Impact Minerals Retains Commonwealth Exposure As Kuniko Earns 51% Interest

Impact Minerals (ASX: IPT) has retained substantial exposure to its Commonwealth–Silica Hill gold-silver-copper project in New South Wales after partner Kuniko (ASX: KNI) earned a 51% interest through accelerated exploration spending.

Kuniko reached the first earn-in milestone 12 months ahead of schedule after spending $1.5 million across the project since commencing work in September 2025.

The next stage allows Kuniko to increase its interest to 70% through a further $1.5m of exploration expenditure over the next two years, after which Impact would retain its remaining 30% interest free-carried to a Decision to Mine.

Following this, Impact may elect to contribute its pro-rata share of project expenditure or dilute its interest to 10% and receive a 2% net smelter return.

For Impact, the structure provides continuing exposure to exploration and resource growth at Commonwealth while allowing it to focus its own resources on its High Purity Alumina projects, where pilot-scale studies are commencing.

Retained Exposure through Earn-In

The Commonwealth project was 100%-owned by Impact before the earn-in, with Kuniko also issuing 3,125,000 shares to Impact as part of the agreement.

Kuniko has moved quickly through its initial expenditure commitment by funding geophysical work, surface geochemistry, and drilling across a project that includes the Commonwealth Main, Commonwealth South, and Silica Hill deposits.

“We would like to thank Kuniko for being an excellent collaborative partner in the Commonwealth project,” managing director Dr Mike Jones said.

They have undertaken an aggressive exploration program […] that delivered excellent results, including an outstanding intercept of 0.5 metres at 27 g/t gold and 2% silver at Silica Hill, [and are] now undertaking Phase 2 drilling—we are looking forward to the results over the coming weeks.”

“The Commonwealth joint venture allows Impact to retain a significant interest in the project, thereby providing Impact’s shareholders with significant exposure to any future upside from Kuniko’s work”.

Exploration Building Project Value

Exploration completed since September 2025 has highlighted a 4-kilometre conductive corridor with multiple priority targets within 1km of the Commonwealth project, and generated additional targets across the broader area.

Phase 1 drilling at Commonwealth South included a standout Silica Hill intersection of 0.5 metres at 20,603 grams per tonne silver and 27g/t gold, providing one of the strongest results generated during the initial earn-in period.

Phase 2 drilling is now underway with a focus on extending known mineralisation and supporting an upgraded mineral resource estimate (MRE) by the end of 2026.

Impact has previously reported Inferred MREs at both Commonwealth and Silica Hill, while additional prospects including Silica Hill East, Geenobbys, and Gladstone remain untested by drilling.

“With majority ownership now secured, Kuniko is well positioned to continue driving exploration success at Commonwealth […] while advancing drilling, resource growth, and regional exploration activities to unlock the considerable potential of this highly prospective gold-silver system,” Kuniko managing director Maja McGuire said.

More Commonwealth Work Ahead

A regional targeting review scheduled for August will integrate geological, geochemical, gravity, and geophysical datasets to identify further drill targets across the broader project area.

Assay results from Phase 2 diamond drilling are expected in September, with exploration during the second half of 2026 also targeting the conductive corridor and the previously undrilled Walls & Stringers shafts.

The upgraded MRE targeted for the second half of 2026 will incorporate results from the current drilling program, as Kuniko continues to assess resource growth and regional exploration opportunities.

Impact remains positioned to benefit from that work through its retained project interest while directing its own capital and management focus towards the development of its High Purity Alumina portfolio.