Image Resources Nl · ASX:IMA
Image Resources Nl — Shareholder Meeting (November 2008)
26 slides from Image Resources Nl's shareholder meeting presentation, November 2008
Slide 1: AGM Nov 2008
AGM Nov 2008 Managing Director George Sakalidis
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation contains forecasts and forward looking statements which are made in good faith and are believed to have reasonable basis. However, such forward looking statements are subject to risks, uncertainties and other factors which could cause the actual results t
Slide 3: Directors
DIRECTORS • George Sakalidis Managing Director Geophysicist, 30 yrs exp • Roger Thomson Executive Director, Geologist, +30 yrs exp. Formerly – Delta Gold • Peter Thomas Non Executive Chairman Mining Lawyer, +20 yrs exp.
Slide 4: Company Structure
COMPANY STRUCTURE • IMA: ASX code • 79.6M: shares • 8.9M: options • $27M: market cap. as of 1 Nov 2008 • $5M: cash • $1-1.5M: annual spend rate
Slide 5: Resources
RESOURCES • Current: 261Mt @ 2.4% HM (6.4Mt contained HM) - May’08 • Target: 10-15Mt contained HM - (short term) • Target: +20Mt contained HM (long term) • Grade: 5.5% (dry) -11% of resource tonnes or 25% of contained HM • Grade: 1.8% (dredge) - 89% of tonnes or 75% of HM • Location: principally at
Slide 6: Resources - May 2008
RESOURCES - MAY 2008 Cooljarloo Cooljarloo Bidaminna Total (dry (dredge (dredge (dredge & mining) mining) mining) dry mining) Ownership % 70-100% 70-100% 100% 70-100% Tonnes Mt 29 188 45 261 HM % 5.5% 1.8% 3.0% 2.4% Total HM Mt 1.6 3.4 1.3 6.4 Ilmenite % 65% 72% 83% 73% Zircon % 9% 10% 5% 9% Rutile/
Slide 7: Resources - May 2008
RESOURCES –MAY 2008 Dry Mining Dry Mining Dredge Dredge Indicated Inferred Indicated Inferred Total Ownership 70-100% 70% 70-100% 70-100% 70-100% Tonnes Mt 19 10 21 212 261 HM % 5.3% 5.8% 1.8% 2.1% 2.4% Tonnes HM Mt 1.0 0.6 0.4 4.4 6.4 Ilmenite % 67% 63% 73% 76% 73% Zircon % 9% 8% 9% 8% 9% Rutile/Le
Slide 8: Scoping Study
SCOPING STUDY • Atlas Resource very promising - warrants infill drilling (Nov) to Indicated Resource • Atlas and Hyperion Resources maybe amenable to dredging • High-Ti02 ilmenite (SR ilmenite) highly valuable – testwork to determine proportion of SR ilmenite within Resources • Scoping study complet
Slide 9: Key Assets - Mineral Sands
KEY ASSETS - MINERAL SANDS • Image - largest tenement holder • Tiwest - adjoining leases • Iluka - truck past Image. • Exploration - 45% complete. • Drilling - 10% of holdings. • Upside - material • Strengths - ground position - geophysics
Slide 10: Cooljarloo
COOLJARLOO Current Resources
Slide 11: Cooljarloo North
COOLJARLOO NORTH Current Resources and Targets
Slide 12: Bidaminna
BIDAMINNA Resources and Targets
Slide 13: Perspective
PERSPECTIVE • 2 Pigment Plants • 4 Synthetic Rutile Plants • 5 Mineral Separation Plants • Reserves - depleting • Image - growing
Slide 14: Reserve Comparisons - HM (Mt)
RESERVE COMPARISONS - HM (Mt) 90 80 70 60 50 40 30 Iluka (WA ‐ north) Image 20 (resource) Tiwest 10 0 Reserve & Resource data as disclosed within the 2007 Annual Reports of the selected companies, with exception of Ticor/Tiwest where the data is as per that last publicly disclosed in the August 2005
Slide 15: Tiwest
TIWEST •“The principal assumptions adopted (in the valuation) are……..reserves at the North dry mine are exhausted in 2009…” Independent Experts Report (Sept. 2005). • “Cooljarloo….21Mtpa….using a combination of dredging (16Mtpa) and dry mining (5Mtpa)...” • Image: 29Mt @ 5.5% HM, already defined for
Slide 16: Iluka
ILUKA • Image resource – may be attractive to Iluka • Trucking ore - 260km to Geraldton • Growing focus - Northern Province over Southern operations • Synthetic Rutile Plant - seeking supplement feed • Strip ratios – low Image strip ratio
Slide 17: Cristal / Bemax
CRISTAL / BEMAX • “If the offer is successful, Cristal will also seek to identify:” Target Statement (June 2008) • “Business opportunities and areas of revenue generation which may provide overall strategic and operational benefits.” • “Opportunities that might occur to acquire further complementary
Slide 18: Other Assets - Phosphates
OTHER ASSETS - Phosphates = 31°00" 31s C) 3130" LOCALITY MAP OCEAN LEGEND [7 image Tenements [ED rer cretceous @ _Boreholes with phosphate intersection © Phosphate occurrences EBB) Pres rnate proepectve areas win ionge bona
Slide 19: Other Assets - Eucla HM
Elevation Model Showing Cyclone HM Prospect, Postulated Shorelines, the Prospective Area and Image Resources NL Tenements and Applications in the Eucla Basin of WA
Slide 20: Other Assets - Eucla HM
I ! I I 128°45' 128°50' 128°55" 129°00' E 69/2408 E 69/2426 ee** DRX Cyclone drill holes E 69/1920 Interpreted Magnetic Targets ae on <4 \ High prioity strand yclone Discovery Holes * \ Medium priority strand E 69/2033 A Skm 2 ‘olf Magnetic trends correlating with mineralisation WESTERN | AUSTRALIA
Slide 21: Serpentine Lakes
SERPENTINE LAKES l T I I 128°45' 128°50’ 128°55' 129°00' E 69/2408 E 69/2426 e Image Resources drill E 69/1920 holes (Mineralised-assayed) x ee Image Resources drill holes s . (Mineralised-estimated) Cte ee © \ eee Image Resources drill holes | ° N (iene Tee) [email protected]%HM \ 00 DRX drill holes (Minerali
Slide 22: Bronco Plains - Au
GEOCHEMICAL IMAGE LEGEND >Sppb Au Sppb Au ppb Au 2ppb Au TROPICANA JV eee “AngloGold Ashanti" 70% Manager ~~ IGO 30% free carried to completion of pre-feasibility >z 100km
Slide 23: Bronco Plains - Au
BRONCO PLAINS - Au 6605000 6600000 6595000 6590000 6585000 Au ppb 6580000 490000 495000 500000 505000
Slide 24: Conclusions
CONCLUSIONS • Ground position: strategic • Strengths: geophysics + low finding costs • Potential: significant resource increases North Perth Basin and Eucla Basin • Differentiator: Image finding it...others consuming it and depleting reserves • Upside: corporate + stand alone • Re-rating: mineral sa
Slide 25: Contact Details
CONTACT DETAILS Level 2, 35 Outram Street, West Perth WA 6005 PO Box 644, West Perth WA 6872 Ph: 9485 2410 Fax: 9485 2840 • Email: [email protected] • Web: www.imageres.com.au • ASX: IMA
Slide 26: Image Res
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Image Resources NL — Shareholder Meeting (November 2008) on 6ix