Projects

Image Resources’ growth and sustainability strategy builds on the Company’s original plan of mining and processing all Ore Reserves from its initial mineral sands project at Boonanarring, and then self-funding the relocation of mining and ore processing facilities to its 100%-owned Atlas project.

Image’s new growth and sustainability strategy builds on the Company’s original strategy of operating a single mining/processing operation at a time, with a single product (HMC only) and a single market jurisdiction (China) (referred to as “Chapter 1”). Chapter 1 includes the Boonanarring project (operated Dec 2018 through Sep 2023), followed by relocation of mining and processing to the Atlas project (construction planned for 2H 2024).

The new growth and sustainability strategy involves the development and operation of multiple mining/processing projects operating simultaneously, with multiple products and expanded geographical market (referred to as “Chapter 2”). In addition to planned Chapter 1 operations at Atlas, implementation of Chapter 2 strategy involves the following studies and pre-development activities:

• Fast-tracking development of dry mining operation at 100%-owned Yandanooka project (or alternatively Durack and later others) in the Eneabba tenements area, with potential for 10+ year mine-life;
• Development of dredge-mining operation at 100%-owned Bidaminna project with potential for 10 year mine-life;
• Development of hydraulic or dredge mining operation at 100%-owned McCalls project with potential for 50+ year mine-life;
• Construction of a Mineral Separation Plant (MSP) to capture the value-adding advantages of multiple products (including by-products such as monazite) and expanding the Company’s market reach globally, and capitalising on the opportunity for effective post-mining use of the land and installed infrastructure at Boonanarring; and
• Investigating the potential for construction of a synthetic rutile (SR) production facility in the vicinity of the MSP, for the value-adding and market-expanding upgrading of ilmenite from Yandanooka, Bidaminna and McCalls to potentially lower carbon dioxide emissions SR by using hydrogen as the iron reductant instead of coal in current commercial processes.