Impact Minerals Ltd Annual Report 2023 25 Review of Operations continued On 8th August 2022, Impact announced it had agreed terms for the sale of a 75% interest in its 100% owned Commonwealth Project in the Lachlan copper-gold province of New South Wales to Burrendong Minerals Limited, a private unrelated company looking to list on the ASX in 2024. These terms were subsequently revised post year end on (ASX Release 16 August 2023) as follows: 1. An extension of the Exclusivity Period to September 30th 2023, to complete a Share Purchase Agreement (SPA) and Joint Venture Agreement (JVA). Burrendong can extend the Exclusivity Period for a further eight weeks for a non-refundable payment of $25,000. On execution of the SPA, Impact to receive a non-refundable payment of $75,000. 2. Following the execution of the SPA, Burrendong will have nine months to complete a listing on the ASX. Upon listing, Impact will receive a further $250,000 in cash, a 12.5% interest in Burrendong and will retain a 49% interest in the Commonwealth Project. 3. Upon listing, the project will operate under an incorporated joint venture, whereby Burrendong may acquire a further 24% interest in the Commonwealth Project by sole funding exploration until the earlier of the first $5 million of expenditure within 36 months of the SPA Completion or a Decision to Mine. Normal dilution clauses will subsequently apply, and if Impact reduces to less than a 10% interest, it will convert to a 2% Net Smelter Royalty. 4. Impact shareholders will receive a priority entitlement to subscribe for up to $2 million worth of shares under the Burrendong initial public offering. OTHER PROJECTS Limited work was completed on Impacts other projects. These projects will be advanced in 2024 with a view to monetizing them. COMMONWEALTH PROJECT
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