Annual Dividend
Perth, Feb 10, 2022 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) is pleased to announce its intention to pay a 2 cent fully franked dividend once the Calendar Year (CY) 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.
Dividend
Strong provisional financial results and continuing strong demand for the Company's HMC product with resulting increases in average prices, margins and cashflow being generated, are the catalysts that have allowed the Board to consider and confirm the Company's intention to pay a fully franked dividend of $0.02 per share (Prior Year: unfranked $0.02 per share) as soon as practical, with details and relevant paperwork expected to be dispatched to shareholders after the finalisation and announcement of CY2021 results.
Managing Director Patrick Mutz commented, "CY2021 results reflect the strong performance of our operating team, and when combined with continuing high demand for our HMC and positive market outlook for zircon, in particular, this has allowed the Board to confirm its intention to pay a fully franked two-cent per share dividend. In addition, our strong balance sheet, debt-free position and healthy cash balance, has allowed the Company to advance progress on its growth strategy, including the acquisition of a strategic package of mineral sands tenements in the historic Eneabba mining district, advancing pre-development activities at Atlas and Bidaminna, and expanding our gold interests through the King Farmin Prospect.
We look forward to another exciting year of success."
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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