The next cab off the mineral sands rank?

Image Resources NL (ASX:IMA) (OTCMKTS:IMREF) is pleased to provide the Company's latest presentation at RIU Sydney Resources Round-up Conference.

Company Description and Focus

Image Resources NL

Advanced mineral sands exploration company with extensive tenement holdings hosting substantial high-grade mineral resources and ore reserves in the North Perth Basin in Western Australia.

The Company is actively focused on fast-tracking the development of its 100%-owned, high-grade and high-zircon flagship Boonanarring mineral sands project and targeting transitioning to mineral sands producer in early 2018.

Key Growth and Transition Milestone

8 June 2016, Equity Transaction completed with Murray Zircon Pty Ltd and Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd

Completion of transaction allows Image to tick the boxes on a number of critical project development issues and focus squarely on a fast-track path to production.

Key Benefits of Transaction

- CAPITAL EQUIPMENT
o All plant & equipment and internal infrastructure items necessary to construct a complete heavy mineral recovery operation; from slurry unit in the mine to wet concentration plant for HMC.

- SHORT TERM FUNDS
o $4M Short-Term loan funds with very favourable terms

- OFFTAKE AGREEMENT
o Contracted off-take agreement with Orient Zirconic for 90% of zircon at market price (~70% of revenue)

- WORKING CAPITAL
o 2ndary working capital loan funds of US$8M following First Production

- MINERAL SEPARATION SERVICES
o Access to mineral separation services in China
o Purchase option for a Mineral Separation Plant in SA
o Local toll-processing option

- CORNERSTONE SHAREHOLDER
o New cornerstone shareholder with 20 years zircon processing and global zirconium products sales

- INDEPENDENT CHAIRMAN
o New very experienced independent Chairman

- NEW DIRECTORS WITH PRODUCTION EXPERIENCE
o 3 new Board members including Managing Director, all with mineral sands operations experience

- EXPERIENCED MANAGEMENT
o Project development and operations experienced senior management team

- MINORITY SHAREHOLDER PROTECTIONS
o Contracted protections for two years
o No interference with 3 incumbent Directors or replacements
o No vote on merger related issues
o Mandatory equity raising support for 1 year
o Additional board seat for shareholder with >10% shareholding

- LOW CAPITAL COSTS
o Significantly lower remaining capital requirements with acquisition of wet plant and equipment

To view the full presentation, please visit:
http://abnnewswire.net/lnk/8U0D3Y11


About Image Resources NL

Image Resources NL (ASX:IMA) is a mineral sands focused mining company operating an open-cut mine and ore processing facility at its 100%-owned, high-grade, zircon-rich Boonanarring Project, located 80km north of Perth in the infrastructure rich North Perth Basin.

Boonanarring is arguably one of the highest grade, zircon-rich mineral sands projects in Australia. Construction and project commissioning were completed on-time and on-budget in 2018. Production commenced in December 2018 and HMC production ramped-up to exceed name-plate capacity in only the second month of operation. The Company achieved profitability in Q1 2019 and was cashflow positive in Q2 2019 and is now at steady state production.

 

Contact

Patrick Mutz
Managing Director
T: +61-8-9485-2410
E: info@imageres.com.au
www.imageres.com.au



Link: Conference Presentation


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