Image Resources Nl · ASX:IMA
Image Resources Nl — Mineral Sands & Rare Earths Conference 2022
35 slides from Image Resources Nl's conference presentation, Nov 22, 2022
Slide 1: Focused on Growth and Sustainability
For personal use only Focused on Growth and Sustainability Investor Presentation Mineral Sands & Rare Earths Conference Perth, Western Australia 22-23 November 2022 Patrick Mutz Managing Director Image Resources NL ASX: 1 IMA
Slide 2: Disclaimer and Forward-Looking Statements
For personal use only 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
Slide 3: Corporate Snapshot
For personal use only Corporate Snapshot Listed on ASX: July 2002 ASX Code: IMA Exploration Mining - 2018 2017 Bankable Feasibility Study (BFS) Boonanarring Project Atlas Project 3
Slide 4: Corporate Snapshot
For personal use only Corporate Snapshot ASX Code IMA Share Price A$0.165 (20 Oct 2022) Shares on Issue 1,050m Market Cap A$173m Cash on hand A$53m (30 Sep 2022 - unaudited) Debt A$0 (since Feb 2021) Enterprise Value A$120m Board of Directors Top Five Shareholders Bob Besley – Chair (Independent) Mu
Slide 5: Share Price Performance
For personal use only Share Price Performance +17% 1-Month +83% 5-Year 5
Slide 6: Credible and Profitable
For personal use only Credible and Profitable Rapid transition to successful mining company • 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 year of operation Revenue Net Profit After Tax CY2
Slide 7: Boonanarring Project Highlights
For personal use only Boonanarring Project Highlights High-grade, high zircon • 18mt Ore Reserves (April 2017) • 7.7% THM • 23% zircon in THM Simple business model • Simple, dry open-cut mining (6:1 strip ratio) • Produce and market heavy mineral concentrate (HMC) under off-take into China • Mar
Slide 8: Project Area Location Map
For personal use only Project Area Location Map PERTH 8
Slide 9: Project Location Map – Initial Portfolio
For personal use only Project Location Map – Initial Portfolio Initial Tenement Portfolio (2017) 1,232 km2 ATLAS - planned mining to commence Q4 2023 12 Project Areas; 100%-owned 29Mt Ore Reserves Ore Reserves (2017) 93Mt dry mining Mineral Resources 8.1% THM 236Mt dredge mining Mineral Resources 18
Slide 10: Initial Project Portfolio
For personal use only Initial Project Portfolio Transition to production in 2018 with 12 zircon/titanium projects in 100%-owed portfolio • All in Western Australia; 1,232 km2 of tenements • All with Mineral Resources; 2 with Ore Reserves (JORC 2012) o 29Mt at 7.5% HM in Ore Reserves1 in strand dep
Slide 11: Current Strategy – Closing Chapter
For personal use only Current Strategy – Closing Chapter 1 Credible, successful development/operations demonstrated; • Only one of the 12 initial projects has been developed; o Boonanarring; mined since December 2018 • Second is currently being developed; o Atlas; per 2017 BFS scheduled to be mine
Slide 12: Project Location Map – Expanded Portfolio
For personal use only Project Location Map – Expanded Portfolio Eneabba Tenements Acquisition 232 km2 Initial Portfolio of Tenements 1,232 km2 McCalls Project Acquisition 224 km2 12
Slide 13: Growth Strategy – Strategic Acquisition No. 1
For personal use only Growth Strategy – Strategic Acquisition No. 1 Eneabba Tenements (239 km2) • Package of tenements consists of 3 Mining Leases (MLs), 1 Retention Licence (RL) and 8 Exploration Licences (ELs) acquired in 1H 2022; • Total 211 Mt at 3.0% THM containing 6.3 Mt total heavy minerals
Slide 14: Growth Strategy – Strategic Acquisition No. 2
For personal use only Growth Strategy – Strategic Acquisition No. 2 McCalls Project (224 km2) • Package consists of 4 ELs acquired in March 2022; • Total 5,810 Mt at 1.4% THM containing 84 Mt total heavy minerals1,2 in total Mineral Resources across 2 project areas; • 1,630 Mt at 1.4% THM in JORC
Slide 15: Looking Ahead – Chapter 2: Growth & Sustainability
For personal use only Looking Ahead Chapter 2: Growth & Sustainability 15
Slide 16: Drivers for Growth
For personal use only Chapter 2 – Growth and Sustainability Drivers for Growth As HM grade and zircon content decline, to maintain profitability, it is necessary to: • Increase economy-of-scale to minimise mining costs; • Evaluate alternative mining methods; and • Create value-add products. Rece
Slide 17: Current Position
For personal use only Chapter 2 – Growth and Sustainability Current Position Credible, profitable, debt-free miner High-grade Atlas project is bridge to Chapter 2 Bidaminna project is lead into Chapter 2 as standalone project operating in parallel to dry mining operations at Atlas and beyond;
Slide 18: Conceptual Approach
For personal use only Chapter 2 – Conceptual Approach Feasibility studies (FS) • Bidaminna – dredge mining (nearing completion) • Yandanooka (or Durak) – dry mining (2023) • McCalls – hydraulic mining (2023) • Mineral Separation Plant (2023) Lab and pilot testing • Synthetic Rutile production –
Slide 19: Growth Strategy – Mineral Separation Plant (MSP)
For personal use only Growth Strategy – Mineral Separation Plant (MSP) Mineral Separation Plant Feasibility Study The Company’s transition to mining using simple business, model selling heavy mineral concentrate (HMC) only, was appropriate and effective. Growth plans to multiple operations with
Slide 20: Growth Strategy – Synthetic Rutile Production
For personal use only Growth Strategy – Synthetic Rutile Production Synthetic Rutile Production (SR) Feasibility Study Ilmenite from 100%-owned Bidaminna (63-67% TiO2) and McCalls (62-63% TiO2) projects both candidates for SR feedstock. Bidaminna with potential 10+ year mine life; McCalls with p
Slide 21: Image Resources – Beyond Operations: Sustainability & ESG
For personal use only Image Resources – Beyond Operations Sustainability & ESG 21
Slide 22: Social Licence, Sustainability and ESG
For personal use only Image Resources – Beyond Operations Social Licence, Sustainability and ESG Image is targeting growth into a sustainable, mid-tier mining company Areas of specific focus beyond day-to-day mining and processing operations include: • Health, safety and well being of employees,
Slide 23: Community Engagement Program
For personal use only Community Engagement Program Image is proud of its active and varied community support and engagement program including significant local employment. At 30 Sep 2022 ~50% of the site workforce lives locally to the operation or within regional shires. Active cultural engage
Slide 24: Solar Farm at Boonanarring
For personal use only Solar Farm at Boonanarring 2.3 MWAC solar farm Construction and operation by Sunrise Energy Group Pty Ltd Located on Image owned land Commissioned Sep 2020 and providing ~25% of electricity requirements for Boonanarring Solar farm highlights Image Resources’ proactive a
Slide 25: Rehabilitation Snapshot: Before Mining – April 2018
For personal use only Rehabilitation Snapshot: Before Mining – April 2018 25
Slide 26: Rehabilitation Snapshot: During Mining – June 2019
For personal use only Rehabilitation Snapshot: During Mining – June 2019 26
Slide 27: Rehabilitation Snapshot: hectares re-vegetated – August 2020
For personal use only Rehabilitation Snapshot: 13 hectares re-vegetated – August 2020 27
Slide 28: Green Hydrogen Production
For personal use only Green Hydrogen Production Green Hydrogen (conceptual) The Western Australian Government is incentivising the demonstration of green hydrogen production in the State. Image is actively working with the Sunrise Energy Consortium to identify potential funding sources for a dem
Slide 29: For further information
For personal use only 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 29
Slide 30: Ore Reserves and Mineral Resources
For personal use only Ore Reserves and Mineral Resources 30
Slide 31: Ore Reserves and Mineral Resources
For personal use only Ore Reserves and Mineral Resources 31
Slide 32: Ore Reserves and Mineral Resources
For personal use only Ore Reserves and Mineral Resources 32
Slide 33: Ore Reserves and Mineral Resources
For personal use only Ore Reserves and Mineral Resources 33
Slide 34: Ore Reserves and Mineral Resources
For personal use only Ore Reserves and Mineral Resources 34
Slide 35: Ore Reserves and Mineral Resources
For personal use only Ore Reserves and Mineral Resources 35
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