Image Resources NL (ASX:IMA) is actively and rapidly transitioning from advanced explorer to profitable mining and processing company through the development of its 100%-owned, flag-ship Boonanarring Mineral Sands Project, which is one of the highest-grade, zircon-rich mineral sand deposits in Australia. Boonanarring is located 80km north of Perth, in the infrastructure-rich North Perth Basin in Western Australia.

  • The Company is fully funded through to positive cash-flow forecast to occur at end of 1st QTR 2019;
  • Construction of open-cut mine and processing plant are 75% complete as at the end of September 2018;
  • Project on-track and on-budget for wet commissioning and first production in 4th QTR 2018;
  • Binding off-take agreement in place for 100% of production for life-of-mine.

Project Financial Metrics

  • Project NPV A$235 million1; IRR 125%1; 13-month payback1
  • Metrics expected to strengthen with zircon price rise on 1 October 2018
  • Share price $0.12 (20 Sep 2018)
  • Company market cap. A$114M (20 Sep 2018)
  • Cash A$35M; Debt A$57M; Enterprise value A$136M (31 Aug 2018)
  • Average annual:
  • revenue A$130M; costs A$75M; margin 75%; EBITDA A$56M (years 1-5)
  • Mine-life 8.5 years ore reserves (substantial upside potential)
    Note: 1 – Per updated bankable feasibility study results announced 28 June 2018
    Company transitioning to production when zircon prices are increasing rapidly and supply/demand forecast strongly indicating supply shortages through to at least 2023.
  • Primary product is zircon; representing >70% of total revenue;
    Upside Potential
  • Boonanarring and Atlas development projects ore reserves expandable;
  • Multiple 100%-owned mineral sands projects/prospects in current portfolio in same area with historic mineral resources and mineralised extents open for expansion;
  • Potential mineral sands royalty from major producer in area.

For further information please visit our website at

Image Resources (ASX:IMA) will be showcasing their mining projects to prospective investors at the International Mining and Resources Conference. Click here to claim your complimentary investor pass.