next three years is an extension of research initiated in 2020.

Dr. Anthony Williams-Jones, the Program Director said: “I am very pleased to have been given the opportunity to continue this research. I consider the Crater Lake project to be the most exciting hard-rock scandium project in the world and one that could lead to a mine with the potential to supply much of the global demand for scandium for the foreseeable future.”

President and CEO of Imperial, Pierre Neatby, “Due to Professor Anthony Williams-Jones familiarity with the Crater Lake deposit, we anticipate utilizing this research to help plan the building of the Crater Lake Mine. This will reduce our Capex and Opex by targeting even richer scandium zones which will increase metallurgical recoveries and improve our knowledge of scandium deposit formation for future expansion efforts. We look forward to the future of these findings with great anticipation." 

Since beginning exploration of the Crater Lake site in 2017, Imperial determined that ferrosyenite is generally enriched in scandium relative to the other rock units in the Crater Lake Intrusion. Previous work using grab samples showed that scandium is hosted by a particular clinopyroxene-rich variety of ferrosyenite, which reaches scandium concentrations ranging from several hundred ppm to several thousand ppm. The Northern Lobe of the TG Zone holds Indicated Resources of 11.8 million tonnes grading 275.9 g/t Sc2O3 and Inferred Resources of 15.9 million tonnes grading 268.4 g/t Sc2O3 as per the press release issued September14, 2023 of the updated NI 43-101 mineral resource estimate for the TG Scandium-Rare Earth Zone completed by InnovExplo Inc. of Val d’Or, Quebec. (The effective date of the mineral resource estimate is August 3, 2023). The challenge for Imperial and for McGill is to find an efficient way to determine where higher grade zones are likely to occur on the property to improve on the already robust economic results of the PEA issued in July 2022.

The technical content in this press release was reviewed and certified by Pierre Guay, P. Geo. (OGQ no. 1635), Imperial's Technical Advisor, Exploration, a Geologist and Qualified Person as defined by NI43-101.

ABOUT IMPERIAL MINING GROUP LTD.

Imperial is a Canadian mineral exploration and development company focused on the advancement of its technology metals projects in Québec. 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 development professionals.

For further information please contact:

Imperial Mining Group Ltd.Pierre NeatbyPresident and Chief Executive OfficerPhone: +1 (514) 360-0571Email: info@imperialmgp.com

Website: www.imperialmgp.com           Twitter: @imperial_mining         Facebook: Imperial Mining Group

This press release may contain forward-looking statements relating to the Company’s operations or to its business environment. Such statements are based on the Company’s operations, estimates, forecasts, and projections, but are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. Several factors could cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in the corporate filings. Although any such forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. In addition, the Company disclaims any intention or obligation to update or revise any forward-looking statements, for any reason. We also do not commit in any way to guarantee that we will continue reporting on items or issues that arise. Investors are cautioned that this press release contains quoted historical exploration results. These are derived from filed assessment reports and compiled from governmental databases. The Company and a QP have not independently verified and make no representations as to the accuracy of historical exploration results: these results should not be relied upon. Selected highlight results may not be indicative of average grades.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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