Image Resources Nl · ASX:IMA
Image Resources Nl — 24th Annual Mineral Sands & Rare Earths Conference 2024
29 slides from Image Resources Nl's conference presentation, Mar 20, 2024
Slide 1: Chapter 2: Growth and Sustainability
Chapter 2: Growth and Sustainability 24th Annual Minerals Sands & Rare Earths Conference Crown, Perth 19-20 March 2024 Patrick Mutz Managing Director Image Resources NL
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) 2023 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 PERTH 4
Slide 5: Project Location Map – Initial Portfolio
Project Location Map – Initial Portfolio 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 20
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 Reserve
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: Transitioning to Chapter 2
Transitioning to Chapter 2 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 global mar
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 123 1.8 4 4 5 4.1 13 72 94 1:1 65 (Ore Reserves) Yandanooka 61 3.0 15 11 12 3.5 3.6 70 89 <1:1 62 (Mineral Resour
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 – 60mt Mineral Resources1 at 3.0% HM (PFS underway) 8-10 yrs.** McCalls2 – 3,610mt Mineral Resou
Slide 13: Changing Value Proposition
Changing 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 commodity for various Image projects prices across CY2021-22 (for relative comparison only).
Slide 14: Ilmenite Conversion to Synthetic Rutile (SR)
Ilmenite Conversion to Synthetic Rutile (SR) Initial bench-scale test results – ASX announcement 9 August 2023
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 lower short-circuiting Pot
Slide 16: Preliminary Conceptual Plan
Preliminary Conceptual 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 and aspirational and s
Slide 17: Preliminary Conceptual Development Plan – Chapter 1
Preliminary Conceptual Development Plan Boonanarring Atlas • One operation (at a time) Chapter 1 • One product (HMC concentrate) • One customer (offtake into China) • Limited project life
Slide 18: Preliminary Conceptual Development Plan Timeline
Preliminary Conceptual Development Plan Image Resources NL Growth and Sustainability - Preliminary Conceptual Development Plan 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Boonanarring & Atlas Feasibility Study Boonanarr
Slide 19: Bidaminna Pre-Feasibility
Bidaminna Pre-Feasibility 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”) production: 2.1 Mt Ore Re
Slide 20: Corporate Snapshot
Corporate Snapshot ASX Code IMA Top Five Shareholders Board of Directors Murray Zircon PL 16.0% Bob Besley – Chair (Ind.) Share Price A$0.062 (28 Feb 24) Vestpro International Limited 13.2% Patrick Mutz – Managing Director Shares on Issue 1,070m HSBC Custody Nominees 8.9% Aaron Chong Veoy Soo – NED
Slide 21: ESG & Sustainability
ESG & Sustainability SUSTAINABILITY REPORT 2022 FOCUSED ON SUSTAINABLE PERFORMANCE 21
Slide 22: 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
Slide 23: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement
Slide 24: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement
Slide 25: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement
Slide 26: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement
Slide 27: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement
Slide 28: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement
Slide 29: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement
Image Resources NL — 24th Annual Mineral Sands & Rare Earths Conference 2024 on 6ix