Boonanarring Mineral Sands Project: The next cab off the mineral sands rank
Mineral Sands Conference - Presentation
Perth, Mar 20, 2018 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (IMREF:OTCMKTS) provides the Company's latest presentation at Mineral Sands Conference.
Investor Snapshot
Opportunity to invest in company transitioning to profitable mining operator
- Company fully funded to positive cashflow
o $50M as debt; $25M as equity
- Project construction underway (only $52M project capital)
- Plant and equipment already acquired
- First production scheduled for 4th QTR 2018 (6-month build)
- Cashflow positive forecast in 1st QTR 2019
- Binding off-take agreement in place for 100% of production
- Project NPV A$197 million; IRR 104%; <2 year payback
o metrics out-of-date on 1 April 2018 due to zircon price rise
- Company market cap. A$61M (15 March 2018)
- Share price $0.10 (15 March 2018)
o Euroz and Patersons 12-month forecast $0.22 and $0.19
Emerging mineral sands producer
Totally focused on fast-tracking the development of its 100%-owned, high-grade, zircon-rich flagship Boonanarring mineral sands project located 80km north of Perth in Western Australia.
First production targeted for 4th QTR 2018.
To view the full presentation, please visit:
http://abnnewswire.net/lnk/HP88STBU
About Image Resources NL
Image Resources NL (ASX:IMA) is a mineral sands focused miner and supplier of critical minerals titanium dioxide, zircon and monazite containing rare earth elements for sale into global markets. The Company has a demonstrated track record of successful project development and operations at its Boonanarring project located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring was a high-grade, high-zircon, low capital cost mine development that was constructed on-time and on-budget in CY2018 and then ramped up to name plate capacity in the second month of operation and went on to operate profitably through Q3 2023. Debt for the project was paid off early in February 2021 and the Company paid dividends to shareholders in April 2021 and April 2022.
Image completed critical construction of the Atlas project in January 2025 and started commissioning and achieved first HMC production in February 2025 and will be ramping up production and revenue from Atlas in Q2 CY2025.
Chapter 1 operating strategy for Image involved the transition from advanced explorer to active miner in CY2018, operating a single mine and producing a single product (HMC) sold into a single jurisdiction (China). Chapter 2 strategy (post Atlas) will focus on the Company's growth and sustainability ambitions which includes the operation of multiple mines in parallel, producing multiple products (separating HMC), and selling into a global market.
The Company is also investigating a significant value adding step of upgrading its ilmenite to synthetic rutile using a lower GHG emissions, innovative process which Image has provisionally patented, and aims to demonstrate the technical and economic feasibility of this novel process in CY2025-26.
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