Imperial Mining and Albecour Strike an Agreement to Develop Scandium

MONTRÉAL, July 13, 2023 (GLOBE NEWSWIRE) -- Imperial Mining Group Ltd. ("Imperial") (TSX VENTURE: IPG; OTCQB: IMPNF) and partner Albecour Inc. (“Albecour” and, collectively with Imperial, the “Parties), are pleased to announce that they have signed a Memorandum of Understanding (“MOU”) to investigate the potential of producing specialty Scandium-Aluminum alloys in the Province of Québec.

Under the terms of the MOU, the Parties intend to evaluate, and if deemed commercially viable, enter into a commercial agreement for the manufacturing of Scandium-Aluminum master alloys with an aluminum production plant to be identified by the Parties (the “Project”).

“We are pleased to be working with Albecour to develop specialty Scandium-Aluminum alloys using scandium products from our flagship Crater Lake Scandium-Rare Earth development project,” said Imperial interim CEO Alain Bureau. “Albecour’s leadership in the production and sale of primary aluminum metal through its partnership at the Aluminerie Alouette aluminium plant in Sept-Iles, Québec will contribute to open global marketing channels for our alloy products. The Parties will cooperate as a team for the purpose of pursuing the Project, including evaluating project viability, determining necessary technological steps to alloy production, and execution of the Project.”

“Albecour is excited to be working with Imperial on this Project to further develop value-added products using scandium for low-carbon aluminium production within Québec’s ecosystem.” said Nicolas Dalmau, Albecour Vice-President Operations & General Manager.

TIMELINE AND TARGET MARKETS

The Parties plan to execute the Project as soon as commercially viable and will require 18 to 24 months to complete. The electric vehicle, aeronautic, space, offshore wind, and defence sectors are the target markets for Scandium-Aluminium alloy products.

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 exploration and development professionals with a strong track record of mineral deposit discovery in numerous metal commodities.

ABOUT ALBECOUR INC.

Albecour Inc. is a 100%-owned subsidiary of Investissement Québec, a Provincial Crown Corporation with the role to support businesses with their development in Québec, by providing guidance through every phase of their project. Albecour Inc., a 6.67% owner of the Aluminerie Alouette Inc. in Sept-Iles, Québec, purchases raw material (alumina), supervises alumina transport logistics, sells its share of aluminum produced and ships it to customers in Québec and globally.

For further information please contact:

Website: www.imperialmgp.com

Twitter: @imperial_mining

Facebook: Imperial Mining Group

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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