Impact Minerals - June 2024 Quarterly Report Overview
IPT (IPT) Share Update July 2024 Tuesday 23rd
Impact Minerals Announces Key Developments in Quarterly Report
Impact Minerals Limited (ASX: IPT) has released its quarterly report for June 2024, highlighting significant progress across various projects and corporate activities.
Instant Summary:
- Continued progress on the Lake Hope Pre-Feasibility Study, with key appointments and environmental surveys completed.
- Awarded $180,000 from the WA Government’s EIS scheme for drilling at the Caligula copper target.
- Burrendong Minerals progressing towards an IPO in Q4 2024.
- Strategic $3 million placement supported by major shareholders.
Lake Hope Project
Impact Minerals continued its work on the Pre-Feasibility Study (PFS) for the Lake Hope High-Purity Alumina (HPA) Project, located 500 km east of Perth. Key appointments were made, including Indigenous Services Australia (ISA) to establish a relationship with the Ngadju group and David English to lead the PFS. Baseline environmental surveys indicated no Threatened or Priority species on the Lake Hope salt pan.
The project aims to achieve competitive global CO2 emissions per tonne of HPA produced, with a strategy for zero carbon HPA defined. Metallurgical test work continued for both the Sulphate and Low-Temperature Leach processes. Initial discussions with the Ngadju Aboriginal group have commenced to support a Mining Lease application.
Arkun-Beau Project
Impact Minerals was awarded up to $180,000 under the WA Government’s EIS scheme to drill the Caligula copper target. Infill and extensional soil geochemistry surveys have been completed to define potential drill targets, with assay results expected this Quarter. Drilling was also completed at the Hyperion Rare Earth Element (REE) Prospect, though metallurgical leach test-work indicated poor recoveries.
Commonwealth Project
Burrendong Minerals is progressing towards an IPO in Q4 2024, with various submissions to the ASX for approval to list in progress. Impact Minerals has an agreement to sell up to a 75% interest in the Commonwealth Project to Burrendong Minerals.
Other Projects
Early-stage discussions are in progress for a possible joint venture over Impact’s Broken Hill tenements. Data synthesis and interpretation are ongoing for all data collected during the BHP Xplor Programme. The Dinninup, Martup Hills, and Mineral Hill projects were relinquished due to an increasing focus on Lake Hope.
Corporate and Finance
Impact Minerals completed a strategic $3 million placement, mostly supported by major shareholders. An additional $725,000 was received from the exercise of listed options (IPTOB). A FY23 Research and Development Rebate of $395,000 was also received during the Quarter.
The developments in the Lake Hope project, particularly the progress on the Pre-Feasibility Study and key appointments, are positive indicators for the project's future. The award of $180,000 for the Arkun-Beau project is also a significant boost. The strategic placement and additional funds from option exercises strengthen the company's financial position, potentially enhancing investor confidence.
Investor Reaction:
Analysts have noted the positive strides made in the Lake Hope project as a key driver for future growth. The strategic placement has been well-received, indicating strong support from major shareholders. However, the poor recoveries at the Hyperion REE Prospect have raised some concerns.
Conclusion:
Investors should keep an eye on the progress of the Lake Hope Pre-Feasibility Study and the upcoming drill results from the Arkun-Beau project. The strategic placement and additional funds position Impact Minerals well for future developments. Staying informed on these projects will be crucial for making informed investment decisions.