Image Resources Nl · ASX:IMA
Image Resources Nl — Shareholder Meeting (May 2023)
32 slides from Image Resources Nl's shareholder meeting presentation, May 30, 2023
Slide 1: Focused on Growth and Sustainability
Focused on Growth and Sustainability 2023 Annual General Meeting of Shareholders 30 May 2023 Patrick Mutz Managing Director Image Resources NL 1 ASX: IMA
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: Outline
Outline Building a picture of the future with current limited information • Growth and sustainability strategy • Transitioning to Chapter 2 The changing value proposition • Transitioning from high HM grade/high zircon to low HM grade/high ilmenite • Importance of economy-of-scale and value-addin
Slide 4: Brief Recap
Brief Recap 2017 BFS Plans • Boonanarring and Atlas to be mined in series • Total mine-life ~8 years (Boon ~5; Atlas ~3) • Repay debt • Self-fund relocation of operations to Atlas Upside aspirations (outside of plan) • Organic growth of Ore Reserves and mine-life at Boonanarring o This did not h
Slide 5: Brief Recap
Brief Recap Challenges/achievements that were not anticipated (no excuses, just facts) • COVID-19 impacts and restrictions • Paid $0.02/share dividend in April 2021 and again in April 2022 (~AU$35m cash) • Purchased two strategic projects in CY2022 (~AU$36m cash) • Defeated 249-D action against ke
Slide 6: Brief Recap
Brief Recap 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 full year of operation Early repayment of A$50m debt (Feb 2021) Paid inaugural d
Slide 7: Introduction
Introduction Building the picture of the future Sometimes a picture is muddled, even though you might recognise certain aspects in the disorder. 7
Slide 8: Introduction
Introduction Sometimes the picture is more recognizable, but it is out of focus or opaque. 8
Slide 9: Introduction
Introduction Sometimes the picture is both muddled and out of focus. 9
Slide 10: Growth and Sustainability Vision
Growth and Sustainability Vision 2017 BFS fuzzy options Chapter 1 Simple business model Boonanarring Atlas Hyperion Helene Dry mining 1 operation Chapter 1 1 product 1 market Chapter 2 Growth - Bidaminna and beyond More comprehensive + CY2022 business model Bidaminna Titan Calypso Strate
Slide 11: Growth and Sustainability Vision
Growth and Sustainability Vision Chapter 2 - Building the future Durack and Expanded `Blue, Gray or Solar Farm Yandanooka others in Turquoise Eneabba Hydrogen Tenements Green Hydrogen McCalls Synthetic Mineral Rutile Separation Production Plant High Grade Iron Byproduct Expanded (potential) Mindarra
Slide 12: Changing Value Proposition
Changing Value Proposition Notes: Information in graphs taken from Mineral Resources statement – Table 2, attached to this presentation. 12
Slide 13: Changing Value Proposition
Changing Value Proposition Notes: Information in graphs taken from Mineral Resources statement – Table 2, attached to this presentation. 13
Slide 14: Changing Value Proposition
Changing Value Proposition Notes: Information in graphs taken from Mineral Resources statement – Table 2, attached to this presentation. 14
Slide 15: Changing Value Proposition
Changing Value Proposition 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 of ilmenite. It is show
Slide 16: Synthetic Rutile (SR)
Synthetic Rutile (SR) What is SR? What is it used for? The titanium dioxide (TiO2) content in ilmenite can range from 45-70% TiO2, with the majority of the balance being iron Natural, high-quality Rutile is >95% TiO2 Removing the iron from ilmenite can increase TiO2 content to 90-95% TiO2 an
Slide 17: Synthetic Rutile
Synthetic Rutile What is the forecast demand for SR? Australia has been and remains the largest SR manufacturer in the world, with all Australian SR manufactured in WA by Iluka and Tronox Australia is the 2nd largest consumer of SR in the world, with the vast majority by Tronox to produce TiO2
Slide 18: Synthetic Rutile
Synthetic Rutile So how is the iron removed from ilmenite? Iluka and Tronox use the Becher process • patented in 1961 by Robert Gordon (Bob) Becher • commercialised in 1969 by RGC (forerunner to Iluka) Basics of the Becher process • high temperature (>1,100o C) roasting of ilmenite in a rotary
Slide 19: Synthetic Rutile
Synthetic Rutile Is there a better way? Short answer is YES; it was patented in 1999-2000 Production of synthetic rutile by low temperature reduction of ilmenite Patent recently expired Process not commercialised to-date likely due to: • Becher process improvements and ongoing success • New ca
Slide 20: Synthetic Rutile
Synthetic Rutile NewGenSR benefits: What is NewGenSR process? • General advantages of fluidized bed reactor vs. rotary kiln (next slide) Key differences of NewGenSR compared to Becher process: • Environmentally friendly o lower CO2 emissions • NewGenSR uses fluidized bed reactor instead of rotar
Slide 21: Fluidized Bed Reactor versus Rotary Kiln
Fluidized Bed Reactor versus Rotary Kiln Simple standard components Very high gas‐solids contact area No brickwork or refractory to replace Precise temperature control Uniform temperature profile Very fast heat‐up and cool‐down Very good product consistency Low operating costs Less energy intensive
Slide 22: Preliminary Conceptual Plan
Preliminary Conceptual Plan Cautionary statement: 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 and aspirational and s
Slide 23: Preliminary Conceptual Plan
Preliminary Conceptual Plan 23
Slide 24: For further information
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 24
Slide 25: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement Table 1 ‐ 25
Slide 26: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement Table 2 ‐ 26
Slide 27: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 27
Slide 28: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 28
Slide 29: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 29
Slide 30: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 30
Slide 31: Mineral Resources and Ore Reserves Statement
Mineral Resources and Ore Reserves Statement 31
Slide 32: Hydrogen Colour Wheel
Hydrogen Colour Wheel © IMAGE An electrolytic production process similar to green but powered by nuclear energy One main pathway for global decarbonization it combines gray hydrogen production with CO, capture technology to minimize emissions Splits methane from natural gas into hydrogen and solid “