Boonanarring Mineral Sands Project: The next cab off the mineral sands rank

Mineral Sands Conference - Presentation
Mineral Sands Conference - Presentation
Perth, Mar 20, 2018 AEST (ABN Newswire) - Image Resources NL (ASX:IMA) (OTCMKTS:IMREF) 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o metrics out-of-date on 1 April 2018 due to zircon price rise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:

About Image Resources NL

Image Resources Ltd ASX:IMAImage 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.



Patrick Mutz
Managing Director
T: +61-8-9485-2410

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