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On 18 November 2026, 2,374,767 of our ordinary shares will come out of escrow. These shares were issued as part of the consideration we paid to acquire exploration licence EL8024, and like any shares issued for an acquisition, they've been locked up under ASX rules for a set period before they can be freely traded.

This is a routine, scheduled step rather than a new corporate development. It doesn't change the total number of shares on issue, the shares already exist and are already counted in our capital structure. What changes is that the holder will now be free to sell them on market if they choose to, where previously they couldn't.

For existing shareholders, it's worth knowing that once these shares are released, there's a possibility some may be sold, which can add to the shares available for trading. We can't say whether or when that will happen, that's entirely up to the holder.

We're required to notify the market of escrow releases under the ASX listing rules, and this announcement is us meeting that obligation. There's nothing else attached to it: no change to our exploration programmes, our projects, or our financial position.

If you'd like to understand what this means for your holding, feel free to send us a question through the hub.

Our Lake Hope high purity alumina project is moving into a new phase of testing, and we wanted to walk you through what that means.

We're now running coordinated lab and pilot-scale work across the full Lake Hope flowsheet. Edith Cowan University is building a pilot facility in Joondalup under our CRC-P research collaboration, and we've engaged Simulus Group for specialist work involving corrosive reagents and hydrogen chloride gas sparging. Together, this programme is working through every stage of the process, from leaching and crystallisation through to thermal processing and calcination.

The target is clear: produce around 20 kilograms of candidate 4N high purity alumina that can be independently verified and shown to potential customers. This is about proving the process works at scale, not just in the lab, and building the data we need before committing to the next stage.

As our Chair, Jim McKerlie, put it, these are practical and necessary steps that validate the process and give us the evidence to scale up with confidence.

It's worth being clear-eyed about where we are: this is test work, aimed at refining our understanding of recovery rates, impurities and equipment needs. It may point to areas needing further testing or different equipment choices. That's the nature of this stage, and it's exactly why we're doing it, to build a stronger, evidence-based foundation before the next step.

If you'd like to know more about what this means for Lake Hope, we welcome your questions through the hub.

We're proposing to change our name to Altrica Advanced Materials Limited, subject to shareholder approval at the AGM on 30 November 2026.

This follows the strategic review we announced on 26 October 2026, which set a single capital priority: producing high-purity alumina (HPA) from the Lake Hope Project. The Impact Minerals name reflects where we came from, exploring for precious, base and other metals. The Board believes the name should now reflect where we're going.

HPA remains the core of the investment case. The June 2025 Lake Hope pre-feasibility study indicated an NPV10 of A$1.165 billion and a post-tax IRR of 47%, based on around 33 years of feedstock, and we confirm the material assumptions behind that study haven't materially changed. The HPA business, Lake Hope and Alluminous, will keep being managed and presented separately from our precious and base metals portfolio at Broken Hill and Commonwealth, with our exploration team pivoting towards critical minerals.

Importantly, the Lake Hope pilot plant installation and commissioning programme stays on track to begin on 30 November 2026, so the near-term milestone investors are watching hasn't shifted.

There's nothing for shareholders to do here. Your shareholding is unaffected by a name change, and the proposal requires special resolution approval, set out in the Notice of Meeting for the AGM. If approved, we'll confirm the effective date and any change to the ASX code in due course.

If you have questions about any of this, we'd like to hear them through the question box on this page.

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