24 Impact Minerals Ltd Annual Report 2023 Review of Operations continued BHP XPLOR During the year, Impact was selected as one of the inaugural participants in the BHP Xplor programme, principally to fund exploration at the Company’s Broken Hill Project in New South Wales (ASX Release January 17th 2023). BHP Xplor, a prestigious accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners. Impact received up to US$500,000 in cash payments from BHP over the six months and gained access to a network of internal and external experts to help guide development in the company’s technical, business and operational aspects. The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area, where Impact has been quietly adding to its ground position for several years. Impact believes that there is significant untapped exploration potential at Broken Hill for copper mineralisation and has been working with world-renowned geologist Prof. Tony Crawford on a new model for copper associated with mafic intrusions that are part of the Broken Hill Group rocks. The funding was primarily directed at developing a new, detailed three-dimensional model of the geology of the region based on new insights gained by Impact during its work there over the past ten years, together with an interpretation of magnetic and gravity data. As part of the Xplor programme, extensive field checking and rock chip sampling of mafic intrusions throughout the Broken Hill stratigraphy has been completed. About 600 rock chip samples have been submitted for comprehensive major and trace element whole-rock geochemistry to help establish the provenance and metal-carrying potential of the mafic rocks. Some data has been received and is being interpreted. In addition, two geophysical surveys were completed as case studies over known zinc-lead-silver-copper mineralisation at Impact’s Dora East prospect: a ground SAM survey and a ground AMT. The surveys were designed to validate the potential of both the SAM and MT methods to identify sulphide mineralisation that cannot be detected by EM methods (e.g. sphalerite, galena etc.) to consider airborne surveys using those methods. Furthermore, and for the first time in the Broken Hill region, a regional magneto-telluric (MT) survey designed to elucidate the deep structure under Broken Hill has recently been completed, with the data currently being processed. Results are expected in the September Quarter. Funding under the Xplor programme finished as of June 30th, 2023. BHP remains interested in the Broken Hill project, and Impact will present the work completed to them once completed. There are no ongoing confidentiality conditions to the data Impact has collected. IGO JOINT VENTURE During the year a major ground EM survey was completed by IGO as part of its earn in joint venture over a small portion of the Broken Hill project. One significant conductor was identified and tested with one diamond drill hole. No significant results were returned and IGO has now withdrawn from the joint venture. BROKEN HILL PROJECT
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