Imperial Intersects 5 Metres of 5.51 Grams Per Tonne Gold at the Porcher Island Property

Imperial Metals Corporation (III) reported assay results from its spring 2026 diamond drilling programme at its 100%-owned Porcher Island property in British Columbia. The programme comprised ten holes totaling 1,380 metres drilled from four helicopter-supported pads, with all holes intersecting gold and silver mineralization.

The headline interval came from hole PI-26-10 in the Christmas Tree zone, which returned 45.5 metres from 7.0 metres at 1.24 g/t Au and 0.82 g/t Ag. This interval included 17.0 metres at 2.25 g/t Au and 1.64 g/t Ag, which further contained 5.0 metres at 5.51 g/t Au and 4.27 g/t Ag.

Other reported intervals were predominantly narrow. Hole PI-26-02 returned 4.5 metres at 4.77 g/t Au from 75.5 metres, while PI-26-08 returned 2.3 metres at 3.63 g/t Au from 12.0 metres. Additional narrow intersections included:

• PI-26-01: 1.0 metre at 6.17 g/t Au and 1.9 metres at 4.06 g/t Au
• PI-26-03: 1.1 metres at 5.31 g/t Au and 1.0 metre at 4.32 g/t Au
• PI-26-05: 1.0 metre at 4.72 g/t Au
• PI-26-06: 1.5 metres at 4.09 g/t Au and 2.0 metres at 2.42 g/t Au

Weaker reported intervals included PI-26-04 with 1.1 metres at 3.28 g/t Au, PI-26-07 with 2.8 metres at 1.35 g/t Au, and PI-26-09 with 2.0 metres at 1.92 g/t Au.

Reporting criteria utilized a 0.1 g/t gold cut-off with a maximum of 5 metres internal dilution below cut-off. All widths reported are apparent downhole widths, not true widths.

The property hosts the past-producing Edye Pass and Surf Point mines, which operated from 1919 to 1939. Historic production is estimated at 77,952 tons grading 0.29 oz/ton gold, roughly 9.0 g/t Au, and about 22,600 contained ounces. The release also cited 2007 drilling at the Christmas Tree zone, where several short, higher-grade intervals were reported, including 14.5 metres at 5.1 g/t Au and 17.4 metres at 4.0 g/t Au.

Imperial Metals stated it will integrate the results into its database and is studying ore sorting and potential direct ore shipping because the property is at tidewater. Jim Miller-Tait, P.Geo., is named as the Qualified Person. Assays were performed by Activation Laboratories Ltd. in Kamloops.

Imperial Metals Corporation (III) is a copper-gold producer with a C$1.22 billion market capitalization, holding a 100% interest in the Mount Polley mine, a 100% interest in the idled Huckleberry mine, and a 30% interest in the Red Chris mine, which is operated by Newmont. The company’s equity value is primarily driven by the timing of the final investment decision for the Red Chris block-cave feasibility, the grade and recovery performance at Mount Polley, the reopening of Huckleberry, fluctuations in copper and gold prices, and the company’s balance sheet position.

The company’s release included data from 21 exploration properties, including Porcher Island. Porcher Island currently has no resource estimate, no reserve, no mine plan, and no production, and it is not included in the company’s net asset value in any meaningful way. The company reported a 56 gram-metre intercept at a non-core gold prospect on the property. This result does not alter the primary drivers of the equity, as the asset is not an embedded expectation in the current share price.

The stock has declined from a 52-week high of C$13.36 in January 2026 to C$6.85, a drop largely attributed to operational misses and lower production at Mount Polley and Red Chris. Prior-period financial data not disclosed in today’s release shows that Q2 2026 revenue was C$166.5 million, net income was C$22.0 million, cash holdings were C$86.9 million, total debt stood at C$142.0 million, and working capital was negative C$69.9 million.

Imperial Metals Corporation (TSX: III) is a Vancouver-based mining and exploration company that owns 100% of the Mount Polley copper-gold mine and 100% of the Huckleberry copper-molybdenum mine, which is currently on care and maintenance. The company also holds a 30% interest in the Red Chris copper-gold mine, where Newmont owns the remaining 70% and serves as the operator. Additionally, Imperial Metals maintains a portfolio of exploration properties in British Columbia. While a May 2026 corporate notice listed 23 properties, the current release cites 21; the difference is not material to this analysis.

The company’s Porcher Island property is 100% owned and located on the northwest corner of Porcher Island on the northern British Columbia coast, approximately 35 km south-southwest of Prince Rupert. Situated at tidewater, the site hosts two small historical gold mines but currently has no defined resource.

In the second quarter of 2026, the company reported revenue of C$166.5 million, net income of C$22.0 million, cash holdings of C$86.9 million, and total debt of C$142.0 million. Book value per share stood at C$5.98. At a share price of C$6.85, the stock trades at approximately 1.15 times book value.

The primary development catalyst for Imperial Metals is the Red Chris block cave. A feasibility study is targeted for completion in the second half of 2026, with a final investment decision expected in early 2027 and first production targeted for 2033.