Impact Minerals Limited Annual Report 2021

DIRECTOR’S REPORT Impact Minerals Ltd Annual Report 2021 80 Your Directors present their report on the consolidated entity consisting of Impact Minerals Limited (“the Company”) and its subsidiaries (“the Group” or “the Consolidated Entity”) and its subsidiaries at the end of the year ended 30 June 2021. DIRECTORS The following persons were Directors of Impact Minerals Limited during the whole of the financial year and up to the date of this report unless noted otherwise: • Peter Unsworth, Non-Executive Chairman • Michael Jones, Managing Director • Paul Ingram, Non-Executive Director • Markus Elsasser, Non-Executive Director PRINCIPAL ACTIVITIES The principal activity of the Group during the financial year was exploration for deposits of nickel, gold, copper and platinum group elements. FINANCIAL RESULTS The consolidated loss of the Group after providing for income tax for the year ended 30 June 2021 was $4,760,174 (2020: $1,685,165). DIVIDENDS No dividends have been paid or declared since the start of the financial year. No recommendation for the payment of a dividend has been made by the Directors. OPERATIONS AND FINANCIAL REVIEW During the year Impact completed major exploration programmes at its Broken Hill Ni-Cu-PGM and Commonwealth Cu-Au projects in NSW and also added to its land position in Western Australia. At the 816 km 2 Broken Hill project a major 10,000 metre RC drill programme delivered break through drill results at three key prospects. At Platinum Springs high grade mineralisation was found in a basal channel structure, the first coherent zone of mineralisation found at the prospect in 40 years of exploration. At Red Hill a standout 139 metre thick intercept of modest mineralisation indicates potential for mineralisation at depth. At the Little Broken Hill Gabbro, the first ever drill programme at the prospect, identified highly anomalous and low grade PGE’s over 1,500 m of strike and still open for a further 4-5 kilometres. Follow up drill programmes are planned for 2022-23. At the 903 km 2 Commonwealth Project in the prolific copper-gold province of the Lachlan Fold Belt in NSW, a significant target was identified at Apsley that had strong and coincident geophysical and soil geochemistry anomalies. A 5,000 metre drill programme was completed at the end of the financial year and a large copper halo was identified. Further work including drilling is required at the prospect. Two tenements were sold during the year to a private company that is expecting to complete an IPO in late 2021.