Placement To Raise $4 Million And Exercise Of The Lake Hope Option

Impact Minerals Limited (ASX:IPT) (Company) is pleased to announce that it has received firm commitments to raise $4,000,000 via a placement (Placement) of 333,333,333 shares (Placement Shares) at 1.2 cents per share, a 5% premium to the 15 day VWAP, and giving the Company a cash balance of approximately $5 million.

• $4 million raised via a Placement at 1.2 cents to professional and sophisticated investors, including $3 million from Impact’s largest shareholder, a German Family Office.
  
• Funds will be used primarily to accelerate the Pre-Feasibility Study (PFS) and Mining Lease Application at the Lake Hope Project, an advanced High Purity Alumina (HPA) project located near Hyden in the Tier One jurisdiction of Western Australia.
• Impact has also exercised its option to proceed with the farm-in to earn an 80% interest in the Lake Hope Project by completing the PFS.
• Early-stage exploration to continue on the Arkun battery metals project in Western Australia.

Impact Minerals would like to thank Ignite Equity, who assisted with the balance of the capital raising being $750,000. Ignite Equity is a Melbourne-based boutique Corporate Advisor specialising in cornerstone and lead-managed placements.

The funds will be used to accelerate the development of the advanced Lake Hope High Purity Alumina (HPA) project located 500 km southeast of Perth in the Tier 1 jurisdiction of Western Australia. Impact recently announced it had the option to acquire an 80% interest in Lake Hope by completing a Pre- Feasibility Study on the project, and the Company has also now exercised that option following the completion of due diligence (ASX Releases March 21^st 2023 and April 6^th 2023).

Impact Minerals’ Managing Director, Dr Mike Jones, said, “We are extremely pleased with the backing of our major investors which is a resounding vote of confidence in our decision to enter the HPA market by developing the advanced Lake Hope Project in Western Australia. Since announcing the acquisition, our work has confirmed the project's significant potential, and we have now exercised the option to earn an 80% interest by completing a Pre-Feasibility Study. With the new funds, we can now accelerate this study and also produce final products that can be provided to potential customers for qualification testing. We have already made considerable strides in advancing the project, with just the final set of assays for the recently completed infill drilling left to complete our maiden resource estimate by the end of this Quarter. We then intend to submit a Mining Lease application in the next Quarter in tandem with the feasibility studies. We are forging ahead at full speed, and these funds will allow us to maintain our momentum”.

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