Impact Minerals Ltd Annual Report 2022 33 Directors’ Report Your Directors present their report on the consolidated entity consisting of Impact Minerals Limited (“the Company”) and its subsidiaries (“the Group” or “the Consolidated Entity”) and its subsidiaries at the end of the year ended 30 June 2022. DIRECTORS The following persons were Directors of Impact Minerals Limited during the whole of the financial year and up to the date of this report unless noted otherwise: – Peter Unsworth, Non-Executive Chairman – Michael Jones, Managing Director – Paul Ingram, Non-Executive Director – Frank Bierlein, Non-Executive Director (appointed 13 October 2021) – Markus Elsasser, Non-Executive Director (retired 31 January 2022) PRINCIPAL ACTIVITIES The principal activity of the Group during the financial year was exploration for deposits of nickel, gold, copper and platinum group elements. FINANCIAL RESULTS The consolidated loss of the Group after providing for income tax for the year ended 30 June 2022 was $2,399,307 (2021: $4,760,174). DIVIDENDS No dividends have been paid or declared since the start of the financial year. No recommendation for the payment of a dividend has been made by the Directors. OPERATIONS AND FINANCIAL REVIEW During the year Impact continued a significant strategic change in focus from its long-standing projects in eastern Australia to a new and significant portfolio of battery, precious and strategic metals projects in the emerging mineral province of south west Western Australia. Exploration during the year has focussed on this new portfolio and in particular on the flagship Arkun-Beau project centred about 200 km south-east of Perth and first staked in 2020. Here, first pass reconnaissance soil geochemistry surveys along gazetted roads and tracks returned a significant number of anomalies for a range of deposit styles including nickel-copper-PGM hosted by mafic rocks, lithium pegmatites as well as rare earth elements and rubidium hosted by both weathered and fresh intrusive rocks. The anomalies all lie within freehold farmland and considerable time was spent during the year negotiating land access agreements with landowners. To date about 30 agreements have been signed or are in progress. An airborne EM survey was also completed over seven priority areas and this data is currently being interpreted along with the results of 900 follow up soil samples to identify targets for drilling in early 2023. Impact also acquired three further 100% owned projects and entered into four joint ventures on very attractive terms during the year bringing the company’s total land position in Western Australia to about 4,000 km2. Preliminary soil geochemistry traverses on the three 100% owned projects, Dinninup, Mineral Hill and Martup Hills as well as one of the joint venture projects, Jumbo, adjacent to Arkun, all returned significant anomalies for the same range of metals as Arkun and this is very encouraging. A synthesis and interpretation of previous exploration data is underway on two of the other joint venture projects, Dalgaranga and Narryer. First pass drill programmes were also completed at the Hopetoun joint venture located near the mining centre of Ravensthorpe and also the previously acquired Doonia joint venture located 80 km east of Kambalda. Data including assays from these drill programmes are still being interpreted with a view to determining next steps. An integral part of the change in strategic focus has been the rationalisation of Impact’s projects in eastern Australia. As part of this process during the year Impact completed the sale of two tenements which were part of the Commonwealth project to Orange Minerals Limited (“Orange”) for $180,000 cash and 250,000 shares. Orange listed on the Australian Stock Exchange in December 2021 (ASX:OMX). Impact also still holds 1,000,000 shares in Australasian Metals Limited (ASX:A8G) which it received for the sale of the Clermont project in Queensland in early 2021.
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