December 2022 Quarterly Report

Impact Minerals (ASX:IPT) is pleased to present its Quarterly Report.

HIGHLIGHTS

1. Broken Hill, WA (IPT 100%)

• IGO Joint Venture (E7390 and E8234)
  Large EM anomaly drill tested for high-grade massive nickel-copper sulphides with PGM at Platinum Springs. Assays awaited.
  Ground EM survey planned for Little Darling Creek
• Impact to participate in the BHP Xplor Programme to accelerate exploration at Broken Hill

2. Arkun-Beau, WA (IPT 100%)

• Results from extensive soil geochemistry surveys received at year end. Interpretation in progress.
  
• Airborne EM data being re-processed by Intrepid Geophysics

3. Commonwealth Project, NSW

• Option period for Burrendong Minerals Ltd to raise seed capital for an IPO extended to March 13th 2023.

4. Narryer JV, WA

• Reconnaissance field visit completed.

5. Hopetoun Project JV, WA

• The joint venture has now lapsed.

6. Corporate

• $2.1M Cash at December 31^st 2022

During the Quarter, Impact was focused on its application for the BHP Xplor programme and recently announced it was one of the inaugural cohorts for this prestigious and innovative business model to help fund junior explorers (ASX Release January 17^th 2023).

In the background, work continued on Impact’s extensive portfolio of projects both 100% owned, (Arkun-Beau, Dinninup, Mineral Hill and Martup) and those in a joint venture (Jumbo, Narryer, Dalgaranga and Doonia) and primarily located in the emerging mineral province of south-west Western Australia. This follows a change in Impact’s strategic focus on this region following the recent Julimar PGE-Ni-Cu discovery (ASX: CHN). It is also home to the world-class Greenbushes lithium-tantalum mine (Figure 1).

Current work programmes aim to define drill targets at the flagship Arkun-Beau-Jumbo area. Other projects are also being progressed via compilations of previous work and preliminary interpretations of the surface and bedrock geology to identify areas of interest for follow-up exploration.

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