Impact Minerals Ltd Annual Report 2022 3 Overview: A Year of Transition During the Year Impact completed a strategic transition in its exploration programme from eastern Australia to Western Australia and assembled a portfolio of 10 projects covering about 4,000 square kilometres (Figure 1). All 10 projects are very poorly explored and yet have significant potential for the discovery of a wide range of battery, strategic and precious metals. Of the ten projects, five are 100% owned (Beau, Arkun, Mineral Hill, Martup Hills and Dinninup) and five are joint ventures with private groups (Jumbo, Narryer, Dalgaranga and Hopetoun which were commenced during the year, and Doonia). All contain untested geophysical and geochemical targets in emerging prospective terranes across Western Australia. Figure 1: Location of Impact’s projects in Western Australia As part of strategic transition, a rationalisation of Impact’s project portfolio in eastern Australia was continued during the year. The company sold two tenements that were part of the Commonwealth Project (EL8632 and part of EL8505) to Orange Minerals NL for $180,000 cash and 250,000 shares in Orange (ASX Release 4th February 2021). Orange listed on the Australian Stock Exchange in December 2021 (ASX:OMX) with the shares currently trading at about $0.16 per share. Impact’s shares are escrowed until October 2022. In addition Impact still holds 1,000,000 shares in Australasian Metals Limited (ASX:A8G) which it received for the sale of the Clermont gold project in Queensland at a nominal 10 cents per share. The shares, which are escrowed until April, are currently trading at about $0.30 per share. Impact also agreed to the sale of its Blackridge gold project in Queensland to an unlisted private company. The project comprises one small mining lease and three exploration licences covering about 142 sq kilometres. The terms of the sale are: 1. $30,000 cash for the outright sale of ML2386 (completed). 2. $50,000 cash as a nonrefundable option fee to purchase Impact’s 100% owned subsidiary company Blackridge Exploration Pty Ltd within two years for a further $350,000. Blackridge holds three exploration licences: EPM26806, EPM27410 and EPM27571 (completed). 3. A 1% NSR royalty for all gold produced after the first 5,000 ounces of production. In August 2022 Impact reached an agreement to sell 75% interest in the entire Commonwealth project to unrelated company Burrendong Resources Pty Ltd. Burrendong is aiming to conduct an IPO in 2023.
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