Impact Minerals (ASX:IPT) has received firm commitments to raise $4 million through a placement to fund exploration costs at the Lake Hope Project in Western Australia through its investment in Alluminous to uncover high purity alumina (HPA).
The company will issue 615.38 million shares at $0.0065 per share, representing a 22% discount to the 15-day volume weighted average price (VWAP).
Each share held under this placement will be issued with one free-attaching IPTOC quoted option, with an exercise price of $0.015 to expire 28 September 2027.
GBA Capital is acting as the lead manager to this placement, with shares expected to be issued on or around 29 September 2025.
Managing Director Mike Jones says the placement was “heavily oversubscribed” with multiple of the company’s major shareholders supporting the capital raise.
“We are now very well-funded to accelerate our journey towards HPA production from our Lake Hope project, which includes some exciting research into membrane technology through our CRC-P Grant, and also how it may integrate with the HiPurA HPA process via our recent investment in Alluminous,” Jones says.
Impact holds a 50$ stake in Alluminous, which is currently pushing its HiPurA HPA pilot plant towards commissioning to deliver product using a capital-light, modular pathway, as reported by Mining.com.au.
“We are also looking forward to receiving the results of a magneto-telluric survey from Broken Hill following up on copper targets identified during Impact’s participation in the inaugural BHP Xplor program in 2023,” Jones adds.
“We are confident of identifying some compelling large scale targets for follow up work including drilling which we will also fund from this placement.”
Impact Minerals is an Australian explorer focused on establishing itself as a “key player” in the HPA industry through its stake in Alluminous.
Write to Maddison Elliott at Mining.com.au
Images: Impact Minerals
