Slide 1: Targeting Growth in a Growing Market
For personal use only Targeting Growth in a Growing Market TZMI Virtual Congress 2021 10 Nov - 20 Dec 2021 Patrick Mutz Managing Director Image Resources NL ASX: IMA 1
Slide 2: High Level Summary
For personal use only High Level Summary ASX Code IMA Share Price A$0.20 (26 Oct 2021) Market Cap A$202 million Cash on hand A$50 million (30 Sep 2021) Debt A$0 (effective Feb 2021) Dividend (inaugural) A$0.02/share (paid April 2021) Revenue Net Profit After Tax CY2019 A$146m A$20.8m Revenue Net Pro
Slide 3: Transition to Mining
For personal use only Transition to Mining Image Resources is one of Australia’s newest established, profitable mining companies Boonanarring Mineral Sands Project located 80km north of Perth Project construction 2018 (on-time and on-budget) 1st production Dec 2018 Product(s): Heavy Minera
Slide 4: Keys to success
For personal use only Keys to success Location – mine located 1 hour north of capital city of Perth in Western Australia High Grade – One of the highest in-situ grade projects of its kind in Australia Zircon Grade TiO2 Minerals Grade 2.4% >5% • Typical project grades might be 0.3-0.4% zircon and
Slide 5: Keys to success (continued)
For personal use only Keys to success (continued) Simple Business Model • Shallow open cut mining (contracted) • Simple gravity separation • Simple concentrate product sold in bulk shipments 100% of production committed under life-of-mine off-take agreements at market pricing Strong market pri
Slide 6: Boonanarring Operating Metrics
For personal use only Boonanarring Operating Metrics 2020 2020 2021 Item Units Actual Guidance Guidance HMC Production kt 306 300-330 290-320 HMC Sales kt 311 300-330 300-320 Project Operating Costs A$m 90 100-110 90-100 C1 Cash Costs A$/t HMC sold 292 290-320 290-320 AISC Cash Costs A$/t HMC sold 3
Slide 7: Focus on Growth and Sustainability
For personal use only Focus on Growth and Sustainability Image has 12 zircon/titanium projects in its 100%-owed portfolio • All projects are located in Western Australia within an area of 1,200 square kilometres • All have identified Mineral Resources under the JORC Code and two have Ore Reserves
Slide 8: Select Project Comparisons
For personal use only Select Project Comparisons 1 Ore Reserves & Mineral Resources; in accordance with the JORC Code (2012) ------------------- as percent of 'HM (%)' ----------------- Project/Deposit Category Tonnes HM Slimes VHM Ilmenite Leucoxene Rutile Zircon (million) (%) (%) (%) (%) (%) (%) (
Slide 9: Tenement Portfolio Location
For personal use only Tenement Portfolio Location North Perth Basin in Western Australia 80 km north of Perth CBD Proven mineral sands address Including majors Iluka and Tronox Infrastructure rich Brand Highway access, ample grid power, gas pipelines, water sources available, abundant te
Slide 10: Tenement Portfolio Location
For personal use only Tenement Portfolio Location 1,200 km2 tenements portfolio 100% focus on mineral sands Strandline (dry open cut mining) projects Dredge mining projects 10
Slide 11: Projects Pyramid – Strand Deposits
For personal use only Projects Pyramid – Strand Deposits Ore Reserves and Mineral Resources (statements in appendix) Accessible by Dry Open-Cut Mining Projects ranked by combined Zircon plus Rutile Boonanarring Ore Reserves 6.1Mt; 7.8%HM; as at 31 Dec 2020 28.1% Zr+Ru Dredge mining option being eval
Slide 12: Projects Pyramid – Dredge Deposits
For personal use only Projects Pyramid – Dredge Deposits Mineral Resources (statements in appendix) Accessible by Dredge Mining Projects ranked by HM Grade 36% Leucoxene; Bidaminna 94%VHM; 102Mt; 2.2%HM; <4% slimes; 9.5% Zr+Ru <3% oversize Titan-Telesto 140Mt; 1.9%HM; 12.8% Zr+Ru Calypso 51Mt; 1.7%
Slide 13: Growth Strategy
For personal use only Growth Strategy Growth strategy; 4 components 1 of 4: Continue to use existing capital equipment to operate profitably with demonstrated mine life extensions Operations at Boonanarring to continue on existing Ore Reserves while Atlas project being developed Following depl
Slide 14: Growth Strategy (continued)
For personal use only Growth Strategy (continued) Growth strategy; 4 components 2 of 4: Look to develop a second mining centre to operate in parallel with existing operations Front-running project is 100%-owned Bidaminna project • 102 million tonnes Mineral Resources at 2.2% HM (see footnote) •
Slide 15: Growth Strategy (continued)
For personal use only Growth Strategy (continued) Growth strategy; 4 components 3 of 4: Investigate opportunities to invest in zircon/titanium projects outside of the current portfolio that are development ready and have substantial mine life • Potential to self-fund investments/acquisitions • Abi
Slide 16: Growth Strategy (continued)
For personal use only Growth Strategy (continued) Growth strategy; 4 components 4 of 4: Investigate the potential for a profitable gold production centre on Image’s 100%-owned gold-focused tenements and adjoining current Farmin tenement • Farmin tenement has historic gold mineralisation and is sur
Slide 17: Image Resources – Beyond Operations
For personal use only Image Resources – Beyond Operations Environmental, Social and Corporate Governance (ESG) ESG framework being developed to facilitate growth to sustainable, mid-tier mining company Areas of specific focus beyond day-to-day mining and processing operations include: • Health,
Slide 18: 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. Since start of operations at Boonanarring, over 50% of the site workforce live locally or within regional shires. 18
Slide 19: 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 adjacent to Boonanarring processing plant Commissioned Sep 2020 and providing on average 25% of electricity requirements for mining and pr
Slide 20: Solar Farm at Boonanarring
For personal use only Solar Farm at Boonanarring Boonanarring WCP Brand Highway 20
Slide 21: Rehabilitation Snapshot: Before Mining – April 2018
For personal use only Rehabilitation Snapshot: Before Mining – April 2018 21
Slide 22: Rehabilitation Snapshot: During Mining – June 2019
For personal use only Rehabilitation Snapshot: During Mining – June 2019 22
Slide 23: Rehabilitation Snapshot: Backfilled – December 2019
For personal use only Rehabilitation Snapshot: Backfilled – December 2019 23
Slide 24: Rehabilitation Snapshot: hectares re-vegetated – August 2020
For personal use only Rehabilitation Snapshot: 13 hectares re-vegetated – August 2020 24
Slide 25: Carbon Sequestration Research
For personal use only Carbon Sequestration Research Australian Carbon Farming Initiative As part of its focus to reduce its carbon footprint, Image is investigating cooperative work with local landowners near its mining operation under the Australian Carbon Farming Initiative The goal is to supp
Slide 26: Summary Highlights
For personal use only Summary Highlights Image Resources is an established, profitable mining company that… has accumulated a strong cash balance of A$50m following the early repayment of outstanding debt and paying an inaugural A$0.02/share dividend; has earned a positive reputation of being a
Slide 27: 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 27
Slide 28: Ore Reserves Summary – JORC Code 2012
For personal use only Appended information Ore Reserves Summary – JORC Code 2012 – as at 31 December 2020 28
Slide 29: Mineral Resources – Material Mining Projects
For personal use only Appended information MINERAL RESOURCES – MATERIAL MINING PROJECTS Mineral Resources Summary – Material Mining Projects – JORC Code 2012 – as at 31 December 2020 1. Tonnages and grades have been rounded to reflect the relative uncertainty of the estimate, thus column sums may no
Slide 30: Mineral Resources – Non-Material Projects
For personal use only Appended information MINERAL RESOURCES – NON-MATERIAL PROJECTS The Mineral Resources for the Company’s non-material mining projects as at 31 March 2021 are shown in the tables below. Inaugural Mineral Resources have been reported for Boonanarring Northwest and Boonanarring Nort
Slide 31: Appended information
For personal use only Appended information 31
Slide 32: Appended information
For personal use only Appended information 32
Slide 33: Competent Person Statement and Previously Reported Information
For personal use only Appended information COMPETENT PERSON STATEMENT AND PREVIOUSLY REPORTED INFORMATION This report includes information that relates to Ore Reserves and Mineral Resources which were prepared and first disclosed under JORC Code 2012. The information was extracted from the Company’s
Slide 34: Appended information
For personal use only Appended information These reports are available to view on the Company’s website under “ASX Releases”. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of
Slide 35: Appended information
For personal use only Appended information The information in this report that relates to tonnes, grade and mineral assemblage for Regans Ford deposit (not part of the Company's material mining projects) is based on historic information published by Iluka Resources Limited indicating the Mineral Res