Boonanarring

The Boonanarring mineral sands project was Image’s first mining project in the Company’s transition from advanced explorer to active miner in 2018.

The project was located 80km north of Perth and 16km north of Gingin in Western Australia. Boonanarring was a high-grade, zircon-rich deposit that was mined using dry, open-cut technology and with ore processed through a wet concentrate plant (WCP) to produce a high-quality heavy mineral concentrate (HMC) product.

Project construction was completed on-time and on-budget in 2018 with an on-ground capital cost of A$53 million. Production ramped-up to nameplate capacity in only the second month of operation in January 2019.

The HMC product was sold under life-of-mine market-based offtake agreements and exported through the port of Bunbury into China.

The project was cashflow positive from the first year of operation and sufficiently profitable to effect the early repayment of its A$50 million debt in 2021 as well as payment of a A$0.02/share dividend to shareholders in 2021 and again in 2022.

Boonanarring was operated successfully through September 2023 when the Ore Reserve was exhausted. Final sale of HMC was completed in November 2023.

To capitalise on the installed infrastructure at Boonanarring, the Company is investigating using the site as the location for a mineral separation plant to separate future HMC produced from its Yandanooka and Bidaminna projects, and potentially the production of synthetic rutile from the Company’s ilmenite.

Image is pleased to make the following Boonanarring compliance reports available on this website.