Announcement PDF Proposed issue of securities Update Summary Entity name IMPACT MINERALS LIMITED Announcement Type Update to previous announcement Date of this announcement 4/5/2023 Reason for update to a previous announcement To clarify an administrative oversight. Refer to next page for full details of the announcement Proposed issue of securities 1/6 Proposed issue of securities Part 1 - Entity and announcement details 1.1 Name of +Entity IMPACT MINERALS LIMITED We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules. If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation). 1.2 Registered Number Type Registration Number ABN 52119062261 1.3 ASX issuer code IPT 1.4 The announcement is Update/amendment to previous announcement 1.4a Reason for update to a previous announcement To clarify an administrative oversight. 1.4b Date of previous announcement to this update 1/5/2023 1.5 Date of this announcement 4/5/2023 1.6 The Proposed issue is: A placement or other type of issue Proposed issue of securities 2/6 Proposed issue of securities Part 7 - Details of proposed placement or other issue Part 7A - Conditions 7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? Yes 7A.1a Conditions Approval/Condition Date for determination +Security holder approval 3/7/2023 Is the date estimated or actual? Estimated ** Approval received/condition met? No Comments Shareholder approval will be sought at a General Meeting of the Company to issue the 120,000,000 PFS Shares and the 100,000,000 DFS Shares. (Refer ASX release "Clarification Announcement" dated May 4th 2023. Part 7B - Issue details Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class Will the proposed issue of this +security include an offer of attaching +securities? No Details of +securities proposed to be issued ASX +security code and description IPT : ORDINARY FULLY PAID Number of +securities proposed to be issued 120,000,000 Offer price details Are the +securities proposed to be issued being issued for a cash consideration? No Proposed issue of securities 3/6 Proposed issue of securities Please describe the consideration being provided for the +securities The Shares will be issued upon completion of a PFS for the Lake Hope Project. Please see ASX Release dated May 1st 2023. Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 0.012000 Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class Will the proposed issue of this +security include an offer of attaching +securities? No Details of +securities proposed to be issued ASX +security code and description IPT : ORDINARY FULLY PAID Number of +securities proposed to be issued 100,000,000 Offer price details Are the +securities proposed to be issued being issued for a cash consideration? No Please describe the consideration being provided for the +securities The Shares will be issued upon completion of a DFS for the Lake Hope Project. Please see ASX Release dated May 1st 2023. Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 0.012000 Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes Proposed issue of securities 4/6 Proposed issue of securities Part 7C - Timetable 7C.1 Proposed +issue date 1/7/2024 Part 7D - Listing Rule requirements 7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes 7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 3/7/2023 7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No 7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No 7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No Part 7E - Fees and expenses 7E.1 Will there be a lead manager or broker to the proposed issue? No 7E.2 Is the proposed issue to be underwritten? No 7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue N/A Proposed issue of securities 5/6 Proposed issue of securities Part 7F - Further Information 7F.01 The purpose(s) for which the entity is issuing the securities Please refer ASX Announcement of May 1st 2023 7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No 7F.2 Any other information the entity wishes to provide about the proposed issue No 7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f) Proposed issue of securities 6/6