Image Resources Nl · ASX:IMA
Image Resources Nl — Shareholder Meeting (May 2025)
30 slides from Image Resources Nl's shareholder meeting presentation, May 30, 2025
Slide 1: Return to Production – Targeting Growth & Sustainability
ASX: IMA For personal use only Return to Production Targeting Growth & Sustainability Annual General Meeting of Shareholders 30 May 2025 info@imageres.com.au Celtic Club, West Perth WA +61 8 9485 2410 Level 2, 1 Walker Avenue Patrick Mutz West Perth, WA 6005 Managing Director PO Box 469, West Perth
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: Outline of AGM Presentation
Outline of AGM Presentation For personal use only ➢ Quick trip down Boonanarring memory lane ▪ Successes, plans, and setbacks ➢ CY2024 recap ▪ Challenges and successes ➢ Outcomes stemming from CY2024 successes ▪ Completion of critical construction, commissioning, return to production ➢ Beyond Atlas
Slide 4: Boonanarring Project – a trip down memory lane
Boonanarring Project – a trip down memory lane ✓ Reasons for Success For personal use only ➢ 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
Slide 5: Operational Highlights
Operational Highlights ✓ Credible mineral sands developer/operator For personal use only ➢ Boonanarring construction 2018; operation 2019-2023 ➢ Produced 1.2m tonnes heavy mineral concentrate (HMC) containing approximately: ▪ 370kt zircon, 670kt ilmenite, 40kt rutile, 5kt monazite ➢ Generated AU$792
Slide 6: Original Business Strategy – Chapter 1
Original Business Strategy – Chapter 1 ✓ 2017 Bankable Feasibility Study Strategy 1 For personal use only ➢ 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 usi
Slide 7: Original Plan Setbacks
Original Plan Setbacks ➢ No viable Boonanarring extensions For personal use only ➢ Atlas Permitting Delays Three primary drivers of permitting delays 1. Regulators adjusting review processes and conditions for rehabilitation and land offset requirements for clearing of Banksia Woodlands classified a
Slide 8: CY2024 Recap – Challenges and Successes
CY2024 Recap – Challenges and Successes Challenges For personal use only ➢ No mining/processing; no production ➢ No product sales; zero revenue ➢ Full transition year (Boonanarring to Atlas) ➢ Cash conservation measures enacted (reduced expenditures on studies/other projects) ➢ Major bush fire encro
Slide 9: Atlas Project - Physicals
Atlas Project - Phyicals For personal use only ➢ 80-person accommodations camp for drive-in, drive-out (DIDO) working arrangements ➢ Constructed in Aug-Sep 2024 CT1 Rougher Cleaner Spirals Spirals ➢ Wet concentration plant incorporating Mineral Technologies’ CT1 spiral technology for greatly reduced
Slide 10: Atlas Project – Commissioning & Start-up
Atlas Project – Commissioning & Start-up ➢ Project commissioning For personal use only commenced 8 Feb 2025 ➢ 1st HMC production 17 Feb ➢ 1st HMC transport to Geraldton intermediate storage 12 Mar 2025 ➢ Start of operations declared from 1 April ➢ 1st HMC shipment/sale 10 April ➢ Overall development
Slide 11: Project Locations – Mineral Sands
Project Locations – Mineral Sands For personal use only PERTH IMAGE RESOURCES ASX:IMA 11 Map 1.01 – Project location map
Slide 12: Project Locations - Gold
Project Locations - Gold For personal use only Kalgoorlie (IMA) IMA Gold Tenements IMAGE RESOURCES ASX:IMA 12 Map 1.01 – Project location map
Slide 13: Project Locations – Mineral Sands
Project Locations – Mineral Sands YANDANOOKA – PFS complete Eneabba Tenements Acquisition - 2022 For personal use only BFS underway – targeting 1H 2027 production McCalls Project & Mindarra Springs Acquisition – 2022 ATLAS – Operational April 2025 1st HMC sales McCALLS - preliminarily targeting 2030
Slide 14: New Business Strategy – Chapter 2
New Business Strategy – Chapter 2 ✓ Chapter 2 strategy – Growth & Sustainability For personal use only ➢ Growth ▪ Multiple mines – operating simultaneously ▪ Multiple products – establishing mineral separation capabilities ▪ Multiple customers – expanding customer base globally ➢ Sustainability ▪ Lo
Slide 15: Yandanooka Pre-Feasibility Study – April 2024
Yandanooka Pre-Feasibility Study – APRIL 2024 PFS1 HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product BFS COMMENCED For personal use only Pre-tax NPV 8 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
Slide 16: Bidaminna Pre-Feasibility Study – June 2023
Bidaminna Pre-Feasibility Study – JUNE 2023 PFS1 HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product BFS COMMENCED For personal use only Pre-tax NPV 8 Pre-tax IRR 8 Capital estimate Capital payback EBITDA Forecast mine-life Total HMC production A$192M 28% A$194M 3.8 Years A$379M 10.
Slide 17: Titanium – Value Adding
Titanium – Value Adding Titanium minerals in HMC – Converting* Ilmenite to Synthetic Rutile For personal use only TiO2 grade Mass in HMC Indicative US$/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%
Slide 18: Synthetic Rutile Quality
Synthetic Rutile Quality Initial bench-scale test results – ASX announcement 9 August 2023 For personal use only IMAGE RESOURCES I ASX:IMA I 18
Slide 19: Synthetic Rutile Novel Production Process
Synthetic Rutile Novel Production Process Novel process for conversion of ilmenite to synthetic rutile (SR) For personal use only ➢ Provisional patent refiled November 2024 ➢ Process uses alternative furnace with numerous potential advantages: ▪ Accepts variable feedstock moisture content ▪ Lower en
Slide 20: Preliminary Conceptual Development Plan
Preliminary Conceptual Development Plan For personal use only 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
Slide 21: Corporate Snapshot
Corporate Snapshot ASX: IMA I IMAGE RESOURCES NL For personal use only Share Price (30 Apr 2025) Issued Shares (30 Apr 2025) Market Capitalisation Cash on hand (30 Apr 2025) Debt Enterprise Value A$0.090 1,103M A$99M A$10.5M (unaudited) A$31.3M A$120M TOP FIVE SHAREHOLDERS BOARD OF DIRECTORS Bob Bes
Slide 22: ESG & Sustainability
ESG & Sustainability For personal use only 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
Slide 23: Contact us – A note of gratitude
ASX: IMA For personal use only 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 24: Ore Reserves Statement
Ore Reserves Statement For personal use only IMAGE RESOURCES I ASX:IMA I 24
Slide 25: Ore Reserves Statement
Ore Reserves Statement For personal use only IMAGE RESOURCES I ASX:IMA I 25
Slide 26: Mineral Resources Statement
Mineral Resources Statement For personal use only IMAGE RESOURCES I ASX:IMA I 26
Slide 27: Mineral Resources Statement
Mineral Resources Statement For personal use only IMAGE RESOURCES I ASX:IMA I 27
Slide 28: Mineral Resources Statement
Mineral Resources Statement For personal use only IMAGE RESOURCES I ASX:IMA I 28
Slide 29: Mineral Resources Statement
Mineral Resources Statement For personal use only IMAGE RESOURCES I ASX:IMA I 29
Slide 30: Mineral Resources Statement
Mineral Resources Statement For personal use only IMAGE RESOURCES I ASX:IMA I 30