Imperial Metals Corporation announced The Red Chris Block Cave Feasibility Study is expected to be completed in the second half of 2023. Several optimization opportunities to unlock further value are being assessed as part of the Feasibility Study including options for the initial extraction level of the first block cave and alternative plant expansion options. Newcrest is reviewing various options to offset any inflationary cost pressures on future capital expenditure and operating costs.

Progress towards block cave mining is advancing with the exploration decline at 3,245 metres as of July 20, 2023, and the ventilation fans have been commissioned in the first ventilation raise. The exploration program at Red Chris is focused on the discovery of additional zones of higher-grade mineralization within the Red Chris porphyry corridor. During the quarter, there were up to four diamond drill rigs in operation, and a further 6,947 metres of drilling was completed during the quarter from 11 drill holes.

At East Ridge, located adjacent to the East Zone, 85 holes have now been completed. Assay results were received for 8 holes during the quarter, with assay results from 1 hole pending. The drilling was undertaken on a nominal 100 metre by 100 metre grid to determine the footprint, understand the mineralization, geotechnical and metallurgical characteristics and to determine the extent and continuity of the higher-grade mineralization within the East Ridge.

Drilling to date has tested a corridor 1,000 metres long, 450 metres wide and to a vertical extent of 1,000 metres. Mineralization remains open at depth and to the east. In March 2023, an updated East Ridge Exploration Target (?Exploration Target?), was issued with ranges from a lower case of approximately 400 million tonnes at 0.49% copper and 0.42 g/t gold for 4.2 billion pounds copper and 5.4 million ounces gold and an upper case tonnage of approximately 500 million tonnes at 0.47% copper and 0.39 g/t gold for 5.1 billion pounds copper and 6.1 million ounces gold (previously reported in the March 13, 2023 news release).

The updated Exploration Target is not included in the current Mineral Resource. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

The grades and tonnages in the Exploration Target are estimates based on continuity of mineralization defined by exploration diamond drilling results (previously reported including relevant sections and plans) within the Redstock Intrusive with the lower range estimate in the area with a nominal drill hole spacing of 100 metres by 100 metres and the upper range estimate extended into the area with a nominal drill hole spacing of 100 metres by 200 metres. East Ridge is outside the current Red Chris Mineral Resource estimate. Geotechnical and metallurgical studies are underway on the East Ridge with the aim to include the East Ridge in an updated Red Chris Mineral Resource estimate in 2023.

A series of three diamond holes drilling from south to north, the opposite direction to most of the drilling to date, has commenced. The aim of the drilling is to assess the continuity of the mineralization and test for any bias from the original drill orientation. The results from the first hole RC875 returned an intercept of 406 metres grading 1.0% copper and 1.1g/t gold from 486 metres, that includes 248 metres grading 1.4% copper and 1.6g/t gold from 644 metres.

Note that this result is a partial intercept and additional assays are pending. This result indicates continuity of the higher-grade mineralization across the vertical extent of the deposit. The south to north drilling was halted this spring due to poor access conditions.

The plan is to restart this program in the upcoming winter when access conditions improve. Drilling east of the East Ridge Exploration Target returned a higher-grade intercept. Hole RC876, drilled 100 metres east of hole RC860 (previously reported in the April 26, 2023 news release), returned an interval of 274 metres grading 0.45% copper and 0.67g/t gold from 998 metres.

This 274 metre intercept included higher grade intervals of 42 metres grading 1.1% copper and 1.5g/t gold from 1,080 metres, 14 metres grading 0.63% copper and 1.7g/t gold from 1,144 metres and 26 metres grading 0.5% copper and 1.1g/t gold from 1,170 metres. This intersection, located approximately 200 metres east of the Exploration Target, demonstrates the prospectivity of this area for further discoveries. This new discovery, at Far East Ridge, has the potential to become the fifth zone of mineralization along the Red Chris porphyry corridor.

Follow up drilling is planned for 2024. A regional exploration program commenced during the quarter, with a program of geological mapping, and geochemical sampling on targets generated from the application of the knowledge gained from the Red Chris discoveries. Approximately 4,000 metres of growth-related drilling targeting higher-grade mineralization within the Red Chris porphyry corridor at Far West and Gully Zone is planned for the September 2023 quarter using one drill rig.