Image Resources Nl · ASX:IMA
Image Resources Nl — Diggers & Dealers 2023
20 slides from Image Resources Nl's conference presentation, Aug 7, 2023
Slide 1: Diggers & Dealers Investor Presentation
For personal use only Diggers & Dealers Investor Presentation 7-9 August 2023 Image Resources NL ASX: IMA 1
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,
Slide 3: Corporate Snapshot
Corporate Snapshot Listed on ASX: July 2002 ASX Code: IMA For personal use only Exploration Mining - 2018 Heavy Mineral Sands (zircon, ilmenite, rutile) 2017 Bankable Feasibility Study (BFS) Boonanarring Project Atlas Project 3
Slide 4: Project Area Location Map
Project Area Location Map For personal use only PERTH 4
Slide 5: Project Location Map – Initial Portfolio
Project Location Map – Initial Portfolio Initial Tenement Portfolio (2017) 1,232 km2 ATLAS – awaiting approvals For personal use only 12 Project Areas; 100%-owned 29Mt Ore Reserves Ore Reserves (Dec 2022) 93Mt dry mining Mineral Resources 9.2% THM 236Mt dredge mining Mineral Resources 20% zircon + r
Slide 6: Project Location Map – Expanded Portfolio
Project Location Map – Expanded Portfolio Eneabba For personal use only Tenements Acquisition 232 km2 Initial Portfolio of Tenements 1,232 km2 McCalls Project Acquisition 224 km2 6
Slide 7: Brief Recap
Brief Recap Rapid transition to successful mining company For personal use only • 6-month construction; A$52m on-ground spend (2018) • On-time; on-budget • Ramped to name-plate capacity in 2nd month of operation Profitable from first full year of operation Early repayment of A$50m debt (Feb 20
Slide 8: Corporate Snapshot
Corporate Snapshot ASX Code IMA Share Price A$0.10 (26 July 2023) Shares on Issue 1,083m For personal use only Market Cap A$108m Cash on hand A$63m (30 June 2023) Debt A$0m (since Feb 2021) Enterprise Value A$45m Board of Directors Top Five Shareholders Bob Besley – Chair (Independent) Murray Zircon
Slide 9: Share Price
Share Price Potential contributors to weak share price (not excuses) • Transition year between Boonanarring and Atlas with production (revenue) gap For personal use only • No long-term Ore Reserves • March 2022 249-D action against key Board members by major shareholder • Paid $0.02/share dividend
Slide 10: Preliminary Conceptual Plan
Preliminary Conceptual Plan Cautionary statement: For personal use only 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
Slide 11: Preliminary Conceptual Plan
Preliminary Conceptual Plan Boonanarring Chapter 1 • One operation (at a time) For personal use only • One product (HMC concentrate) • One customer (offtake into China) Atlas • Limited project life Chapter 2 • Multiple operations • Multiple products • Global customers • Long-life projects 11
Slide 12: Preliminary Conceptual Plan
Preliminary Conceptual Plan Boonanarring For personal use only Atlas Chapter 1 Bidaminna Chapter 2 Yandanooka + Durack + Mineral Separation Plant Synthetic Rutile Plant McCalls Mindarra Springs 12
Slide 13: Changing Value Proposition
Changing Value Proposition For personal use only Bar graphs represent rough min and max Line graphs of mass contribution in HMC added commodity price over the last 24 months for various Image projects • Synthetic rutile does not exist naturally in HM assemblage but can be produced by upgrading o
Slide 14: Bidaminna Pre-Feasibility
Bidaminna Pre-Feasibility PFS Highlights: • Pre-tax NPV8: A$192 million For personal use only • 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”) pro
Slide 15: For further information
For further information For personal use only 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 15
Slide 16: Appendices: Mineral Resources & Ore Reserves Statement
Appendices: Mineral Resources & Ore Reserves Statement Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) – 30 June 2023 For personal use only 1 Bidaminna Ore Reserves refer to the 27 June 2023 release “Pre-Feasibility Study Results – Bidaminna Mineral Sands Project” 2 Atlas Ore
Slide 17: Appendices: Mineral Resources & Ore Reserves (continued)
Appendices: Mineral Resources & Ore Reserves (continued) Mineral Resources – Dry and Dredge Mining Strand/Dune Deposits; in accordance with JORC Code 2012 as at 31 December 2022 HM Assemblage (% of total HM) Cut-off In-situ HM Mineral Resource Tonnes Total HM Slimes Oversize For personal use only De
Slide 18: Appendices: Mineral Resources & Ore Reserves Statement (continued)
Appendices: Mineral Resources & Ore Reserves Statement (continued) Mineral Resources – Dry and Dredge Mining Strand/Dune Deposits; in accordance with JORC Code 2012 as at 31 December 2022 HM Assemblage (% of total HM) Cut-off In-situ HM Mineral Resource Tonnes Total HM Slimes Oversize For personal u
Slide 19: Appendices: Mineral Resources & Ore Reserves Statement (continued)
Appendices: Mineral Resources & Ore Reserves Statement (continued) Mineral Resources – Dry and Dredge Mining Strand/Dune Deposits; in accordance with JORC Code 2012 as at 28 February 2023 HM Assemblage (% of total HM) For personal use only Cut-off In-situ HM Mineral Resource Tonnes Total HM Slimes O
Slide 20: Appendices: Previously reported information
Appendices: Mineral Resources & Ore Reserves Statement (continued) Previously reported information This report includes information that relates to Mineral Resources, Ore Reserves, production targets and forecast financial information derived from production targets which were prepared and first dis