September 2023 Quarterly Report

Impact Minerals Limited (ASX:IPT) is pleased to provide its Quarterly Activities Report for the period ending 30 September 2023.

HIGHLIGHTS

1. Lake Hope, WA (IPT 80%)

• Heritage survey completed with the Ngadju Native Title group with clearance received for ground-disturbing activities over the entire Lake Hope deposit and nearby access tracks.
• The heritage clearance significantly de-risks the Lake Hope project and is a critical component of the work required to lodge a Mining Lease Application planned for the December Quarter.
• A Scoping Study for the project is being finalised, with metallurgical test work and other studies for the Pre-Feasibility Study underway.

2. Broken Hill, WA (IPT 100%)

• Broken Hill update: Xplor programme completed. Data synthesis and interpretation in progress of all data collected during Xplor.

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

• Five large nickel-copper-platinum group-metal (Ni-Cu-PGM) soil geochemistry anomalies, each covering several square kilometres, were identified in the northern portion of the Arkun project.
• The soil anomalies coincide with magnetic and gravity geophysical anomalies that may represent mafic and ultramafic intrusions.
• Field checking confirms that mafic and ultramafic rocks occur within some anomalies and are priority targets for magmatic Ni-Cu-PGM mineralisation.
• A further 1,000 soil samples have been recently collected and submitted to the laboratory, with results due in the December Quarter.
• Twenty moderate to strong electromagnetic (EM) conductors were identified in 400 m line-spaced airborne electromagnetic (“AEM”) survey data collected by the XCalibur HELITEM time-domain system.
• Priority EM anomalies coincide with the magnetic and gravity anomalies and Ni Cu PGM-in-soil anomalies.
• Many other anomalies have yet to be soil sampled, and this work is a priority for the next few Quarters with a view to a maiden drill programme in 2024.

4. Commonwealth Project (IPT 100%)

• Revised Terms agreed for the Sale of a 75% Interest in the Commonwealth Project, NSW

5. Corporate

• Cash at September 30th 2023, was $3.1million
• An Extraordinary General Meeting was held on 1 August 2023 to ratify the previous issue of shares and options and to obtain approval for consideration regarding the Lake Hope Project.

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