34 Impact Minerals Ltd Annual Report 2022 Directors’ Report continued In addition, the Company also agreed to the sale of the Blackridge gold project in Queensland under the following terms: – $30,000 cash for the outright sale of ML2386; – $50,000 cash as a non-refundable option fee to purchase Impact’s subsidiary company Blackridge Exploration Pty Ltd within two years for $350,000 and which holds three exploration licences EPM26806, EPM27410 and EPM27571; and – a 1% NSR royalty for all gold produced after the first 5,000 ounces of production. Subsequent to the year end, Impact also agreed to sell 75% of the Commonwealth Project to unlisted company Burrendong Resources Pty Ltd. The sale is subject to Burrendong listing on the ASX by mid-2023. Impact is now considering its options for its last remaining project in eastern Australia, the Broken Hill Project. During the year Impact entered into an agreement whereby IGO Limited, one of Australia’s leading mining and exploration companies agreed to farm into two tenements which form a small part of the Broken Hill project and which are prospective for deposits of nickel, copper and PGM. IGO can spend up to $18 million over 8 years to earn a 75% interest in the tenements. As part of the first-year exploration programme IGO has completed a major ground electromagnetic survey over the two tenements concerned. A significant deep-seated conductor has been identified and IGO have indicated that this will be drill tested by the end of 2022 if possible. FINANCIAL As at 30 June 2022, the Group had net assets of $18,557,017 (2021: $15,632,776) including cash and cash equivalents of $3,816,089 (2021: $3,415,778). Competent Persons Statement The review of operations contained in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the Company and works for Impact Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Dr Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears. Impact Minerals confirms that it is not aware of any new information or data that materially affects the information included in previous market announcements and in the case of mineral resource estimates, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS Significant changes in the state of affairs of the Group during the financial year were as follows: – In March 2022, the Company raised $2,000,000 (before costs) via a placement of 166,666,667 new shares at an issue price of 1.2 cents each. – In June 2022 the Company completed a Renounceable Rights Issue raising $3,199,999 (before costs) via the issue of 290,908,970 new shares at an issue price of 1.1 cents each together with one free attaching listed option exercisable at $0.02 on or before 2 June 2024 for every two new shares subscribed for (145,454,389 Listed Options). A further 12,800,000 listed options were issued to the underwriter as part consideration for their services. EVENTS SINCE THE END OF THE FINANCIAL YEAR In August 2022 the Company announced that it had agreed to implement a Share Purchase Agreement (“SPA”) with Burrendong Minerals Limited (“Burrendong”) whereby Burrendong would acquire 75% of the shares in Impact’s wholly owned subsidiary Endeavour Minerals Pty Ltd (“Endeavour”). The principal assets of Endeavour are the Commonwealth Project tenements (EL8504, EL8505, EL5874, EL8212 and EL8252). Burrendong intends to list on the ASX. There has not arisen in the interval between the end of the financial year and the date of this report any other item, transaction or event of a material and unusual nature likely, in the opinion of the Directors, to affect significantly the operations, the results of those operations, or the state of affairs of the Group in future financial years.
RkJQdWJsaXNoZXIy MjE2NDg3