Impact Minerals raises $4 million to boost the development of Lake Hope HPA project

Impact Minerals has secured definitive commitments from its two major owners, the Bunnenberg Family Office and ABC Beteiligungen, to fund $4,000,000 via a placement at 1.2 cents per share to speed up the development of Lake Hope High Purity Alumina (HPA) project in Western Australia, in which the business recently announced an option to acquire an 80% stake by completing a Pre-Feasibility Study (PFS).

"Since announcing the acquisition, our work has confirmed the project's significant potential, and we have now exercised the option to earn an 80% interest by completing a Pre-Feasibility Study. With the new funds, we can now accelerate this study and produce final products that can be provided to potential customers for qualification testing. We have already made considerable strides in advancing the project, with just the final set of assays for the recently completed infill drilling left to complete our maiden resource estimate by the end of this quarter," said Dr Mike Jones, MD of Impact Minerals.

The project includes globally unique high-grade aluminium clay minerals in the top few metres of a playa lake. These materials have unusual physical and chemical characteristics, enabling low-cost mining and offsite metallurgical processing through a revolutionary and cost-disruptive acid leaching technique. According to preliminary economic estimates, the production of HPA from Lake Hope will be cost-competitive with present producers and other projects in Australia and worldwide.

Along with the PFS, the company intends to complete a preliminary resource estimate by this quarter's end and apply for a mining lease the following quarter. Dr Mike Jones, MD of Impact Minerals, said the support of key shareholders was a "resounding vote of confidence" in the company's choice to join the HPA market.