Image Resources Nl · ASX:IMA
Image Resources Nl — Mineral Sands and Rare Earths Conference 2025
29 slides from Image Resources Nl's conference presentation, Mar 26, 2025
Slide 1: Return to Production
ASX: IMA Return to Production Targeting Growth & Sustainability Mineral Sands and Rare Earths Conference 26-27 March 2025 info@imageres.com.au Pan Pacific, Perth WA +61 8 9485 2410 Level 2, 1 Walker Avenue Patrick Mutz West Perth, WA 6005 Managing Director PO Box 469, West Perth WA 6872 www.imageres
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) 2025 and beyond a
Slide 3: Image Resources NL
Image Resources NL Critical minerals mining company Heavy Mineral Concentrate (HMC) • zircon rutile, ilmenite, monazite Listed on ASX – trading code: IMA Share price: A$0.099 (closing 24 March) Market Capitalization: A$110 million IMAGE RESOURCES I ASX:IMA I 3
Slide 4: Project Locations
Project Locations IMAGE RESOURCES ASX:IMA 4 Map 1.01 – Project location map
Slide 5: Project Locations
Project Locations YANDANOOKA – PFS complete Eneabba Tenements BFS underway – targeting Acquisition - 2022 Q1 2027 production McCalls Project & Mindarra Springs Acquisition – 2022 ATLAS – under construction Targeting Q2 2025 1st HMC sales McCALLS - preliminarily targeting 2030 production BIDAMINNA –
Slide 6: Production Highlights
Production Highlights Proven mineral sands developer/operator Boonanarring mineral sands project; construction 2018; operation 2019-2023 Produced 1.2m tonnes heavy mineral concentrate (HMC) containing approximately: 370kt zircon 670kt ilmenite 40kt rutile 5kt monazite IMAGE RESOURCES A
Slide 7: Boonanarring Project
Boonanarring Project Reasons for Success Low capital cost; A$56M (used equipment) On-time, on-budget build High-grade deposit; 8.0% HM and 28% zircon in the HM Nameplate capacity in 2 months Coarse grain minerals; 90+% HM recovery Simple business model Location, Location, Location 80
Slide 8: Original Business Strategy – Chapter 1
Original Business Strategy – Chapter 1 2017 Bankable Feasibility Study Strategy1 Build and profitably operate Boonanarring project Self-fund relocation of mining and processing equipment to Atlas Build and profitably operate Atlas project Mines operated in series using same processing equi
Slide 9: New Business Strategy – Chapter 2
New Business Strategy – Chapter 2 Chapter 2 strategy – Growth & Sustainability Growth Multiple mines – operating simultaneously Multiple products – establishing mineral separation capabilities Multiple customers – expanding customer base globally Sustainability Longer mine life – 20+ y
Slide 10: Atlas Bankable Feasibility Study – December 2022
Atlas Bankable Feasibility Study – DECEMBER 2022 BFS1 HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product UNDER CONSTRUCTION Status Capital cost Capital payback EBITDA Forecast mine-life Total HMC production 1st HMC Production A$45M 8 Months A$148M 2-3**Years 445kt Feb 2025 (self-fu
Slide 11: CT1 Spirals – substantially smaller footprint
CT1 Spirals – substantially smaller footprint For true spiral column diameter comparison, notice that the CT1 spiral depicted is an assembly of two CT1 spiral columns arranged side by side. Source: Mineral Technologies website https://mineraltechnologies.com/products -services/equipment/spirals-grav
Slide 12: Atlas Project - Physicals
Atlas Project - Physicals 80-person accommodations camp for drive-in, drive-out working arrangements Constructed in less than 3 months. CT1 Cleaner Spirals Spirals Wet concentration plant incorporating Mineral Technologies’ CT1 spiral technology for greatly reduced footprint and potentially lo
Slide 13: Atlas Project - Commissioning
Atlas Project - Commissioning Project commissioning commenced 8 February 2025 1st HMC production 17 February 2025 1st transport of HMC to Geraldton to intermediate storage for shipping 12 March 1st HMC shipment/sale scheduled for April 2025 IMAGE RESOURCES I ASX:IMA I 13
Slide 14: Yandanooka Pre-Feasibility Study – April 2024
Yandanooka Pre-Feasibility Study – APRIL 2024 PFS1 HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product BFS COMMENCED Pre-tax NPV8 Pre-tax IRR Capital estimate Capital payback EBITDA Forecast mine-life Total HMC production A$151M 72% A$50.3*M 15 Months A$277M 8.2 Years 1.0Mt Project
Slide 15: Bidaminna Pre-Feasibility Study – June 2023
Bidaminna Pre-Feasibility Study – JUNE 2023 PFS1 HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product BFS COMMENCED Pre-tax NPV8 Pre-tax IRR8 Capital estimate Capital payback EBITDA Forecast mine-life Total HMC production A$192M 28% A$194M 3.8 Years A$379M 10.5 Years 2.1Mt Project de
Slide 16: Titanium – Value Adding
Titanium – Value Adding Titanium minerals in HMC – Converting* Ilmenite to Synthetic Rutile TiO2 grade Mass in HMC Indicative US$/t Ilmenite 55-70% 70-80% $300 Leucoxene 70-90% 5-10% $500 Rutile >95% 5-10% $1,200 Mass % of ilmenite Synthetic Rutile 90-95% -- $1,000 ~60%** Mass % of ilmenite
Slide 17: Synthetic Rutile Quality
Synthetic Rutile Quality Initial bench-scale test results – ASX announcement 9 August 2023 IMAGE RESOURCES I ASX:IMA I 17
Slide 18: Synthetic Rutile Novel Production Process
Synthetic Rutile Novel Production Process Novel process created for conversion of ilmenite to synthetic rutile Provisional patent on process refiled November 2024 Process uses alternative furnace with numerous potential advantages: Accepts variable feedstock moisture content Lower energy c
Slide 19: Preliminary Conceptual Development Plan
Preliminary Conceptual Development Plan Image Resources NL Growth and Sustainability - Preliminary Conceptual Development Plan 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Revenue Gap Boonanarring Production Chapter 1 Atlas Produc
Slide 20: Corporate Snapshot
Corporate Snapshot ASX: IMA I IMAGE RESOURCES NL Share Price (28 Feb 2025) Issued Shares (28 Feb 2025) Market Capitalisation Cash on hand (28 Feb 2025) Debt Enterprise Value A$0.095 1,103M A$105M A$24M (unaudited) A$32M A$113M TOP FIVE SHAREHOLDERS BOARD OF DIRECTORS Bob Besley Non-Executive Chair M
Slide 21: ESG & Sustainability
ESG & Sustainability Key ESG initiatives and outcomes reported in CY2023 Sustainability Report Available online: www.imageres.com.au Continued use of 2.3MW solar farm in CY2023-24 to provide 25% of total electricity requirements at Boonanarring project IMAGE RESOURCES I ASX:IMA I 21
Slide 22: Contact us
ASX: IMA A note of Contact us gratitude to some of our info@imageres.com.au Industry Partners +61 8 9485 2410 Level 2, 1 Walker Avenue West Perth, WA 6005 PO Box 469, West Perth WA 6872 www.imageres.com.au
Slide 23: Ore Reserves Statement
Ore Reserves Statement IMAGE RESOURCES I ASX:IMA I 23
Slide 24: Ore Reserves Statement
Ore Reserves Statement IMAGE RESOURCES I ASX:IMA I 24
Slide 25: Mineral Resources Statement
Mineral Resources Statement IMAGE RESOURCES I ASX:IMA I 25
Slide 26: Mineral Resources Statement
Mineral Resources Statement IMAGE RESOURCES I ASX:IMA I 26
Slide 27: Mineral Resources Statement
Mineral Resources Statement IMAGE RESOURCES I ASX:IMA I 27
Slide 28: Mineral Resources Statement
Mineral Resources Statement IMAGE RESOURCES I ASX:IMA I 28
Slide 29: Mineral Resources Statement
Mineral Resources Statement IMAGE RESOURCES I ASX:IMA I 29
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