Key facts about Impact Minerals Limited and the agreement

Impact Minerals Limited (ASX: $IPT) has signed a formal share sale and purchase (SPA) agreement for the sale of up to 75% of the company's 100% Commonwealth project in New South Wales to Burrendong Minerals Ltd. The agreement allows Burrendong to acquire up to a 75% interest in the Commonwealth Project in two stages, with Impact retaining a large percentage of the project. The completion of the SPA and transfer of the 51% interest in the Commonwealth Project to Burrendong is conditional on Burrendong completing its proposed initial public offering and listing on the ASX within 9 months of signing the SPA, among other terms.

Executive commentary on the agreement

Impact's Managing Director, Dr Mike Jones, expressed the company's focus on holding large ground holdings in prospective parts of Australia and the need to maximize the value of their projects for shareholders. The agreement with Burrendong Minerals will allow Impact to retain a significant interest in the Commonwealth Project, which is strategically located near the recent Boda-Kaiser porphyry copper-gold discovery of Alkane Resources. Dr Jones also highlighted the company's ongoing progress on the Pre-Feasibility Study for the Lake Hope High Purity Alumina Project in Western Australia and the potential for first pass drilling at Arkun for Rare Earth Elements, copper, and nickel in the next Quarter.

Summary of the agreement and outlook

Impact Minerals Limited has finalized a share sale and purchase agreement with Burrendong Minerals Ltd for the sale of up to 75% interest in the Commonwealth Project in New South Wales. The agreement allows Burrendong to acquire the interest in two stages, with Impact retaining a significant percentage of the project. The completion of the agreement is conditional on Burrendong's proposed initial public offering and listing on the ASX within 9 months of signing the SPA. Impact Minerals looks forward to supporting Burrendong as they progress towards an IPO and is also fielding interest for their Broken Hill project. The company aims to continue its successful progress on the Pre-Feasibility Study for the Lake Hope High Purity Alumina Project and explore potential opportunities for Rare Earth Elements, copper, and nickel at Arkun in the next Quarter.