Impact Minerals Limited (ASX:IPT) is pleased to announce that it has now 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 in respect of the previously announced Revised Term Sheet (ASX Release August 16th 2023).

Impact Minerals’ Managing Director, Dr Mike Jones, said, “Impact’s modus operandi has always been to hold large ground holdings in very prospective parts of Australia, and we have significant projects at Commonwealth in the prolific Lachlan copper-gold district, Broken Hill where we almost surround the giant Broken Hill mine and Arkun in the emerging mineral province of southwest Western Australia. However, as we continue to successfully progress through the Pre-Feasibility Study on our Lake Hope High Purity Alumina Project in Western Australia it is only appropriate that we look to maximise the value of our other projects for shareholders.

This Share Sale Agreement with Burrendong Minerals, who successfully raised seed capital to fund an IPO, will allow Impact to retain a large percentage of the Commonwealth Project which lies immediately along strike from the recent Boda-Kaiser porphyry copper-gold discovery of Alkane Resources, and to be a shareholder in a company that has three resources under its belt at Commonwealth Mine, Silica Hill and Galwadgere.

We look forward to supporting Burrendong as they progress towards an IPO and given Impact’s shareholders have a priority entitlement to apply for shares, shareholders are welcome to register their interest against this announcement on our Investor Hub linked below.

We are also fielding interest from a number of parties for our Broken Hill project and will look to undertake first pass drilling at Arkun for Rare Earth Elements, copper and nickel in the next Quarter”.

https://investors.impactminerals.com.au/auth/signup

The share sale and purchase agreement was a key term in Impact’s binding agreement for the sale of up to a 75% interest in the Company’s 100% owned Commonwealth Project (by way of a wholly-owned subsidiary) to Burrendong Minerals Ltd, an unrelated public company.

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