Kuniko Limited has earned a 51% interest in our Commonwealth-Silica Hill Gold-Silver-Copper Project in NSW, hitting this milestone 12 months ahead of schedule after spending $1.5 million on exploration since September 2025.

That work has already delivered strong results. A Mobile MT survey identified a 4km conductive corridor with multiple high-priority targets, and Phase 1 drilling returned a standout intercept at Silica Hill of 0.5m at 20,603 g/t silver and 27 g/t gold. Phase 2 drilling is now underway, aimed at extending the resource ahead of an upgraded Mineral Resource Estimate expected by the end of 2026.

Kuniko can increase its stake to 70% by spending a further $1.5 million over the next two years. Importantly for us, Impact retains a free-carried 30% interest in the project right through to any Decision to Mine, meaning our shareholders keep exposure to further upside from Kuniko's exploration without us having to fund it. If a mine decision is reached, we can choose to contribute our share of costs or dilute to 10% while retaining a 2% net smelter royalty.

This arrangement also lets us focus our own resources on our High Purity Alumina projects, where pilot-scale studies are now getting underway.

There's a run of catalysts ahead: a regional targeting review this month, Phase 2 assay results in September, and further target testing and the upgraded resource estimate in the second half of 2026.

If you have questions about this announcement, we'd welcome you raising them with us through the hub.