Cloudbreak Regulatory News (CDL)

Imperial X Plc - Magnetic Survey Completed & Board Changes

PR Newswire

London, June 16

17 June 2021

Imperial X PLC

“Imperial X” or the “Company”

Soon to be renamed Cloudbreak Discovery PLC

Airborne Magnetic Survey Completed on the South Timmins Property

Board Changes

Imperial X PLC (LSE: CDL), the natural resource project generator, is pleased to announce that it has completed a high-resolution helicopter-borne 3-axis gradient magnetic survey for its South Timmins Project.

The South Timmins Project is one of 10 projects currently held by the Company and is a gold prospect located in Ontario, Canada, in the Abitibi Greenstone Belt. The Abitibi is the largest, most prolific greenstone belt in the world with 190 million ounces (“Moz”) of gold produced and counting.

The survey data is currently being compiled and processed. The results of the survey will assist in identifying potential targets and trends for follow up exploration work. The Company will release the results when available.

The South Timmins project was staked in late 2020 as a 50:50 co-venture with Vector Geological Solutions Inc. and is an excellent representation the Company’s ability to source, secure and then commence early-stage exploration work to establish a value model for the project and Cloudbreak shareholders.

Kyler Hardy, CEO of Imperial X, commented, “We are pleased to continue the successful execution of our exploration and business model efficiently and will now follow up on the new data findings through further modeling and surface exploration. We look forward to updating the market on South Timmins as this exciting project develops.”

The South Timmins project is located 40 kilometres (“km”) south of the main Timmins mining camp, which has produced over 70 Moz to date and is home to more than 50 mining companies, and 40 km west of the Young-Davidson project, a mine that commenced production in 1934 and hosts a current reserve of 3.2 Moz. The property contains iron formation and mafic-felsic volcanic transitions, which are favourable host rocks for orogenic lode gold and volcanogenic massive sulphide deposit. Government data has been used to identify several prospective lineaments on the property which may represent gold prospective damage zones. Historic exploration work on the property is limited, however, rock samples with >200 ppb gold along one of the contacts between the mafic and felsic volcanic rocks on the property have been identified.

Board Changes

Melissa Sturgess has resigned as a Director of the Company with immediate effect due to increased commitments on several other projects. The Board of Directors would like to thank Ms. Sturgess for her contribution and assistance in getting the Company listed and wish her good luck in her future endeavors. The Company has begun searching for a new Director who will provide appropriate guidance and experience for Cloudbreak to execute its business plan.

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). The directors of Imperial X PLC accept responsibility for this announcement.

For additional information please contact:

About Imperial X

Imperial X PLC, which will change its name to Cloudbreak Discovery PLC as soon as practicable, is a leading natural resource project generator, working across a wide array of mineral assets that are being developed and managed by an experienced team with a proven track record. Value accretion within the projects being developed by Cloudbreak’s generative model enables a multi asset approach to investing. Diversification within the mining sector and amongst resource classes is key to withstanding the cycles of natural resource investing.

About Vector Geological Solutions Inc.

Vector Geological Solutions Inc. is a geological consultancy that specializes in exploration project opportunity recognition, project acquisition and project advancement. Vector Geological Solutions Inc. provides technical geological support to junior and mid-tier exploration and mining companies with projects in North America, South America, Europe and Scandinavia.

About Precision GeoSurveys Inc.

Precision GeoSurveys Inc. specialises in low level airborne geophysical surveys in mountainous terrain to support the following activities: Mineral exploration, diamond exploration, uranium exploration, oil & gas exploration, ground water investigations, geophysical applications, geothermal mapping, radioisotope detection and mapping, unexploded ordnance (UXO) mapping, geotechnical, cultural and engineering investigations.