Impact raises $3.2m for WA battery, strategic metals exploration

Impact is now funded for the next 18 months of battery and strategic metals exploration in WA after raising $3.2m from its recent rights issue.

Shareholders and underwriters subscribed for 290.9 million new shares priced at 1.1c each under the rights issue, which included the issue of 158.25 million free attaching options with an exercise price of $0.02 and a term of two years.

Impact Minerals (ASX:IPT) managing director Dr Mike Jones says the company was pleased to have raised this amount in what has been the most volatile market for several years.

“We are now funded for our exploration programmes on our significant and exciting battery and strategic metals projects here in Western Australia for the next 18 months,” he adds.

“We have recently completed drill programmes and soil geochemistry surveys at several of our projects as well as an airborne EM survey over our flagship Arkun project.

“We look forward to analysing the results of all of this work and getting on with follow up drilling.”

Work program

The funds enable the company to complete its early-stage exploration programmes across its battery and strategic project portfolio.

At Arkun, a major airborne electromagnetic survey has just been completed and extensive follow up soil geochemistry and ground geophysical surveys will now be undertaken to define drill targets to be tested in late 2022 and 2023.

This follows the company reaching land access agreements with 21 land owners.

Work is also likely to be carried out at the recently acquired Dinninup project where first pass soil testing has identified high-priority nickel-copper-PGE, lithium, and rare earths targets and the Hopetoun project.

This article was developed in collaboration with Impact Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.