Impact Minerals Limited Annual Report 2020

2 Impact Minerals Ltd Annual Report 2020 Chairman’s Letter Dear Fellow Shareholder, The year to 30 th June 2020 has been an active and rewarding one for your Company. Before I mention the key highlights, which are presented in more detail in the Review of Operations, I would like to commend our Managing Director, Dr Mike Jones, for his tremendous untiring efforts in managing the Company’s activities. Earlier in the first half of the year, markets were under pressure for explorers and capital raising was difficult. Your Directors reluctantly resolved to reduce staff levels and remuneration, including for your Directors. The remaining Impact staff have responded positively and worked tirelessly to take the Company forward. Great progress has been made at our Commonwealth Project where we hold about 1,000 square kilometres in the Lachlan Fold Belt in NSW, prospective for massive sulphide deposits of gold, silver and base metals as well as porphyry copper-gold. In January Impact announced details of four priority undrilled prospects for porphyry copper- gold identified near the Alkane Resources Limited Boda-Kaiser discovery. All four prospects have characteristics suggesting they are parts of large porphyry or other intrusive related copper-gold systems. In August of this year, Dr Jones announced that with the Aspley Prospect (one of the four prospects referred to above), near textbook examples of the zones of metal assemblages expected around major alkaline, porphyry copper-gold complexes had been defined over about 4 square kilometres. Exploration has been fast-tracked to identify specific drill targets. The announcement followed the raising of $3.25 million to bring the Company’s cash holding to in excess of $5 million. The raising is being directed to proposed drilling at Commonwealth and for another drill programme at Broken Hill which is now in progress. The Broken Hill programme is targeted at high grade palladium and other platinum group metals at Red Hill and other prospects. The Blackridge conglomerate-hosted gold project in Queensland proved to be frustrating. In November last year, for commercial reasons, Impact resolved to not exercise its option to purchase several mining lease applications. As a result, the planned trial mining operation did not proceed. However in July of this year, Impact made two new 100% owned applications for exploration permits at Blackridge, giving the Company 150 square kilometres or about 90% of the southern part of the large Miclere-Blackridge gold field that produced over 300,000 oz of gold. The new leases include ground previously held under the option to purchase that was not exercised. Currently further work is being undertaken on the Miclere-Blackridge ground for a potentially larger exploration/development play. More details on the Company’s activities and projects are set out in the Review of Operations. We are looking forward to an exciting few months ahead of us, despite problematic logistical issues caused by the Covid 19 virus, because of increasingly positive activity and results at Commonwealth and Broken Hill. During the year our Non-Executive Director, Eamon Hannon, resigned from the Board to concentrate on his role as Managing Director of Buxton Resources Limited. During his short period of tenure, Eamon’s professional input was greatly appreciated. Peter Unsworth Chairman