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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.

This has been a quarter of real change at Impact, and we want to be straight with you about it.

Jim McKerlie has stepped in as Executive Chair following Mike Jones's departure for health reasons after 20 years leading the company. We thank Mike for his work building our HPA strategy, and Jim is now running a 100 day plan to sharpen our direction and bring the company up to institutional investor readiness. That plan is on track, and a name change will be put to shareholders at the AGM on 30 November to reflect our new focus.

That focus is the Lake Hope high purity alumina project, which our Pre-Feasibility Study shows could deliver a post-tax NPV10 of A$1.165bn and a 47% IRR, figures the company confirms still apply. During the quarter, independent testing found uranium and thorium below 1 part per billion in our best sample, hitting the threshold used in advanced semiconductor applications. Pilot work continues with Edith Cowan University.

Our Alluminous associate also hit a milestone, with battery technology partner C4V confirming our HPA meets separator coating specifications, and an independent scoping study found a staged US plant could deliver strong returns, though this is early-stage and not yet attributable to our 50% share.

At Commonwealth-Silica Hill, our joint venture partner Kuniko has earned 51% and extended drilling at Silica Hill, with assay results and an updated resource estimate due in the coming months.

We completed a A$2.2 million rights issue in September, and held A$2.61 million in cash at quarter end.

We're happy to take your questions on this announcement through the hub.

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