Impact Minerals Limited Trades Higher In Early Session After Forrest Raised His Stake

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Impact Minerals Limited (ASX: IPT) is an exploration company that manages extensive holdings tenement within Australia and has a focus on lead, zinc, nickel, copper and high grade mineral deposits. The company undertook two major drill programs during the year, first program was at 100% owned commonwealth project and the second program which has recently been completed with the drilling operation, focusses on extending the high-grade mineralization previously found at the Main Shaft, common wealth South and Silica Hill prospects.

Impact has staked into one new exploration permit and obtained an option over a number of licenses with one of the prospective for conglomerate –hosted gold at the Blackridge project in central Queensland. This will be one of the key focused projects for the company in 2018-2019. The Blackridge Project is an advanced conglomerate-hosted gold project that covers the historic Blackridge and Springs mining camps. Conglomerate gold refers to the small chunks that are hosted in rock that contains rounded grey quartz pebbles and other minerals. South Africa’s Witwatersrand Basin is the most productive gold region and is famous for this geological formation. 

The Company has completed the sale of its 7 Pilbara licenses to Pacton Gold Inc in the month of September 2018. The group reported net assets of $19,522,107 which include cash and cash equivalents of $3,514,002 on June 20, 2018 as compared to net assets of $12,248,077 including cash and cash equivalents of $1,917,206 on June 2017. The consolidated loss of the Group after providing for income tax for the year was $812,796 in June 30, 2018 as compared to the net loss of $721,564 in June 30, 2017.

Andrew Forrest investment vehicle Squadron Resources Pty Ltd (Squadron) which made its first investment with impact in the year 2015 has elected to convert the $2,000,000 of Convertible Notes that it held in the company into shares in the month of February 2018.

Andrew Forrest, one of the richest mining giants has increased his holdings in Impact Minerals Limited to almost 15% representing a substantial shareholding. The investment vehicle Squadron Resources now owns 14.81% of the junior gold and base metals explorer. Squadron Resources has increased its stake in nickel junior Poseidon (ASX: POS) from 14% to almost about 18% by participating in a $5.8 million placement in the month of August. Andre Forrest’s Squadron also has a holding in uranium explorer Vimy Resources (ASX: VMY).

Share prices showed slight recovery from its 52-week low and previous close of $0.011. With the stake increase by one the mineral magnates, Mr. Andrew Forrest and new projects in pipeline, the company is looking for better growth opportunities for future. The scrip traded at $0.012 on November 05, 2018, above the previous day close of $0.011. This represented a rise of 9%. The share has thus shown an upside move from the previous close of $0.011. Currently, the scrip is trading at a market capitalization of $ 14.54 million.


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