IMPACT MINERALS LIMITED — Capital/Financing Update 2012

Oct 29, 2012

ASX ANNOUNCEMENT

Date: 30 October 2012

ASX: IPT

Number: 230/301012

DRILLING TO START BY EARLY NOVEMBER AT THE

XADE COPPER-NICKEL-PGE PROJECT

This announcement is a correction of the announcement made on 29[th] October 2012. A draft document was released in error.

Impact Minerals Limited (ASX: IPT ) is pleased to announce that it will commence drilling by early November at the Xade Copper-Nickel-PGE Project in central Botswana (Figure 1).

The Xade Project covers a poorly explored gabbro intrusion (the Xade Complex) in central Botswana with excellent potential to host deposits of copper-nickel sulphides and PGE’s. The Project is close to excellent infrastructure and the World Class Orapa diamond mine (Figure 1).

Five holes to depths of up to 700 m are planned to test five areas of interest generated from the interpretation of detailed airborne magnetic and soil geochemistry surveys (Figure 2).

The drill programme will comprise reverse circulation drilling to the base of the Karoo Supergroup rocks that overlie the Xade Complex, followed by diamond drilling in the gabbro.

Updates will be provided to the market as the programme progresses.

The Xade Complex occurs in the North West Botswana Rift, an igneous and sedimentary province of similar age and geological characteristics to the Midcontinent Rift region of North America, and which hosts many major copper-nickel-PGE deposits, such as:

• the extraordinary Nokomis deposit of disseminated Cu-Ni-PGE mineralisation in the Duluth Complex (Duluth Metals Limited: Indicated Resource of 550 Mt at 0.64% copper, 0.2% nickel and 0.66 g/t total platinum plus palladium plus gold);

• the Eagle nickel-copper massive sulphide deposit of Rio Tinto (4.1 Mt at 3.2% nickel and 2.7% copper); and

• the new PGE-nickel-copper discovery of Magma Metals Limited at the Thunder Bay North Project with an Indicated and Inferred Resource of 10.3 Mt at 2.4 g/t platinum equivalent (platinum plus palladium plus copper plus nickel) for 790,000 ounces platinum equivalent.

Figure 3 shows the Duluth Complex and Xade Complex at the same scale for comparison.

Results of detailed and systematic geochemical analyses and relogging of about 320 metres of Xade diamond drill core completed by previous explorers (Figure 2) confirm Impact’s view that the Xade Complex is very prospective for deposits of nickel, copper and PGE’s.

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Dr Michael G Jones Managing Director

The review of exploration activities and results contained in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the company and works for Impact Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mike Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Figure 1. Location of Impact’s projects in Botswana.

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Figure 2. Bedrock geology map of the northern Xade Complex interpreted from airborne magnetic data and showing the four drill sites.

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Figure 3. Comparison of the Xade Complex and Duluth Complex of North America. (Note that the map of Duluth is upside down).

Company Information

Impact Minerals Limited

ACN 119 062 261 ABN 51 119 062 261

Share Registry

Computershare Investor Services Pty Ltd GPO Box D182 Perth WA 6840 Australia

Directors

Peter Unsworth Non-Executive Chairman Michael Jones Managing Director Rodney Fripp Executive Director Paul Ingram Non-Executive Director Markus Elsasser Non-Executive Director

Telephone: +61 *8) 9323 2000 Facsimile: +61 (8) 9323 2033

Email: perth.services@computershare.com.au

Australian Stock Exchange Listing

Shares IPT

Company Secretary

James Cooper-Jones

Registered & Administrative Office

309 Newcastle Street Northbridge Western Australia 6003 Telephone: +61 (8) 6454 6666 Facsimile: +61 (8) 6454 6667

Email: info@impactminerals.com.au Website: www.impactminerals.com.au

Major shareholders as at 30.9.12

Ms Susanne Bunnenberg 18.08% M. Elsasser & Cie 9.04% China Growth Minerals 6.42% Directors 9.00% Top 20 58.87% Top 50 69.98%

Capital Structure as at 30.9.12 Ordinary Shares on Issue 184,335,328 Total Unlisted Options 950,000

An ASX listed Australian company focused on uranium and copper-nickel-PGE exploration in Botswana