Impact Minerals Limited (ASX:IPT) entered into a binding term sheet to acquire a 80% stake in Lake Hope High Purity Alumina (HPA) project from Playa One Limited on May 1, 2023. Impact Minerals Impact has exercised its option to proceed with the farm-in to earn an 80% interest in the Lake Hope Project by completing the Pre-Feasibility Study. Under the terms of the binding term sheet, Impact Minerals will pay to the shareholders of Playa One Limited AUD 0.175 million in cash and issue 50 million fully paid ordinary shares (escrowed for 12 months) and 30 million unlisted options exercisable at AUD 0.01125 and vesting 12 months from the date of issue and expiring on 1 December 2025.