Announcement PDF ASX Code: IPT MARCH 19th 2024 CORPORATE RELEASE AGREEMENT SIGNED FOR THE SALE OF UP TO A 75% INTEREST IN THE COMMONWEALTH PROJECT, NSW Impact Minerals Limited (ASX:IPT) is pleased to announce that it has now signed a formal share sale and purchase (SPA) agreement for the sale of up to 75% of the company’s 100% Commonwealth project in New South Wales in respect of the previously announced Revised Term Sheet (ASX Release August 16th 2023). Impact Minerals’ Managing Director, Dr Mike Jones, said, “Impact’s modus operandi has always been to hold large ground holdings in very prospective parts of Australia, and we have significant projects at Commonwealth in the prolific Lachlan copper-gold district, Broken Hill where we almost surround the giant Broken Hill mine and Arkun in the emerging mineral province of southwest Western Australia. However, as we continue to successfully progress through the Pre-Feasibility Study on our Lake Hope High Purity Alumina Project in Western Australia it is only appropriate that we look to maximise the value of our other projects for shareholders. This Share Sale Agreement with Burrendong Minerals, who successfully raised seed capital to fund an IPO, will allow Impact to retain a large percentage of the Commonwealth Project which lies immediately along strike from the recent Boda-Kaiser porphyry copper-gold discovery of Alkane Resources, and to be a shareholder in a company that has three resources under its belt at Commonwealth Mine, Silica Hill and Galwadgere. We look forward to supporting Burrendong as they progress towards an IPO and given Impact’s shareholders have a priority entitlement to apply for shares, shareholders are welcome to register their interest against this announcement on our Investor Hub linked below. We are also fielding interest from a number of parties for our Broken Hill project and will look to undertake first pass drilling at Arkun for Rare Earth Elements, copper and nickel in the next Quarter”. https://investors.impactminerals.com.au/auth/signup The share sale and purchase agreement was a key term in Impact’s binding agreement for the sale of up to a 75% interest in the Company's 100% owned Commonwealth Project (by way of a wholly-owned subsidiary) to Burrendong Minerals Ltd, an unrelated public company. The key terms of the SPA are as follows: 1. Burrendong may acquire up to a 75% interest in the Commonwealth Project in two stages, first, 51% under a share purchase agreement and, second, up to a further 24% under a earn-in joint venture agreement. 2. Completion of the SPA and transfer of the 51% interest in the Commonwealth Project to Burrendong, is conditional on Burrendong: a. completing its proposed initial public offering and listing on the ASX within 9 months of signing the SPA; b. upon listing on the ASX, making a further cash payment of $275,000 to Impact in part reimbursement for past expenditure, and c. issuing to Impact not less than 12.5% of the total issued capital of Burrendong; d. including in its initial public offering Prospectus a priority entitlement for Impact shareholders to subscribe for up to $2 million worth of shares under the Burrendong initial public offering; and e. granting Impact Minerals the right to nominate a director to the board of Burrendong upon Completion, such right to continue until Impact Minerals ceases to have voting power of at least 5.0% in the Burrendong's fully paid ordinary shares. 3. Upon listing, the project will operate under an incorporated joint venture, whereby Burrendong may acquire a further 24% interest by sole funding exploration until the earlier of the first $5 million of expenditure within 36 months of the SPA Completion or a Decision to Mine. 4. Normal dilution clauses will subsequently apply, and if Impact reduces to less than a 10% interest, it will convert to a 2% Net Smelter Royalty. Impact shareholders will receive a priority entitlement to subscribe for up to $2 million worth of shares under the Burrendong initial public offering. 5. If Burrendong achieves its full 75% interest in the Commonwealth Project, Burrendong is granted a call option to acquire the remainder of the interest in the Commonwealth Project for its fair market value and a customary 2% NSR royalty (not in addition to the abovementioned royalty). The share sale agreement otherwise contains customary commercial terms for agreements of its nature. About the Commonwealth Project The Commonwealth Project (100% Impact) comprises 565 km2 in the northern part of the Lachlan Fold Belt in New South Wales, about 100 km north of Orange (Figure 1). The Lachlan Fold Belt is renowned for three types of world-class deposits, including: 1. Porphyry copper-gold such as the Cadia-Ridgeway mine just south of Orange (25.6 M oz Au and 4.9 Mt Cu); 2. Epithermal gold such as the Cowal mine 35 km north of West Wyalong (4.0 M oz Au); and 3. Volcanogenic Massive Sulphide (VMS) deposits such as Woodlawn 50 km northeast of Canberra (21 Mt at 8.1% Zn, 1.7% Cu, 3.1% Pb, 0.5 g/t Au and 66 g/t Ag). Work by Impact has shown the Commonwealth deposit to be a high sulphidation, gold-rich VMS deposit, a deposit style only recognised in the past 25 years, and with striking similarities to the world-class Eskay Creek VMS Deposit in Canada (production of >4 million ounces of gold and >180 million ounces silver). ASX:IPT | ABN 52 119 062 261 Impact’s work defined Inferred Resources with 88,800 ounces of contained gold and 3,300,000 ounces of contained silver with significant zinc and lead credits, all within 250 metres of the surface and with potential for bulk open pit mining. All resources are open at depth and along trend (ASX Release 22 nd August 2019). Figure 1. Location and geology of the Commonwealth and Galwadgere Projects, Lachlan fold belt, NSW. The Mineral Resources at Commonwealth and Silica Hill were prepared in accordance with the JORC 2012 Code by independent resource consultants Optiro and followed several drill programmes across the project area by Impact and previous explorers (ASX Release 22nd August 2019). Impact confirms that it is unaware of any new information or data that materially affects the conclusions of the previous market announcements. ASX:IPT | ABN 52 119 062 261 The Inferred Resource for the Commonwealth deposit at a cut-off of 0.5 g/t gold is: COMMONWEALTH (MAIN SHAFT TO COMMONWEALTH SOUTH) Resource Classification Cut-off 0.5 g/t gold Tonnes Gold (g/t) Contained gold (oz) Silver (g/t) Contained silver (oz) Zinc (%) Lead (%) Copper (%) Inferred 912,000 2.4 70,800 44 1,300,000 1.20% 0.50% 0.08 At Silica Hill, the maiden Inferred Resource discovered by Impact at a 50 g/t silver cut-off is: SILICA HILL Resource Classification Cut-off 50 g/t silver Lode Tonnes (t) Silver (g/t) Contained silver (oz) Gold (g/t) Contained gold (oz) Inferred North 397,000 89 1,136,000 1 12,900 South 313,000 87 871,000 0.5 5,100 TOTAL 710,000 88 2,007,000 0.8 18,000 COMPLIANCE STATEMENT All drill results and other relevant Exploration Results for the resources quoted have been previously reported to the ASX in a large number of reports since 2012. Key announcements include: February 19th 2015: Maiden High-grade resource at Commonwealth, NSW. September 18th 2018: Further high-grade gold mineralisation and a second massive sulphide unit confirmed at Commonwealth. November 30th 2018: Further high-grade mineralisation confirmed at Commonwealth South. September 2nd 2016: Bonanza silver grades at Silica Hill. September 22nd 2014: Bonanza Gold Grades at Commonwealth South. October 22nd 2014: Assays confirm 1 km sq High-grade Gold Silver at Commonwealth. December 12th 2017: Significant extensions to mineralisation at Silica Hill. February 13th 2017: High-grade gold and highest silver grade intersected at Silica Hill. Other relevant reports are: June 30th 2016: High-grade extensions to the Commonwealth deposit and Walls. August 8th 2016: 75-metre thick zone of gold-silver-base metal mineralisation discovered at Silica Hill. September 13th 2016: High-grade gold and silver at Silica Hill. February 22nd 2017: Silica Hill and Commonwealth continue to expand. ASX:IPT | ABN 52 119 062 261 July 20th 2017: Best gold results at the Silica Hill Prospect. August 25th 2017: Silica Hill continues to grow. Authorised by the Board of Impact Minerals Limited COMPETENT PERSONS STATEMENTS The review of exploration activities and results in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the company and works for Impact Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mike Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report related to Mineral Resources at Commonwealth-Main Shaft and Silica Hill is based upon data compiled by Susan Havlin, a Member of the Australian Institute of Mining and Metallurgy. Susan Havlin is an employee of Optiro Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity she is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Susan Havlin consents to the inclusion in the release of a summary based upon her information in the form and context in which it appears. ASX:IPT | ABN 52 119 062 261