Kuniko's drilling at Silica Hill keeps finding more of the gold and silver system than the current resource model accounts for. New holes have tracked mineralisation across roughly 100 vertical metres beyond the existing footprint, with wide sulphide zones logged in recent holes, including a roughly 70-metre zone in one hole and individual veins up to 50 centimetres thick in another. These are visual observations from the drill core. We won't know the actual gold and silver grades until laboratory assays come back.

This builds on last year's standout result at Silica Hill: a narrow but exceptionally high-grade vein running 27 g/t gold and 20,603 g/t silver over 0.5 metres, alongside other solid hits at Commonwealth Main Shaft and Commonwealth South. Assays from the current drilling are expected within four to six weeks, feeding into an updated resource estimate targeted for December 2026.

The part we think matters most for shareholders: Kuniko is funding all of this. Kuniko earned an initial 51% by spending A$1.5 million on exploration, and can move to 70% by spending a further A$1.5 million, after which Impact's remaining 30% is free-carried through to a development decision. We keep meaningful upside in Silica Hill without spending our own cash, which stays directed at our high-purity alumina strategy.

Nothing here is confirmed until the assays land. The system looks bigger than earlier drilling suggested, but "bigger" and "high-grade" are two different questions, and only lab results answer the second.

If you have questions about this announcement, we'd like to hear them.