26 Impact Minerals Ltd Annual Report 2023 Directors’ Report continued 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 2023. 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 PRINCIPAL ACTIVITIES The principal activity of the Group during the financial year was exploration for deposits of nickel, gold, copper and platinum group elements. The Group also acquired the right to earn an 80% interest in the Lake Hope High Purity Alumina Project. FINANCIAL RESULTS The consolidated loss of the Group after providing for income tax for the year ended 30 June 2023 was $5,782,028 (2022: $2,399,307). 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 Lake Hope Project During the year Impact acquired the right to earn an 80% interest in the Lake Hope High Purity Alumina Project located in the emerging mineral province of southwest Western Australia. Lake Hope, a dry playa lake, contains a globally unique deposit of extremely fine-grained (<16 microns), very pure, high-grade aluminous clays in the top few metres of the lakebed. The unique geological properties of the Lake Hope deposit will allow for a shallow, very low-cost, free-digging operation only a few metres deep and with offsite metallurgical processing at an established industrial site. The proposed operation will have a small environmental footprint and low carbon emissions. Impact aims to bring Lake Hope into production to deliver high-margin end-products into a rapidly expanding global market with a forecast average price for 4N HPA (99.99% Al2O3) and related products of about US$20,000 per tonne. A pre-feasibility study has commenced as well as the work required to lodge a Mining Lease Application later in 2023. A maiden mineral resource estimate of 3.5 million tonnes at 25.1% alumina (Al2O3) for a contained 880,000 tonnes of alumina has been defined (ASX:IPT 19th June 2023). A heritage survey over the Lake Hope deposit has been completed in conjunction with the Ngadju Peoples. There are no heritage concerns with mining at the lake. Arkun-Beau Project Exploration during the year was also focussed on the Arkun-Beau Project centred about 200 km south-east of Perth and first staked in 2020. An airborne EM survey, soil geochemistry surveys, field checking and rock chip sampling were completed at priority targets for Ni-Cu-PGE mineralisation. In addition, extensive time was spent completing Land Access Negotiations across the project area. Four large and significant soil geochemistry anomalies were identified at Beau (ASX:IPT 9th August 2023), including: – a large copper-nickel-PGM-silver-cobalt anomaly up to 2.5 km by 1 km in size and associated with previously unrecognised layered mafic gabbros. – a gold-palladium anomaly about 500 metres in diameter. – two lithium-caesium-tantalum anomalies each about 1 km in dimension that may be part of a large zoned intrusive pegmatite system. A DGPR survey was also completed at Beau.
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