Impact Minerals (ASX: IPT) is pleased to announce that they have agreed to acquire all of the shares in BHA No. 1 Pty Ltd (BHA) from New Frontier Minerals Ltd (ASX: NFM). BHA holds the non-core Broken Hill East Project. In exchange for all of the shares in BHA, Impact Minerals will issue $275,000 worth of new IPT shares to New Frontier Minerals, based on the 14-day VWAP of $0.0073 as at 7 March 2025.
NFM: Sale of Broken Hill East Project to Impact Minerals
Announcement Highlights
- NFM has entered into an agreement to sell its wholly owned subsidiary BHA No. 1. Pty Ltd (“BHA”), holding the Broken Hill East Project, to ASX-listed Impact Minerals Limited (“IPT”)
- Under the terms of the agreement, in consideration for NFM transferring all of the shares in BHA to IPT, NFM will receive $275,000 worth of IPT shares based on a 14-day VWAP of $0.0073 per share as at 7 March 2025, which IPT shares are subject to voluntary escrow arrangements for up to 6 months
- Completion of the agreement and the sale of BHA is expected to occur on or around Monday, 10 March 2025
- This is the third, value-creating, divestment of a non-core asset in recent months that has enabled NFM to fund development work on its core Harts Range and NWQ Copper Projects
- The Board intends to hold the remaining non-core asset – Mkushi Copper Project in Zambia – until the right development partner is secured
Announcement Highlights from James Whelan, Managing Director of BPC Wealth Management:
Read the full Impact Minerals Company Update here.
Further Information about the New Ground Acquisition at Broken Hill
Announcement Highlights
- Impact’s ground now extends over 1,770 sq km and covers an area considered extremely prospective for large copper deposits following a novel exploration model that formed the basis of the company’s participation in the inaugural BHP Xplor program in 2023.
- Detailed mapping and sampling of 99 gabbro sills and other work completed during the Xplor program confirmed the copper potential with numerous areas for further exploration identified within the Broken Hill sequence. At least one such target lies within the newly acquired ground.
- Next steps will include ground geophysics to help identify targets for drilling.
Congratulations to Dr Mike Jones, the board and the team at Impact Minerals for reaching this milestone.
Read the full Impact Minerals Company Update here.
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