New Risk • Apr 28
New major risk - Revenue and earnings growth Earnings have declined by 74% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 74% per year over the past 5 years. Minor Risks High level of debt (65% net debt to equity). Market cap is less than US$100m (AU$47.6m market cap, or US$34.1m). Announcement • Apr 02
Image Resources NL, Annual General Meeting, May 28, 2026 Image Resources NL, Annual General Meeting, May 28, 2026. New Risk • Apr 01
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 84% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (84% net debt to equity). Market cap is less than US$100m (AU$44.3m market cap, or US$30.6m). New Risk • Mar 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (AU$46.5m market cap, or US$31.9m). New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 59% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 59% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$63.1m market cap, or US$44.3m). Board Change • May 31
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director Aaron Soo was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 01
Image Resources NL, Annual General Meeting, May 30, 2025 Image Resources NL, Annual General Meeting, May 30, 2025. New Risk • Apr 01
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$109.1m market cap, or US$68.2m). New Risk • Mar 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (AU$110.2m market cap, or US$69.3m). Recent Insider Transactions • Nov 03
MD, CEO & Director recently bought AU$202k worth of stock On the 31st of October, Patrick Mutz bought around 2m shares on-market at roughly AU$0.099 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Patrick has been a buyer over the last 12 months, purchasing a net total of AU$263k worth in shares. New Risk • Apr 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 10% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Market cap is less than US$100m (AU$88.7m market cap, or US$58.0m). Announcement • Mar 29
Image Resources NL, Annual General Meeting, May 28, 2024 Image Resources NL, Annual General Meeting, May 28, 2024. Agenda: To consider re-election of directors. Buy Or Sell Opportunity • Mar 14
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 9.4% to AU$0.07. The fair value is estimated to be AU$0.055, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Recent Insider Transactions • Feb 04
MD, CEO & Director recently bought AU$61k worth of stock On the 2nd of February, Patrick Mutz bought around 1m shares on-market at roughly AU$0.061 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Patrick has been a buyer over the last 12 months, purchasing a net total of AU$136k worth in shares. Buy Or Sell Opportunity • Jan 23
Now 26% overvalued Over the last 90 days, the stock has fallen 11% to AU$0.065. The fair value is estimated to be AU$0.052, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 27%. Recent Insider Transactions • Oct 11
MD, CEO & Director recently bought AU$75k worth of stock On the 6th of October, Patrick Mutz bought around 1m shares on-market at roughly AU$0.075 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Patrick's only on-market trade for the last 12 months. Reported Earnings • Sep 07
First half 2023 earnings released: EPS: AU$0.004 (vs AU$0.017 in 1H 2022) First half 2023 results: EPS: AU$0.004 (down from AU$0.017 in 1H 2022). Revenue: AU$81.1m (down 12% from 1H 2022). Net income: AU$4.62m (down 74% from 1H 2022). Profit margin: 5.7% (down from 20% in 1H 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 23% per year. Announcement • Jun 02
Image Resources NL Announces Retirement of Chaodian Chen as Non-Executive Director The Board of Image Resources NL announced the retirement of Mr. Chaodian Chen as Non-executive Director. As shareholders may recognise, Mr. Chen has been a director since June 2016 and recently decided not to stand for re-election as a Director at the May 2023 AGM, and to retire from the Board due to other business commitments. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: AU$0.014 (vs AU$0.019 in FY 2021) Full year 2022 results: EPS: AU$0.014 (down from AU$0.019 in FY 2021). Revenue: AU$171.5m (down 4.1% from FY 2021). Net income: AU$15.2m (down 22% from FY 2021). Profit margin: 8.8% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jan 19
Image Resources NL Receives Additional Encouraging, Thick, Gold Mineralisation Drill Intersections That Expands the Mineralisation to the North At King Prospect Located 135Km SE of Kalgoorlie in Western Australia Image Resources NL advised it has received additional encouraging, thick, gold mineralisation drill intersections that expands the mineralisation to the north at the Company's 100%-owned Erayinia tenement and King Prospect located 135km SE of Kalgoorlie in Western Australia. The King Prospect tenements are located within the Erayinia tenement which adjoins Image's 100%-owned Madoonia Downs tenement to the north. The locations of Erayinia, King and Madoonia Downs, relative to Kalgoorlie and surrounding gold mining operations. The latest infill drill program resulted in a number of significant gold intersections mainly within the central part of the northern mineralised zone, which was previously sparsely drilled. Highlighted intersections include 21m at 2.1g/t from 84m, including 3m at 8g/t from 94m in EYRC119; 37m at 1.4g/t from 65m, including 3m at 16g/t from 99m in EYRC116; and 20m at 1.1g/t from 63m, including 2m at 3.2g/t from 63m in EYRC127. Several intersections are open at depth and will be followed up with deeper RC drilling including the intersections in both EYRC119 and EYRC92. The recently completed drilling program included 78 RC holes (EYRC59-EYRC137) for 6,361m comprising 1,569 2-4m composites and 769 1m splits, as well as 62 AC holes (EYAC003- EYAC083) for 2,593m comprising 654 2-4m composites and 86 1m splits. Intersections greater than 1g/t Au are summarised and all completed RC and AC drilling. The drilling results have been prepared and reported in accordance with the JORC Code, 2012 edition. Within the Erayinia tenement and the King Prospect there are many shallow intersections with a total of 309 intersections (ranging from 1 to 13m) greater than 0.5g/t Au, which includes 172 intersections greater than 1g/t Au, 75 greater than 2g/t Au, 36 greater than 3g/t Au and 25 greater than 4g/t Au. The objective of the drilling program, which is continuing, is to extend the overall size and grade of gold mineralisation, especially in the northern zone, and to increase drilling density in the lead up to an inaugural Mineral Resources estimate in Second Quarter 2023 and potentially progressing to a scoping study in 2H 2023. Future RC drilling will focus on the northern end of the north zone where more infill is required as some of the existing line spacing is too coarse. Also, some targets, mainly to the south, that occur on the western ground magnetic contact where most of the mineralisation occurs, have only been tested with shallow AC drilling. Further AC/RC drilling is planned in areas where the previous AC drilling was unable to reach the desired depth. Gold mineralisation at Erayinia/King is separated into two distinct styles. Firstly, there is a common horizontal supergene mineralisation located in the lower saprolite and proximal to the surface expression of the primary mineralisation. Secondly, there are four primary gold-hosted, shallow shear zones that strike northwest and dip moderately to the southwest. Strong altered mafic rocks are common in the mineralised zones, containing chlorite and carbonate alteration with minor quartz and with some albite alteration and minor hematite and magnetite. The most recent drilling was primarily testing wider gaps between the mineralised zones to check continuity of mineralisation. Future drilling will focus on testing higher-grade intersection areas, for potential expansion of gold mineralisation laterally and downwards while searching for higher grades and identification of potential root zones. As previously mentioned, the intersections in EYRC119 of 21m at 2.1 g/t from 84m depth and EYRC92 of 20m at 1.3g/t from 50m depth are promising and open at depth and will be followed up with deeper RC drilling. Additionally, there is an approximate 3km of potential strike outside the previously identified mineralised areas, that is marked by ground magnetics. Ground magnetics correlate reasonably well with gold mineralisation within the two currently identified mineralised areas. The two current main mineralised zones at Erayinia/King form a key part of a strongly mineralised zone covering an area approximately 1.7km in length by 75m wide. Some individual holes are also directed at testing the down-dip extension of higher-grade intersections within the multiple westerly dipping lodes. These interpreted multiple stacked lodes may continue at depth and could potentially be similar to some of the larger deposits in the Kalgoorlie districts that have bulk tonnage. Announcement • Dec 22
Image Resources NL Provides an Updated Ore Reserve Estimate At Its 100%-Owned, Atlas Mineral Sands Project (Atlas Project) Located in the Infrastructure-Rich North Perth Basin in Western Australia Image Resources NL provides an updated Ore Reserve estimate at its 100%-owned, Atlas mineral sands project (Atlas Project) located in the infrastructure-rich North Perth Basin in Western Australia. This announcement replaces the Company's ASX announcement on the Atlas Ore Reserve dated 19 December 2022 and provides additional details with respect to key project modifying factors and economics. The Ore Reserve remains the same. The northern section of the Mineral Resource is now excluded in this updated Ore Reserve estimate due to uncertainties of timing for environmental approval over the northern section of the deposit. 5.5 million tonnes of Ore Reserves at 9.2% total HM, 4.5 million tonnes (81%) classified as Proved Reserve at 10.6% total HM, 481 kt (96%) of contained HM is in the Proved category. 11.9% zircon, 7.9% rutile, 4.9% leucoxene and 53% Ilmenite in total HM. Mining scheduled to commence 2H 2023 followed by processing Fourth Quarter 2023. Forecast processing rate of 2.6 million tonnes per annum. Total Heavy Mineral Concentrate production of 446kt. Net pre-tax project cash flow of AUD 62 Million. Project to be funded by Image from existing cash reserves. This Ore Reserve estimate is based on a Mineral Resource estimate completed by Snowden Optiro as of December 2022. This Ore Reserve update was prepared and reported by Entech Mining Consultants in accordance with the guidelines of the JORC Code (2012). The following material changes have been made to the mine plan inputs since the 2017 Ore Reserve estimate: Mineral Resource estimate and corresponding block model updated for additional assay and mineral assemblage data obtained since the 2017 BFS due to the inclusion of additional drilling undertaken in the intervening period. The updated Mineral Resource has also now used the results of sachet logging and visual estimates of Iron Oxides (FeOx) to interpret and exclude laterite material within the interpreted strandlines; Change to Mine Development Envelope to exclude the northern section of the Mineral Resource. The northern section was excluded due to the uncertainties of achieving environmental approvals in a timely fashion over the Mount Jetty and Bibby creek lines, Aboriginal areas of cultural concern and areas of potentially sensitive flora and fauna as well as native vegetation. The Southern section of the Mineral Resource area is more economically robust due to higher HM grades and lower strip ratio, and consequently generates most of the net cash flow; Changes in pit design based on revised pit optimisation results using current study inputs and assumptions, including a reduced feed rate to the WCP from earlier studies; and A change to the assumptions and application of mining dilution to reflect a less selective mining method due to the thin strand mineralisation anticipated at the Atlas Project. Mining adjustments from the 2017 Ore Reserve include adopting an approach to applying mining dilution to encompass both internal laterite material and boundary material dilution at the top and bottom ore surfaces. This results in a more conservative approach to the application of dilution (approximately 20% dilution compared to 2% used in 2017). The 2017 Ore Reserve estimate excluded some material for the previously proposed high voltage powerline crossing, which has now been removed from the current mine plan. Together these adjustments have a minor effect on contained HM, though the dilution adjustments do increase the feed tonnage with a commensurate reduction in HM%. Very minor changes can be attributed to Mineral Resource modelling impacts between estimates. between estimates. The 2017 Ore Reserve estimate downgraded all Measured Mineral Resources to Probable Ore Reserve, based on some uncertainty surrounding density estimates. The current Mineral Resource estimates density using an algorithm that considers lithology, HM and slime grades interpolated into the model, such that a variable density attribute is estimated based on the material characteristics as modelled. The same method has been used for the Boonanarring deposit since 2019 and the algorithm has been refined since, using operational data from the Boonanarring site. Hence this estimate includes no downgrading of Measured Mineral Resources, which convert directly to Proved Ore Reserves, subject to the application of appropriate modifying factors. Inferred and unclassified material contained within the mine plan, and below the top-of-ore surface, are included in the Ore Reserve as planned dilution, where it is considered unable to be selectively mined as waste. The Ore Reserve has been defined as delivered to the Feed Preparation Plant(FPP). Announcement • Dec 21
Image Resources NL Advises Bidaminna Project Feasibility Study Update Image Resources NL advised that results of a feasibility study (FS) being conducted by IHC Robbins on the Company's 100%-owned Bidaminna mineral sands project are progressing positively, however a final report has been delayed into first half of 2023. Bidaminna is being evaluated as a standalone greenfield mineral sands project utilising low-cost dredge mining with a floating wet concentration plant to produce heavy mineral concentrate (HMC). The Bidaminna deposit has estimated Mineral Resources of 102 million tonnes at 2.2% total heavy minerals (HM) (refer Table 1 below). The HM contains 93% valuable heavy minerals including 36% leucoxene, 48% ilmenite, 5% zircon and 4% rutile. The deposit contains very low slimes (3.3%) and very low oversize (2.2%), with the mineralisation being below the water table and amenable to dredge mining technology. Whilst no red flags have been identified in the FS work to-date, labour shortages (real and COVID related) within the ranks of Image's contractors and consultants have seen the target date for delivery of FS results extended into 2023. In addition to the cumulative delays with data collection and engineering analysis from labour shortages, an optimisation step has been added to the FS to evaluate the initial findings that utilising a two-dredge mining approach can positively impact operating costs as well as the potential future use or resale value of the equipment, which may further improve overall project economics. In CY2023 Image will also be conducting a separate feasibility study on the value-adding aspects of down-stream processing to separate the Company's future HMC production through a mineral separation plant (MSP) into final products of zircon, zircon concentrate, ilmenite, rutile, leucoxene and monazite for sale into domestic and international markets. The marketing and sale of individual products into multiple markets would greatly decrease the Company's current geographical risks of selling only HMC product into a single geographical jurisdiction. Separating HMC and selling individual products also lowers product shipping costs by eliminating the costs of transporting moisture and non-valuable components contained in the HMC. It would also provide likely and potential by-product credits for monazite and other heavy mineral by- products. Any decision to action the construction of a mineral separation plant will be contingent on positive MSP feasibility results, as well as positive feasibility results for the Bidaminna project as a longer-term source of HMC supply for separation. Consequently, potential MSP construction and operation may likely align with the potential construction and operation of a mining centre at Bidaminna. Studies are also planned for CY2023 to evaluate the production of synthetic rutile (SR) from the conversion of ilmenite and potentially leucoxene proposed to be produced from the Bidaminna deposit. Testing will also be conducted on ilmenite proposed to be produced from the Company's newly acquired, and potentially much longer term McCalls project. Such SR production testing and studies will involve the use of hydrogen (instead of coal) to reduce the iron component of the ilmenite/leucoxene in a fluidised bed reactor. The goal of testing will be to demonstrate near-zero greenhouse gas emissions from the high-temperature iron reduction process step, and the production of green SR for international markets. Preliminary evaluation of the ilmenite from both Bidaminna and McCalls, based on the TiO2 grades and overall ilmenite qualities, indicates both ilmenites are suitable as SR feedstock, with the combination of ilmenite from the two deposits to potentially provide multi-decade, consistent, supply of high-quality SR feedstock. Announcement • Dec 20
Image Resources NL Provides an Updated Ore Reserve Estimate At Its 100%-Owned, Atlas Mineral Sands Project Image Resources NL provided an updated Ore Reserve estimate at its 100%-owned, Atlas mineral sands project (Atlas Project) located in the infrastructure-rich North Perth Basin in Western Australia. The northern section of the Mineral Resource is now excluded in this updated Ore Reserve estimate due to uncertainties of timing for environmental approval over the northern section of the deposit. This Ore Reserve estimate is based on a Mineral Resource estimate completed by Snowden Optiro as of December 2022. This Ore Reserve update was prepared and reported by Entech Mining Consultants in accordance with the guidelines of the JORC Code (2012). The following material changes have been made to the mine plan inputs since the previous Ore Reserve estimate: Mineral Resource estimate and corresponding block model updated for additional assay and mineral assemblage data obtained since the 2017 BFS due to the inclusion of additional drilling undertaken in the intervening period. The updated Mineral Resource has also now used the results of sachet logging and visual estimates of Iron Oxides (FeOx) to interpret and exclude laterite material within the interpreted strandlines; Change to Mine Development Envelope to exclude the northern section of the Mineral Resource. The northern section was excluded due to the uncertainties of achieving environmental approvals in a timely fashion over the Mount Jetty and Bibby creek lines, Aboriginal areas of cultural concern and areas of potentially sensitive flora and fauna as well as native vegetation. The Southern section of the Mineral Resource area is more economically robust due to higher HM grades and lower strip ratio, and consequently generates most of the net cash flow; Changes in pit design based on revised pit optimisation results using current study inputs and assumptions, including a reduced feed rate to the WCP from earlier studies; and A change to the assumptions and application of mining dilution to reflect a less selective mining method due to the thin strand mineralisation anticipated at the Atlas Project. Mining adjustments from the previous Ore Reserve include adopting a different approach to applying mining dilution to encompass both internal laterite material and boundary material dilution at the top and bottom ore surfaces. The previous Ore Reserve excluded some material for the previously proposed high voltage powerline crossing, which has now been removed from the current mine plan. Together these adjustments have a minor effect on contained HM, though the dilution adjustments do increase the feed tonnage with a commensurate reduction in HM%. Very minor changes can be attributed to Mineral Resource modelling impacts between estimates. The previous Ore Reserve estimate downgraded all Measured Mineral Resources to Probable Ore Reserve, based on some uncertainty surrounding density estimates. The current Mineral Resource estimates density using an algorithm that considers lithology, HM and slime grades interpolated into the model, such that a variable density attribute is estimated based on the material characteristics as modelled. The same method has been used for the Boonanarring deposit since 2019 and the algorithm has been refined since, using operational data from the Boonanarring site. Hence this estimate includes no downgrading of Measured Mineral Resources, which convert directly to Proved Ore Reserves, subject to the application of appropriate modifying factors. A detailed comparison has been performed between the 2017 Ore Reserve and this updated estimate. The main variance, both in terms of ore tonnage and contained HM, is due to the removal of the Northern area of the Mineral Resource since the disclosure of the previous Ore Reserve. Changes to the pit design are the next greatest area of variance between the updated and previous Ore Reserve. In general, the updated pit design focuses more tightly on the main economic core of the Resource where the majority of the cashflow is generated, with the removal of some more marginally economic regions to the north. These changes contribute to the uplift in total HM% and valuable mineral assemblage composition of the HM in the updated estimate. This Ore Reserve estimate is based on modifying factors and processing inputs determined from technical studies to Feasibility Study level for the Atlas Project, informed where relevant by analysis of actual operating performance at Image's Boonanarring mine site. The Feasibility Study is based on mining of the Atlas Project, once mining and processing at the Boonanarring operation has finished, using conventional dry open pit mining techniques and wet concentration of the ore to produce Heavy Minerals Concentrates (HMC) for sale or toll treatment. Mining of the Atlas Project is currently scheduled to commence 2H 2023, with commissioning and first production near the end of Fourth Quarter 2023. Life-of-mine (excluding rehab) for this Ore Reserve estimate is approximately 30 months. HMC production during the first 6 months is high as the mine plan concentrates on the central high-value area of the pit. Final economic evaluation was conducted by Image using a standalone financial model and life-of-mine schedule, utilising the Ore Reserve pit designs. Where sales receipts or costs are in US Dollars, an exchange rate of 1.00:0.70 AUD:USD has been used. 100% of HMC produced at Atlas is contracted under life of mine offtake agreements and the Feasibility Study shows that operating cashflows are expected to remain positive for the production duration at the Atlas Project, with particularly strong operating margins expected in the first year of production. Operating margins are expected to decline after year one, as lower HM feed grades and HMC production is scheduled once mining advances away from the high-value central region of the pit. Sensitivity analysis was conducted on key variables (+/- 20%) based on undiscounted cashflows. The Atlas Project is reasonably insensitive to changes in capital and operating costs and is most sensitive to those variables that directly impact on the revenue stream, such as pricing and recovery/grade. Announcement • Dec 15
Image Resources NL Updates Atlas Deposit Image Resources NL provided a Mineral Resource update on its 100%-owned Atlas mineral sand deposit (Atlas Deposit) in the North Perth Basin. The Atlas Mineral Resource was formally reported in 2017 following a Mineral Resource estimate carried out by Optiro Pty Ltd. (now Snowden Optiro) on behalf of Image. Since then, Image has undertaken additional drilling composite sample analysis for the determination of mineral assemblage and visual HM sachet logging to identify potential laterite affected mineral. The new information has been used by Snowden Optiro to update the Mineral Resource estimate for the Atlas deposit. This 2022 Mineral Resource estimate is based on data from 1,885 vertical reverse circulatio drillholes, for a total of 23,708 m. A total of 15,430 samples have been assayed. Mineral assemblage is based on 103 composite samples of heavy mineral sachets taken from 424 drillholes (over a total of 1,365 m). The mineral assemblage composites were analysed by QEMSCAN using the following rules for titanium mineral determination The Mineral Resource estimate for the Atlas deposit has been reported above a 2.0% total HM cut-off grade . This cut-off grade was selected by Image based on technical and economic assessment, comparison with similar deposits and for consistency of reporting with Image's other deposits. Preliminary economic evaluation of the deposit indicates that a lower cut-off grade will be used for reporting the Ore Reserve estimate. The Atlas deposit is located within the North Perth Basin (NPB), which is a deep linear trough of sediments, extending from the south coast to north of the Murchison River, adjacent to and west of the Darling Fault. The NPB contains a number of high-grade beach, dune and swale heavy mineral deposits extending from Capel in the south to Eneabba in the north. The Atlas deposit lies within the Swan Coastal Plain west of the Gingin Scarp. It is located approximately 12 km west of the Gingin Scarp and is interpreted to have formed in a later regressive event relative to that of the Boonanarring deposit. The Atlas deposit formed in surficial marine sediments eroded into Cretaceous basal sediments during marine transgressions. The Pliocene-Pleistocene sediments have been eroded into middle to late Jurassic sediments of the Leederville Formation and the middle Jurassic Cadda Formation. The north-south orientation of the Atlas deposit suggests that it may represent a second lower order transgression, as this orientation crosscuts the more common northwest to southeast orientation of deposits formed along the Gingin Scarp, including the Cooljarloo deposit (operated by Tronox Limited) and Image's Boonanarring and Cooljarloo project deposits to the east. To the east of the Atlas deposit, Image has also identified channel sands of either late Mesozoic or Tertiary age that probably represent alluvial sediments associated with palaeo drainage systems from the Dandaragan plateau to the east. The basement units are predominantly very fine to granular or pebbly, poorly sorted sands and clayey sands. Drilling Techniques All Image and historic RGC reverse circulation/aircore (RCAC) drillholes were drilled vertically using an NQ-sized (76 mm diameter) drill bit. All Iluka RCAC drillholes are vertical and were drilled using a BQ-sized drill bit. Sampling Techniques: Sampling of the deposit has been by vertical RCAC. This is a mineral sands industry-standard drilling technique. The samples have been taken over intervals of 0.2 m, 0.25 m, 0.3 m, 0.5 m, 1 m, 1.5 m and 2 m. Within the interpreted mineralisation, almost 80% of the samples have been taken over intervals of 1 m, 6% have been taken over intervals of 1.5 m, and 13% over intervals of 2 m. Assay methods and laboratory procedures used across the three different generations of data are industry standard although method specifics and heavy liquid compositions vary slightly. For total heavy mineral (HM) determination heavy liquid TBE ranging from 2.84 g/ml and 2.96 g/ml (predominantly 2.96 g/ml) were used. For slimes determination, samples were analysed using a screen size of between 75 µm and 45 µm (predominantly 63 µm). For the determination of oversize material, a screen size of between 2 mm and 1 mm was used. The mineral assemblage was analysed using Quantitative Evaluation of Minerals by Scanning Electron Microscopy (QEMSCANTM) to determine the percentage of ilmenite, leucoxene, rutile zircon and monazite within the total HM fraction. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Chairman Bob Besley was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 02
First half 2022 earnings released: EPS: AU$0.017 (vs AU$0.003 in 1H 2021) First half 2022 results: EPS: AU$0.017 (up from AU$0.003 in 1H 2021). Revenue: AU$91.8m (up 26% from 1H 2021). Net income: AU$17.9m (up AU$15.0m from 1H 2021). Profit margin: 20% (up from 4.0% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Jul 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Chairman Bob Besley was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 31
Image Resources Nl Elects Directors Image Resources NL at its Annual General Meeting the company approved the Election of Non-Board endorsed external nominee; Winston Lee, Ran Xu, John Jingzhong Chen, and Zhan Yao Li. Announcement • May 24
Image Resources NL Announces Board Changes Image Resources NL announced that Mr. Winston Lee has withdrawn his self-nomination for election as a director of Image which was to be considered by shareholders at the Company's upcoming annual general meeting to be held on 30 May 2022. Accordingly, Vestpro's current nominee director of Image, Mr. Huang Cheng Li, will retire as a director of Image with effect from the close of the upcoming AGM, with Mr. Winston Lee beingappointed to replace Mr. Li as Vestpro's nominee as a non-executive director of the Company with effect from Mr. Li's retirement taking effect. Announcement • May 20
Image Resources NL Announces Mineral Resources Update McCalls Mineral Sands Project Image Resources NL provided a Mineral Resources update on two Mineral Resource Estimates (MRE) associated with the Company's recent strategic acquisition of the McCalls Mineral Sands Project located north- east of Gingin in the Dandaragan Trough. The mineral assemblage for both deposits was analysed using Quantitative Evaluation of Minerals by Scanning electron microscopy (QEMSCANTM) by Bureau Veritas Mineral Laboratories to determine the percentage of ilmenite, leucoxene, rutile and zircon within the total HM fraction. The following breakpoints were used to distinguish between the TiO 2 minerals: rutile (>95% TiO2), leucoxene (85-95% TiO2) and ilmenite (<55-85% TiO2). Mineral Resources Estimate: Grade estimations for total HM, slimes and oversize have been carried out using ordinary kriging for both deposits. Grade estimations of mineral assemblage (zircon, rutile, leucoxene and ilmenite) have been carried out using inverse distance cubed for both deposits. The McCalls Mineral Resources estimate has been classified according to the guidelines of the JORC Code (2012), into Indicated and Inferred Resources considering the confidence in geological and grade continuity and taking into account data quality (in particular the historical nature of the BHP data), data density and confidence in estimation of heavy mineral content, and the location of the mineral assemblage data. In plan, a polygon was used to define the areas of Indicated and Inferred Mineral Resources. The Mindarra Springs Mineral Resources estimate has been classified as Inferred Resources according to the guidelines of the JORC Code (2012), considering the confidence in geological and grade continuity and taking into account data quality (in particular the historical nature of the BHP data), data density and confidence in estimation of heavy mineral content, and the location of the mineral assemblage data. The assigned classification of Indicated and Inferred at both the McCalls deposit and the Mindarra Springs deposit reflects the Competent Person's assessment of the accuracy and confidence levels in the Mineral Resources estimates. Cut-off Grade: Optiro selected cut-off grades to represent the Mineral Resources that may be considered for eventual economic extraction, based on the Company's experience as a mineral sands consultancy. Both Mineral Resources estimates were reported above a total HM cut-off grade of 1.1% and below a slimes cut-off grade of 35%. Mining Factors: In determining the criteria for reasonable prospects for eventual economic extraction, potential mining methods considered were wet dredge mining or dry dozer-trap operations, similar to those commonly and currently in use in HM mining operations both in Australia and globally. It is considered that the deposits within McCalls Mineral Sand Project have a reasonable prospect of eventual economic extraction when considered in the context of the deposit location and existing infrastructure and taking into consideration the depth, thickness and grades of the deposits. Metallurgical Factors: Metallurgical characterisation test work on samples from McCalls has confirmed that the deposit is amenable to typical mineral sands processing methodologies using standard mineral sands separation equipment. Ilmenite characterisation studies conducted on a sample composited from Second Generation drill samples at McCalls produced concentrates containing between 59% and 66% TiO 2, indicating potential suitability for chloride processing or as a feedstock for synthetic rutile production. Image Resources is not aware of any other material modifying factors that would prevent the eventual economic extraction of these deposits. Announcement • Mar 31
Image Resources NL, Annual General Meeting, May 30, 2022 Image Resources NL, Annual General Meeting, May 30, 2022. Upcoming Dividend • Mar 24
Upcoming dividend of AU$0.02 per share Eligible shareholders must have bought the stock before 31 March 2022. Payment date: 28 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.3%. Within top quartile of Australian dividend payers (5.7%). Lower than average of industry peers (8.3%). Announcement • Feb 16
Image Resources NL, Annual General Meeting, Mar 24, 2022 Image Resources NL, Annual General Meeting, Mar 24, 2022, at 10:00 W. Australia Standard Time. Location: at the Celtic Club, 48 Ord Street West Perth Western Australia Australia Agenda: To consider executive changes; and to consider the other matters. Announcement • Feb 11
Image Resources NL Announces Fully Franked Dividend for Calendar Year 2021 Image Resources NL announced its intention to pay a 2 cent fully franked dividend once the Calendar Year 2021 annual financial results have been finalised. Results are expected to be announced in the first half of March with the dividend expected to be paid as soon as practicable thereafter, but likely towards the end of April 2022. Announcement • Jan 22
Murray Zircon Requisitions a Meeting to Replace Directors at Image Resources On January 21, 2022, Image Resources NL announced that it has received a notice pursuant to section 249D of the Corporations Act 2001 on behalf of Murray Zircon Pty Ltd, regarding the intention to move resolutions to remove 3 directors of the Company, being Robert Besley, Patrick Mutz, and Chaodian Chen, and to seek the appointment of Chaohau Huang, Graham Hewson, and Ran Xu as directors of the Company and requisitioning a meeting of the Company’s shareholders to consider those resolutions. Announcement • Jan 19
Image Resources NL (ASX:IMA) completed the acquisition of Eneabba Tenements from Sheffield Resources Limited (ASX:SFX). Image Resources NL (ASX:IMA) entered into binding agreement to acquire Eneabba Tenements from Sheffield Resources Limited (ASX:SFX) for AUD 23 million on November 29, 2021. Eneabba Tenements consists of 8 exploration licences and retention licence across 8 project areas which contain 211 million tonnes of Mineral Resources at 3.0% total heavy minerals (THM) for 6.3 million tonnes of contained THM. except 3 mining leases. In a related transaction Image resources entered into binding agreement to acquire Eneabba Tenements 3 mining leases from Sheffield Resources for AUD 1 million. The total consideration for both the transaction is AUD 24 million. Cash proceeds from the transaction will be applied toward Sheffield’s AUD 10 million obligation to Kimberley Mineral Sands Pty Ltd (KMS) payable within 60 days following a Final Investment Decision for the Thunderbird Mineral Sands Project as well as general corporate purposes. The transaction is funded out of existing cash reserves. The transaction is subject to regulatory approval and approval of a third party royalty holder. The conditions are expected to be satisfied in early 2022.
Image Resources NL (ASX:IMA) completed the acquisition of Eneabba Tenements from Sheffield Resources Limited (ASX:SFX) on January18, 2022. Announcement • Nov 29
Image Resources NL (ASX:IMA) entered into binding agreement to acquire Eneabba Tenements from Sheffield Resources Limited (ASX:SFX) for AUD 23 million. Image Resources NL (ASX:IMA) entered into binding agreement to acquire Eneabba Tenements from Sheffield Resources Limited (ASX:SFX) for AUD 23 million on November 29, 2021. Eneabba Tenements consists of 8 exploration licences and retention licence across 8 project areas which contain 211 million tonnes of Mineral Resources at 3.0% total heavy minerals (THM) for 6.3 million tonnes of contained THM. except 3 mining leases. In a related transaction Image resources entered into binding agreement to acquire Eneabba Tenements 3 mining leases from Sheffield Resources for AUD 1 million. The total consideration for both the transaction is AUD 24 million. The transaction is funded out of existing cash reserves. The transaction is subject to regulatory approval and approval of a third party royalty holder. The conditions are expected to be satisfied in early 2022. Recent Insider Transactions • Nov 08
Independent Non-Executive Director recently bought AU$777k worth of stock On the 1st of November, Huangcheng Li bought around 4m shares on-market at roughly AU$0.20 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$1.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 29
Independent Non-Executive Director recently bought AU$476k worth of stock On the 26th of October, Huangcheng Li bought around 3m shares on-market at roughly AU$0.19 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 23
First half 2021 earnings released: EPS AU$0.003 (vs AU$0.015 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: AU$73.1m (up 3.5% from 1H 2020). Net income: AU$2.91m (down 80% from 1H 2020). Profit margin: 4.0% (down from 20% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Executive Departure • May 26
Non-Executive Director has left the company On the 18th of May, Fei Wu's tenure as Non-Executive Director ended after 4.9 years in the role. We don't have any record of a personal shareholding under Fei's name. A total of 2 executives have left over the last 12 months. Announcement • Mar 17
Image Resources NL Announces an Inaugural Unfranked Dividend, Payable on 29 April 2021 Image Resources NL announced that the board has determined to pay an inaugural unfranked dividend of $0.02 (2 cents) per share. The record date for participation in the dividend is 20 April 2021 and shareholders registered at close of trading on that date will be entitled to receive the dividend of $0.02 per share. Dividend payment date is 29 April 2021. Ex-dividend date is 19 April 2021. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS AU$0.025 (vs AU$0.021 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: AU$176.4m (up 21% from FY 2019). Net income: AU$24.8m (up 19% from FY 2019). Profit margin: 14% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Mar 04
Image Resources NL Enters into Farm-In Agreement with the Owners of the King Gold Prospect Image Resources NL announced that it has entered into a Farm-in agreement with the owners of the King Gold Prospect, located in the heart of, and completely surrounded by, Image's Erayinia gold tenement in Western Australia.
This Farmin represents a low risk, low-cost opportunity for Image to evaluate the King Prospect in stepwise fashion, and if deemed prospective, to earn up to 80% interest with limited expenditure. Understanding the structural and geological model of mineralisation in the King Prospect, which has been shown to contain a thick supergene zone that extends into Image's Erayinia tenement, could provide insight into the potential for a much larger mineralised system within Erayinia. The King Prospect appears to have a thickened supergene zone up to 1km in strike length which extends onto Image's Erayinia tenement and with the thickest intersection of: 71m at 1.03g/t Au from 36m in RC hole ROE0782. Other intersections in the supergene zone are presented in Figure 1 and Table 2 with the following more notable intersections: 29m at 1.12g/t Au from 64m in RC hole KNRC012; 43m at 0.72g/t Au from 36m In RC hole ROE0704; 35m at 0.66g/t Au from 76m in RC hole KNRC015; 20m at 1.66g/t Au from 39m in RC hole EYRC01; 13m at 1.77g/t Au from 41m in RC hole KNRC011; 17m at 2.0g/t Au from 132m in RC hole ROE0899. Announcement • Dec 31
Image Resources NL Provides Exploration Update on Boonanarring Mineral Sands Project The objective of Project `MORE' was to focus exploration activities on the assessment of areas within economic pumping or hauling distance of the existing wet concentration plant at Boonanarring with a goal of identifying two years of new Ore Reserves by the end of December 2020, to extend operations at Boonanarring. This Goal was originally set with expectations that additional Ore Reserves would be identified in the 3.5km long Boonanarring Southern Extension area covering Boonanarring Blocks E and F, which has existing access and would require only minimal additional environmental approval. However, as previously reported, the mineralization in this area proved to be too low in heavy mineral grade and zircon content given its depth, to qualify as Ore Reserves. Consequently, the Company's focus was re-directed to other surrounding target areas including Boonanarring Northern Extension Area, Boonanarring North-western Extension Area and Gingin North, and the Goal became a stretch-goal, but was maintained. Despite the significant amount of progress that has been made against the Goal, the Company advises it will not be achieved by the end of December 2020 as JORC compliant Mineral Resources and Ore Reserve studies are still underway and will not be finalized until first quarter2021. Each of the target areas has been shown to contain very promising mineralisation and preliminary assessment indicates each area will likely contain Mineral Resources that will in part convert to Ore Reserves. However, it has not been possible to accelerate the exploration and assessment of these areas sufficiently to achieve the original Goal due to delays in access for drilling and the challenge of building a credible mining/processing economic model for each area which must include certainty of access for mining and permitting as well as positive economics. New mineralisation has been identified in all three target areas, and preliminary study results provide sufficient confidence to assign Exploration Targets. Preliminary study results were conducted by an independent consultant and were based on drill samples analysed by independent laboratories and included heavy mineral determination and XRF analysis. Composite samples were then created from the individual 1m drill sample sachets and were analysed for mineralogy using a combination of internal XRF measurements and QEMSCAN analysis by external laboratories. It is important to point out that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate Mineral Resources and that it is uncertain if further exploration will result in the estimation of Mineral Resources or Ore Reserves. Mineral Resources and Ore Reserves can only be determined with the rigor of detailed review and assessment by qualified JORC Code Competent Persons. Such reviews are underway for each of these areas and will be reported separately when the assessments are complete. While the Company believes sufficient drilling and assaying, including composite analysis for mineralogy, have been conducted to finalize Mineral Resources estimates, further drilling and assaying will be completed if and as required to enable the conversion of the Exploration Targets to Mineral Resources estimates. In any case, Mineral Resources estimates are expected to be completed in first quarter 2021. It is also important to point out that if any new Mineral Resources are converted to Ore Reserves in these areas, it is unclear if any of these Ore Reserves can be permitted and made assessable for mining in time to extend the period of processing at Boonanarring prior to moving the WCP to the Atlas project, as contemplated in the 2017 BFS. If they cannot be permitted and made accessible in time, the company will consider accessing these Ore Reserves using a smaller, stand-alone satellite processing plant to be operated in parallel with ore processing at Atlas. Project `MORE' has also been expanded to include exploration to identify additional Mineral Resources and Ore Reserves within economic pumping or hauling distance from the WCP once it is re-located to the Atlas Project area, with the goal of extending the mine-life to beyond the current Ore Reserves at Atlas. Preliminary results appear very promising from two nearby, 100%-owned projects, Helene and Hyperion. Both projects have existing Mineral Resources and Ore Reserves studies are well advanced with reporting expected in first quarter 2021. Boonanarring Mine Rehabilitation Initial surface disturbance at Boonanarring (topsoil removal over the initial box-cut of the mine) commenced in April 2018, followed by ore mining and stockpiling through November and the start of ore processing in December 2018. Mine rehabilitation at Boonanarring commenced contemporaneously with ore processing, with the disposal of sand tailings back into the initial mined-out pit. As such, in August 2020, Image completed mine rehabilitation (including re-vegetation) over the first 13 hectares of the initial box-cut of the mine, less than 2 ½ years after initial topsoil removal.Rehabilitation will continue contemporaneously with mining and ore processing for the life of the mine. Boonanarring Solar Farm Construction of a 3 MWdc/2.3MWac ground mounted, single axis tracking solar farm adjacent to the Boonanarring WCP was completed in August and commissioned in September 2020. The farm was constructed on Image's land by Sunrise Energy Group Pty Ltd. ("Sunrise") at its cost and Sunrise will be the operator. Image has contracted to purchase the electricity from Sunrise in a behind-the-meter arrangement. This arrangement is facilitated and supported by Alinta Energy, which provides grid-based electricity to the Boonanarring operations. Energy from the solar farm automatically feeds into the Boonanarring supply lines whenever it is available and displaces grid electricity. The supply of solar and/or grid-based electricity to Boonanarring based on processing equipment demand, is seamless to Image. Starting in October, Image has been purchasing the electricity generated by the solar farm and has been receiving over 25% of its total electrical requirements as renewal energy during these hotter months of the year. Is New 90 Day High Low • Oct 19
New 90-day high: AU$0.21 The company is up 19% from its price of AU$0.18 on 21 July 2020. The Australian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is flat over the same period. 
