CONTINUING IMPACT MINERALS’ HPA JOURNEY

Foundation Research · Equity Research Australia · Materials

Foundation Research · 12 August 2026

Impact Minerals Limited

ASX:IPT · Materials

CONTINUING IMPACT MINERALS’ HPA JOURNEY

Impact Minerals Limited (ASX:IPT) is an exploration and development company transitioning into a specialty chemicals producer.

Ultra-Low-Alpha HPA & Impact Minerals (ASX: IPT): As advanced semiconductor architectures push into sub-single-digit nanometer nodes and AI GPUs reach power draws of 1,000W+, material requirements are shifting from traditional geometry scaling toward ultra-pure specialty chemicals.

Impact Minerals’ Lake Hope Project produces ultra-low impurity high-purity alumina directly through its standard low-temperature leach process, possibly eliminating the need for costly radionuclide removal.

Key Takeaways for Impact Minerals (ASX: IPT)

Ultra-Low Radioactive Impurity Profile: Analysis by Eurofins and LabWest of samples from Impact’s Lake Hope deposit showed uranium (U) and thorium (Th) below the laboratory reporting limit of 1 ppb.
Competitive Advantage Without Costly Processing: These ultra-low radionuclide levels were achieved using the standard Lake Hope flowsheet, without the need for a dedicated and potentially expensive radionuclide-removal stage.
Strong Timing and Market Alignment: Impact’s results come as semiconductor manufacturers increasingly adopt 99.99%+ pure HPA as a thermal filler to replace silica in high-heat environments.

Semiconductor Segment CAGR: High Purity Alumina (HPA) demand in the semiconductor sector is experiencing rapid growth, driven by artificial intelligence infrastructure, advanced thermal management, and chemical mechanical polishing (CMP) applications. Sector-wide HPA forecasts project overall market growth at a compound annual growth rate (CAGR) of roughly 17.5% to 23.7% through the early 2030s

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Factual briefing only

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No valuation or price target

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No financial forecasts

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Not a recommendation

HIGH LOW LOW HIGH Reward Risk ×

*Relative to the market. Source: Homodeus Research, 12 August 2026.

Thematic

Growth

Value

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