Strategic Agreement for Commonwealth Project Sale

Impact Minerals Limited (ASX:IPT) has finalized a significant agreement, selling up to 75% of its Commonwealth project in New South Wales to Burrendong Minerals Ltd. This transaction, governed by a share sale and purchase agreement (SPA), comprises two stages: initially, Burrendong can acquire 51% under a share purchase agreement, with the possibility of further acquiring up to 24% through an earn-in joint venture.

Key conditions include Burrendong's completion of its proposed initial public offering within nine months, a cash payment to Impact, and issuing shares to Impact. Additionally, Impact retains the right to nominate a director to Burrendong's board. The Commonwealth Project, located in the prolific Lachlan Fold Belt, boasts significant gold and silver resources with open-pit mining potential, positioning it as a valuable asset in the region's mining landscape.

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