Quarterly Activities Report

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

HIGHLIGHTS

1. Lake Hope, WA (IPT 80%)

• Scoping study demonstrates very attractive financial returns; NPV8 A$1.3 billion, CAPEX A$253 million, IRR of 55%.
• OPEX costs estimated at US$3,400/tonne, potentially the lowest cost globally.
• Significant progress made on the Preliminary Feasibility Study including completion of environmental baseline studies and a bulk sampling programme for future test work.
• Three of the Five Stages of the Playa One proprietary and patented sulphate process that converts raw lake clay from Lake Hope into High Purity Alumina (HPA) completed. Results either confirm or improve upon previous results.
• Intermediate aluminium salts have been produced from Stage 3 that require further purification in Stages 4 and 5 to make HPA, with results expected Q1- Q2 2024.
• Discussions with industry analysts, marketing representatives and end users have commenced to secure agreements for product testing.

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

• A helicopter-borne MobileMT survey completed over the central Arkun area to map apparent conductivity.
• Proprietary 3D inversion modelling of the data has developed a three- dimensional conductivity and resistivity model of the underlying geology to approximately 1 kilometre depth.
• A further 1,000 soil samples collected with results due in Q1 2024.

3. Commonwealth Project (IPT 100%)

• Burrendong Minerals Ltd completed a seed capital raise to fund the company through to an IPO planned for Q1-Q2 2024. Burrendong has the right to earn an 80% interest in Commonwealth.

4. Other Projects

• Broken Hill: Data synthesis and interpretation in progress on all data collected during Xplor.
• Doonia: 655 soil samples across the entire licence to explore for lithium and gold with results due in Q1 2024.
• Southwest Regional: reconnaissance rock chip and stream sediment collection across the Martup, Dinninup and Mineral Hill projects completed.

5. ESG Reporting

• The WEF Framework for ESG reporting was adopted during the Quarter via the Socialsuite platform.

6. Corporate

• Change of Company Secretary and Chief Financial Officer – Arron Canicais commenced as Company Secretary and CFO.
• Cash at December 31st 2023, was $2.1 million.

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