Announcement PDF IMPACT MINERALS - ANNUAL REPORT 2025 1 REVIEW OF OPERATIONS ANNUAL REPORT 2025 CORPORATE DIRECTORY DIRECTORS Paul Ingram Non-Executive Chairman Michael Jones Managing Director Frank Bierlein Non-Executive Director COMPANY SECRETARY Arron Canicais REGISTERED OFFICE & PRINCIPAL PLACE OF BUSINESS 9 Richardson Street West Perth, WA 6005 Telephone: +61 (8) 6454 6666 Email: info@impactminerals.com.au Web: www.impactminerals.com.au AUDITORS Hall Chadwick WA Audit Pty Ltd 283 Rokeby Road Subiaco, WA 6008 SHARE REGISTRY Automic Group Level 5, 126 Phillip Street, Sydney NSW 2000 Telephone: 1300 288 664 (Within Australia) or +61 2 9698 5414 (International) Email: hello@automicgroup.com.au Website: https://www.automicgroup.com.au/ SECURITIES EXCHANGE LISTING The Company is listed on the Australian Securities Exchange Ltd (“ASX”) Home Exchange: Perth, Western Australia ASX Code: IPT, IPTO IMPACT MINERALS - ANNUAL REPORT 2025 1 1 TABLE OF CONTENTS Corporate Information Chairmans Report 2 Review Of Operations 3 Directors’ Report 29 Auditor’s Independence Declaration 42 Consolidated Statement Of Profit Or Loss And Other Comprehensive Income For The Year Ended 30 June 2025 44 Consolidated Statement Of Financial Position As At 30 June 2025 45 Consolidated Statement Of Changes In Equity For The Year Ended 30 June 2025 46 Consolidated Statement Of Cash Flows For The Year Ended 30 June 2025 47 Notes To The Consolidated Financial Statements 48 Directors’ Declaration 70 Independent Auditor’s Report 71 Additional Shareholder Information 77 Tenement Table 83 CHAIRMANS REPORT CHAIRMANS REPORT Dear Shareholder, It is with great pleasure that I present this Annual Report for Impact Minerals Limited. The past twelve months have seen strong progress and significant transformation, marked by major advancements at our flagship Lake Hope High Purity Alumina (HPA) Project. During the year, we completed the Pre-Feasibility Study for Lake Hope, confirming it as a project of global significance with the potential to become one of the lowest-cost, lowest-carbon producers of high-purity alumina worldwide. This milestone firmly establishes the project’s foundations and highlights the strength of its long-term prospects. We also enhanced our strategic position by acquiring a 50% stake in Alluminous Pty Ltd, which owns the HiPurA processing technology for HPA and may be able to process Lake Hope ore. This will expand our opportunities within the critical minerals sector by accelerating our entry into the HPA market and improving our ability to deliver value as the business develops. In New South Wales, we secured new ground at Broken Hill to strengthen our exploration portfolio in this historically mineral-rich district, and at the Commonwealth Project, we recently finalised a joint venture agreement that allows us to maintain exposure while freeing up resources to focus on our core activities. Alongside our ongoing work across the broader project pipeline, these measures demonstrate our commitment to advancing Lake Hope while continuing to unlock value from our wider exploration assets. The year ahead will be crucial as we begin the Definitive Feasibility Study at Lake Hope, advance pilot plant construction, seek necessary permits and approvals, and deepen our engagement with potential offtake partners. These efforts will move us closer to our goal of making Impact a leading supplier of high-purity alumina. On behalf of the Board, I would like to thank our Managing Director, Dr Mike Jones, and the Impact team for their hard work and innovation throughout the year. I also extend my gratitude to you, our shareholders, for your continued support. With a clear strategy and strong momentum, we look forward to another year of achievement and value creation. Yours sincerely, Paul Ingram Chairman REVIEW OF OPERATIONS 01 REVIEW OF OPERATIONS 4 IMPACT MINERALS - ANNUAL REPORT 2025 REVIEW OF OPERATIONS LAKE HOPE 1. LAKE HOPE HIGH PURITY ALUMINA PROJECT, WA (IPT earning 80%) 1 1. . L LA AK KE E H HO OP PE E H HI IG GH H P PU UR RI IT TY Y A AL LU UM MI IN NA A P PR RO OJ JE EC CT T, , W WA A ( (I IP PT T e ea ar rn ni in ng g 8 80 0% %) ) F Fi ig gu ur re e 1 1.1 1. . Location of the Lake Hope Project and proposed haul route to Kwinana. Impact’s work over the past year has been focused on its flagship Lake Hope High Purity Alumina project, located 500km east of Perth, Western Australia. (Figures 1.1. & 1.2.) Significant progress was made across all key parts of the project including; 1. Lodgment of a Mining Lease Application (MLA63/684) and associated miscellaneous Licence (L63/99) for over West Lake. 2. Award of a grant of $2.87 million under the Federal Government’s CRC-P scheme for research into membrane technology in conjunction with Edith Cowan University and CRC Engineering. 3. Completed a Pre-Feasibility Study, triggering an option to acquire 80% interest in Playa One Pty Ltd, the original owner of the project. 4. Purchased a 50% shareholding in Alluminous Pty Ltd, which owns the HipurA Technology platform for the production of HPA. 1 1. .1 1 K Ke ey y a ac ct ti iv vi it ti ie es s o of f t th he e P Pr re e- -F Fe ea as si ib bi il li it ty y S St tu ud dy y As part of the Pre-Feasibility Study the following work was completed in four key areas: Figure 1.1. Location of the Lake Hope Project and proposed haul route to Kwinana. Impact’s work over the past year has been focused on its flagship Lake Hope High Purity Alumina project, located 500km east of Perth, Western Australia. (Figures 1.1. & 1.2.) Significant progress was made across all key parts of the project including; 1. Lodgment of a Mining Lease Application (MLA63/684) and associated miscellaneous Licence (L63/99) for over West Lake. 2. Award of a grant of $2.87 million under the Federal Government’s CRC-P scheme for research into membrane technology in conjunction with Edith Cowan University and CRC Engineering. 3. Completed a Pre-Feasibility Study, triggering an option to acquire 80% interest in Playa One Pty Ltd, the original owner of the project. 4. Purchased a 50% shareholding in Alluminous Pty Ltd, which owns the HipurA Technology platform for the production of HPA. 1.1 Key activities of the Pre-Feasibility Study As part of the Pre-Feasibility Study the following work was completed in four key areas: The Mine 1. During the year, Impact Minerals announced it had lodged a Mining Lease Application (MLA63/684) and an associated Miscellaneous Licence (L63/99) for the Lake Hope High Purity Alumina (HPA) Project, located 500 km east of Perth in Western Australia (ASX Release 12th August 2024) (Figures 1 and 2). This marks a key step in progressing the project towards production, as it outlines the work needed to secure the statutory approvals required for the grant of the Mining Lease. The approvals process, together with the logistics and estimated costs of mining and transporting the Lake Hope mud to the process plant, formed one of the four key parts of the Pre- Feasibility Study (PFS) on Lake Hope (Figure 3). 2. Discussions were held with the Prescribed Body Corporate (PBC) for the Ngadju Aboriginal people to inform them of Impact’s intention to develop the Project and to lodge a Mining Lease Application. A Negotiation Protocol was received from the PBC for Impact’s review, which set’s the framework for negotiations to achieve a Land Access Agreement and a Cultural Heritage Management Plan for the mine and the potential benefits to the Ngadju community from the development of the Lake Hope mine. IMPACT MINERALS - ANNUAL REPORT 2025 5 REVIEW OF OPERATIONS 3. A mineralisation report, a Mining Lease layout, and a Miscellaneous Licence for haul road access and site logistics were finalised for the Mining Lease application (Figure 1.2.). Areas of gravel and construction materials for the haul road have been identified and mapped as part of this work. The haul road location offers considerable savings in the capital expenditure required for road construction compared to upgrading existing tracks. 4. Infill drilling on the West Lake was completed to convert a significant portion of the previously defined Indicated Resource to a Measured Resource. This allowed a maiden Proven Reserve to be declared in the PFS. H and S Resource Consultants prepared the resource upgrade. 5. A maiden Measured Resource of 730,000 tonnes at 25.8% alumina (Al2 O3 ) for 189,000 tonnes of contained alumina was declared during the year (ASX Release 19th November 2024), supporting a planned maiden Reserve for at least 15-years of production at the target rate of 10,000 tpa HPA. This resource upgrade follows a program of infill drilling designed to convert Indicated Resources into Measured Resources. The Process Plant 1. Kwinana has been selected as the best location for the processing plant following a rigorous study of the available options. This is a key outcome of the PFS, and the decision was driven by the ready availability of the various chemical reagents needed for the process plant compared to the transport cost to get reagents to Kalgoorlie, which was the basis of the Scoping Study (ASX Release November 9th 2023). The savings in operating costs far outweigh the marginal extra cost of transporting ore to Kwinana rather than Kalgoorlie. 2. Another key outcome of the PFS is selecting the Low-Temperature Leach (LTL) process as the most effective process for producing HPA at scale (ASX Release February 27th 2024). This follows ongoing test work and financial modelling for the LTL and Sulphate Processes. 3. Discussions are underway with potential suppliers of the input reagents required for the LTL process and potential buyers of the associated fertiliser and acid by-products. Indications are that both the required inputs and by-product outputs can be provided “at the gate” in Kwinana. This is a significant strategic advantage for the project, minimises the requirement for many minor capital items, and leads to savings in operating costs. 4. A block of land has been identified as suitable for the plant, and discussions are underway to secure it when appropriate. 5. CPC Engineering was commissioned to undertake design engineering studies and provide estimates of the capital and operating costs for a process plant to produce 10,000 tonnes per annum of HPA. These costs will be used in the PFS. CPC’s work will build on extensive Process Flow Design and Mass Flow Balance calculations recently completed by Strategic Metallurgy. Significant focus has been placed on integrating an acid regeneration system, a critical step to reduce chemical consumption and operational costs. Discussions to secure State Government-controlled land for the plant in Kwinana remain on track. Figure 1.2 Location of the Mining Lease and Miscellaneous Licence Applications at Lake Hope. Exploration licences under Impact’s control are shown in blue. An access agreement will be required with Kingsland Minerals Limited who the green tenements. Initial discussions for this have been very positive. August 2024) (Figures 1 and 2). This marks a key step in progressing the project towards production, as it outlines the work needed to secure the statutory approvals required for the grant of the Mining Lease. The approvals process, together with the logistics and estimated costs of mining and transporting the Lake Hope mud to the process plant, formed one of the four key parts of the Pre-Feasibility Study (PFS) on Lake Hope (Figure 3). F Fi ig gu ur re e 1 1. .2 2 Location of the Mining Lease and Miscellaneous Licence Applications at Lake Hope. Exploration licences under Impact’s control are shown in blue. An access agreement will be required with Kingsland Minerals Limited who the green tenements. Initial discussions for this have been very positive. 2. Discussions were held with the Prescribed Body Corporate (PBC) for the Ngadju Aboriginal people to inform them of Impact’s intention to develop the Project and to lodge a Mining Lease Application. A Negotiation Protocol was received from the PBC for Impact’s review, which set’s the framework for negotiations to achieve a Land Access Agreement and a Cultural Heritage Management Plan for the mine and the potential benefits to the Ngadju community from the development of the Lake Hope mine. 3. A mineralisation report, a Mining Lease layout, and a Miscellaneous Licence for haul road access and site logistics were finalised for the Mining Lease application (Figure 1.2.). Areas of gravel and construction materials for the haul road have been identified and mapped as part of this work. The haul road location offers considerable savings in the capital expenditure required for road construction compared to upgrading existing tracks. 6 IMPACT MINERALS - ANNUAL REPORT 2025 REVIEW OF OPERATIONS Test Work 1. Metallurgical test work continued throughout the year, and production of HPA samples is underway. Work is progressing on both the sulphate process and low temperature leach process (LTL) and now includes further mass flow balance and process flow design work with a particular focus on acid usage and regeneration at the back end of the processes (ASX Releases 19th February 2024 and 27th February 2024). In addition, further test work is underway on the fertiliser by-product to help determine likely demand and pricing. 2. Detailed discussions are in progress regarding the design and construction of a pilot plant that will produce HPA of consistent quality for potential offtake partners. On October 22nd 2024, Impact announced that it had been awarded a grant of $2.87 million grant in collaboration with CPC Engineering and the Mineral Recovery Research Centre (MRRC) at Edith Cowan University, towards the commercialisation of the company’s innovative process to produce High Purity Alumina (HPA) from the Lake Hope deposit. 3. Early-stage discussions have been held with existing ceramic and alumina producers in Europe and the USA with a view to potential synergies. 4. Impact is assembling a marketing team to engage with potential customers further and provide feedback on the specifications required for end-user products. T Te es st t W Wo or rk k 1. Metallurgical test work continued throughout the year, and production of HPA samples is underway. Work is progressing on both the sulphate process and low temperature leach process (LTL) and now includes further mass flow balance and process flow design work with a particular focus on acid usage and regeneration at the back end of the processes (ASX Releases 19th February 2024 and 27th February 2024). In addition, further test work is underway on the fertiliser by-product to help determine likely demand and pricing. 2. Detailed discussions are in progress regarding the design and construction of a pilot plant that will produce HPA of consistent quality for potential offtake partners. On October 22nd 2024, Impact announced that it had been awarded a grant of $2.87 million grant in collaboration with CPC Engineering and the Mineral Recovery Research Centre (MRRC) at Edith Cowan University, towards the commercialisation of the company’s innovative process to produce High Purity Alumina (HPA) from the Lake Hope deposit. 3. Early-stage discussions have been held with existing ceramic and alumina producers in Europe and the USA with a view to potential synergies. 4. Impact is assembling a marketing team to engage with potential customers further and provide feedback on the specifications required for end-user products. F Fi ig gu ur re e 1 1. .3 3. . The four pieces of the Lake Hope Pre-Feasibility Study Jigsaw Puzzle. Figure 1.3. The four pieces of the Lake Hope Pre-Feasibility Study Jigsaw Puzzle. Recent ASX releases by Alpha HPA Limited (ASX:A4N), a leader in the HPA industry, show there is significant global demand for a wide range of HPA products of much more than the 10,000 tonnes per annum Alpha plans to produce from their full-scale plant to be built over the next two years. Alpha recently received significant funding of $400 million, a total capex of $500 million, for building this plant from the Australian government. The funding comprises low-interest loans and demonstrates the ongoing federal (and state) support for critical minerals and downstream processing, in which Impact intends to participate. Pilot Plant and CRC-P Grant A major milestone was achieved with Impact Minerals securing a $2.87 million CRC-P Grant under the Federal Government’s Cooperative Research Centres Projects (CRC-P) program (ASX Release 22nd October 2024). The grant, awarded in collaboration with CPC Engineering and Edith Cowan University (ECU), will fund the construction of a pilot plant to produce consistent HPA samples for customer qualification trials and off-take agreements. It will also support the implementation of Membrane Selective Technology (MST), which enhances reagent regeneration, reduces waste, and aims for “zero-liquid discharge”. This positions Impact to advance toward a Definitive Feasibility Study (DFS) following the completion of the PFS. CPC Engineering will design, construct, and manage the pilot plant, leveraging their expertise in HPA processing. ECU has recruited a very experienced membrane researcher and work is underway on the first phase of membrane development which will focus on the first stage of leaching of the Lake Hope material. IMPACT MINERALS - ANNUAL REPORT 2025 7 REVIEW OF OPERATIONS Market Strategy and Off-Take Impact strengthened its commercialisation strategy through the appointment of Joseph Casella as Marketing Manager (ASX Release 9th October 2024). Joseph, formerly of Tianqi Lithium, brings extensive experience in critical minerals markets, product development, and international supply chain management. The global HPA market continues to experience strong demand, growing at a compound annual growth rate (CAGR) of 15% to 20%. Recent market activity highlights robust investor and customer interest, with companies such as Alpha HPA Limited (ASX:A4N) receiving substantial funding and indicative interest exceeding 30,000 tpa with a forecast production rate of only 10,000 tpa. Joseph will lead efforts to engage customers, establish off-take agreements, and refine product specifications to meet market needs. !"#$%&'($%)*+%+,--"./% 01-("23%45".$%6789% 1.2 Summary Results of the Pre-Feasibility Study During the year, Impact completed its Pre-Feasibility Study (PFS) for Lake Hope which confirmed the project as a globally significant, low-cost and low-carbon potential producer of HPA, with an estimated project life of over 30 years based on the defined reserve. The study highlighted strong projected financial metrics, underpinned by the shallow, high-grade aluminous clay resource and the innovative, energy-efficient processing flowsheet developed by Impact. The maiden ore reserve establishes Lake Hope as a strategic long-term HPA supply opportunity capable of supporting the rapidly growing markets for LED lighting, lithium-ion batteries and other advanced technologies. Impact confirms that all the material assumptions underpinning the production target, or the forecast financial information derived from the production target, in the Pre-feasibility Study announced on June 17th 2025, continue to apply and have not materially changed. 8 IMPACT MINERALS - ANNUAL REPORT 2025 REVIEW OF OPERATIONS Production Base • Potential to become a major producer of HPA with stand-alone steady-state production of 10,000 tonnes per annum following a two-year ramp-up. • Initial mine life of 33 years. • Conservative commodity price estimate of US$22,000 per tonne of HPA compared to recent forecasts of more than US$25,000 per tonne from 2026 onwards. • Ideally positioned to meet forecast growth in demand for HPA over the next decade. • For a stand-alone operation as per the PFS, Definitive Feasibility Study (DFS) completion and FID for a stand-alone operation are anticipated in H1 2028. • Integration studies with the HiPurA process and the potential for a modular scale-up in production to commence immediately, to accelerate to commercial production by several years (ASX Release April 25th 2025). Physical Parameters • JORC Mineral Resource Estimate (MRE) of 2.8 million tonnes at 25.1% Al2 O3 for 700,000 tonnes of contained Al2O3 (alumina) (ASX Release November 19th , 2024). • Maiden JORC Proved and Probable Ore Reserve of 1.7 million tonnes at 26% Al2 O3 for 450,000 tonnes of contained Al2O3, a resource to reserve conversion rate of 66%. Capital Costs and Operating Costs (+/-25%) • Pre-production capex A$259 million, including a contingency of $50 million. • Lowest quartile Life Of Mine Opex cash costs of US$5,860 (A$9,450) per tonne, excluding by-product credits (Figure 1). • Key by-product of sulphate of potash (SOP) could reduce Opex to <US$4,500. SOP flowsheet and market research have only been completed to the Scoping Study level and are not considered in the financial model. Offers significant upside to current financial metrics in the DFS. • Potentially at least 30% lower than operating costs (net of by-product) estimated by Alpha HPA Ltd (ASX: A4N ASX Release March 26th 2025). C Ca ap pi it ta al l C Co os st ts s a an nd d O Op pe er ra at ti in ng g C Co os st ts s ( (+ +/ /- -2 25 5% %) ) • Pre-production capex A$259 million, including a contingency of $50 million. • Lowest quartile Life Of Mine Opex cash costs of US$5,860 (A$9,450) per tonne, excluding by-product credits (Figure 1). • Key by-product of sulphate of potash (SOP) could reduce Opex to <US$4,500. SOP flowsheet and market research have only been completed to the Scoping Study level and are not considered in the financial model. Offers significant upside to current financial metrics in the DFS. • Potentially at least 30% lower than operating costs (net of by-product) estimated by Alpha HPA Ltd (ASX: A4N ASX Release March 26th 2025). F Fi ig gu ur re e 1 1. .4 4. HPA Industry operating cost curve. Existing OPEX Data sourced from market analyst reports and in-house research. K Ke ey y O Op pe er ra at ti in ng g D Dy yn na am mi ic cs s • The low operating and capital costs compared to competitors stem from the unique characteristics of the clay deposit at Lake Hope, which features high-grade mineralisation at the surface that requires no on-site beneficiation (Figure 1.2.) advantageous metallurgical process kinetics, and potential future SOP by-product credit with further testwork. • Ore to be mined at Lake Hope, and transported to Kwinana, Perth, for processing. Figure 1.4. HPA Industry operating cost curve. Existing OPEX Data sourced from market analyst reports and in-house research. Key Operating Dynamics • The low operating and capital costs compared to competitors stem from the unique characteristics of the clay deposit at Lake Hope, which features high-grade mineralisation at the surface that requires no on-site beneficiation (Figure 1.2.) advantageous metallurgical process kinetics, and potential future SOP by-product credit with further testwork. • Ore to be mined at Lake Hope, and transported to Kwinana, Perth, for processing. • Mining to take place on a campaign basis with ore stockpiled across a three month period. Mining campaigns occur annually for the first three years before transitioning to every three years. IMPACT MINERALS - ANNUAL REPORT 2025 9 REVIEW OF OPERATIONS • An average of 54,000 dry metric tonnes of ore is delivered annually to the process plant with year-round transport. • A potential site for a refinery has been identified in Kwinana with ready access to required reagents and potential buyers for by-products. F Fi ig gu ur re e 5 5. . Comparison of mining techniques between Lake Hope and conventional hard rock mining. M Me et ta al ll lu ur rg gy y • PFS flowsheet is based on the now-patented Playa One Low-Temperature Leach (LTL) hydrometallurgical process (Figure 3 and ASX Release February 27th , 2024). The Scoping Study was based on the patented Playa One sulphate process (ASX Releases November 9th 2023 and February 19th 2024). • The LTL process comprises two main hydrometallurgical stages: Stage 1, a potassium hydroxide pre-treatment of the raw ore, which produces a high-value Sulphate of Potash (SOP) crystalline by-product; and Stage 2, a solid residue that is leached in a hydrochloric acid circuit to produce aluminium chloro-hexahydrate (ACH). The ACH is then calcined to produce HPA. Stage 2 is a recognised route to HPA and is used by several other private manufacturers of HPA. • Alumina recovery is about 70%, with potential to significantly improve on this with further testwork. • Regeneration of the hydrochloric acid using “off-the-shelf” acid recovery equipment, is a key financial metric for the Opex. • There have been no detailed testwork studies on the production of the SOP, and all considerations are at a Scoping Study level. However, preliminary assays suggest the potential for a high-quality product. • The SOP circuit has been included in the CapEx estimates but potential revenue and contribution to the earnings have not been included in the financial modelling. • Significant improvements to the alumina recovery, acid regeneration, SOP production and waste liquid management are anticipated under the federally co-funded CRC-P Figure 1.5. Comparison of mining techniques between Lake Hope and conventional hard rock mining. Metallurgy • PFS flowsheet is based on the now-patented Playa One Low-Temperature Leach (LTL) hydrometallurgical process (Figure 3 and ASX Release February 27th , 2024). The Scoping Study was based on the patented Playa One sulphate process (ASX Releases November 9th 2023 and February 19th 2024). • The LTL process comprises two main hydrometallurgical stages: Stage 1, a potassium hydroxide pre- treatment of the raw ore, which produces a high-value Sulphate of Potash (SOP) crystalline by-product; and Stage 2, a solid residue that is leached in a hydrochloric acid circuit to produce aluminium chloro- hexahydrate (ACH). The ACH is then calcined to produce HPA. Stage 2 is a recognised route to HPA and is used by several other private manufacturers of HPA. • Alumina recovery is about 70%, with potential to significantly improve on this with further testwork. • Regeneration of the hydrochloric acid using “off-the-shelf” acid recovery equipment, is a key financial metric for the Opex. • There have been no detailed testwork studies on the production of the SOP, and all considerations are at a Scoping Study level. However, preliminary assays suggest the potential for a high-quality product. • The SOP circuit has been included in the CapEx estimates but potential revenue and contribution to the earnings have not been included in the financial modelling. • Significant improvements to the alumina recovery, acid regeneration, SOP production and waste liquid management are anticipated under the federally co-funded CRC-P research project into membranes in association with CPC Engineering and Edith Cowan University (ASX Release October 22nd , 2024). • CPC Engineering has designed an elegant refinery layout for a specific site in Kwinana that has ready access to reagents and potential buyers of by-product (Figure 4). 10 IMPACT MINERALS - ANNUAL REPORT 2025 REVIEW OF OPERATIONS • CPC Engineering has designed an elegant refinery layout for a specific site in Kwinana that has ready access to reagents and potential buyers of by-product (Figure 4). F Fi ig gu ur re e 1 1. . 6 6. . Process Flowsheet for production of HPA. F Fi ig gu ur re e 1 1. .7 7. . 3D view and side elevation view of the proposed process plant in Kwinana. Figure 1.6. Process Flowsheet for production of HPA. • CPC Engineering has designed an elegant refinery layout for a specific site in Kwinana that has ready access to reagents and potential buyers of by-product (Figure 4). F Fi ig gu ur re e 1 1. . 6 6. . Process Flowsheet for production of HPA. F Fi ig gu ur re e 1 1. .7 7. . 3D view and side elevation view of the proposed process plant in Kwinana. Figure 1. 7. 3D view and side elevation view of the proposed process plant in Kwinana. ESG and Carbon footprint • Baseline environmental and heritage surveys were completed over Lake Hope, with no impediments to mining identified. • Power for the Kwinana refinery will be 70% renewable by 2040, subject to the West Australian state government fully implementing the Whole of System plan (WoSP). Impact Minerals will also investigate options to increase renewable energy supply opportunities to bring this online sooner. • Expected low-in-class CO2 emissions compared to incumbent producers (Scope 1 & 2), including Alpha HPA Ltd (Figure 5 and ASX Release June 19th 2024). IMPACT MINERALS - ANNUAL REPORT 2025 11 REVIEW OF OPERATIONS opportunities to bring this online sooner. • Expected low-in-class CO2 emissions compared to incumbent producers (Scope 1 & 2), including Alpha HPA Ltd (Figure 5 and ASX Release June 19th 2024) F Fi ig gu ur re e 1 1. .8 8. . Likely CO2 emissions for four different production methods for HPA: The incumbent alkoxide process; Alpha HPA Limited (ASX Release November 21st , 2023); Impact’s proposed Sulphate and Low-Temperature-Leach (LTL) processes; and AEM who produce modest quantities of HPA in Canada using hydroelectric power K Ke ey y A Ap pp pr ro ov va al l P Pr ro oc ce es ss se es s G Go oi in ng g F Fo or rw wa ar rd d • Impact has elected to move to 80% ownership of Playa One Pty Ltd, owner of the Lake Hope project and associated metallurgical patents and other intellectual property. Impact will issue 120 million shares which are escrowed for 12 months. • Mining Lease and Miscellaneous Licence applications lodged. • Initial discussions with the Norseman-based Ngadju people, traditional custodians of the land which includes Lake Hope, have been very encouraging. The financial model incorporates an estimate of the community’s financial benefits. • F