Slide 1: Boonanarring Mineral Sands Project – Noosa Mining Conference
Australia’s newest mineral sands miner Emerging mid-tier prospect For personal use only Boonanarring Mineral Sands Project Noosa Mining Conference 11-13 November 2020 Noosa, QLD Patrick Mutz Managing Director Image Resources NL ASX:1 IMA
Slide 2: Corporate Video
Corporate Video For personal use only Video can be viewed at www.imageres.com.au 2
Slide 3: 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”). By accessing this presentation For personal use only you acknowledge that you have read and understood the following statements. This pre
Slide 4: Corporate Snapshot
Corporate Snapshot Diverse and Experienced Board and Management For personal use only ASX Code IMA Board of Directors Share Price A$0.19* Bob Besley – Independent Chairman 12-Month Price Range A$0.12-0.30 Patrick Mutz – Managing Director Shares on Issue 980m Chaodian Chen - Non-Executive Director Ma
Slide 5: Image Resources – High Level Summary
Image Resources – High Level Summary For personal use only Boonanarring Project A uniquely rich and valuable mineral sands project Social License Integrated into the local community with an environmentally friendly ethos Operational Performance Demonstrating a solid track record of operational perfo
Slide 6: Boonanarring Mineral Sands Project
Boonanarring Mineral Sands Project STRONG PROJECT FUNDAMENTALS STRONG PROJECT DELIVERY For personal use only High Grade Ore Zircon Rich Construction Period Capital Cost 8.9% HM 27.5% of HM 6 months A$52m Coarse Grained High Recoveries D50 ~180µm 98% of zircon On Time On Budget High Quality HMC CY201
Slide 7: Boonanarring Project – Simple Business Model
Boonanarring Project – Simple Business Model For personal use only Mining Classic dry, open-cut mining utilising standard truck and shovel fleet. Processing 3.7Mtpa conventional wet concentrate plant to produce a high-quality HMC. Trucking HMC trucked to Bunbury port. Shipping Bulk shipments to Chin
Slide 8: Rehabilitation: Before Mining – April 2018
Rehabilitation: Before Mining – April 2018 For personal use only 8
Slide 9: Rehabilitation: During Mining – June 2019
Rehabilitation: During Mining – June 2019 For personal use only 9
Slide 10: Rehabilitation: Backfilled – December 2019
Rehabilitation: Backfilled – December 2019 For personal use only 10
Slide 11: Rehabilitation: Work-In-Progress – August 2020
Rehabilitation: Work-In-Progress – August 2020 For personal use only 11
Slide 12: Solar Farm at Boonanarring
Solar Farm at Boonanarring For personal use only Sunrise Energy Group Pty Ltd constructing 2.3 MWAC solar farm ➢ Construction and operation by Sunrise Energy; ➢ Located on Image owned land adjacent to Boonanarring processing plant ➢ Recently commissioned and now providing up to 25% of electricity re
Slide 13: Solar Farm at Boonanarring
Solar Farm at Boonanarring For personal use only Boonanarring WCP Brand Highway 13
Slide 14: Community Engagement Program
Community Engagement Program ➢ Image is proud of its active and For personal use only varied community support and engagement program including significant local employment. ➢ At 30 Sep 2020 53% of the site workforce lives locally to the operation or within regional shires. ➢ Image Grand Opening was
Slide 15: Mineral Sand Markets
Mineral Sand Markets ➢ Zircon – approximately 80% of revenue For personal use only ➢ Mainly used in ceramics ➢ Market softened as COVID-19 pandemic impacted downstream demand and international exports ➢ TiO2 – approximately 20% of revenue ➢ Mainly used in paint, paper and plastics ➢ Demand for titan
Slide 16: Operational Performance – Track Record
Operational Performance – Track Record ➢ Project commissioned in Dec-18. For personal use only ➢ Wet concentration plant operating above design capacity in 2020 following low cost capital improvements in 2020. ➢ September Quarter 2020 tonnes processed only marginally below record setting March Quart
Slide 17: Operational Performance – Cost Control
Operational Performance – Cost Control ➢ Higher ore grade during H1 2020 supported higher HMC production and lower unit costs. Sep QTR 2020 saw lower ore grades (anticipated), lower HMC production and For personal use only consequently higher costs. Sep QTR Lower average HMC price due to (temporary)
Slide 18: Operational Performance – Guidance & Forecasts
Operational Performance – Guidance & Forecasts For personal use only 2019 2020 2020 2021 Item Units Results Sep YTD Guidance Forecast HMC Produced DMT 000s 270 228 300-330 300-330 HMC Sold* DMT 000s 238 202 300-330 300-330 C1 Cash Costs per tonne HMC sold A$/DMT 327 316 290-320 260-290 AISC Cash Cos
Slide 19: Mine Life Summary
Mine Life Summary Exploration Budget expanded with focus on increasing Ore Reserves For personal use only and mine life ➢ Mine-life from Dec 2019 Ore Reserve estimated at 6 years ➢ Ore Reserves at Boonanarring expandable • Drill results indicate potential extension of the deposit to south, north and
Slide 20: Multiple Extension Areas at Boonanarring
Multiple Extension Areas at Boonanarring ➢ Initially focused on areas within 10km of current location of For personal use only Northern Boonanarring Wet Concentration Plant (WCP) Extension ➢ Northern Extension Area (NEA) Northwest Area Extension • Previously reported; 2017 Area • High grades, high z
Slide 21: Growth – Our Portfolio
Growth – Our Portfolio Established resources in the North Perth Basin For personal use only ➢ Dry Mining Mineral Resources of 93Mt; 6.3% HM and 17% Zircon+Rutile in the HM ➢ Dredge Mining Mineral Resources of 236Mt; 2.1% HM and 11.5% Zircon+Rutile in the HM JORC Mineral Resources 12% Dry Mining Dred
Slide 22: Projects Pyramid – Strand Deposits – Dry Mining
Projects Pyramid – Strand Deposits – Dry Mining For personal use only Mineral Resources – Accessible by Dry Open-Cut Mining Projects ranked by combined zircon plus rutile (Z+R) contained in the HM Tonnes and grades are for Mineral Resources; Boonanarring, Atlas, Helene & Hyperion per JORC Code (2012
Slide 23: Projects Pyramid – Dredge Mining Prospects
Projects Pyramid – Dredge Mining Prospects For personal use only Mineral Resources – Accessible by Dredge Mining Projects ranked by HM Grade and include combined zircon plus rutile (Z+R) contained in the HM Positive attributes • 90+%VHM; • <5% slimes; Bidaminna Bidaminna Mineral Resources currently
Slide 24: Forward Looking Plans
Forward Looking Plans For personal use only Summary ➢ Continue with profitable operations at Boonanarring; CY2020-2021 expected to be stronger than calendar year 2019 ➢ Increase Ore Reserves under Project ‘MORE’ at Boonanarring ➢ Ensure Atlas development / construction ready as next dry mining opera
Slide 25: For further information
For further information For personal use only Image Resources NL info@imageres.com.au Office: +61 8 9485 2410 Ground Floor, 23 Ventnor Avenue West Perth, WA 6005 PO Box 469, West Perth, WA 6872 www.imageres.com.au 25
Slide 26: Ore Reserves – Updated Dec 2019
Ore Reserves – Updated Dec 2019 For personal use only HIGH-QUALITY ORE RESERVES ➢ Very High HM ore grade; exceptionally high zircon grade at Boonanarring ➢ Atlas to be mined in series following Boonanarring Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Categ
Slide 27: Mineral Resources
Mineral Resources For personal use only Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenit