Quarterly Activities Report
Perth, Oct 29, 2024 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (I5R:FRA) is pleased to provide an update on its activities completed during the September 2024 quarter.
HIGHLIGHTS
Atlas Project
- Commencement of construction at Atlas was accelerated after all required approvals were received during the quarter.
- Atlas accommodations camp (Nambung Village) construction was completed in September.
- Dismantling of Boonanarring wet concentration plant and associated equipment completed in September in preparation for transport to Atlas.
- Early-stage construction progress establishes a firm base to facilitate an ambitious forecast of:
o Plant commissioning and first HMC production in Q1 2025;
o First HMC shipment/sale in March-April 2025.
Corporate Activity
- Subsequent to the quarter, a US$20 million HMC Offtake Prepayment Facility agreement was secured with HMC offtaker Shantou Natfort Zirconium and Titanium Co., Ltd to provide working capital for the Atlas Project.
- Expenditures were partially offset by receipt of tax refunds of $4.8 million during the quarter.
- Closing cash position at 30 September 2024 was $29.7 million.
CEO Patrick Mutz commented: "Progress on all fronts during the September quarter was in line with the Company's strategy for our Atlas Mineral Sands Project.
"It was gratifying for the Company to receive all the necessary project approvals to allow our construction and development teams to hit the ground running at Atlas.
"The accommodation camp was completed ahead of schedule and dismantling of equipment at Boonanarring was completed on schedule. Importantly, all work has advanced with no lost time or reportable injuries and the 12-month total recordable injury frequency rate remains at zero.
"I want to thank all our project development partners and our shareholders for their patience and support in the lead up to receipt of final approvals. We look forward to the rapid, efficient, on-time, on-budget, and above all, safe build of another successful mineral sands project in Western Australia."
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/4DIHO67Y
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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