Impact Minerals Limited Annual Report 2020

4 Impact Minerals Ltd Annual Report 2020 Review of Operations The significant exploration potential for large porphyry copper-gold deposits at Impact Minerals Limited’s (ASX:IPT) 100% owned Commonwealth project in the Lachlan Fold Belt copper- gold province in New South Wales was confirmed and enhanced by work completed during the year. Relevant ASX announcements by Impact were released on 22 nd August 2019, 22 nd November 2019, 23 rd April 2020 and 23 rd June 2020. Four prospects, Boda South, Apsley, Spicers Creek and Greenobbys were the focus of work and were identified from reconnaissance field checking, new rock chip assays and interpretation of regional magnetic data. This work was prompted by the recent discovery of significant porphyry copper-gold mineralisation at Boda by Alkane Resources Limited (ASX: ALK) (Figures 2 and 3). At Boda, which lies immediately along trend from Impact’s tenements, a signi ficant drill intercept of 1,167 metres at 0.55 g/t gold and 0.25% copper including a higher grade “core” of 96.8 metres at 4 g/t gold and 1.5% copper was recently reported (ALK ASX Release 23 rd March 2020). Figure 1: Location of Impact’s Commonwealth, Pine Hill and Day Dawn Projects covering about 900 km 2 of the Lachlan Fold Belt of NSW, home to many significant gold and copper mines. 1. COMMONWEALTH GOLD-SILVER-BASE METAL PROJECT (IPT 100%) The Boda deposit is currently about 400 metres wide (true width), shows strong zonation of metals and alteration minerals with higher grade copper-gold associated with magnetite in so called skarn-related alteration. The magnetite can be identified as an anomaly in regional magnetic data (ALK ASX Release 23 rd March 2020). In addition, Alkane has shown that Boda is hosted by rocks of a specific high potassium alkaline geochemistry called shoshonites . Importantly these are of the same chemistry and age (Ordovician) as the host rocks at Cadia-Ridgeway and North Parkes (Figure 1) and are generally accepted as crucial components to the formation of giant porphyry copper-gold deposits globally. All four of Impact’s prospects have characteristics suggesting they are parts of large porphyry or other intrusive-related copper-gold systems including: 1. Significant copper and/or gold with associated pathfinder metals in recent rock chip assays. 2. Alteration minerals that suggest they lie within the outer (propylitic) to middle- inner (potassic) zones of such intrusive-related systems, the prospective centres of which may lie only within a few hundred metres of the areas sampled, either at depth or along trend; and 3. A spatial association with unexplained magnetic anomalies and which, like Boda, could be a direct indication of significant copper-gold mineralisation.