Image Resources Nl · ASX:IMA
Image Resources Nl — Shareholder Meeting (May 2024)
29 slides from Image Resources Nl's shareholder meeting presentation, May 28, 2024
Slide 1: Chapter 2: Growth and Sustainability – Annual General Meeting
Chapter 2: Growth and Sustainability Annual General Meeting of Shareholders 28 May 2024 Patrick Mutz Managing Director Image Resources NL ASX: IMA
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation/document has been prepared by the management of Image Resources NL ("Image”, “IMA“, or “the Company”). The information presented includes an indicative outlook of the business activities of Image for the calendar year (CY) 2024 and beyond a
Slide 3: Company Description
Company Description Producer and Supplier of Critical Minerals Concentrate Titanium, Zirconium and Rare Earths Elements Feedstocks for Pigments, Ceramics, Critical Metals, Electronics… Mining and Processing in Australia Successful Project Development Transitioned from advanced explorer t
Slide 4: Project Area Location Map
Project Area Location Map me GERALDTO! époconon b .6600000mN .6400000mN Indian Ocean Indian Darwi Western Australia Brisbane
Slide 5: Project Location – Initial Portfolio 2016
Project Location – Initial Portfolio 2016 Initial Tenement Portfolio (2017) 1,232 km2 ATLAS - planned mining to commence FY2024 12 Project Areas; 100%-owned 29Mt Ore Reserves Ore Reserves (Dec 2022) 93Mt dry mining Mineral Resources 5.5 million tonnes 236Mt dredge mining Mineral Resources 9.2% THM 2
Slide 6: Transition to Active Miner
Transition to Active Miner Active miner – Chapter 1 Simple business model: One mine, one product, one customer 2017 BFS plan; mine and process ore at Boonanarring then self-fund relocation of equipment and mine and process ore at Atlas (series operations) Still working 2017 plan; completed o
Slide 7: Chapter 1 – Active Miner
Chapter 1 – Active Miner Chapter 1 Projects; operated in series Project Million THM Slimes Oversize Zircon Rutile Leucoxene Ilmenite VHM Strip Ilmenite Tonnes % % % %* %* %* %* %* Ratio %TiO2 Boonanarring 15.8 8.0 15 4 28 2.5 2.0 47 80 7:1 55 (actual) Atlas 5.5 9.2 15 5 12 8 5 53 79 1:1 60 (Ore Re
Slide 8: Project Location Map – Expanded Portfolio
Project Location Map – Expanded Portfolio Eneabba Tenements Acquisition 232 km2 Initial Portfolio of Tenements 1,232 km2 McCalls Project Acquisition 224 km2 8
Slide 9: Transitioning to Chapter 2
Transitioning to Chapter 2 Strategic Acquisitions Two acquisitions of mineral sands projects in Western Australia in 1H 2022 • Eneabba Tenements added ~200mt of Mineral Resources resulting in 3-fold increase in dry mining Mineral Resources portfolio • McCalls Project added 5.8 billion tonnes of
Slide 10: Growth & Sustainability Strategy
Growth & Sustainability Strategy Chapter 2 Philosophy and Ambitions Multiple mines, multiple products, global market + value-add • Develop multiple projects to be operated simultaneously • Separate HMC into multiple products (zircon, ilmenite, rutile, leucoxene, monazite etc.) for sale into glob
Slide 11: Growth & Sustainability Strategy
Growth & Sustainability Strategy Chapter 2 Projects Project Million THM Slimes Oversize Zircon Rutile Leucoxene Ilmenite VHM Strip Ilmenite Tonnes % % % %* %* %* %* %* Ratio %TiO2 Bidaminna (Ore Reserves) 123 1.8 4 4 5 4.1 13 72 94 1:1 65 Yandanooka (Mineral Resources) 61 3.0 15 11 12 3.5 3.6 70 8
Slide 12: Chapter 2 Projects and Value-Adding Steps
Chapter 2 Projects and Value-Adding Steps Diverse 100%-Owned Development Pipeline in Western Australia (JORC 2012) Bidaminna – 123mt Ore Reserves1 at 1.8% HM (DFS underway) 10 yrs.* Yandanooka2 – 30mt Ore Reserves1 at 3.9% HM (DFS underway) 8 yrs.** McCalls2 – 3,610mt Mineral Resources1 at 1
Slide 13: Synthetic Rutile Value Proposition
Synthetic Rutile Value Proposition (CY2021-22 relative pricing) highest mass Convert ilmenite to synthetic rutile lowest price Line graphs of mass contribution in HMC added Bar graphs represent rough min and max for various Image projects commodity prices across CY2021-22 (for relative compariso
Slide 14: Ilmenite Conversion to Synthetic Rutile (SR)
Ilmenite Conversion to Synthetic Rutile (SR) Initial bench-scale test results – ASX announcement 9 August 2023 14
Slide 15: SR Production Process Patent(s)
SR Production Process Patent(s) Initial ilmenite conversion testing conducted using fluidised bed reactor New process formulated using different furnace with numerous advantages: Accepts variable feedstock moisture content Lower energy consumption Substantially less material short-circuiti
Slide 16: Preliminary, Conceptual Project Development Plan
Preliminary, Conceptual Project Development Plan Cautionary statement: The following conceptual plan should only be read in conjunction with the Disclaimer and Forward-Looking Statements at the beginning of this presentation. The information provided in the following preliminary plan is conceptual a
Slide 17: Chapter 1
Preliminary, Conceptual Project Development Plan Chapter 1 • • One operation (at a time) One product (HMC concentrate) • One customer (offtake into China) • Limited project life 17
Slide 18: Chapter 1 Chapter 2
Preliminary, Conceptual Project Development Plan Chapter 1 Chapter 2 18
Slide 19: Bidaminna Pre-Feasibility Study – June 2023
Bidaminna Pre-Feasibility Study – June 2023 PFS Highlights: • Pre-tax NPV8: A$192 million • Pre-tax IRR8: 28% • Capital estimate: A$194 million • Capital payback (post first revenue): 3.8 years • EBITDA: A$379 million • Forecast mine-life: 10.5 years • Total Heavy Mineral Concentrate (“HMC”) product
Slide 20: Yandanooka Pre-Feasibility Study – April 2024
Yandanooka Pre-Feasibility Study – April 2024 PFS Highlights: • Pre-tax NPV8: A$151 million • Pre-tax IRR8: 72% • Capital estimate: A$50.3 million • Capital payback (post first revenue): 15 months • EBITDA: A$277 million • Forecast mine-life: 8.2 years • Total Heavy Mineral Concentrate (“HMC”) produ
Slide 21: ESG & Sustainability
ESG & Sustainability FOCUSED ON SUSTAINABILE PERFORMANCE 21
Slide 22: Corporate Snapshot
Corporate Snapshot Top Five Shareholders Board of Directors ASX Code IMA Murray Zircon PL 16.0% Bob Besley – Chair (Ind.) Share Price A$0.081 (24 May 2024) Vestpro International Limited 13.2% Patrick Mutz – Managing Director HSBC Custody Nominees 7.8% Aaron Chong Veoy Soo – NED (Ind.) Share on Issue
Slide 23: For further information
For further information Image Resources NL info@imageres.com.au Office: +61 8 9485 2410 Level 2, 7 Ventnor Avenue West Perth, WA 6005 PO Box 469, West Perth, WA 6872 www.imageres.com.au 23
Slide 24: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 24
Slide 25: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 25
Slide 26: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 26
Slide 27: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 27
Slide 28: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 28
Slide 29: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 29