ANNUAL
REPORT
CY2023
TARGETING
SUSTAINABLE
GROWTH
DIVERSE, 100%-OWNED
PORTFOLIO OF DEVELOPMENT
PROJECTS WITH MULTI-DECADE
MINE LIFE POTENTIAL
IMAGE RESOURCES
Image Resources NL (ASX: IMA) is a mineral sands focused
project development and mining company having successfully
developed and operated the 100%-owned, high-grade,
zircon-rich Boonanarring Project, located 80km north of Perth
in the infrastructure rich North Perth Basin and planning the
self-funded transition of mining and processing operations to
its high-grade Atlas project in CY2024.
CHAPTER 1 – PROFITABLE MINING
One mine, one product and one customer. Successful
development and profitable operations at Boonanarring since
December 2018 and planning self-funded relocation of mining
and processing equipment to Atlas in CY2024 and continuing
to sell heavy mineral concentrate (HMC) under life of mine
offtake agreements at market prices. Environmental, Social &
Governance (ESG) transitioned from informal ESG practices
to formal ESG framework and published inaugural ESG and
Sustainability Report in June 2023 covering four full years of
operations at Boonanarring.
CHAPTER 2 - GROWTH
Chapter 2 ambitions include developing and operating multiple
mining projects simultaneously, separating HMC into multiple
products, and expanding marketing globally, and with the
potential of value-adding by converting ilmenite product into
synthetic rutile (SR) using a novel SR production process that
is more environmentally friendly than current commercially
used technology.
Image Resources NL | Annual Report 2023
DEVELOPMENT PROJECTS
ATLAS, BIDAMINNA,
YANDANOOKA, McCALLS
2023 HIGHLIGHTS
CY2023 Revenue
Project EBITDA
A$119M
A$35M
HMC tonnes sold
Renewable Energy
133,000
26%
SOLAR
CONTENTS
TARGETING
SUSTAINABLE GROWTH
Our Approach
Our Process
Development Projects and Growth Potential
Sustainable Products For Everyday Living
Chairman & Managing Directors' Report
Review of Operations
Our Projects
2
3
4
6
10
12
18
Environmental, Social & Governance (ESG)
Mineral Resources and Ore Reserves Statement
Financial Report
Directors’ Report
Remuneration Report
ASX Additional Information
Corporate Directory
24
26
32
33
38
85
89
ABN: 57 063 977 579
IMAGE RESOURCES NL
Image Resources NL | Annual Report 2023 1
OUR APPROACH
FOCUS ON SUSTAINABILITY
To successfully and responsibly advance the development and operation of our projects, in a sustainable manner, for the benefit of all
stakeholders including our shareholders, employees and the communities in which we operate.
RESPONSIBLE
PROJECT
DEVELOPMENT
Image Resources has demonstrated its
credentials as a successful developer and
operator of a mineral sands project in a
sustainable and responsible manner for the
benefit of all stakeholders.
The Boonanarring project was developed
on-time and on-budget; delivering nearly
$800 million in revenue and $75 million in
profit over the life of the project through
the end of CY2023. Strong cashflows
enabled the company to repay its debt
early, pay significant dividends in 2021
and 2022 and acquire two mineral sands
projects in 2022 with substantial Mineral
Resources for future development.
The Company encourages a positive,
inclusive and safe work culture. As well
as receiving competitive remuneration, all
employees are entitled to participate in
annual bonus programmes and employee
incentive plans.
The use of solar power at Boonanarring
provides Image with green credentials
and positions the Company as one of the
very few mining companies in Australia
to directly utilise solar energy to offset
a substantial portion of its electricity
requirements that would otherwise be
sourced from the grid, thereby significantly
reducing carbon emissions.
SUSTAINABILITY FRAMEWORK
ENVIRONMENTAL STEWARDSHIP
Committing to the responsible stewardship
of environmental management and natural
resources for current and future generations.
PEOPLE & WELLBEING
Championing an inclusive and diverse
workforce and prioritising the health,
safety and wellbeing of our people.
ESG
COMMITMENTS &
REPORTING
COMMUNITIES & SOCIAL PERFORMANCE
Working with communities and stakeholders
to build genuine relationships that protect
human rights and deliver sustainable,
economic and social benefits.
INNOVATION & RESPONSIBLE BUSINESS
Achieving strategic goals
through innovation and technology
underpinned by the principles of good
governance, ethics and integrity.
2 Image Resources NL | Annual Report 2023
SAFETY IS
OUR PRIORITY
OUR PROCESS
1. MINING
Conventional dry, open-cut mining
utilising standard truck and shovel fleet.
2.
REHABILITATION
Contemporaneous rehabilitation with mining with
overburden and tailings returned to mined-out
areas and sub-soil and topsoil replaced followed
by re-seeding and re-establishment of vegetation.
3.
PROCESSING
4.
TRUCKING
Mined ore is processed through a wet concentrate
plant (WCP), to recover heavy mineral concentrate
(HMC) product. The WCP can be relocated and
reused at future mines and is currently slated to be
relocated to the Atlas project in CY2024.
Boonanarring HMC has been trucked to the port
at Bunbury WA for storage and bulk ship loading.
The ports at Geraldton and Kwinana could also
be utilised for future product streams.
5.
SHIPPING
6.
FUTURE PRODUCTS
Bulk shipments of HMC of typically 15-30k tonnes
are made on a monthly basis under life of mine
offtake agreements with market-based pricing.
Image plans include the construction of a
mineral separation plant, likely at Boonanarring,
to separate HMC into its contained products
of zircon, ilmenite, rutile and monazite and
is investigating the opportunity to upgrade
ilmenite to higher value synthetic rutile.
Image Resources NL | Annual Report 2023 3
DEVELOPMENT PROJECTS AND
GROWTH POTENTIAL
The Company’s growth and sustainability strategy builds on the Company’s original plan of mining all Ore Reserves at Boonanarring
(which is now complete) and then self-funding the relocation of mining and ore processing facilities to its 100%-owned Atlas project.
Geraldton
Yandanooka
WESTERN
AUSTRALIA
NORTH PERTH BASIN
Atlas
Bidaminna
McCalls
Boonanarring
Perth
Bunbury
Image’s new growth and sustainability strategy incorporates the potential development of a standalone dredge mining operation at
Bidaminna and includes studies aimed at demonstrating the viability of transitioning from a single mining/processing operation, with
a single product (HMC only) and a single market jurisdiction (currently China) (“Chapter 1”), to multiple mining/processing operations
operating simultaneously, with multiple products and expanded geographical market (“Chapter 2”). In addition to development of Atlas
under the original strategy, the new strategy encompasses studies for the following:
•
•
•
Fast-tracking development of dry
mining and processing operations 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 a dredge mining
operation at 100%-owned Bidaminna
project with potential for 10 year
mine-life;
Development of hydraulic or dredge
mining and processing operations at
100%-owned McCalls project with
potential for 50+ year mine-life;
•
Construction of an MSP to capture
the value-adding advantages of
multiple products (including by-
products such as monazite) and
expanding the Company’s market
reach geographically, as well as
capitalising on the opportunity for
effective post-mining use of the
land and installed infrastructure at
Boonanarring; and,
•
Potential for the construction of an
SR production facility in the vicinity
of the MSP, for the value-adding
and market-expanding upgrading of
ilmenite from Bidaminna, Yandanooka
and McCalls to potentially lower
carbon dioxide emissions SR by
using hydrogen as the iron reductant
instead of coal in current commercial
processes.
4 Image Resources NL | Annual Report 2023
As a result of Atlas project approval delays, the Company has been fast-tracking Yandanooka feasibility studies (PFS folding into a BFS) as
the project is likely to have a shorter development timeline than other projects in Image’s portfolio. The PFS on Bidaminna demonstrated its
credentials as a potential dredge operation, with McCalls being a massive deposit with multi-decade potential.
ATLAS
BIDAMINNA
5.5
MILLION
TONNES
(Ore Reserves)
AT 9.2% HM.
11.9% Zircon,
7.9% Rutile,
4.9% Leucoxene,
53% Ilmenite,
1.1% Monazite
123
MILLION
TONNES
(Ore Reserves)
AT 1.8% HM.
5.0% Zircon,
4.1% Rutile,
4.9% Leucoxene,
72% llmenite,
0.3% Monazite
The Company’s planned next dry mining
project development.
A potential stand-alone dredge
mining production centre.
YANDANOOKA
McCALLS
61
MILLION
TONNES
(Mineral Resources)
AT 3.0% HM.
12% Zircon,
3.5% Rutile,
3.6% Leucoxene,
70% Ilmenite,
1.1% Monazite
5.8
BILLION
TONNES
(Mineral resources)
AT 1.4% HM.
4.7% Zircon,
2.4% Rutile,
3.1% Leucoxene,
79% Ilmenite.
Potential to be developed in parallel with
Atlas as another dry mining operation.
A massive deposit with multi-decade
mine life potential
Image Resources NL | Annual Report 2023 5
SUSTAINABLE PRODUCTS
FOR EVERYDAY LIVING
Leucoxene is weathered ilmenite in which
some of the iron component was oxidised
and removed from the titanium by ground
water. The TiO2 content of leucoxene
ranges from 65-90% with the market price
generally increasing with increasing TiO2
content. Leucoxene is used as a feedstock
for pigment as well as to produce titanium
metal.
RUTILE
Rutile is a natural occurring TiO2 mineral
with the highest TiO2 content of 95+%. The
main uses for rutile are for the manufacture
of refractory ceramics, as feedstock for
pigment, and to produce titanium metal.
DEMAND
Demand for zircon and titanium dioxide
broadly reflects global GDP and overall
global growth and demand for products
and materials used in the general
construction industry in the developed
and developing world.
MONAZITE – RARE EARTH METALS
Monazite is a naturally occurring mineral
containing a variety of rare-earth elements
(metals) (REE) in various concentrations
of predominantly light rare-earths (e.g.:
lanthanum, cerium, praseodymium and
neodymium) and lesser amounts of heavy
rare-earths (e.g.: yttrium, gadolinium,
terbium and dysprosium). REEs have
unique chemical and physical properties
that make possible the production of
smartphones, electric and hybrid vehicles,
and a multitude of high-tech electronic
devices across all industries.
The product from the Boonanarring
project was a heavy mineral concentrate
(HMC) containing zircon, titanium dioxide
(ilmenite, leucoxene and rutile), and
monazite. The HMC was sold under an
offtake agreement into China where the
HMC is separated via a Mineral Separation
Plant (MSP) into various final products
including zircon, ilmenite, rutile and smaller
quantities of monazite.
Plans for future production from the
Atlas project are also an HMC product
to be sold under existing HMC offtake
arrangements. However, plans for
Image’s Chapter 2 projects (Bidaminna,
Yandanooka, McCalls and others) is for
the HMC to be separated in Image’s
MSP proposed to be located at the
current location of the Boonanarring wet
concentration plant. Plans also include
investigations into the production of
synthetic rutile (SR) by upgrading Image
ilmenite in a novel, lower carbon dioxide
emissions SR production process.
ZIRCON (ZrO 2)
Zircon is primarily used in ceramics,
although it has many other applications
such as in refractory linings for furnaces
and castings in foundries, in zirconia
chemicals such as in paints and inks, and
numerous other applications such as in
catalysts, medical and sporting equipment,
electronics and even nuclear reactors.
TITANIUM DIOXIDE (TiO2)
- ILMENITE & LEUCOXENE
Ilmenite is the most abundant natural
occurring TiO2 mineral and is a critical
raw material for the production of pigment
primarily used in paints and plastics. The
TiO2 content of Ilmenite generally ranges
from 50-65%. Lower grade ilmenite is
used in the sulfate process to make
pigment and higher grade ilmenite is used
in the chloride process to make pigment.
The market price for ilmenite generally
increases with increasing TiO2 content.
Ilmenite with greater than 60% TiO2 is
generally suitable as a feedstock for
upgrading to synthetic rutile at 90+% TiO2.
GROWING
DEMAND
6 Image Resources NL | Annual Report 2023
ZIRCON
Annual Global Demand
US$500M
ZrO2
Annual Global Demand
US$1,200M
ZIRCONIA CHEMICALS
Paints, Inks,
Water based chemicals.
CERAMICS
Floor and wall tiles,
Sanitary ware, Cookware.
Annual Global Demand
US$440M
Annual Global Demand
US$300M
REFRACTORIES
Linings for glass, Metal furnaces,
Nozzles, Slide gates, Valves.
OTHER
Zirconia, Catalysts, Medical
equipment, Sporting equipment.
GLOBAL ZIRCON MARKET PROJECTED
TO REACH USD 3.80 BILLION BY 2032
Image Resources NL | Annual Report 2023 7
MINERAL SAND IS USED
IN ALL ASPECTS OF LIFE
TITANIUM DIOXIDE
Annual Global Demand
US$12.6B
TiO2
Annual Global Demand
US$6.3B
PAINTS & COATINGS
Paints, coatings, plastic and
ceramic pigments in paints.
PLASTICS AND PAPER
Wide range of everyday products.
Annual Global Demand
US$400M
Annual Global Demand
US$2.0B
INKS
Everyday uses such as printing,
writing and drawing.
COSMETICS, OTHER
Brightening skin, Hiding blemishes.
GLOBAL TITANIUM DIOXIDE MARKET EXPECTED TO GROW
AT 6.3% CAGR TO 2030
8 Image Resources NL | Annual Report 2023
RUTILE
TiO2
MONAZITE
Annual Global Demand
US$420M
Annual Global Demand
US$800M
PAINTS & COATINGS
Paint coatings, Plastic and
ceramics, Pigments in paints.
RARE EARTHS
Major source of light and heavy
rare earth elements (REEs)
Annual Global Demand
US$400M
Annual Global Demand
US$800M
OTHER
Photo catalysts, sunscreen,
food additives.
REE APPLICATIONS
Permanent magnets, phosphors,
catalysts and nuclear application.
GLOBAL RUTILE MARKET FORECAST TO REACH
US$4.1 BILLION BY 2025
Image Resources NL | Annual Report 2023 9
CHAIRMAN & MANAGING DIRECTOR’S
REPORT
We ended the year debt-free
and with a strong cash balance
of A$46.2 million, sufficient to
fund the relocation of mining
and processing equipment
from Boonanarring to Atlas as
contemplated in the 2017 BFS.
CY2023 was another positive
operational year for the Company.
Mining and processing at
Boonanarring continued in
accordance with the original plan
outlined in our 2017 Bankable
Feasibility Study (BFS). Mining
was completed in August, final
Ore Reserves were processed in
September, and the final sale of
HMC product was completed in
November.
Atlas permitting is currently anticipated
to be completed in 1H 2024 and the
Company’s primary focus is re-establishing
operations and returning to profitability as
soon as practicable.
In addition to the close out of operations at
Boonanarring and planning for relocation
of equipment and restart of mining and
processing at Atlas, your Board and
management are excited and optimistic
about the prospects of future development
projects from our 100%-owned project
portfolio with multi-decade mine life
potential, and with all projects located
within a 100-km radius of the current
Boonanarring project.
To capitalise on the advantages and
potential of this substantial portfolio
of projects, our management team is
actively advancing a number of feasibility
studies with the goal of achieving our
‘Chapter 2’ ambitions of having multiple
mining and processing projects operating
simultaneously, separating our heavy
mineral concentrate into individual
products, and expanding our market reach
globally.
DEAR SHAREHOLDERS,
On behalf of your Board of Directors,
we are pleased to report your Company
has completed another successful year
of mining and processing operations at
Boonanarring, albeit for only a portion
of the year with the exhaustion of Ore
Reserves. Importantly, depletion of the
Ore Reserves was largely in line with the
original plan outlined in Image’s 2017
Bankable Feasibility Study (“BFS”).
Total revenue for CY2023 (partial
production year) was A$119m (A$172m
2022) and EBITDA was A$35m (A$69m
2022). Despite revenue and EBITDA
being substantially lower than in CY2022
(full production year), we ended CY2023
with a strong, debt-free cash position of
A$46.2m (CY2022 A$53m). This cash
balance is sufficient to fund the relocation
of mining and processing operations
from Boonanarring to its 100%-owned
Atlas project, including infrastructure
construction and project commissioning,
as also foreshadowed in the Company’s
2017 BFS.
A key item that was not anticipated in
the 2017 BFS was a delay in permitting
at Atlas. Due to circumstances outside
Image’s control, delays with environmental
permitting at Atlas, necessitated a shift
to cash preservation mode in September
which resulted in a reduction of operational
staff at the end of September and
disciplined easing of expenditures on
future project development activities.
Robert Besley
Non-Executive Chairman
KEY HIGHLIGHTS
Project EBITDA
A$35M
Closing Cash
A$46M
LTIs
0
10 Image Resources NL | Annual Report 2023
Chapter 2 growth and sustainability
ambitions also include potential upgrading
of ilmenite to synthetic rutile (“SR”) using
a novel process, with substantially lower
carbon dioxide emissions.
In June we published the results of a
positive Pre-Feasibility Study (“PFS”)
on our Bidaminna project as a potential
standalone dredge mining operation and
have committed to optimisation studies to
convert the PFS into a Bankable Feasibility
Study (“BFS”). We are fast-tracking a PFS
on our Yandanooka project which has a
likely shorter development timeline than
our other projects and will likely serve as
the next development following closely on
the heels of Atlas. We have also embarked
on a concept study on the McCalls project
which has the potential for more than 50
years of mine-life.
A PFS is also underway for a mineral
separation plant (“MSP”) to be located
at Boonanarring to take advantage of
the sunk capital for land and installed
infrastructure (roads, water, power etc.)
and to serve as a central hub for the
processing of heavy mineral concentrate
(“HMC”) from all of our projects.
Importantly, the ilmenite contained in the
Bidaminna, Yandanooka and McCalls
projects has been identified as a long-
term source of supply as a high-quality
feedstock for the production of synthetic
rutile. Consequently, we are actively
investigating the technical and economic
potential of establishing an SR production
facility using a novel, low greenhouse gas
emissions process using hydrogen. A
provisional patent on the process was filed
in November.
Initial bench-scale test results on the
conversion of Bidaminna ilmenite to SR
were published in August indicating the
combination of the high-quality ilmenite
feedstock and using hydrogen as the
reductant produced very high-quality SR
with a TiO2 content of 96%. Attention has
now turned to establishing appropriate
pilot-scale testing to produce larger
samples for marketing purposes and
to establish engineering and control
parameters for a larger demonstration-
scale and/or commercial-scale facility.
Your Directors and management are
committed to promoting continuous
improvement in the areas of the health,
safety and well-being of our employees,
contractors, their families and members
of the local community. We also continue
to focus on being proactive in protecting
the environment, actively engaging
and supporting local communities and
stakeholders and striving to improve
corporate governance under a formal
environmental, social and governance
(“ESG”) reporting framework. In October,
we published our inaugural ESG
sustainability report which incorporated
ESG metrics captured annually for CY2019
through CY2022 showing actual trends
and the effectiveness of our informal ESG
efforts since the start of operations at
Boonanarring.
On behalf of your Board, we want to thank
our senior executive team and all our
employees, contractors, and consultants
on completing another successful year of
operations and navigating the challenging
environment of transitioning between
projects while building on the exciting
vision of the future. Your Directors are
confident that our Image Team will
continue to steer our Company through
the variety of challenges of future project
development opportunities in our large,
diverse and 100%-owned portfolio of
projects, which provides a solid base from
which to grow shareholder value going
forward.
We also want to thank our fellow Directors
for their leadership and guidance to direct
the Company through the challenging
decisions of transition and growth.
Finally, on behalf of the Board,
management, and employees of your
Company, we want to say thank you to
all our shareholders for your continuing
support.
Robert Besley
Non-Executive Chairman
Patrick Mutz
Managing Director
Patrick Mutz
Managing Director
KEY HIGHLIGHTS
HMC Sales
133,000T
(Guidance: 110,000 - 120,000T)
Revenue
A$119M
Operating Costs
A$84M
(including stock movements)
Image Resources NL | Annual Report 2023 11
REVIEW OF
OPERATIONS
HMC Produced
107,000T
C1 Cash Costs
(per T HMC sold)
A$458/T
(Guidance: A$460-500/T)
Revenue
A$893/T
for CY2023
BOONANARRING
Image continues to proudly contribute to the local
community, including through local employment.
12 Image Resources NL | Annual Report 2023
In CY2023, Image completed production
at Boonanarring with the exhaustion of Ore
Reserves more or less as foreshadowed in
the Company’s Bankable Feasibility Study
published in May 2017.
The Company met or exceeded market
guidance in all areas except for Operating
Costs which were 4% above the guidance
range due to operating activity continuing
beyond Q2 2023 and well into Q3 2023.
HMC production exceeded the top end
of guidance by 27,000 tonnes resulting
in HMC sales also being above guidance
at 133,000 tonnes for the year. C1 cash
costs were marginally below the guidance
range of $460-500/t HMC sold, at $458/t.
Actual CY2023
Guidance CY2023
HMC Production
Operating Costs (Cash)
C1 Cash Costs (/t sold)
AISC (/t sold)
HMC Sales
kt
$m
$/t
A$/t HMC
kt
107
57
458
542
133
80-90
45-55
460-500
530-570
110-120
CY2024 is scheduled to be a year of transition with the planned relocation of mining and
processing operations from Boonanarring to Atlas, whilst continuing to advance feasibility
studies on Image’s other 100%-owned development projects including Bidaminna,
Yandanooka and McCalls and including the studies for the construction of a mineral
separation plant at Boonanarring to expand Image’s market reach globally, as well as
investigating the potential for upgrading ilmenite to synthetic rutile via a novel, lower
carbon dioxide emissions process.
CY2023 IN REVIEW
OPERATIONS
FULL YEAR RESULTS
Net mine operating cash inflow for the
first half of 2023 was A$36 million with
improved net cash inflows reflecting lower
operating costs, and in particular mining
costs, as strip ratios reduced, and we
completed ore mining at Boonanarring.
The completion of mining operations in
the southern section of Pit C saw final
ore cuts, combined with clean-up of
HMC pads, yielded additional material
for processing. This extended processing
operations, originally planned to be
complete in Q2 or early Q3 2023, to
well into Q3 2023. Whilst this resulted in
additional operating costs (total $2m over
guidance range), HMC produced exceeded
CY2023 guidance by 27,000 tonnes.
The final shipment of HMC in November
2023 of 27,000 tonnes resulted in final
Boonanarring revenue of A$22.1 million.
As foreshadowed in Image’s 2017
Bankable Feasibility Study, the plan was
for Image to self-fund the relocation of
the Boonanarring wet concentration
plant (WCP) and mining equipment to
the Atlas project following exhaustion
of Ore Reserves at Boonanarring.
However, receipt of permitting for
Atlas has been delayed by the EPA
environmental permitting process. Subject
to receipt of relevant approvals, including
satisfaction of any appeals, the planned
relocation of mining and processing
plant and equipment to Atlas is forecast
to commence in 2H 2024 and HMC
production in late Q4 2024 or early 2025.
Atlas HMC sales are fully committed
under existing HMC offtake agreements at
market-based pricing.
Total HMC sales for CY2023 were 133kt
compared to 187kt in CY2022 due to
the completion of ore processing at
Boonanarring late in Q3 2023.
The average HMC realised price for the
full year was A$893/t (CY2022: A$917/t)
reflecting lower ilmenite prices and lower
average zircon grades in HMC, but with
a more favourable average AUD:USD
exchange rate.
The Boonanarring project generated
EBITDA of approximately A$35 million in
CY2023 (CY2022: A$69 million). CY2023
represented the equivalent of only 6
months at the typical full production rate,
with 1.7 million tonnes of ore processed,
compared to 3.4 million tonnes in
CY2022.
There is no current forecast production for
CY2024 due to the completion of mining
and processing at Boonanarring and the
uncertainty on timing for the relocation
of mining and ore processing operations
to Image’s 100%-owned Atlas deposit,
which is currently under final development
planning and permitting.
MINERAL SANDS COMMODITY
PRICES AND FX
Image HMC pricing (Boonanarring and
Atlas) is based on the underlying content
of zircon (as % ZrO2+HfO2) and titanium
dioxide (as % TiO2) in the HMC and
benchmark market prices for the various
products (zircon, rutile, and ilmenite) at
appropriate quality specifications, with
the majority of the value of Boonanarring
HMC having been derived from the
zircon content. Benchmark prices are
denominated in USD.
Pricing for zircon was relatively stable from
mid-2022 to Q3 2023, after a series of
price increases in first half of 2022, before
a decline in price in Q4 2023. Image’s
benchmark market price for ilmenite
(titanium) hit a peak of $410 per tonne in
Q3 2022 but subsequently fell to US$360
per tonne at end of Q4 2022. The price
remained stable at this level during Q1
2023, before gradually declining for the
remainder of 2023 (Figure 2) to US$310
per tonne at the end of Q4 2023.
Lower benchmark pricing for ilmenite and
similar average benchmark zircon prices
across CY2023, combined with a lower
(more favourable) AUD:USD exchange rate
and marginally lower average zircon grades
in HMC sold were the main reasons for a
slight decrease in average HMC realised
price in CY2023 compared to CY2022.
The average realised price per tonne of
HMC sold in CY2023 of $893/t compared
to $917/t in CY2022.
The market for HMC remains relatively
strong and customers are seeking
confirmation on the timing of new supply
from Atlas, Yandanooka or other Image
project developments.
Image Resources NL | Annual Report 2023 13
In addition to development of Atlas under
the original Chapter 1 strategy, the new
Chapter 2 strategy encompasses studies
for the following:
•
•
•
•
•
Fast-tracking development of dry
mining and processing operations 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 a dredge mining
operation at 100%-owned Bidaminna
project with potential for 10 year
mine-life;
Development of hydraulic or dredge
mining and processing operations at
100%-owned McCalls project with
potential for 50+ year mine-life;
Construction of an MSP to capture
the value-adding advantages of
multiple products (including by-
products such as monazite) and
expanding the Company’s market
reach geographically, as well as
capitalising on the opportunity for
effective post-mining use of the
land and installed infrastructure at
Boonanarring; and,
Potential for the construction of an
SR production facility in the vicinity
of the MSP, for the value-adding
and market-expanding upgrading of
ilmenite from Bidaminna, Yandanooka
and McCalls to potentially lower
carbon dioxide emissions SR by
using hydrogen as the iron reductant
instead of coal in current commercial
processes.
SUSTAINABILITY
ESG & Sustainability Reporting
During Q3 2023, Image finalised
its Inaugural Sustainability Report.
Importantly, this report includes operational
data and information for four full years of
operation (CY2019 through CY2022) at the
Company’s Boonanarring mineral sands
project.
Value-Adding Innovation
Positive test results on upgrading
Bidaminna project ilmenite to synthetic
rutile (SR) have opened the door to
the critical value-adding opportunity of
producing SR from any or all of Image’s
other development projects. Importantly,
the potential for multi- decade operating
life from these projects could serve to
support justification for capital expenditure
for SR production in the event future
feasibility study results for SR production
are determined to be positive.
Community
Image continues to proudly contribute to
the local communities in which it operates,
including through local employment and
support for local community events.
Modern Slavery Statement
Image continues to implement initiatives
under the Modern Slavery Act. Image’s
2nd annual Modern Slavery Statement –
CY2022 was released in Q2 2023.
Atlas Development
The Atlas project is 100%-owned and
was included as part of Image’s BFS
published in 2017 and was contemplated
to be mined after all available Ore
Reserves at Boonanarring were mined
out and ore processing was completed.
Final ore processing at Boonanarring
was completed in September 2023.
Atlas is development-ready pending final
environmental permitting.
Atlas is located approximately 160km north
of Perth (80km north of Boonanarring) and
has Ore Reserves of 5.5Mt at 9.2% HM
(see Table 4 and refer ASX announcement
21 December 2022).
Key highlights of the updated Ore Reserve
estimate, announced in December 2022,
are as follows:
•
•
•
•
•
5.5 million tonnes of Ore Reserves at
9.2% total HM
11.9% zircon, 7.9% rutile, 4.9%
leucoxene, 53% Ilmenite and 1.1%
monazite in total HM
Forecast processing rate of 2.6 million
tonnes ore per annum
Total HMC production of 446kt
Net pre-tax project cash flow of
A$62M
Permitting approvals for Atlas continue
to be delayed. Ongoing delays appear to
be mainly due to the regulators not being
able to meet their approvals process
timelines, which has been exacerbated by
department worker and skills shortages.
The Company has been advised current
timelines for permitting has Ministerial
and Commonwealth approval being
received early Q2 2024 and, in the case
of no appeals to the project, this would
allow on-ground construction activities
to commence at Atlas in late Q2 2024. In
the event an appeal is filed following EPA’s
final assessment report, then formalising
responses to any appeal(s) will cause
further delays.
CORPORATE
Sales revenue for the year representing
a partial year of operations was A$119
million (2022: A$172 million) with project
operating and selling costs of A$107
million (2022: A$138 million) and with
full-year CY2023 project EBITDA of
A$35 million (2022: A$69 million). During
CY2023 the Company generated a Net
Loss of A$4.7 million compared to CY2022
Profit of A$15.2 million, for a total Net
Profit After Tax (NPAT) of approximately
A$75 million during the five years of
Boonanarring operations (2019 to 2023).
As at 31 December 2023, Image had a
healthy cash position of A$46.2 million
(2022: A$53.4 million), after outlaying
A$18.7 million for project development,
Atlas construction costs, exploration and
$9 million in income tax in CY2023. For
CY2023, the Company generated net
cash flow from mine operating activities of
A$39.9 million (2022: A$65 million).
GROWTH AND SUSTAINABILITY
GROWTH
The Company’s original operating strategy
and plan outlined in its 2017 Bankable
Feasibility Study (“BFS”) was to mine
and process all available Ore Reserves
at Boonanarring and then to self-fund
the relocation of the mining fleet and
processing facilities to Atlas. That strategy
and plan is still active and operating.
However, with the completion of ore
processing at Boonanarring Q3 2023
and with delays in permitting for Atlas,
the one change to the original plan is the
gap in production between Boonanarring
and Atlas. Currently, mining is forecast
to commence at Atlas in Q4 2024. This
original strategy of operating Boonanarring
and Atlas in series and producing only an
HMC product is referred to as ‘Chapter 1’.
The Company’s current growth and
sustainability strategy expands on
the original Chapter 1 strategy and
incorporates the potential development
of a standalone dredge mining operation
at Bidaminna, a dry mining operation
at Yandanooka and a hydraulic or
dredge mining project at McCalls. The
new strategy includes studies aimed at
demonstrating the viability of transitioning
from a single mining/ processing
operation, with a single product (HMC
only) and a single market jurisdiction
(currently China) (“Chapter 1”), to multiple
mining/processing operations operating
simultaneously, with multiple products
and expanded geographical market
(“Chapter 2”). In CY2023, Image added the
investigation of producing synthetic rutile
from its ilmenite to the Chapter 2 strategy.
14 Image Resources NL | Annual Report 2023
EXPLORATION
The Company’s portfolio of tenements is
predominantly focussed on mineral sands,
except for four contiguous exploration
licences and prospecting licences with
a focus on gold. The total area of all
tenements is 1,704 square kilometres.
All tenements are located in Western
Australia and all mineral sands tenements
are located in the North Perth Basin. The
gold tenements are located approximately
120km southeast of Kalgoorlie.
As Image is an established mining
company, exploration activities are now
primarily focused on the development of
known Mineral Resources, with limited
exploration focusing on identifying new
mineralisation.
In Q1 2023, the Company released
a Mineral Resources Update on the
Bidaminna Project, followed by the
announcement of PFS results on the
project in Q2 2023.
In Q4 2023, the Company announced
Mineral Resource Estimate updates for
Gingin South, Red Gully and Regans Ford
to update the reporting from JORC Code
2004 to JORC Code 2012. Also in Q4,
the company completed infill drilling at
Yandanooka to upgrade the classification
of the Mineral Resource at the southern
end of the deposit, where mining is likely
to commence.
In Q2 2023, the PFS results were
announced (ASX: 27 June 2023: PFS
Results - Bidaminna Mineral Sands
Project). The PFS was based on inaugural
Ore Reserves of 123Mt at 1.8% HM with
4% slimes, 4% oversize, 93% VHM and
85% of the HM as high-quality ilmenite
and leucoxene suitable as SR feedstock
(refer Table 4). Results of the PFS were
positive, with select highlights of pre-tax
NPV8 of A$192 million, pre-tax IRR8 of
28%, project EBITDA of A$379 million for
a 10.5-year project life and 3.8-year capital
payback period. Project revenue in the
PFS was based on producing and selling
HMC.
Based on the Bidaminna PFS results,
Image is advancing pre-BFS optimisation
studies targeting significant value-add
opportunities such as additional drilling for
grade determination of dilution materials
highlighted in the PFS. The Company is
also considering the inclusion of an MSP,
which is currently under independent
feasibility study. The MSP will likely be
located at the existing Boonanarring
operation to take advantage of existing
infrastructure and owned land.
Additional drilling was planned at
Bidaminna in Q4 2023 to determine the
HM grade of 40 million tonnes of “dilution”
material which is currently assumed to
have 0% HM grade. This could potentially
add significantly to the total HM in the Ore
Reserves. Drilling has been delayed whilst
planning for heritage surveys are being
finalised with Traditional Owners.
Studies also include the addition of the
significant value-adding step of converting
Bidaminna ilmenite into SR using Image’s
novel SR production process.
Following receipt of long-lead items,
including the innovative CT1 mineral
separation spirals flex plant by Mineral
Technologies and camp accommodation/
facilities, the remaining capital spend
for Atlas is estimated at A$30 million
(excluding contingency).
Yandanooka PFS
As a result of ongoing delays with the Atlas
project, and uncertainty around timing
of the approval process, the Company
has been fast-tracking Yandanooka
feasibility studies (PFS folding into a BFS)
as the project is likely to have a shorter
development timeline than other projects
in Image’s portfolio due to minimal heritage
consideration and level of potential
environmental impacts.
Drilling at Yandanooka to upgrade the
southern section of Mineral Resources
from Indicated to Measured Resources
was completed during Q4 2023. Assay
results are expected to be finalised in
Q1 2024. Full assay and composite
analysis will be used to update the Mineral
Resources estimate (“MRE”) (refer to Table
5) which currently stands as follows:
•
•
•
60.8Mt @ 3.0% total heavy minerals
(“HM”) at cut-off grade of 1.4%HM
High VHM at 89% of HM
HM contains 70% high-quality
ilmenite, 3.6% leucoxene, 12% zircon,
3.5% rutile and <0.2% monazite
In addition to the Mineral Resources drilling
the Company successfully completed the
installation of a 550-metre-deep water
test bore, with pump testing and analysis
planned for January 2024. The pump
testing results will inform the PFS as to
the water source for Yandanooka and
associated operating and capital costs.
Work is well advanced on updating the
MRE to an initial Ore Reserves estimate
as part of a PFS. The stretch target for
the completion of the PFS is end of Q1
2024 with results to be announced shortly
thereafter. Based on positive results,
the plan is to quickly upgrade the PFS
to a Bankable Feasibility Study (“BFS”)
standard based around applying the same,
or similar, development methodology as
the highly successful Boonanarring project.
Bidaminna Pre-Development
An updated MRE for Bidaminna was
announced in Q1 2023 (ASX: 28 February
2023: Mineral Resources Update
Bidaminna Project) showing a 7% increase
in total Mineral Resources to 109 million
tonnes, a 15% increase in grade to
2.5%HM and a 23% increase in total
contained (in-situ) HM to 2.8m tonnes.
Image Resources NL | Annual Report 2023 15
BUSINESS RISKS
The Company completed a detailed
risk review process in Q1 2023 and
recently completed an internal review of
the inherent risk and uncertainties that
the Company faces and updated the
underlying risk matrix.
The risks and uncertainties described
below are not the only risks and
uncertainties that the Company faces.
Additional risks and uncertainties of
which Image is not aware or that Image
currently considers to be immaterial
may also adversely affect the business,
financial condition, results of operations
or prospects.
Each risk area has been rated for residual
risk after adjusting for controls and
treatment actions.
Key risks with residual ratings of either VERY HIGH or HIGH associated with business strategies, and prospects for future financial
years include:
RISK
1.
APPROVALS,
LICENSES AND
PERMITS
RESIDUAL
RISK RATING DESCRIPTION
VERY HIGH
The Company will require certain licenses, permits and approvals to develop the Atlas Project, and
subsequently other projects. Image has yet to obtain the key permits and approvals required for the
Atlas Project. The duration and success of efforts to obtain approvals and permits are contingent upon
many variables that are outside the Company’s control. Failure to obtain, or delays in obtaining such
licenses and permits may adversely affect the Company’s ability to proceed with the operating of the
Atlas Project and subsequent projects.
In addition, there is potential for legislative and regulatory reform, which could lead to more onerous
conditions being placed upon approvals for new or existing operations.
The Company manages these risks by ensuring employees have the skills and disciplines to establish
relationships and follow and implement the approval processes directed at ensuring all contingencies
are covered.
2.
FINANCIAL
STABILITY AND
FUNDING
VERY HIGH
3.
COUNTERPARTY
RISK
(OFFTAKE
CONTRACTS)
HIGH
Boonanarring is nearing the end of operations and will require significant future expenditure on
rehabilitation. In addition, the Company is advancing the development of the Atlas Project. Should
the Company proceed to develop this project significant capital expenditure will be incurred. As at
31 December 2023, Image has cash on hand of $46.2 million but is reliant on the minimisation of
ongoing expenditures to meet capital expenditure requirements for Atlas, other project developments
and Boonanarring rehabilitation as well as general corporate and exploration expenditures. There is
no assurance that the Company will be able to generate funds from operations in the future. There is
additional risk with respect to the development of new projects in respect to forecast and actual future
mineral sands prices and foreign exchange rates which could negatively impact project returns.
If other sources of funding are required, there is no guarantee that such funding will be available.
The Company has demonstrated a track record of being able to successfully manage its projects and
to generate internal cashflows or raise funds when required.
The Company currently has two offtake contracts in place with product purchasers. If one or both of
these purchasers breaches or otherwise fails to honour its contractual offtake commitments, any such
breach may materially and adversely impact the Company’s financial results and performance. Image
may not be able to find alternative purchasers for its products.
The Company has close relationships with existing offtakers and at the same time is looking to develop
new markets for its products.
16 Image Resources NL | Annual Report 2023
RESIDUAL
RISK RATING DESCRIPTION
HIGH
RISK
4.
OPERATIONAL
RISKS
INCLUDING
HEALTH, SAFETY
& WELLBEING
OF STAFF,
CONTRACTORS,
AND VISITORS
5.
ORE RESERVES –
DEPLETION AND
REPLACEMENT
HIGH
6.
EMPLOYEE
ATTRACTION AND
RETENTION
HIGH
Mining is inherently dangerous and subject to factors or events beyond the Company’s control The
Company’s current business, and any future development or mining operations, involve various types
of risks and hazards typical of companies engaged in the mining industry. Such risks include, but
are not limited to: (i) industrial accidents; (ii) structural slides and pit wall failures, ground or slope
failures and accidental release of water from surface storage facilities; (iii) fire or flooding; (iv) periodic
interruptions due to inclement or hazardous weather conditions; (v) environmental hazards; (vi)
discharge of pollutants or hazardous materials; (vii) failure of processing and mechanical equipment
and other performance problems; (viii) geotechnical risks, and unusual and unexpected geological
conditions; and (xi) force majeure events, or other unfavourable operating conditions.
Open cut mining, plant refurbishment and exploration activities present inherent risks of injury to
people and damage to equipment.
Operational issues could result in reduced operational performance and an inability to meet target
returns and shareholder expectations.
The Company employs appropriately skilled safety professionals to manage the safety and wellbeing
of employees and has well developed procedures and processes, a strong safety culture, and robust
training programs.
Once mining commences, Ore Reserves are gradually depleted. The ability of the Company to
replace the Ore Reserves with equivalent grade and quality is an inherently uncertain process and
the Company may not be able to identify replacement Ore Reserves that it will be able to extract in a
timely manner to maintain revenue streams. In addition, the quantities of minerals ultimately mined may
differ from that indicated by drilling results. In the event that minerals are present in lower amounts
than expected or the product mined is of a lower quality than expected, the demand for, and realisable
price of, the Company’s products may decrease.
The Company has a pipeline of new projects and has expanded its development team. Combined with
strong relationships with experienced consultants, the Company is confident that it has the capability
to progress development of these projects.
The labour market in Western Australia for experienced employees is highly competitive, particularly
in mining. There is a risk that the Company will not be able to attract and retain the level of talent
necessary to support the Company’s near-term project developments and growth ambitions. The
risk is exacerbated in the near term by a requirement to transition from a mainly daily commute style
operation at Boonanarring to onsite accommodation at Atlas and the resulting increased risk of not
being able to retain key people due to altered working conditions.
The Company has a well-developed program for attracting and retaining key staff, including paying
competitive base salaries, bonuses available to all staff primarily based on Company performance and
an Employee Share Plan (available to all employees).
7.
MAJOR
STAKEHOLDER
RELATIONS
HIGH
Misalignment between the Company’s Board/management and major stakeholders could result in the
Company being unable to deliver on its growth plan and failing to deliver on stakeholder expectations.
The Company focuses on maintaining a strong relationship with existing major stakeholders and
actively manages the structure of its share register, including maintaining regular contact.
Other key risks identified, with current residual risk ratings of medium, which could result in significant
impact on the Company included geopolitical landscape, community relations including with Traditional
Owners, community activism, corporate governance issues, maintaining a social license to operate
and supply chain interruption.
In addition, the Company recognises that physical and transitional impacts of climate change may
affect its assets, productivity, the markets in which it sells its products, and the jurisdictions in which
it operates. The Company continues to develop its assessment of the potential impacts of climate
change and the transition to a low carbon economy.
The Company’s physical and transitional risk assessment process is ongoing. Changes in the
Company’s climate strategy and the transition to a low carbon economy may materially impact
financial results in future reporting periods.
Image Resources NL | Annual Report 2023 17
OUR
PROJECTS
SYNTHETIC RUTILE
The concept study for a potential SR production facility resulted
in the filing of an initial provisional patent in November for a
novel process involving the use of green hydrogen. Following
encouraging SR test results the project has progressed to
scoping study stage.
18 Image Resources NL | Annual Report 2023
GROWTH
PROJECTS
ATLAS
Development Ready
BIDAMINNA
PFS Complete
BFS Commenced
YANDANOOKA
PFS/BFS Being Fast-tracked
McCALLS
Multi-decade Project
Concept Studies underway
MINERAL
SEPARATION
PLANT
PFS in Progress
SYNTHETIC
RUTILE
Scoping Study Stage
ATLAS
DEVELOPMENT READY
Classic dry, open-cut mining using
conventional truck and shovel fleet.
Remaining Capital
Image to self-fund
A$30M
(excluding contingency)
HMC Production
445KT
Ore Reserves
5.5 Million Tonnes at 9.2% HM.
11.9% Zircon,
7.9% Rutile,
4.9% Leucoxene,
53% Ilmenite,
1.1% Monazite.
Location
180km north of Perth
Expected Mine Life
2.5 years with potential to extend.
Project Status
Long lead equipment received.
Awaiting final approvals.
The Atlas project is 100%-owned
and was included as part of Image’s
BFS published in 2017 and was
contemplated to be mined after
all available Ore Reserves at
Boonanarring were mined out and
ore processing was completed. Final
ore processing at Boonanarring was
completed in September 2023. Atlas
is development-ready pending final
environmental permitting.
The Company has been advised
current timelines for permitting has
Ministerial and Commonwealth
approval being received early Q2 2024
and, in the case of no appeals to the
project, this would allow on-ground
construction activities to commence at
Atlas late Q2 2024.
In the event an appeal is filed following
EPA’s final assessment report, then
formalising responses to any appeal(s)
will cause further delays.
Following receipt of long-lead
items, including the innovative
CT1 mineral separation spirals flex
plant by Mineral Technologies and
camp accommodation/facilities, the
remaining capital spend for Atlas is
estimated at A$30 million (excluding
contingency).
HIGH
QUALITY
GROWTH
POTENTIAL
Image Resources NL | Annual Report 2023 19
BIDAMINNA
PFS COMPLETE
A proposed dredge mining operation
with removal of overburden located
above the water table using a
conventional ‘dry mining’ method.
Potential feed to MSP and/or SR
process.
Ore Reserves
123 Million Tonnes at 1.8% HM
5.0% Zircon,
4.1% Rutile,
4.9% Leucoxene,
72% ilmenite,
0.3% Monazite
Location
120km north of Perth
Expected Mine Life
10.5 Years
Project Status
BFS underway
Remaining Capital
HMC Production
A$177M
(excluding contingency)
2.1MT
The Company is also considering the
inclusion of an MSP, which is currently
under independent feasibility study.
The MSP will likely be located at the
existing Boonanarring operation to take
advantage of existing infrastructure and
owned land.
Additional drilling is planned to
determine the HM grade of 40 million
tonnes of “dilution” material which is
currently assumed to have 0% HM
grade. Studies also include the addition
of the significant value-adding step
of converting Bidaminna ilmenite into
SR using Image’s novel SR production
process.
In Q2 2023, the PFS results were
announced (ASX: 27 June 2023: PFS
Results - Bidaminna Mineral Sands
Project). The PFS was based on
inaugural Ore Reserves of 123Mt at
1.8% HM with 85% of the HM as high-
quality ilmenite and leucoxene suitable
as SR feedstock. Results of the PFS
were positive, with select highlights of
pre-tax NPV8 of A$192 million, pre-tax
IRR8 of 28%, project EBITDA of A$379
million for a 10.5-year project life
and 3.8-year capital payback period.
Project revenue in the PFS was based
on producing and selling HMC.
Based on the Bidaminna PFS
results, Image is advancing pre-
BFS optimisation studies targeting
significant value-add opportunities
such as additional drilling for grade
determination of dilution materials
highlighted in the PFS.
RAPIDLY
ADVANCING
OUR PROJECT
PORTFOLIO
20 Image Resources NL | Annual Report 2023
YANDANOOKA
FAST-TRACKED PFS/BFS
Minimal heritage consideration and low
level of environmental impacts
Mineral Resources
61Mt at 3.0% HM
12% Zircon,
3.5% Rutile,
3.6% Leucoxene,
70% ilmenite,
1.1% Monazite
Location
220km north of Perth
Expected Mine Life
7-10 years
Project Status
Currently being fast-tracked to
development.
The Company has been fast-tracking
Yandanooka feasibility studies (PFS
folding into a BFS) as the project is
likely to have a shorter development
timeline than other projects in
Image’s portfolio due to minimal
heritage consideration and level of
environmental impacts.
Work is well advanced on updating
the MRE to an initial Ore Reserves
estimate as part of a PFS. The stretch
target for the completion of the PFS
is end of Q1 2024 with results to be
announced shortly thereafter. Based
on positive results, the plan is to
quickly upgrade the PFS to a Bankable
Feasibility Study (“BFS”) standard
based around applying the same, or
similar, development methodology as
the highly successful Boonanarring
project.
Image Resources NL | Annual Report 2023 21
McCALLS
MULTI-DECADE PROJECT
McCalls Project consists of four (4) exploration
licences (ELs) across two project areas containing
5.8 billion tonnes of Mineral Resources at 1.4%
total heavy minerals, containing more than 80
million tonnes of total heavy minerals.
Additional advantages with the
acquisition of McCalls include the
opportunity to evaluate the potential
for full mineral separation and the
possibility of establishing a new
synthetic rutile production facility using
cutting-edge robotic technology and
green hydrogen.
Mineral Resources
5,800 Million Tonnes at 1.4% HM.
4.7% Zircon,
2.4% Rutile,
3.1% Leucoxene,
79% ilmenite.
Location
100km north of Perth
Expected Mine Life
Multi-decade potential
Project Status
Development Concept Studies
CY2022 strategic acquisition that
provides potential long-term mining
operation and HMC feedstocks for
MSP and/or SR processes.
While overall grade is relatively low at
McCalls, this can be managed with
an appropriate economy-of-scale
operation coupled with lower cost
mining and processing methods.
McCalls contains more than 80 million
tonnes of total heavy minerals with
medium grain sized minerals, high-
grade and high quality TiO2 and low
uranium and thorium.
The Company has the opportunity to
focus on identifying potentially one or
two 500Mt subsets within the5.8 billion
tonne Mineral Resources, at higher HM
grade and lowest strip ratio to move to
feasibility study. This can be done while
we continue operating on our other
smaller, but higher-grade projects.
22 Image Resources NL | Annual Report 2023
MINERAL SEPARATION PLANT (MSP)
& SYNTHETIC RUTILE (SR) PLANT
FUTURE VALUE-ADD
Being studied for potential downstream
processing of HMC.
Location
Boonanarring processing plant site
(Image owned land)
Project Life
Multi-decade
Project Status
PFS on MSP to separate HMC in to
individual products currently being
completed.
Scoping study underway for
construction of an SR facility to
upgrade ilmenite into synthetic rutile.
Demonstration-scale plant under
planning.
Acquisition of Eneabba Tenements
(Yandanooka, Durak and others) and
McCalls project opened the door to
longer term mining and processing
and therefore considerations for
downstream processing of future
HMC production through MSP and
SR plants. This is a key part of the
Company’s broader strategy to move
from one mine (Boonanarring and
Atlas operating in series), one product
(HMC), and one geographical location
for sales; to multiple mines operating
simultaneously, multiple products and a
global market.
Construction of an MSP would
capture the value-adding advantages
of multiple products (including by-
products such as monazite) and
expand the Company’s market reach
geographically, as well as capitalising
on the opportunity for effective post-
mining use of the land and installed
infrastructure at Boonanarring.
Positive SR test results on upgrading
Bidaminna ilmenite have opened
the door to the critical value-adding
opportunity of using ilmenite from
any or all of Image’s development
projects, to produce high-quality SR.
Importantly, the potential for multi-
decade operating life from these
projects could serve to support
justification for capital expenditure
for SR production in the event future
feasibility study results are determined
to be positive.
The construction of an SR production
facility in the vicinity of the MSP, for the
value-adding and market- expanding
upgrading of ilmenite from Bidaminna,
Yandanooka and McCalls, would have
the potential to lower carbon dioxide
emissions based on the proposed
use of hydrogen as the iron reductant
instead of coal which is used in current
commercial SR processes.
Image Resources NL | Annual Report 2023 23
ENVIRONMENTAL, SOCIAL & GOVERNANCE
(ESG)
Mine rehabilitation (to date)
85Ha
(CY2022: 22Ha)
Scope 1 Emissions
12,753T C02-e
(CY2022: 36,792T C02-e)
LTI
0
(CY2022: 1)
BOONANARRING
63Ha rehabilitated at Boonanarring in CY2023.
24 Image Resources NL | Annual Report 2023
ESG REPORTING FRAMEWORK
COMMUNITY
In CY2022, Image engaged BDO
Advisory (WA) through its Sustainability
Activation Program to provide support
for the development of an appropriate
formal strategy, data collection protocols
and reporting framework, leading to the
adoption of a formal ESG program. BDO
utilised a double materiality assessment
to determine the most appropriate
sustainability framework for Image. The
reporting framework recommended
by BDO and adopted by Image is the
Sustainability Accounting Standards Board
(SASB) Metals & Mining Sustainability
Accounting Standard.
The initial focus was on metrics for
CY2021 for an inaugural ESG and
Sustainability Report. However, with the
realisation that Image had already been
proactively collecting and collating ESG
metrics under an informal ESG focus
starting in 2018-19, the decision was
made to incorporate metrics from the
Company’s full operating history starting
with CY2019.
Image released its inaugural Sustainability
Report covering the period CY2019-2022
in Q2 2023. Image is planning to release
its 2nd Sustainability Report in Q2 2024.
SAFETY
Image recorded 0 lost time injury (“LTI”)
during calendar year 2023 (2022: 1 LTI).
The Company continues to report total
recordable injury frequency rate (“TRIFR”)
as a key indicator of the effectiveness of
its safety programs. The Company tracks
and reports its total recordable incident
frequency rate (“TRIFR”), which is now
reported as the number of recordable
incidents per 200k hours of work, to
more closely align with actual work hours
per year. The 12- month rolling average
TRIFR on 31 December 2023 was 3.0 (31
December 2022: 1.2).
Image maintains its proactive promotion
of a positive safety culture which includes
safety programs and procedures that
encourage job hazard analysis and
planning as well as proactive incident
reporting. This approach fosters
continuous improvement of the health,
safety and well-being of all employees,
contractors, visitors, and members of
the community as well as protection of
the environment. The success of these
programs is monitored through the use
of regular internal Health, Safety and
Environment audits and monthly Positive
Performance Indicator (“PPI”) scoring. PPI
scoring was reasonably steady during the
operating period in 2023.
Image continues to proudly contribute
to the local community, including
through local employment. At the
time ore processing was completed
at Boonanarring (30 August 2023)
approximately 46% (31 December 2022:
51%) of the workforce at Boonanarring
lived locally to the operation or within local
regional shires.
In addition, the Company has an active
and varied community support and
engagement program. Image provides
fee-free access to land owned by the
Company, to a local community group
for grazing sheep and cattle, with profits
returning to local community groups in the
Gingin area. The Company also supports
numerous local community and charitable
groups such as Lions Institute, Vinnies
(CEO Sleepout), Movember and Happiness
Co Foundation (mental health support
programs).
Image continues to build on its cultural
engagement practices with the Yued and
Yamatji Traditional Owners in connection
with the Company’s ongoing development
plans for its Atlas, Bidaminna and
Yandanooka projects, including providing
employment opportunities for members
of the community as monitors for heritage
field surveys. This practice will continue
with other Traditional Owner groups as
appropriate for any other potential project
developments by Image in WA.
ENVIRONMENT
Image is committed to minimising any
potential long-term adverse impacts of
its operations on the environment. The
Company strives to maintain compliance
with all of its licence requirements while it
actively seeks to identify ways to ensure
lasting improvements to certain aspects
of the environment such as soil water
retention, by using terracing and blending
clayey materials into rehabilitated topsoils.
The Company has taken actions to
minimise its carbon footprint, for instance,
by working with Sunrise Energy Group
to construct and operate a 2.3MW solar
farm at Boonanarring, even though the
Boonanarring project could be fully and
adequately supplied with all its electricity
requirements from the WA State power
grid. In CY2023 approximately 26%
(2022: 25%) of electricity requirements for
Boonanarring were supplied as renewable
solar energy from the solar farm, at costs
slightly below grid power prices.
The use of solar power at Boonanarring
provides Image Resources with green
credentials and positions the Company
as one of the few mining companies in
Australia to directly utilise renewable solar
energy to offset a significant portion of
its electricity requirements that would
otherwise be sourced from the grid,
and thereby significantly reducing its
greenhouse gas emissions and carbon
footprint.
Image completed the rehabilitation of an
additional 63 hectares of mined land at
Boonanarring during CY2023, bringing the
total area rehabilitated and re-vegetated,
concurrently with mining at Boonanarring,
to approximately 85 hectares.
MODERN SLAVERY STATEMENT
In June 2023 the Company submitted its
second annual Modern Slavery Statement
for CY2022. The 2021 Statement identified
the risk for modern slavery practices
to exist in Image’s day-to-day business
practices is considered to be very low
to non-existent given the Company
operates only in Western Australia in the
extremely competitive mining industry. It
also identified three areas of its supply
chain for minor expenditure items to have
some potential to harbour modern slavery
practices. In CY2022 the Company took
steps to audit Tier-1 suppliers and if
necessary to further minimise the potential
risks associated with these procurement
items. In CY2023 Image acquired software
to further assist with the complexities of
supplier audits for compliance with the
Modern Slavery Act.
Image Resources NL | Annual Report 2023 25
MINERAL RESOURCES &
ORE RESERVES STATEMENT
26 Image Resources NL | Annual Report 2023
ORE RESERVES
There have been significant changes to the Company’s heavy mineral Ore Reserve estimates during 2023. A maiden Ore Reserve estimate
was declared at the Company’s Bidaminna project in June 2023 (Refer to the Company’s ASX release dated 27 June 2023 for further
information) and mining at the Company’s Boonanarring operation was completed in August 2023 (Refer to the Company’s Quarterly
Activity Report, dated 26 October 2023 for further information). The current Ore Reserve estimate at the Atlas project remained unchanged
from 31 December 2022. As at 31 December 2023 the Company’s Proved and Probable reserves total 129Mt @ 2.1% HM for 2.7Mt of
contained HM (Table 1).
TABLE 1: Ore Reserves – Strand Deposits; in accordance with the JORC Code (2012) – as at 31 December 2023
Project /
Deposit
Ore Reserve
Category
Tonnes
(million)
In-situ HM
Tonnes
(millions)
Total HM
grade
(%)
HM Assemblage (% of total HM)
Zircon
Rutile
Leuc.
Ilmenite Monazite
Slimes
(%)
Oversize
(%)
Bidaminna1
Probable
Atlas2
Sub Total
Proved
Probable
Sub Total
Total Ore Reserves
123
123
4.5
0.9
5.5
129
2.20
2.20
0.48
0.02
0.50
2.70
1.8
1.8
10.6
2.1
9.2
2.1
5.0
5.0
12.0
8.1
11.9
6.3
4.1
4.1
8.0
5.2
7.9
4.8
12.6
12.6
4.9
4.7
4.9
11.2
72
72
54
29
53
68
0.3
0.3
1.1
0.8
1.1
0.4
4.0
4.0
15
15
15
4.5
4.0
4.0
4.6
8.1
5.2
4.1
1
2
Bidaminna Ore Reserves refer to the 27 June 2023 release “Pre-Feasibility Study Results, Bidaminna Mineral Sand Project”
Atlas Ore Reserves refer to the 21 December 2022 release “Revised Announcement – Atlas Project Ore Reserve Update”
Changes to the Company’s Ore Reserve estimate at Boonanarring are material and arise from mining depletion during the period. The Ore
Reserve estimate that was reported as at 31 December 2022 was mined to completion in August 2023. This was in line with the mine plan.
Reconciliation of the original Ore Reserve model against actual mine production for the life of mine was positive with the project producing
16 Mt @ 8.0% HM for 1.28 Mt of THM. This represents 12% additional THM recovered. The positive reconciliation is attributed to small-
scale high-grade cores within the strand mineralisation and effective in pit mining control during the mining process (Tables 1 & 2).
Changes to the Company’s Ore Reserves estimate at Bidaminna are material and arise from significant technical work carried out on the
deposit during the period including a detailed economic evaluation. The economic evaluation confirmed the economic viability of a deep
dredge mining operation (Refer to the Company’s ASX release dated 27 June 2023 for further information). The successful economic
evaluation result adds 123Mt @1.8% HM of probable Ore Reserves to the Company’s overall Ore Reserves estimate (Tables 1 & 2).
The Company’s Ore Reserve estimate at Atlas has not changed since 31 December 2022 (Tables 1 & 2).
TABLE 2: Comparative Ore Reserves – Strand Deposits; in accordance with JORC Code (2012)
Project /
Deposit
As at 31 Dec 2022
Boonanarring
Atlas
Total Ore Reserves
As at 31 Dec 2023
Bidaminna
Atlas
Total Ore Reserves
Tonnes
(million)
In-situ HM
Tonnes
(millions)
Total HM
grade
(%)
HM Assemblage (% of total HM)
Zircon
Rutile
Leuc.
Ilmenite Monazite
Slimes
(%)
Oversize
(%)
1.2
5.5
6.7
123
5.5
129
0.08
0.50
0.58
2.20
0.50
2.70
7.0
9.2
8.8
1.8
9.2
2.1
22.0
12.0
13.4
5.0
12.0
6.3
4.7
7.9
7.5
4.1
7.9
4.8
4.2
4.9
4.8
12.6
4.9
11.2
45
53
52
72
53
68
-
1.1
0.3
1.1
0.4
15
15
15
4.0
15
4.5
4.9
5.2
5.1
4.0
5.2
4.1
Image Resources NL | Annual Report 2023 27
MINERAL RESOURCES
There have only been minor changes to The Company’s Mineral Resource estimates since 31 December 2022. The Company holds a
100% interest in 23 separate heavy mineral sand deposits across the north Perth Basin, each with a supporting Mineral Resource estimate
in accordance with the JORC code 2012. The only changes to the Company’s inventory of Mineral Resource estimates were the write off
of remnants from the Boonanarring Mineral Resource post mining and the addition of three small high grade strand deposits, from the Red
Gully project area, after they were re-reported in accordance with the JORC code 2012 (Regans Ford, Gingin South and Red Gully).
The total combined Mineral Resource estimates as at 31 December 2023 were 6.4Bt @ 1.6% HM for 101Mt of contained HM (Table 3).
TABLE 3: Mineral Resources – Dry and Dredge Mining, Strand and Dune Deposits; in accordance with the JORC Code (2012)
– as at 31 December 2023
Mineral
Resource
Category
Cut-off
(total
HM%)
Tonnes
(million)
In-situ HM
Tonnes
(millions)
Total HM
grade
(%)
HM Assemblage (% of total HM)
Zircon Rutile
Leuc.
Ilmenite Monazite
Slimes
(%)
Oversize
(%)
Deposit
Atlas*
Boonanarring
North West
Boonanarring
North
Extension
Measured
Indicated
Inferred
Meas Ind
and Inf
Indicated
Inferred
Ind and Inf
Indicated
Inferred
Ind and Inf
Measured
Indicated
i
i
g
n
n
M
y
r
D
Gingin South
Inferred
Meas Ind
and Inf
Indicated
Regans Ford
Inferred
Ind and Inf
Indicated
Red Gully
Inferred
Ind and Inf
Indicated
Gingin North
Inferred
Helene
Ind and Inf
Indicated
Inferred
Ind and Inf
Indicated
Hyperion
Inferred
Ind and Inf
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.5
2.5
2.5
2.5
4.0
4.0
4.0
2.5
2.5
2.5
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
7.1
5.0
5.2
17.3
3.1
1.2
4.3
2.5
0.2
2.7
1.5
5.8
0.7
8.1
9.0
0.9
9.9
3.4
2.6
6.0
6.6
2.0
8.7
12.1
1.0
13.1
3.6
0.0
3.6
0.6
0.2
0.2
1.0
0.2
0.1
0.2
0.3
0.0
0.3
0.1
0.4
0.0
0.5
0.9
0.1
1.0
0.3
0.2
0.5
0.3
0.1
0.4
0.6
0.0
0.6
0.3
0.0
0.3
9.0
3.5
3.3
5.7
5.1
5.0
5.1
10.7
7.0
9.1
9.8
9.6
8.3
9.2
11.8
16.4
4.7
16.0
11.2
16.4
7.8
8.1
10.9
7.5
4.7
4.4
6.5
6.8
7.4
6.9
2.7
2.5
2.7
5.6
5.1
5.8
5.1
5.1
4.8
5.1
30
36
32
11.5
10.7
11.5
15.3
9.8
7.5
4.4
6.5
6.5
6.1
9.9
6.5
9.6
7.8
7.5
7.7
4.7
4.7
4.7
4.9
4.0
4.8
8.3
5.9
8.3
8.3
5.2
10.3
10.0
10.1
10.0
12.4
12.4
12.4
7.2
5.5
6.8
7.4
7.5
7.4
8.0
7.3
8.0
4.3
4.4
4.3
3.1
3.1
3.1
4.5
5.4
4.7
5.1
5.7
5.2
6.7
5.0
6.7
10.0
7.7
9.8
8.3
8.3
8.3
14.8
23.2
16.8
14.4
16.1
14.5
8.1
4.9
8.1
0.9
1.0
1.6
1.1
51
42
54
49
35
27
33
41
39
41
51
68
67
65
70
68
70
66
66
66
50
41
48
47
45
47
36
31
36
15
16
14
15
11
10
11
17
17
17
7
7
8
7
17
19
17
12
11
11
16
13
15
18
15
18
19
17
19
4.6
4.6
2.7
4.0
1.2
0.8
1.1
7.1
8.4
7.2
0.0
11.0
8.7
8.7
0.0
0.0
0.0
1.1
1.1
1.1
4.5
5.3
4.7
1.4
1.1
1.4
2.6
4.3
2.6
* Ore Reserves under JORC 2012 reported separately.
28 Image Resources NL | Annual Report 2023
TABLE 3: Mineral Resources – Dry and Dredge Mining, Strand and Dune Deposits; in accordance with the JORC Code (2012)
– as at 31 December 2023 (cont.)
Mineral
Resource
Category
Cut-off
(total
HM%)
Tonnes
(million)
In-situ HM
Tonnes
(millions)
Total HM
grade
(%)
HM Assemblage (% of total HM)
Zircon Rutile
Leuc.
Ilmenite Monazite
Slimes
(%)
Oversize
(%)
Deposit
Drummond
Crossing
Indicated
Inferred
Ind and Inf
Indicated
i
i
g
n
n
M
y
r
D
Durack
Inferred
Ind and Inf
Indicated
Ellengail
Inferred
Ind and Inf
Indicated
Robbs Cross
Inferred
Thomson
Yandanooka
Corridor
West Mine
North
Ind and Inf
Inferred
Inf
Measured
Indicated
Inferred
Meas Ind
and Inf
Inferred
Inf
Indicated
Inferred
Ind and Inf
Indicated
McCalls
Inferred
Mindarra
Springs
Ind and Inf
Inferred
Inf
1.4
1.4
1.4
1.4
1.4
1.4
2.0
2.0
2.0
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
1.4
2.0
2.0
2.0
2.0
2.0
1.1
1.1
1.1
1.1
1.1
35.5
3.3
38.8
20.7
5.6
26.3
6.5
5.3
11.8
14.0
3.8
17.8
25.7
25.7
2.6
57.7
0.4
60.8
18.1
18.1
10.2
1.8
12.0
1,630
1,980
3,610
2,200
2,200
Total Measured Dry
11
Total Dry
Mining
Total Indicated Dry
Total Inferred Dry
Sub Total Dry
1,826
4,258
6,095
0.8
0.1
0.9
0.6
0.1
0.7
0.3
0.2
0.6
0.3
0.1
0.3
0.5
0.5
0.1
1.7
0.0
1.8
0.6
0.6
0.7
0.0
0.8
23
24
48
36
36
1
31
63
95
14.1
10.3
11.2
9.0
13.9
10.2
13.7
14.2
13.8
10.0
9.9
9.9
2.9
2.6
2.9
8.0
8.2
8.1
14.7
12.7
14.5
10.9
14.7
12.3
18.8
13.8
18.8
13.8
2.4
2.3
2.4
2.9
2.6
2.8
5.3
4.1
4.8
1.9
2.0
1.9
2.0
2.0
4.3
3.0
1.5
10.3
12.3
10.9
3.0
12.1
3.1
3.1
7.3
2.7
6.6
1.4
1.2
1.3
1.6
1.6
7.2
1.7
1.4
1.5
6.7
6.7
5.8
9.4
6.0
5.2
5.0
5.1
4.2
4.2
10.4
6.6
4.8
5.4
2.1
3.6
3.0
3.5
5.5
5.5
6.5
8.6
6.6
3.3
3.8
3.6
0.9
0.9
6.6
3.9
2.3
2.8
3.4
2.7
3.4
3.7
7.4
4.4
10.4
8.4
9.6
5.0
4.1
4.8
5.4
5.4
2.3
3.7
4.4
3.6
0.4
0.4
1.8
2.1
1.8
2.8
3.2
3.0
3.1
3.1
5.6
3.9
3.3
3.5
53
56
54
71
64
70
66
62
64
47
50
48
42
42
72
69
68
70
47
47
48
50
48
77
81
79
80
80
54
72
79
77
14
12
14
14
16
14
15
15
15
6
6
6
18
18
15
15
20
15
14
14
11
17
12
21
26
24
20
20
13
20
23
22
7.7
7.2
7.7
14.7
18.3
15.5
3.2
2.5
2.9
6.2
8.1
6.6
6.9
6.9
11.3
11.4
21.9
11.5
4.8
4.8
2.3
3.0
2.4
1.1
1.1
1.1
5.1
5.1
5.6
1.8
3.3
2.8
Image Resources NL | Annual Report 2023 29
TABLE 3: Mineral Resources – Dry and Dredge Mining, Strand and Dune Deposits; in accordance with the JORC Code (2012)
– as at 31 December 2023 (cont.)
Mineral
Resource
Category
Cut-off
(total
HM%)
Tonnes
(million)
In-situ HM
Tonnes
(millions)
Total HM
grade
(%)
Deposit
HM Assemblage (% of total HM)
Zircon Rutile
Leuc.
Ilmenite Monazite
Slimes
(%)
Oversize
(%)
Measured
Indicated
Inferred
Meas Ind
and Inf
Indicated
Inferred
Ind and Inf
Indicated
Ind
Inferred
Inf
Bidaminna *
Titan
Telesto
Calypso
i
i
g
n
n
M
e
g
d
e
r
D
Total Dredge
Mining
Total Measured
Dredge
Total Indicated
Dredge
Total Inferred Dredge
Sub Total Dredge
Total Combined
Mineral Resources
Total Measured
Total Indicated
Total Inferred
Grand Total
0.5
0.5
0.5
86.0
13.0
10.0
0.5
109.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
21.2
115.4
136.6
3.5
3.5
51.5
51.5
86
38
177
301
97
1,863
4,435
6,396
0.3
0.3
0.2
0.3
2.4
0.3
0.1
2.7
0.4
2.2
2.6
0.1
0.1
0.9
0.9
2.4
0.8
3.1
6.3
3
32
66
101
2.8
2.1
0.7
2.5
1.8
1.9
1.9
3.8
3.8
1.7
1.7
2.8
2.1
1.8
2.1
7.2
1.7
1.5
1.6
4.9
4.9
4.6
4.9
9.5
9.5
9.5
9.5
9.5
10.8
10.8
4.9
7.9
9.7
7.7
10.4
6.9
5.0
5.8
4.0
4.2
5.6
12.0
13.0
17.0
4.0
12.2
3.1
3.1
3.1
5.6
5.6
5.1
5.1
4.0
3.9
3.7
3.8
6.6
4.0
2.3
3.0
1.5
1.5
1.5
0.7
0.7
1.6
1.6
12.0
5.4
1.9
6.1
5.6
4.1
3.2
3.6
72
71
66
72
72
72
72
67
67
68
68
72
71
71
71
54
76
79
77
4
5
3
4
22
19
19
17
17
14
14
4
16
17
13
13
20
22
22
3.2
2.3
1.8
3.0
-
-
-
-
-
-
-
5.6
1.7
3.1
2.8
* Ore Reserves under JORC 2012 reported separately.
Changes to the Company’s Mineral Resource estimate at Boonanarring are material and arise from mining depletion during the period. The
minable portion of the Mineral Resource estimate that was reported as at 31 December 2022 was mined to completion in August 2023
(Refer to the Company’s Quarterly Activity Report, dated 26 October 2023 for further information). This was in line with the mine plan.
The remaining portion of the Mineral Resource estimate has been effectively sterilised by the cessation of mining as it no longer meets the
reasonable likelihood of economic exploitation requirement of the JORC code 2012. The remnants of the Boonanarring Mineral Resource
estimate have been removed from the Company’s inventory of Mineral Resource estimates.
Changes to the Company’s Mineral Resource estimates at Regans Ford, Red Gully and Gingin South are material and arise from technical
work carried out on the deposits during the period. Each Mineral Resource estimate was reviewed and re-reported in accordance with the
JORC code 2012 (Refer to the Company’s ASX release dated 14 December 2023 for further information). The updated Mineral Resource
estimates were added back into the Company’s inventory of Mineral Resource estimates (Tables 3 & 4).
TABLE 4: Comparative Mineral Resources (for those resources that changed) – Strand and Dune Deposits
– in accordance with the JORC Code (2012)
Project /
Deposit
As at 31 Dec 2022
Boonanarring
Sub Total
As at 31 Dec 2023
Boonanarring
Gingin South
Regans Ford
Red Gully
Total Mineral Resources
Cut-off
(total
HM%)
Tonnes
(million)
In-situ HM
Tonnes
(millions)
Total HM
grade
(%)
HM Assemblage (% of total HM)
Zircon Rutile
Leuc.
Ilmenite Monazite
Slimes
(%)
Oversize
(%)
2.0
2.5
4.0
2.5
6.1
6.1
0.0
8.1
9.9
6.0
24.0
0.3
0.3
0.00
0.5
1.0
0.5
1.9
5.0
5.0
14.7
14.7
6.1
9.6
7.7
7.9
8.3
10.0
12.4
10.2
4.4
4.4
5.2
4.3
3.1
4.2
9
9.1
50
50.0
10.3
9.8
8.3
9.6
65.3
69.8
65.8
67.7
16.6
16.6
7.3
17.0
11.2
12.2
4.9
4.9
8.7
0.0
1.1
3.2
30 Image Resources NL | Annual Report 2023
GOVERNANCE CONTROLS
Mineral Resources and Ore Reserves are
prepared by qualified Image Resources
personnel and / or independent consultants
following industry standard methodology
and techniques. The underlying data,
methodology, techniques and assumptions
on which estimates are prepared are subject
to internal peer review by senior Company
personnel, as is JORC compliance. Where
deemed necessary or appropriate, estimates
are reviewed by independent consultants.
Competent Persons named by the Company
are members of the Australasian Institute
of Mining and Metallurgy and / or the
Australian Institute of Geoscientists and
qualify as Competent Persons as defined by
the JORC Code 2012 for the activity they
are undertaking.
COMPETENT PERSON STATEMENTS
AND PREVIOUSLY REPORTED
INFORMATION
This Mineral Resources and Ore Reserves
Statement as a whole has been approved
by Damien Addison who is the Exploration
Manager of Image Resources NL. Mr
Addison is a Member of the Australasian
Institute of Geoscientists (AIG) and has
sufficient experience which is relevant
to the style of mineralisation and type of
deposit under consideration and to the
activity which he is undertaking to qualify
as a Competent Person as defined in the
2012 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral
Resources and Ore Reserves’. Mr Addison
has given his prior written consent to
the inclusion in this report of the Mineral
Resources and Ore Reserves statement in
the form and context in which it appears. Mr
Addison is a shareholder in the Company.
The information in this report that relates to
the Atlas Ore Reserves estimate is based
on and fairly represents, information which
has been prepared by Mr Per Scrimshaw,
Member of the Australasian Institute
of Mining and Metallurgy (AusIMM). Mr
Scrimshaw is a full-time employee of Entech
Pty Ltd and has sufficient experience which
is relevant to the style of mineralisation and
type of deposit under consideration and
to the activity which he is undertaking to
qualify as a Competent Person as defined
by the 2012 Edition of the ‘Australasian
Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’.
The information in this report that relates
to the Bidaminna Ore Reserves estimate is
based on, and fairly represents, information
which has been prepared by Mr Greg
Jones, an employee if IHC Mining, who is a
Fellow of the Australian Institute of Mining
and Metallurgy. Mr Jones has sufficient
experience in Ore Reserve estimation
relevant to the style of mineralisation and
type of deposit under consideration to
qualify as a Competent Person as defined
by the 2012 Edition of the ‘Australasian
Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’.
Mr Jones confirms there is no potential for a
conflict of interest in acting as a Competent
Person and has provided his written consent
to the inclusion in the report of the matters
based on his information in the form a
context in which it appears.
The information in this report that relates to
the Bidaminna, Boonanarring North West,
Boonanarring North Extension, Hyperion,
Helene, Gingin North, Atlas, Drummond
Crossing, Durack, Ellengail, Robbs Cross,
Thomson, Yandanooka, Corridor, West
Mine North, McCalls and Mindarra Springs
Mineral Resource estimates is based on and
fairly represents, information which has been
prepared by Mrs Christine Standing, who
is a Member of the Australasian Institute
of Mining and Metallurgy (AusIMM) and the
Australian Institute of Geoscientists (AIG).
Mrs Standing is a full-time employee of
Snowden Optiro Pty Ltd (Snowden Optiro)
and has sufficient experience which is
relevant to the style of mineralisation and
type of deposit under consideration and
to the activity which she is undertaking to
qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code
for Reporting of Exploration Results, Mineral
Resources and Ore Reserves’.
The information in this report that relates
to the Titan, Telesto and Calypso Mineral
Resource estimates is based on and fairly
represents, information which has been
prepared by Mr Lynn Widenbar BSc, MSc,
DIC MAusIMM MAIG employed by Widenbar
& Associates who is a consultant to the
Company. Lynn Widenbar has sufficient
experience which is relevant to the style of
mineralisation and type of deposit under
consideration and to the activity which he
is undertaking to qualify as a Competent
Person as defined by the 2012 Edition of
the ‘Australasian Code for Reporting of
Exploration Results, Mineral Resources and
Ore Reserves’.
The information in this report that relates
to the Gingin South, Red Gully and Regans
Ford Mineral Resource estimates is based
on and fairly represents, information which
has been prepared by Mr Damien Addison,
who is a Member of the Australian Institute
of Geoscientists (AIG). Mr Addison is a full-
time employee of Image Resources NL and
has sufficient experience which is relevant
to the style of mineralisation and type of
deposit under consideration and to the
activity which he is undertaking to qualify
as a Competent Person as defined by the
2012 Edition of the ‘Australasian Code for
Reporting of Exploration Results, Mineral
Resources and Ore Reserves’.
This report includes information that relates
to Ore Reserves and Mineral Resources
which were prepared and first disclosed
under JORC Code 2012. The information
was extracted from the Company’s previous
ASX announcements as follows:
•
Gingin South, Red Gully and Regans
Ford Mineral Resources: 15 December
2023 “Mineral Resource Updates
Gingin South, Red Gully and Regans
Ford”
•
•
•
•
•
•
•
•
•
•
•
•
•
Bidaminna Ore Reserve: 27 June
2023 “Pre-feasibility Study Results,
Bidaminna Mineral Sand Project”
Atlas Ore Reserves: 21 December 2022
“Revised Announcement – Atlas Project
Ore Reserve Update”
Atlas Mineral Resource: 15 December
2022 “Mineral Resource Update Atlas
Project”
Bidaminna Mineral Resource:
28 February 2023 – “Mineral Resources
Update - Bidaminna Project”
Gingin North Mineral Resource:
31 March 2021 – “Project MORE
Update Boonanarring Atlas Projects”
Boonanarring North Extension Mineral
Resource: 31 March 2021 – “Project
MORE Update Boonanarring Atlas
Projects”
Boonanarring North West Mineral
Resource: 31 March 2021 – “Project
MORE Update Boonanarring Atlas
Projects”
Helene Mineral Resources: 31 March
2021 – “Project MORE Update
Boonanarring Atlas Projects”
Hyperion Mineral Resources:
31 March 2021 – “Project MORE
Update Boonanarring Atlas Projects”
Titan Mineral Resources: 31 October
2019
Telesto South Mineral Resources:
31 October 2019
Calypso Mineral Resources:
31 October 2019.
Drummond Crossing, Durack,
Ellengail, Robbs Cross, Thomson,
Yandanooka, Corridor: 11 March 2022
“Mineral Resource Update – Eneabba
Tenements”
• McCalls and Mindarra Springs:
20 May 2022 “Mineral Resource
Update McCalls Mineral Sands Project”
• West Mine North: 29 July 2022 “Mineral
Resource Update – West Mine North”
The Company confirms it is not aware of
any new information or data that materially
affects the information included in the
original market announcements and, in
the case of reporting of Ore Reserves
and Mineral Resources, that all material
assumptions and technical parameters
underpinning the estimates in the relevant
market announcements continue to apply
and have not materially changed. The
Company confirms that the form and
context in which any Competent Person’s
findings are presented have not been
materially modified from the original market
announcement.
Image Resources NL | Annual Report 2023 31
FINANCIAL REPORT
CONTENTS
Directors’ Report
Remuneration Report
Auditor’s Independence Declaration
Consolidated Statement of Profit or Loss and
Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors’ Declaration
Independent Auditor’s Report
33
38
48
49
50
51
52
53
79
80
32 Image Resources NL | Annual Report 2023
DDiirreeccttoorrss’’ RReeppoorrtt
DIRECTORS' REPORT
Your directors present their report, together with the financial statements of the Group, being the Company, Image Resources
NL, and its controlled entities, for the financial year ended 31 December 2023 compared with the financial year ended 31
December 2022.
DIRECTORS
The following persons were directors of Image Resources NL (“Image”) during the year and up to the date of this report, unless
stated otherwise:
Robert Besley
Patrick Mutz
Aaron Chong Veoy Soo
Peter Thomas
Ran Xu
Winston Lee
Chaodian Chen (Retired 30 May 2023)
PRINCIPAL ACTIVITIES
The principal activities of the Group during the year involved the operation of the 100% -owned, high- grade, zircon- rich
Boonanarring mineral sands project located 80km north of Perth in WA, and exploration and development of tenements in the
North Perth basin.
RESULTS FROM OPERATIONS
During the year, the Group recorded an operating loss of $4,707,000 (for the year to 31 December 2022 : operating profit of
$15,168,000). Basic loss per share for the year was 0.43 cents (year to 31 December 2022 : profit of 1.43 cents). Diluted loss
per share for the year was 0.47 cents (year to 31 December 2022 : profit of 1.42 cents).
DIVIDENDS PAID OR RECOMMENDED
No amounts have been paid or declared by way of a dividend by the Company since the end of the previous financial year
(CY2022) and the directors do not recommend the payment of any dividend.
Dividend Policy
The Company’s dividend policy provides for the Board of Directors, as soon as practicable after the end of a Group financial
year, and to the extent permitted by law, to distribute to Shareholders as a dividend, all Excess Cash held at the end of that
Financial Year; with Excess Cash defined as cash held by the Group, other than cash that the Board considers is necessary or
desirable to be retained by the Group for the Group’s existing liabilities and future activities.
REVIEW OF OPERATIONS
A review of operations is covered elsewhere in this Annual Report.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
All significant changes in the state of affairs of the Group during the year are discussed in detail above.
SIGNIFICANT EVENTS SUBSEQUENT TO REPORTING DATE
On 14 March 2024, the Company announced that the Western Australian Environmental Protection Authority (EPA) has released
its assessment report on t he Company’s development proposal for its 100%-owned Atlas mineral sands project. In this report,
the EPA recommends that the Atlas development proposal may be implemented subject to conditions. The release of the
assessment report triggers a three-week review period. Following the review period and resolution of any appeals, the Minister
for Environment will consider approval of the Atlas p roject under Part IV of the Environment Protection Act.
Other than the events stated above, there has not been any other matter or circumstance that has arisen after the balance date
that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the
state of affairs of the Group in future periods.
LIKELY DEVELOPMENTS AND EXPECTED RESULTS OF OPERATIONS
The Review of Operations set out on pages 12 to 17 of this Annual Report, provide an indication of the Group’s likely development
and expected results. In the opinion of the Directors, disclosure of any further information about these matters and the impact
on Group operations could result in unreasonable prejudice to the Group and has not been included in this report.
Image Resources NL | Annual Report 2023 33
DDiirreeccttoorrss’’ RReeppoorrtt ((ccoonntt..))
DIRECTORS' REPORT (cont.)
ENVIRONMENTAL ISSUES
The Group carries out operations in Australia which are subject to environmental regulations under both Commonwealth and
State legislation in relation to those activities. The Group’s MD, Exploration Manager, COO and Operations Manager are
responsible for monitoring and reporting on compliance with all environmental regulations. During or since the financial year
there have been no known significant breaches of these regulations.
INFORMATION ON DIRECTORS AND COMPANY SECRETARIES
Robert Besley
Chair
Appointed as Director and Chair on 8 June 2016 Robert Besley and has more than 40 years’
experience in the mining industry. Mr Besley has served in a number of Government and industry
advisory roles including several years as Deputy Chairman of the NSW Min erals Council. He holds
a BSc (Hons) in Economic Geology from the University of Adelaide and is a Member of the
Australian Institute of Geoscientists. He managed the creation, listing and operation of two
successful mining companies; CBH Resources Limited which he led as Managing Director from a
small exploration company to Australia’s 4 th largest zinc producer; and Australmin Holdings
Limited (acquired by Newcrest) which brought into production a gold mine in WA and mineral
sands mine in N S W. More recently he was a founding Director of KBL Mining Limited which operated
the Mineral Hill copper-gold mine in NSW and was Chairman of Silver City Minerals Limited, which
explored for silver-lead-zinc in the Broken Hill District. He was a non- executive and independent
Director of Murray Zircon from commencement of development and production of the Mindarie
Mineral Sands Project until June 2016. He also serves on the Company’s audit & risk,
remuneration & nomination, and hedge committees. Mr Besley has not been a director of any
other listed public companies in the past 3 years.
Mr Mutz was appointed Managing Director and CEO on 8 June 2016 and has more than 40 years
of international mining industry experience in technical (metallurgist), managerial, consulting and
executive roles in all aspects of the industry from exploration through project development,
mining and mine rehabilitation. He has operational expe rience in open cut, underground, and in-
situ mining, and related processing, on projects in the USA, Germany, Africa and Australia. Since
his arrival in Australia from the USA in 1998, he has served as CEO / Managing Director of a
number of publicly listed and private mining companies based in South Australia, Victoria and
Western Australia, primarily involved with proj ect development and company transitioning from
exploration to production. Mr Mutz is a Fellow of the AusIMM. He holds a Bachelor of Science
(Honours) and an MBA from the University of Phoenix in the US . Patrick serves on the Company’s
hedge committee. During the past 3 years he has served as a director of the following other listed
companies:
Aura Energy Limited – appointed 18 May 2022, continuing.
Mr Thomas, having served on ASX listed company boards for over 30 years, has been a non -
executive director of Image Resources NL since 10 April 2002. For over 30 years until June 2011,
he ran a legal practise on his own account specialising in the delivery of wide ranging legal,
corporate and commercial advice to listed explorers and miners. He serves on the Company’s
audit & risk and remuneration & nomination committees. During the past 3 years he has served
as a director of the following other listed companies:
Emu NL – appointed August 2007,
Middle Island Resources Limited –
continuing.
appointed March 2010, continuing.
Patrick Mutz
Managing Director
Peter Thomas
Non-Executive Director
34 Image Resources NL | Annual Report 2023
DDiirreeccttoorrss’’ RReeppoorrtt ((ccoonntt..))
DIRECTORS' REPORT (cont.)
Aaron Chong Veoy Soo
Non-Executive Director
Mr Soo has been a long-term supporter and shareholder in Image Resources. Mr Soo is an
advocate & solicitor practising in West Malaysia with 2 2 years of experience in legal practice and
currently a partner in Stanley Ponniah, Ng & Soo, Advocates & Solicitors. He also serves on the
Company’s audit & risk committee. Mr Soo has not been a director of any other listed public
companies in the past 3 years.
Ms Ran Xu has a masters degree in HR Management and Industrial Relations. She started working
in LB Group in 2014 as a Procurement and Strategy VP and is now the Associate President of
Strategy. Ms Xu has extensive experience and market intelligence in the ilmenite and pigment
industry. Ms Xu has not been a director of any other listed companies in the past 3 years.
Ran Xu
Non-Executive Director
Winston Lee
Non-Executive Director
Winston Lee is the CEO of Vestpro International Limited, a commodity holding company, with assets
under management including major stakes in private and publicly listed mining companies. Mr Lee
is establishing a position in the global mining industry through investments, operations, and
explorations in North America, Asia and Africa. He has 7 years of experience in developing
international cooperation with resource companies as well as investments in heavy metal,
healthcare and other natural resources. He led the Research and Development d epartment of Zipro
Technology Corporation, collaborating with professors and the Dean of Engineering at National
Taiwan University. Mr Lee serves as Head of Finance of an AI driven simulation platform company
and plays a central role covering a wide range of capital and legal structures as well as asset sales.
The company owns patents involving Virtual Matter and Virtual Environments. Mr Lee is a
passionate patron of the arts supporting emerging contemporary artists. He serves on the
Company’s remuneration & nomination committee. Mr Lee has not been a director of any other
listed public companies in the past 3 years.
Dennis Wilkins
Joint Company Secretary
Mr Wilkins is the founder and Principal of DWCorporate Pty Ltd, a corporate advisory firm
servicing the resources industry. He is a highly experienced company secretary with a strong
background in mining and exploration. As Principal, Mr Wilkins has been providing commercial,
strategic, and corporate governance services to international exchang e listed entities for 21
years.
Image Resources NL | Annual Report 2023 35
DDiirreeccttoorrss’’ RReeppoorrtt ((ccoonntt..))
DIRECTORS' REPORT (cont.)
John McEvoy
Joint Company Secretary and Chief Financial Officer
Mr McEvoy joined Image Resources NL in July 2014 and is Chief Financial Officer and Joint
Company Secretary. Mr McEvoy has an honours degree in Mathematics from Southampton
University and has 30 years of experience in senior mining finance roles incorpora ting the whole
mining company life-cycle from initial discovery to mine closure. Mr McEvoy is a member of the
Institute of Chartered Accountants in England & Wales (ICAEW) and is a graduate of the Australian
Institute of Company Directors (AICD).
AUDIT & RISK COMMITTEE
In February 2023 the Audit Committee was reconstituted as the Audit & Risk Committee. During the financial year the members
of the Company’s Audit & Risk Committee comprised Messrs Thomas (Chair), Besley and Soo. During the year, the committee
held two meetings. All members attended these meetings.
REMUNERATION & NOMINATION COMMITTEE
In February 2023 the Remuneration Committee was reconstituted as the Remuneration & Nomination Committee. During the
financial year the members of the Remuneration & Nomination Committee comprised Messrs Besley (Chair), Thomas and Lee.
During the year, the committee held ten meetings. All members attended these meetings.
HEDGE COMMITTEE
During the financial year the members of the Hedge Committee comprised Messrs Besley (Chair), Mutz and McEvoy. During the
financial year, the committee held six meetings. Mr Mutz attended 5 meetings. Messrs Besley and McEvoy attended all meetings.
INVESTMENT COMMITTEE
During the financial year the members of the Investment Committee comprise d Messrs Thomas (Chair), Chen, Soo, and Ms Xu.
In July 2023 the Investment Committee was disbanded with the full Board to vet future investment proposals. During the period
the committee did not hold any meetings.
MEETINGS OF DIRECTORS
During the financial year ended 31 December 20 23, there were six meetings of directors held. Attendances by each director
during the 2023 year on Board and committee meetings is detailed below.
Board
Meetings
Audit & Risk
Committee
Remuneration &
Nomination
Committee
Investment
Committee
Hedge
Committee
Number
eligible
to
attend
Number
eligible
to
attend
Number
attended
Number
eligible
to
attend
Number
eligible
to
attend
Number
attended
Number
eligible
to
attend
Number
attended
Number
attended
Number
attended
Robert Besley
Patrick Mutz
Peter Thomas
Aaron Soo
Chaodian
Chen (Retired
30 May 2023)
Ran Xu
Winston Lee
6
6
6
6
2
6
6
6
6
6
6
1
5
6
2
-
2
2
-
-
-
2
-
2
2
-
-
-
10
-
10
-
-
-
10
-
10
-
-
-
10
10
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6
6
-
-
-
-
-
6
5
-
-
-
-
-
36 Image Resources NL | Annual Report 2023
DDiirreeccttoorrss’’ RReeppoorrtt ((ccoonntt..))
DIRECTORS' REPORT (cont.)
PERFORMANCE RIGHTS AND OPTIONS
At the date of this report there was the following performance rights on issue to acquire a maximum of one fully paid ordinary
shares for each right issued.
Number
Vesting Date
Expiry Date
578,088
1,156,176
16,087,294
17,821,558
30 June 2024
30 June 2026
30 June 2025
30 June 2026
30 June 2025
30 June 2027
During the financial year 8,000,000 options expired on 27 May 2023 and 3,351,099 warrants expired on 20 May 2023.
During the financial year 3,761,066 performance rights were issued to acquire a maximum of one fully paid ordinary shares for
each right issued. Since the end of the financial year, as at the date of this report, an additional 14,060,492 performance rights
were issued to acquire a maximum of one fully paid ordinary shares for each right issued.
CORPORATE STRUCTURE
Image is a no liability company incorporated and domiciled in Australia.
ACCESS TO INDEPENDENT ADVICE
Each director has the right, so long as he is acting reasonably in the interests of the Group and in the discharge of his duties as
a director, to seek independent professional advice and recover the reasonable costs thereof from the Group. The advice shall
only be sought after consultation about the matter with the Chair (where it is reasonable that the Chair be consulted) or, if it is
the Chair that wishes to seek the advice or it is unreasonable that he be consulted, another director (if that be reasonab le). The
advice is to be made immediately available to all Board members other than to a director against whom privilege is claimed.
INDEMNIFICATION AND INSURANCE OF DIRECTORS AND OFFICERS
Image has paid premiums to insure the Directors and Officers of Image.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought a gainst
the Officers in their capacity as Officers of Image, and any other payments arising from liabilities incurred by the Officers in
connection with such proceedings, other than where such liabilities that arise out of conduct involving a wilful breach of du ty by
the Officers or the improper use by the Officer s of their position or of information to gain advantage for themselves or someone
else or to cause detriment to Image.
It’s not possible to apportion the premium between amounts relating to the insurance against legal costs and those relating to
other liabilities. Conditions of the policy also preclude disclosure to third parties of the amount paid for the policy.
PROCEEDINGS ON BEHALF OF THE GROUP
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of
the Group, or to intervene in any proceedings to which the Group is a party, for the purpose of taking responsibility on behalf of
the Group for all or part of those proceedings.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out in this
Annual Report.
Image Resources NL | Annual Report 2023 37
RReemmuunneerraattiioonn RReeppoorrtt ((aauuddiitteedd))
REMUNERATION REPORT - AUDITED
Names and positions held of key management personnel (defined by the Australian Accounting Standards as being “those people
having authority and responsibility for planning, directing, and controlling the activities of an entity, either directly or indirectly.
This includes an entity's directors”) in office at any time during the financial year were:
Name
Position
Non-Executive Directors
Robert Besley
Peter Thomas
Aaron Soo
Ran Xu
Winston Lee
Non-Executive Chair
Non-Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Chaodian Chen (Retired 30 May 2023)
Non-Executive Director
Executive Directors
Patrick Mutz
Executive Officers
John McEvoy
Todd Colton
Managing Director & Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
George Sakalidis (Resigned 17/03/2023)
Head of Exploration
The Group’s policy for determining the nature and amount of emoluments of key management personnel is set out below:
Key Management Personnel Remuneration and Incentive Policies
The Remuneration Committee is responsible for the Group’s remuneration policy. The committee uses an external, independent
remuneration advisor to help provide recommendations to the Board in relation to remuneration strategies, policies, contracts,
director and executive remunerations packages and review of annual compensation arrangements.
The Remuneration Committee’s mandate is to make recommendations to the Board with respect to appropriate and competitive
remuneration and incentive policies (including the basis for paying and the quantum of any bonuses), for key management
personnel and others as considered appropriate, which:
• motivates them to contribute to the growth and success of the Group within an appropriate control framework.
•
•
aligns the interests of key leadership with the interests of the Company’s shareholders.
are paid within any limits imposed by the Constitution and make recommendations to the Board with respect to the need
for increases to any such amount at the Company’s annual general meeting, and
•
in the case of directors, only permits participation in equity -based remuneration schemes after appropriate disclosure
to, due consideration by and with the approval of the Company’s shareholders.
Non-Executive Directors
•
•
The committee is to ensure that non -executive directors are not provided with retirement benefits other than statutory
superannuation entitlements.
To the extent that the Company adopts a remuneration structure for its non -executive directors other than in the form
of cash and superannuation, the disclosure thereof shall be made to shareholders and approvals obtained as required
by law and the ASX listing rules.
Incentive Plans and Benefits Programs
The committee is to:
•
•
•
review and make recommendations concerning long -term incentive compensation plans, including the use of equity -
based plans. Except as otherwise delegated by the Board, the committee will act on behalf of the Board to administer
equity-based and employee benefit plans, and as such will discharge any responsibilities under those plans, including
making and authorising grants, in accordance with the terms of those plans.
ensure that, where practicable, incentive plans are designed around appropriate and realistic performance targets that
measure relative performance and provide remuneration when they are achieved, and
review and, if necessary, improve any existing benefit program established for employees.
38 Image Resources NL | Annual Report 2023
RReemmuunneerraattiioonn RReeppoorrtt –– aauuddiitteedd ((ccoonntt..))
REMUNERATION REPORT - AUDITED (cont.)
Key Management Personnel Contracts
Remuneration arrangements for Key Management Personnel are formalised in employment agreements. The following outlines
the details of contracts:
Executives
Patrick Mutz – Managing Director
•
•
•
•
Base Salary - $634,418 per annum (from 1 July 2023) inclusive of superannuation, and allowances.
Performance bonus – participates in a Group-wide executive performance incentive schemes, including both short -term
and long-term incentives.
Allowances – from 1 July 2023, the Group contribute s up to $42,436 per 12-month period or proportion thereof for
accommodation whilst located in Perth and towards airfares for travel between Adelaide and Perth. The Group provides
a Group vehicle for use on Group business and commuting from the corporate office and the Group’s various mining
and exploration sites as and when necessary .
The agreement may be terminated by the Group by the provision of six months written notice. The employee may
terminate the contract by the provision of three months’ notice .
John McEvoy – Chief Financial Officer
•
•
•
Base Salary - $437,091 per annum (from 1 July 2023) inclusive of superannuation.
Performance bonus – participates in a Group-wide executive performance incentive schemes, including short -term and
long-term incentives.
The agreement may be terminated by the Group by the provision of six months written notice. The employee may
terminate the contract by the provision of three months’ notice .
Todd Colton – Chief Operating Officer
•
•
•
Base Salary - $483,770 per annum (from 1 July 2023) inclusive of superannuation.
Performance bonus – participates in a Group-wide executive performance incentive schemes, including both short term
and long-term incentives.
The agreement may be terminated by the Group by the provision of six months written notice. The employee may
terminate the contract by the provision of three months’ notice .
Non-Executives
Clause 91 (1) of the Company’s Constitution provides that Directors are entitled to receive Directors’ fees within the limits
approved by shareholders in general meeting. Shareholders approved the aggregate fees to be paid to Directors to be $700,000
per annum on 30 May 2023.
Each Non-Executive Director’s actual remuneration for the year ended 31 December 2023 and the year to 31 December 2022 is
shown below. Each Non-Executive Director has an unspecified term of appointment, which is subject to the Company’s
Constitution. Conditions are reviewed at least annually by the Remuneration Committee. There are no termination benefits for
any Non-Executive Director.
Base fees for each non-executive director during their period in office were as follows:
Robert Besley
Peter Thomas
Aaron Soo
Ran Xu
Winston Lee
Base Fees
per annum
$
171,000 1
100,500
88,000
80,000
80,000
Audit Committee Fee
$
Remuneration
Committee Fee
$
-
10,000 2
6,000
-
6,000
-
6,000
-
-
-
Fees are inclusive of superannuation where required.
Note 1. Includes committee fees.
Note 2. Chair of Audit & Risk Committee.
Consultant Agreements
DW Corporate Services Pty Ltd: provides the services of Dennis Wilkins as Company Secretary. These services are provided
under a services agreement for a fixed monthly retainer fee of $2,000 plus additional services charged at specified hourly ra tes.
Four months’ written notice of term ination is required from either party.
Image Resources NL | Annual Report 2023 39
RReemmuunneerraattiioonn RReeppoorrtt –– aauuddiitteedd ((ccoonntt..))
REMUNERATION REPORT - AUDITED (cont.)
Guaranteed Rate Increases
There are no guaranteed rate increases fixed in the contracts of any of the key management personnel.
Non-Executive Director Remuneration
The Remuneration Committee also engaged BDO to review non -executive director (NED) remuneration against the same basket
of peer companies used for the executive remuneration benchmarking, and to make recommendations to improve market
competitiveness. BDO identified that NED salaries were and had been substantially below market levels and recommended that
salaries increase, but that 30% of NED salaries be paid in equity. The Board adopted BDO’s recommendations in lieu of, and
subject to shareholder approval for an increase of the maximum aggregate amount of directors’ fees payable as NED
remuneration (NED Fee Cap) The shareholders approved the increase in the NED fee cap to $700,000 per annum at the last
annual general meeting of shareholders on 30 May 2023.
Non-Executive Director Options
No Non-Executive Director (NED) options were issued during the year ended 31 December 2023 or the year ended 31 December
2022.
On 27 May 2023, 8,000,000 (NED) options expired. These options were originally issued on 27 May 2021 to NEDs at an exercise
price of $0.32 per share with an expiry date of 27 May 2023.
Incentive Awards Plan
The Image Incentive Awards Plan (IAP) was approved by shareholder s at the Shareholder General Meeting held on 30 May 2023.
The first IAP issue of convertible securities occurred on 21 December 2023.
The IAP was adopted to give the Company more flexibility to motivate and incentivise employees, improve employee retention ,
and to better align incentive awards with longer term shareholder returns. This IAP was adopted as the existing Employee Shar e
Plan (ESP) is limited to the issue of loan-funded shares.
The new IAP was designed to better reward Directors and employees of the Group for providing dedicated and ongoing
commitment and effort to the Group, and for the Group to reward its employees for their efforts in a manner on balance in all
the prevailing circumstances, was in the best interests of the Company . The IAP provides employees with convertible
(performance) rights to receive fully paid ordinary shares based on the terms and conditions decided on by the Directors of the
Company.
During the 31 December 2023 year 3,761,066 performance rights were issued to acquire one fully paid ordinary share for each
right issued subject to any adjustments that may be made for performance . Since the end of the financial year, as at the date of
this report, an additional 14,060,492 performance rights were issued to acquire a maximum of one fully paid ordinary share for
each right issued.
The principal provisions of the plan include.
•
•
•
•
•
•
•
The plan extends to all employees and, subject to prior shareholder approval in each instance, to all Directors. of the
Group.
The Company may at any time, in its absolute discretion, make an offer to an Eligible Director or employee.
The number and conditions of Convertible Securities issued to an Eligible Employee is determined by the Directors of
the Company.
An eligible participant may nominate a nominee to receive the convertible securities.
The Board may determine an option exercise price (if any).
Any Convertible Security may be made subject to Vesting Conditions as determine d by the Board at its discretion.
A share acquired in accordance with the Plan may be subject to a Restriction Condition.
Employee Share Plan
The Image Employee Share Plan (ESP) was implemented after shareholder approval at the shareholder General Meeting held on
13 February 2018 and was last approved by shareholders at the Annual General Meeting held on 30 May 2023 . No securities
were issued under the ESP during the reporting period, and it is the Company’s intention to utilise the IAP described above for
future offers in lieu of the ESP.
The purpose of the ESP is to give an additional incentive to employees of the Group to provide dedicated and ongoing
commitment and effort to the Group, and for the Group to reward its employees for their efforts. It is considered an effective
way to align the objectives of management with the interests of shareholders.
The plan rewards share price growth. The plan shares are of value to the holder of the shares only to the extent to which the
share price exceeds the share price after the offer is made to the employee. Furthermore, the plan does not give rise to a ta x
liability on issue (unlike some equity remuneration structures) therefore encouraging long term holdings.
40 Image Resources NL | Annual Report 2023
RReemmuunneerraattiioonn RReeppoorrtt –– aauuddiitteedd ((ccoonntt..))
REMUNERATION REPORT - AUDITED (cont.)
Issue of Plan Shares to Directors of the Company requires prior approval of Shareholder in accordance with Listing Rule 10.14 .
During the 31 December 2023 year no ESP shares were issued.
The principal provisions of the ESP include:
•
•
•
•
•
•
•
•
•
The Plan is available to all executive Directors subject to prior shareholder approval in each instance and employees of
the Group.
The Company may at any time, in its absolute discretion, make an offer to an Eligible Employee .
The number of Plan Shares issued to an Eligible Employee is determined by the Directors of the Company .
The issue price is the volume weighted average price of shares in the 5 trading days prior to the Issue Date .
The person accepting the offer (“Participant”) is deemed to have agreed to borrow from the Company on the terms of
the loan agreement referred to below an amount to fund the purchase of the Plan Shares .
The Plan Shares rank pari passu with all issued fully paid shares in respect of voting rights, dividends and entitlement
to participate in any bonus or rights issue s.
Plan participants may not dispose of any ESP Shares within 12 months of the issue date .
Until the loan to the Participant is fully repaid the Company has control over the disposal of the Plan Shares , and
Application will be made as soon as practicable after the allotment , for Plan Shares to be listed for quotation on ASX.
The principal provisions of the loan agreement include:
•
•
•
•
The amount lent will be an advance equal to the issue price of the Plan Shares multiplied by the number of Plan Shares
issued.
The repayment date is the date falling 3 years after the Issue Date.
The loan can be repaid at any tim e, but the Participant must pay any amount outstanding on the date the employee
ceases to be an employee of Image (or such late date as determined by Image at its discretion ). All dividends declared
and paid on the Plan Shares will be applied towards the repayment of the advance and there is no interest on the
advance.
A holding lock will be placed on the Plan Shares until the loan is fully repaid.
Retirement and Superannuation Payments
Prescribed benefits were provided by the Company to direct ors by way of superannuation contribut ions to externally managed
complying superannuation funds during the year. These benefits were paid as superannuation contributions to satisfy (at least )
the requirements of the Superannuation Contribution Guarantee Act and in satisfaction of any salary sa crifice requests. All
contributions were made to accumulation type funds selected by the director and accordingly actuarial assessments were not
required.
Executive Remuneration and Incentive Plans
Remuneration Mix
The mix of fixed and at-risk remuneration varies depending on the level of an executive and the performance of the Group. More
senior positions have a greater level of their at -risk remuneration tied to group performance. During any year it is possible f or
all executives that no at-risk remuneration will be earned.
If target at-risk remuneration was earned in FY2023 the proportion of fixed and at -risk remuneration would be:
• Managing Director:
54% fixed and 46% at-risk
•
Other Executives:
60% fixed and 40% at-risk
Total Fixed Remuneration (TFR) includes base salary and superannuation and allowances. Other benefits may be provided
based on individual contracts. TFR for executives is reviewed at least annually by the Remuneration Committee and any changes
must be approved by the Board, based on Remuneration Committee recommendations. Remuneration changes for other
employees are based on recommendations from management. The group seeks to position TFR to be at or near the 50 t h market
percentile of salaries for comparable positions/companies within the mining industry. The target TFR is based on information
provided by independent remuneration consultants.
Incentives
During CY2023, the Company (through the Remuneration Committee) engaged BDO Remuneration and Reward (“BDO”) to
benchmark individual executive remuneration against similar positions of an appropriate group of peer companies of relative
market cap, number of employees and number of operations, and to recommend changes to the remuneration program with
respect to fixed remuneration, short-term incentives and long-term incentives, with the objective of ensuring executive
remuneration is market competitive while improving alignment with shareholder value. BDO’s approach was to recommend
remuneration program features that have already been adopted by other resources companies and deemed to align with
shareholder expectations. Considering BDO’s recommendations the Group adopted the following Short -Term Incentive Plans
(STIP) and Long-Term Incentive Plans (LTIP) for the performance year ending 30 June 2023.
Image Resources NL | Annual Report 2023 41
RReemmuunneerraattiioonn RReeppoorrtt –– aauuddiitteedd ((ccoonntt..))
REMUNERATION REPORT - AUDITED (cont.)
Incentives are currently being paid as a mix of cash and performance rights. On vesting , each performance right entitles the
holder to one share in Image Resources NL at no cost.
Maximum STI and LTI opportunities as a % of Total Fixed Remuneration (TFR) for executives for each performance year are
shown in the following table:
Key Executive
Maximum STI opportunity (% of TFR)
Maximum LTI opportunity
(% of TFR)
Patrick Mutz
50% (33.5% as cash & 16.5% as performance rights)
John McEvoy
50% (33.5% as cash & 16.5% as performance rights)
Todd Colton
50% (33.5% as cash & 16.5% as performance rights)
90%
60%
60%
FY2023 Remuneration
Short Term Incentive Plan (STIP)
The Group’s STIP is designed to link any short- term incentive payments with the Group’s achievement of overall performance
targets that are aligned to the Group’s short term strategic objectives. The STI performance targets are established at the start
of the financial year and at the end of the financial year the percentage achieved is calculated and reviewed independently
before being endorsed by the Remuneration Committee. Payments of STI’s is dependent on performance achieved against
specific KPI targets. STI’s can be paid in a mix of cash and shares at the Board discretion (with the proportion currently set at
2/3 cash and 1/3 performance rights). No shares are issued to Directors without shareholder approval.
The executive remuneration framework is designed to align executive remuneration to the Group’s strategic objectives aimed at
creating increased shareholder returns and to incentivise executives to remain employed by the Group.
The maximum STI opportunity for each executive is 50% of TFR per annum.
The STIP is designed with an indicative 5% chance of achieving 100% of maximum: 50% chance of achieving target of 60% of
maximum; and 95% chance of achieving threshold of 30% of maximum.
Key Executive
TFR
Remuneration type
Patrick Mutz
$657,140
Cash
John McEvoy
$424,360
Todd Colton
$469,680
Performance Rights
Total
Cash
Performance Rights
Total
Cash
Performance Rights
Total
Maximum STI Opportunity
% of TFR
33.5%
16.5%
50.0%
33.5%
16.5%
50.0%
33.5%
16.5%
50.0%
Value
$220,142
$108,428
$328,570
$142,161
$70,019
$212,180
$157,343
$77,497
$234,840
The number of STI performance rights to be offered to Key Executives is calculated by:
•
determining each Key Executive’s performance against the STI 2023 KPIs and using that STI performance score to
determine the percentage of the maximum STI opportunity achieved ( Percentage STI Achieved), and
• multiplying the maximum STI opportunity value for each Key Executive by the Percentage STI Achieved and dividing
the result by the 20-day VWAP ending on 30 June 2023.
The Remuneration Committee determined the results of performance against the STI 2023 KPIs and calculated the overall
Percentage STI Achieved. An independent consultant reviewed the results and endorsed the reasonableness of the Percentage
STI Achieved.
The summary of the performance scoring for Key Executives for the STI 2023 KPIs equated to a Percentage STI Achieved of
62%.
42 Image Resources NL | Annual Report 2023
RReemmuunneerraattiioonn RReeppoorrtt –– aauuddiitteedd ((ccoonntt..))
REMUNERATION REPORT - AUDITED (cont.)
The Performance Score resulted in a 2023 Performance Period STI cash and performance rights awards as shown in the following
tables:
Key Executive
Patrick Mutz
John McEvoy
Todd Colton
Key Executive
Patrick Mutz
John McEvoy
Todd Colton
Maximum STI
Percentage STI
STI cash to award
opportunity cash value
Achieved
$220,142
$142,161
$157,343
62%
62%
62%
$136,488
$88,140
$97,553
Maximum STI
opportunity
performance rights
value
$108,428
$70,019
$77,497
Percentage STI
Achieved
20- day VWAP
Number of STI
performance rights
issued
62%
62%
62%
$0.0915
$0.0915
$0.0915
734,703
474,445
525,116
Approval for issue of the STI performance rights to Mr Mutz was obtained under Listing Rule 10.14 at the Company’s annual
general meeting held on 30 May 2023. The performance rights were issued on 16 February 2024.
One third of the STI performance rights issued are subject to a vesting condition that the Key Executive remains an employee
of the Company until 30 June 2024, with the remaining STI performance rights subject to a vesting condition that the Key
Executive remains an employee of the Company until 30 June 2025 .
Long Term Incentive Plan (LTIP)
The LTIP comprises the majority of the equity component of at -risk remuneration with a smaller number of performance rights
being part of STIP. The number of performance rights ultimately vesting is determined by reference to the Group’s shareholder
return performance over a 3-year period both in absolute terms and as compared to a peer group. LTIP performance rights ar e
issued annually at the discretion of the Board.
The overall performance score is determined as the sum of the individual scores for each business area with the range being 0 -
200%. A score of 100% equates to a target of 60% of LTI performance rights vesting and with an estimated 5% chance of 100%
of performance rights vesting.
For LTI performance rights issued related to the performance period 1 July 202 2 to 30 June 2025 the following weightings apply:
Business Area
Minimum Target
Stretch Target
Shareholder returns
Greater than 50% (below 40%
Greater than 75%
Weighting
50%
equals zero)
Ore Reserves
100Mt of new Ore Reserves
50Mt of new Ore Reserves (above
30%
Minimum Target)
Growth & Sustainability Positive
feasibility studies on
Positive
feasibility studies on MSP,
20%
Bidaminna & Yandanooka
McCalls Project and SR
Shareholder returns are calculated based on changes in capital value as measured by share price and dividends across the 3 -
year LTI performance period ending 30 June 2025. Shareholder returns are determined on both a relative and absolute basis.
If relative performance compared to peer group is less than 40% the relative performance score is zero, and otherwise the sco re
is equal to the relative performance score.
If absolute returns are less than 20% then the absolute performance score is zero and otherwise the score is equal to the
absolute returns.
Overall performance score is determined as the average of the performance score and absolute returns score.
There is also a condition that there are no fatalities in the final performance period. If this is not achieved no LTI performance
rights will vest.
Image Resources NL | Annual Report 2023 43
RReemmuunneerraattiioonn RReeppoorrtt –– aauuddiitteedd ((ccoonntt..))
REMUNERATION REPORT - AUDITED (cont.)
The number of LTI performance rights to be offered to Key Executives is calculated by dividing the maximum LTI opportunity
value for each Key Executive by the 20-day VWAP ending 30 June 2023, being $0.0915 ( 20-day VWAP). As a result, the following
Performance Rights have been issued:
Key Executive
Maximum LTI
Maximum number of LTI
Opportunity value
performance rights
Patrick Mutz
$591,426 (90% of TFR)
John McEvoy
$254,616 (60% of TFR)
Todd Colton
$281,808 (60% of TFR)
6,463,672
2,782,688
3,079,868
Approval for issue of the STI performance rights to Mr Mutz was obtained under Listing Rule 10.14 at the Company’s annual
general meeting held on 30 May 2023. The performance rights were issued on 16 February 2024.
The Board will determine each Key Executive’s performance against LTI KPIs shortly after 30 June 2025 and will use that LTI
performance score to determine the percentage of the maximum LTI opportunity achieved ( Percentage LTI Achieved). The
number of LTI performance rights that vest after 30 June 2025 will be determined by multiplying the Percentage LTI Achieved
times the maximum number of LTI performance rights issued.
Upon a change of control all vesting conditions will be waived pro rata to time elapsed and performance to date as determined
by the Board. If the employee ceases to be employed by the Group performance rights will lapse except to the extent the Boar d
exercises its discretion to allow vesting in whole or in part.
No performance rights vested during the current reporting period.
Current Board Remuneration Structure
The current remuneration structure for the Board is as follows:
Director
Annual Directors Fees
Committee Fees
Mr R Besley
(Non-Executive Chair)
$171,000 inclusive of super
Mr P Mutz
(Managing Director)
$634,418 inclusive of super
-
-
Mr P Thomas
(Non-Executive Director)
$100,500 inclusive of super
$16,000 inclusive of super
Mr A Soo
(Non-Executive Director)
Mrs R Xu
(Non-Executive Director)
Mr W Lee
(Non-Executive Director)
$88,000 1
$80,000 1
$80,000 1
$6,000 1
-
$6.0001
Note 1: No super is required to be paid as the Directors are permanent foreign residents.
44 Image Resources NL | Annual Report 2023
RReemmuunneerraattiioonn RReeppoorrtt –– aauuddiitteedd ((ccoonntt..))
REMUNERATION REPORT - AUDITED (cont.)
Non-Executive Director remuneration for the years ended 31 December 202 3 and 31 December 2022
Financial
year
Board
fees
Committee
fees
Super-
annuation
Share-based
payments
Robert Besley
Peter Thomas
Aaron Soo
Chaodian Chen
Ran Xu
Winston Lee
Huangcheng Li
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
167,883
100,000
88,954
54,546
88,000
60,000
25,000
60,000
80,000
35,000
80,000
32,833
-
25,000
529,837
367,379
-
-
16,000
10,909
6,000
6,000
-
-
-
-
8,548
-
-
-
5,784
8,676
11,383
6,709
-
-
-
-
-
-
-
-
-
-
30,548
16,909
17,167
15,385
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
173,667
108,676
116,337
72,164
94,000
66,000
25,000
60,000
80,000
35,000
88,548
32,833
-
25,000
577,552
399,673
Notes:
Huancheng Li resigned as a director on 30 May 2022 .
Ran Xu was appointed as a director on 1 June 2022 .
Winston Lee was appointed as a director on 14 June 2022.
Chaodian Chen retired as a director on 30 May 2023.
Winston Lee committee fees covers period of 29/07/2022 to 31/12/2023.
Key Management Personnel Remuneration
Table 1: Remuneration for the year s ended 31 December 2023 and 31 December 2022
Short-term benefits
Salary
($)
Cash
Bonus
($)
Non-
monetary
benefits 1
($)
Post
Employment
Other
($)
Super-
annuation
($)
Total
($)
597,776
255,576
529,831
185,687
40,869
45,372
403,259
151,673
364,335
75,000
449,225
166,082
393,110
77,000
32,583
-
157,771
20,594
-
-
-
-
-
-
2 43,889
-
-
-
-
-
3 160,473
27,403
27,784
965,513
788,674
27,466
27,555
27,500
27,500
582,398
466,890
642,807
497,610
3,421
196,477
-
18,321
196,686
Financial
Year
Executive Directors
Patrick Mutz
Executive Officers
John McEvoy
Todd Colton
George Sakalidis
2023
2022
2023
2022
2023
2022
2023
2022
2023
1,482,843
573,331
40,869
204,362
85,790
2,387,195
2022
1,445,047
358,281
45,372
-
101,160
1,949,860
Note 1. Non-monetary benefits include allowances paid for travel and accommodation during the financial year.
Note 2. Annual leave paid out.
Note 3. Long service leave and annual leave paid out on resignation on 14 March 2023.
Image Resources NL | Annual Report 2023 45
RReemmuunneerraattiioonn RReeppoorrtt –– aauuddiitteedd ((ccoonntt..))
REMUNERATION REPORT - AUDITED (cont.)
Options Granted as Remuneration
During the 2023 and 2022 financial years no options were issued to Non-Executive Directors.
Options held by Non-Executive Directors
Name
Robert Besley
Chaodian Chen
Aaron Chong Veoy Soo
Peter Thomas
Balance at the
beginning of
the year
Exercised
Lapsed
Balance at the
end of the year
No.
No.
2,000,000
2,000,000
2,000,000
2,000,000
8,000,000
-
-
-
-
-
$
-
-
-
-
-
No.
No.
(2,000,000)
(2,000,000)
(2,000,000)
(2,000,000)
(8,000,000)
-
-
-
-
-
Shares held by Key Management Personnel
The number of shares in the Company held at the beginning and end of the year and net movements during the financial year
by key management personnel and/or their related entities are set out below:
Balance at
Beginning of
Year or Date of
Appointment
Purchased
during the
Year
Award under
Employee
Share Plan
Expired
during the
Year
Balance at
End of Year
or Date of
Retirement
Other
Aaron Soo
15,000,000
Winston Lee
151,515,494
Name
Non-Executive
Directors
Robert Besley
Peter Thomas
Ran Xu
Chaodian Chen
Executive
Directors
Patrick Mutz
Executive Officers
666,667
2,104,306
-
-
-
-
-
-
-
4,949,606
1,000,000
George Sakalidis
3,740,570
John McEvoy
Todd Colton
2,604,148
2,888,492
-
-
-
Total
183,469,283
1,000,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2 (909,248)
-
-
2 (709,722)
(1,618,970)
-
-
-
-
-
-
-
-
-
-
-
666,667
2,104,306
15,000,000
151,515,494
-
- 3
5,040,358
1 3,740,570
2,604,148
2,178,770
182,850,313
Note 1: Number of shares held when executive resigned on 14 March 2023.
Note 2: Employee share plan shares that expired on 02/11/2023 . The employee had no legal right to the shares after
this date, even though they were still registered in their name . These shares were bought back by the Company
on 04/01/2024.
Note 3: Number of shares held when the director retired on 30 May 2023.
Other Equity-related KMP Transactions
There have been no other transactions involving equity instruments, apart from those described in the tables above, relating to
options, rights, and shareholdings.
46 Image Resources NL | Annual Report 2023
RReemmuunneerraattiioonn RReeppoorrtt –– aauuddiitteedd ((ccoonntt..))
REMUNERATION REPORT - AUDITED (cont.)
Other Transactions with KMP and/or their Related Parties
There were no other transactions conducted between the Group and KMP or their related parties, apart from those disclosed
above relating to equity, compensation, and loans, that were conducted other than in accordance with normal employee,
customer, or supplier relationships on terms no more favourable than those reasonably expected under arm’s length dealings
with unrelated persons.
This Report of Directors, incorporating the Remuneration Report, is s igned in accordance with a resolution of the directors .
ROBERT BESLEY
CHAIR
Perth, 25 March 202 4
Image Resources NL | Annual Report 2023 47
AAuuddiittoorr’’ss IInnddeeppeennddeennccee DDeeccllaarraattiioonn
AUDITOR'S INDEPENDENCE DECLARATION
Auditor's Independence Declaration
As auditor for the audit of Image Resources NL for the year ended 31 December
2023, I declare that, to the best of my knowledge and belief, there have been:
I)
II)
no contraventions of the independence requirements of the
Corporations Act 2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in
relation to the audit.
This declaration is in respect of Image Resources NL and the entities it controlled
during the period.
Elderton Audit Pty Ltd
Sajjad Cheema
Director
25th March 2024
Perth
48 Image Resources NL | Annual Report 2023
CCoonnssoolliiddaatteedd ssttaatteemmeenntt ooff pprrooffiitt oorr lloossss aanndd
ootthheerr ccoommpprreehheennssiivvee iinnccoommee
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Year Ended 31 December 202 3
For the Year Ended 31 December 2023
Continuing operations
Operating sales revenue
Cost of sales
Gross profit
Government royalties
Shipping and other selling costs
Corporate expenses
Exploration and evaluation expenses
Impairment – Property, Plant & Equipment
Rehabilitation costs – closed sites
Other income and expense
Foreign currency gain / (loss)
Operating profit / (loss)
Finance income
Financing costs
Profit / (loss) before income tax
Income tax expense
Profit / (loss) for the year from continuing operations
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Changes in the fair value of financial assets measured at fair value
through other comprehensive income
Items that will not be reclassified to profit or loss
Hedging gain / (loss)
Total other comprehensive income / (loss)
Notes
3
3
3
3
3
6
Year to
31 Dec
2023
($000)
119,133
(94,225)
24,908
(5,649)
(6,742)
(7,683)
(4,173)
(2,230)
(685)
46
(141)
(2,349)
1,048
(3,317)
(4,618)
(89)
(4,707)
(5)
(405)
(410)
Year to
31 Dec
2022
($000)
171,537
(113,880)
57,657
(7,790)
(16,035)
(6,126)
(5,330)
--
-
115
1,810
24,301
58
(2,798)
21,561
(6,393)
15,168
(6)
177
171
Total comprehensive income / (loss) for the year
(5,117)
15,339
Net profit / (loss) attributable to owners of Image Resources NL
(4,707)
15,168
Total comprehensive income / (loss) attributable to owners of
Image Resources NL
(5,117)
15,339
Earnings per share
Basic earnings / (loss) per share
Diluted earnings / (loss) per share
The accompanying notes form part of these financial statements.
Notes
Cents
Cents
5
5
(0.43)
(0.47)
1.43
1.42
Image Resources NL | Annual Report 2023 49
CCoonnssoolliiddaatteedd ssttaatteemmeenntt ooff ffiinnaanncciiaall ppoossiittiioonn
As at 31 December 2023
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2023
Notes
7
8
11
9
10
9
6
12
13
14
6
13
14
15
16
16
31 Dec
2023
($000)
46,197
2,654
2,077
2,862
53,790
99,116
2,364
10,395
111,875
165,665
4,680
4,356
111
-
9,147
-
45,798
-
45,798
54,945
31 Dec
2022
($000)
53,455
2,021
27,950
1,416
84,842
107,045
4,658
4,534
116,237
201,079
21,718
11,929
108
8,622
42,377
455
41,961
89
42,505
84,882
110, 720
116,197
126,893
18,062
(34,235 )
110, 720
127,331
18,713
(29,847)
116,197
Current assets
Cash and cash equivalents
Trade and other receivables
Inventory
Other financial assets
Total current assets
Non-current assets
Property, plant and equipment
Other financial assets
Deferred tax assets
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Provisions
Borrowings
Income tax payable
Total current liabilities
Non-current liabilities
Trade and other payables
Provisions
Borrowings
Total non-current liabilities
Total liabilities
Net assets
Equity
Issued capital
Reserves
Accumulated losses
Total equity
The accompanying notes form part of these financial statements.
50 Image Resources NL | Annual Report 2023
CCoonnssoolliiddaatteedd ssttaatteemmeenntt ooff cchhaannggeess iinn eeqquuiittyy
For the Year Ended 31 December 202 3
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Year Ended 31 December 2023
Balance at 1 January 2022
113,999
24,290
2,474
(29,860)
110,903
Issued
Capital
($000)
Profit
Reserve
Account
($000)
Other
Reserves
($000)
Accum’d
Losses
($000)
Total
($000)
Comprehensive profit
Operating profit for the year
Other comprehensive income
Transfer to profit reserve – dividend
Total comprehensive profit for the year
Derivatives fair value movement
Transactions with owners in their capacity as
owners
Dividends declared
Warrants exercised during the year
Shares issued during the year
Shares cancelled during the year
Options cancelled during the year
Cost of share issue
-
-
-
-
-
-
-
15,402
(2,043)
-
(27)
-
15,168
15,168
-
-
15,168
15,168
-
171
-
-
(15,168)
171
(18)
171
-
15,339
(18)
(20,776)
(2,583)
15,402
(2,043)
-
(27)
-
-
-
-
-
-
13
-
(20,776)
-
-
-
-
-
-
(2,583)
-
-
(13)
-
Total transactions with owners in their capacity
as owners
13,332
(20,776)
(2,614)
13
(10,045)
Balance at 31 December 2022
127,331
18,682
31
(29,847)
116,197
Balance at 1 January 2023
127,331
18,682
31
(29,847)
116,197
Issued
Capital
($000)
Profit
Reserve
Account
($000)
Other
Reserves
($000)
Accum’d
Losses
($000)
Total
($000)
Comprehensive profit
Operating loss for the year
Other comprehensive loss
Other comprehensive loss – tax affect
Total comprehensive profit for the year
Transactions with owners in their capacity as
owners
Warrants cancelled during the year
Shares cancelled during the year
Options cancelled during the year
Cost of share issue
Total transactions with owners in their capacity
as owners
-
-
-
-
-
(438)
-
-
(438)
-
-
-
-
-
-
-
-
-
(4,707)
(4,707)
(410)
78
-
-
(410)
78
(332)
(4,707)
(5,039)
(265)
265
-
(54)
-
-
54
-
-
(438)
-
-
(319)
319
(182)
Balance at 31 December 2023
126,893
18,682
(620)
(34,235)
110, 720
The accompanying notes form part of these financial statements.
Image Resources NL | Annual Report 2023 51
CCoonnssoolliiddaatteedd ssttaatteemmeenntt ooff ccaasshh fflloowwss
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Year Ended 31 December 202 3
For the Year Ended 31 December 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers
Payments to suppliers and contractors
Interest received
Interest paid
Other income
Income tax paid
Notes
Year to
31 Dec
2023
($000)
Year to
31 Dec
2022
($000)
118,171
173,446
(87,626)
(121,372)
913
58
(1,616)
(1,258)
46
60
(15,809)
(14,139)
Net cash from operating activities
7
14,079
36,795
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for financial derivatives
Proceeds from sale of property, plant and equipment
Purchase of property, plant and equipment
Payments for exploration and evaluation
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from new issues of shares
15
Payments for share issue costs
Proceeds from employee loan repayments
Dividends paid
Net cash used in financing activities
Net increase / (decrease) in cash held
Cash at beginning of the year
Effect of exchange fluctuations on cash held
Cash and cash equivalents at the end of the year
7
The accompanying notes form part of these financial statements.
-
-
(228)
3
(11,297)
(49,692)
(8,581)
(5,231)
(19,878)
(55,148)
-
-
-
(980)
(980)
(6,779)
53,455
(479)
46,197
3,529
(27)
996
(12,770)
(8,272)
(26,625)
79,840
240
53,455
52 Image Resources NL | Annual Report 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Note 1 Basis of Preparation
The financial statements cover the consolidated group comprising Image Resources NL (the Company) and its subsidiaries,
together referred to as Image or the Group . The Company is a for-profit company limited by shares and incorporated in Australia,
whose shares are publicly traded on the Australian Stock Exchange. The financial statements were authorised for issue on 25
March 2024 .
These general-purpose financial statements have been prepared in accordance with Australian Accounting Standards, Australian
Accounting Interpretations, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and the
Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report
containing relevant and reliable information about transactions, events and conditions. Compliance with Australian Accountin g
Standards ensures that the financial statements and notes also comply with International Financial Reporting Standards (IFRSs).
Material accounting policies adopted in the preparation of this financial report are presented below and have been consistent ly
applied unless otherwise stated.
The financial report has been prepared on an accruals basis and is based on historical costs modified by the revaluation of
selected non-current assets, financial assets and financial liabilities for which the fair value basis of accounting has been applie d.
These financial statements have been prepared on the going concern basis, which contemplates the continuity of normal
business activities and the realisation of assets and discharge of liabilities in the normal course of business. The Directors
consider the going concern basis of preparation to be appropriate based on forecast future cash flows.
Foreign Currency Translation
Both the functional and presentation currency of the Company is in Australian Dollars.
Transactions in foreign currencies are initially recorded in the functional currency by applying the exchange rates ruling at the
date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of ex change
at balance date. All translation differences relating to transactions and balances denominated in foreign currency are taken to
the Statement of Profit and Loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate
as at the date of the initial transaction. Non -monetary items measured at fair value in a foreign currency are translated using th e
exchange rate at the date when the fair value was determined.
Critical Accounting Estimates, Assumptions and Judgements
The Group makes estimates and assumptions concerning the future in applying its accounting policies. The resulting accounting
estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are found in the
following notes:
Income Tax
Property, Plant and Equipment
Provisions
Note 6
Note 10
Note 13
Estimates and underlying assumptions are reviewed on an ongoing basis, with revisions recognised in the period in which the
estimates are revised, and future periods affected.
Rounding of amounts
All amounts in the financial statements have been rounded to the nearest thousand dollars, except as indicated, in accordance
with the ASIC Corporations Instrument 2016/191.
Other Accounting Policies
Significant and other accounting policies that summarise the measurement basis used and are relevant to an understanding of
the financial statements are provided throughout the notes to the financial statements or at note 2 6
Image Resources NL | Annual Report 2023 53
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Note 2 Operating Segments
Segment Information
Identification of reportable segments
The Group has identified that it operates in only one segment based on the internal reports that are reviewed and used by the
Board of directors (chief operating decision makers) in assessing performance and determining the allocation of resources. Th e
Group is a minerals sands production and exploration Group. Currently all the Group’s mineral sands tenements and resources
are located in Western Australia.
Revenue and assets by geographical region
The Group's revenue is derived from sources and assets located wholly within Australia .
Major customers
The Group currently provides products to two off -takers plus one buyer outside the primary offtake agreements .
Financial information
Reportable items required to be disclosed in this note are consistent with the information disclosed in the Statement of Prof it or
Loss and Other Comprehensive Income and Statement of Financial Position and are not duplicated here.
Accounting Policy
Operating segments are reported in a manner that is consistent with the internal reporting to the chief operating decision ma ker
(“CODM”), which has been identified by the Group as the Managing Director and other members of the Board of Directors.
Year to
31 Dec
2023
($000)
Year to
31 Dec
2022
($000)
119,133
171,537
(46,247)
(19,631)
(2,460)
(25,887)
(84,230)
(33,112)
(2,461)
5,923
(94,225)
(113,880)
24,908
57,657
(63)
(78)
(141)
(88)
1898
1,810
1,048
58
(1,364)
-
(10)
(1,943)
(3,317)
(1,436)
(1,103)
-
(259)
(2,798)
Note 3 Revenue and Expenses
Sales Revenue
Concentrate sales
Operating Expenses
Mine operating costs
Depreciation and amortisation
Amortisation of capitalised borrowing costs
Inventory movement
Cost of sales
Gross Profit
Foreign Currency Gain / (Loss)
Realised foreign currency loss
Unrealised foreign currency gain / (loss)
Finance Income
Interest income
Finance Costs
Interest expense
Loss on hedging maturities
Financing costs
Unwinding of rehabilitation discount
54 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Note 3 Revenue and Expenses (Cont’d)
Accounting Policy
Revenue Recognition
The Group recognises revenue as follows:
Revenue from contracts with customers
Revenue is recognised at an amount that reflects the consideration to which the Group is expected to be entitled in exchange
for transferring goods or services to a customer. For each contract with a customer, the Group: identifies the contract with a
customer; identifies the performance obligations in the contract; determines the transaction price which tak es into account
estimates of variable consideration and the time value of money; allocates the transaction price to the separate performance
obligations on the basis of the relative stand -alone selling price of each distinct good or service to be delivered ; and recognises
revenue when or as each performance obligation is satisfied in a manner that depicts the transfer to the customer of the good s
or services promised.
Variable consideration within the transaction price, if any, reflects concessions provided to the customer such as discounts,
rebates and refunds, any potential bonuses receivable from the customer and any other contingent events. Such estimates are
determined using either the 'expected value' or 'most likely amount' method. The measurement of variable consideration is
subject to a constraining principle whereby revenue will only be recognised to the extent that it is highly probable that a
significant reversal in the amount of cumulative revenue recognised will not occur. The measurement constraint continues until
the uncertainty associated with the variable consideration is subsequently resolved. Amounts received that are subject to the
constraining principle are initially recognised as deferred revenue in the form of a separate refund liability.
Sale of goods
Revenue from the sale of goods is recognised at the point in time when the customer obtains control of the goods, which is
generally at the time of delivery.
Rendering of services
Revenue from a contract to provide services is recognised over time as the services are rendered based on either a fixed pric e
or an hourly rate.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. This is a method of calculating the
amortised cost of a financial asset and allocating the interest income over the relevant period using the effective interest rate,
which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to th e net
carrying amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
Note 4
Auditors Remuneration
Amounts received or due and receivable by the auditors of the Company for:
-
Auditing and reviewing the financial reports – (Elderton Audit Pty Ltd)
57
56
Year to
31 Dec
2023
($000)
Year to
31 Dec
2022
($000)
Image Resources NL | Annual Report 2023 55
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Note 5
Earnings Per Share
Basic earnings per share
Diluted earnings per share
Year to
31 Dec
2023
(Cents)
(0.43)
(0.47)
Year to
31 Dec
2022
(Cents)
1.43
1.42
($000)
($000)
Reconciliation of earnings used in calculating earnings per share
Profit / (loss) attributable to ordinary equity holders of the Company used in calculating
basic and diluted earnings per share
(4,707)
15,168
Weighted average number of ordinary shares used in the calculation of basic
earnings per share
1,082,978,494
1,060,059,599
Number of
shares
Number of
shares
Weighted average number of ordinary shares used in the calculation of diluted
earnings per share
Weighted average number of ordinary shares (basic)
1,082,978,494
1,060,059,599
Effects of dilution from:
Warrants
Options
1,285,353
3,221,918
9,525,458
8,416,438
Weighted average number of ordinary shares (diluted)
1,087,485,765
1,078,001,495
The Company had no options (2022: 8,000,000) over fully paid ordinary shares on issue at balance date.
Accounting Policy
(i)
(ii)
Basic Earnings per Share – Basic earnings per share (EPS) is determined by dividing the profit or loss from continuing
operations after related income tax expense by the weighted average number of ordinary shares outstanding during the
financial year.
Diluted Earnings per Share – Options that are considered to be dilutive are taken into consideration when calculating the
diluted earnings per share.
Note 6
Income Tax
The major components of income tax expense for the years ended 31 December 2023
and 2022 are:
Current income tax
Current income tax charge
Adjustments in respect of current income tax of previous years
Deferred income tax
Relating to origination and reversal of temporary differences
Adjustments in respect of deferred tax of previous years
Income tax expense in the statement of profit or loss
Year to
31 Dec
2023
($000)
Year to
31 Dec
2022
($000)
4,961
912
(4,884)
(900)
89
12,001
(332)
(5,427)
151
6,393
56 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Reconciliation of income tax expense to prima facie tax payable
The prima facie tax payable on profit / (loss) from ordinary activities before tax is
reconciled to the income tax (expense) / benefit as follows:
Accounting profit / (loss) before tax
Prima facie tax on operating profit at statutory rate of 30% (20 22: 30%)
Non-deductible expenses
Other assessable income
Derecognition of previously recognised capital losses
Capital raising costs charged to equity
Costs classified as other comprehensive income
Adjustments in respect of current income tax of previous years
Adjustments in respect of deferred tax of previous years
Movement in unrecognised temporary differences
Income tax expense
Year to
31 Dec
2023
($000)
Year to
31 Dec
2022
($000
(4,618)
(1,385)
124
99
1
(12)
-
912
(900)
1,250
89
21,561
6,469
63
-
-
(10)
53
(333)
151
-
6,393
The Corporate tax rate payable by the Company if the Company was required to pay income tax in the year ended 31
December 2023 was 30% (31 December 2022: 30%). The deferred tax asset held on the balance sheet is calculated at the
30% income tax rate.
Deferred tax assets
Deferred tax liabilities
Net deferred tax assets / (liabilities)
15,196
(4,801)
10,395
Composition of and movements in deferred tax assets and liabilities during the year
Assets
Liabilities
Net
Property, plant and equipment
Financial derivatives
Unrealised foreign exchange gains
Provisions and accruals
Capital raising costs
Mine rehabilitation
Other deferred tax assets
Borrowing costs
Receivables
Prepayments
Consumables
Inventories
Exploration & mine properties
Financial derivatives
Investments
Net deferred tax assets /
(liabilities)
2023
($000)
2022
($000)
-
68
439
11
-
-
715
431
22
14,676
11,510
2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2023
($000)
(3,609)
2022
($000)
(4,780)
-
-
-
-
-
-
(40)
(28)
(623)
-
(499)
-
(2)
-
-
-
-
-
-
(738)
(3)
-
(619)
(1,947)
-
(53)
(4)
12,678
(8,144)
4,534
2022
($000)
(4,780)
715
431
22
2023
($000)
(3,609)
68
-
439
11
14,676
11,510
2
(40)
(28)
(623)
-
(499)
-
(2)
-
(738)
(3)
-
(619)
(1,947)
-
(53)
(4)
15,196
12,678
(4,801)
(8,144)
10,395
4,534
Image Resources NL | Annual Report 2023 57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Accounting Policy
The income tax expense for the year comprises current income tax expense and deferred tax expense.
Current income tax expense charged to the Statement of Profit or Loss and Other Comprehensive Income is the tax payable on
taxable income calculated using applicable income tax rates enacted, or substantially enacted, as at reporting date. Current tax
liabilities and assets are therefore measured at the amounts expected to be paid to or recovered from the relevant taxation
authority.
Deferred income tax expense reflects movements in deferred tax asset and deferred tax liability balances during the year as
well as unused tax losses, if any in fact are brought to account.
Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of assets an d
liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where amounts have been fully
expensed but future tax deductions are available. No deferred income tax will be recognised from the initial recognition of an
asset or liability, excluding a business combination, where there is no effect on accounting or taxable profit or loss.
Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the year when the asset is realised
or the liability is settled, based on tax rates enacted or substantively enacted at reporting date. Their measurement als o reflects
the manner in which management expects to recover or settle the carrying amount of the related asset or liability.
Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it is prob able
that future taxable profit will be available against which the benefits of the deferred tax asset can be utilised.
Current tax assets and liabilities are offset where a legally enforceable right of set -off exists and it is intended that net settlement
or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and l iabilities are
offset where a legally enforceable right of set -off exists, the deferred tax assets and liabilities relate to income taxes levied by
the same taxation authority on either the same taxable entity or different taxable entities where it is inte nded that net settlement
or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in which signif icant
amounts of deferred tax assets or liabilities are expected to be recovered or settled.
Key Estimate - Recovery of Deferred Tax Assets or Liabilities
Judgement is required in determining whether deferred tax assets or liabilities are recognised in the Consolidated Statement of
Financial Position. Deferred tax assets or liabilities, including those arising from unutilised tax losses, require managemen t to
assess the likelihood that the Group will generate taxable earnings in future periods, in order to utilise recognised deferre d tax
assets or liabilities. Estimates of future taxable income are based on forecast cash flows from operations and the applicat ion of
existing tax laws. To the extent that future cash flows and taxable income differ significantly from estimates, the ability o f the
Group to realise net deferred tax assets or liabilities could be impacted. Additionally, future changes in tax laws co uld limit the
ability of the Group to obtain tax deductions in future periods.
The Group has unrecognised deferred tax assets or liabilities arising from tax losses and other temporary differences. The ab ility
of the Group to utilise its tax losses is subject to meeting the relevant statutory tests.
The income tax expense has been estimated and calculated based on management’s best knowledge of current income tax
legislation. There may be differences with the treatment of individual jurisdiction provision’s, but these are not expected to have
any material impact on the amounts as reported.
58 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Note 7 Cash and Cash Equivalents
Cash at bank
Deposits at call
Cash flows from operating activities reconciliation
Operating profit / (loss) after income tax:
Effect of non-cash items
Income tax expense
Depreciation and amortisation expense
Exploration and evaluation expense
Profit on sale of property, plant and equipment
Realised foreign currency loss
Unrealised foreign currency (gain) / loss
Changes in operating assets and liabilities:
Decrease in trade and other receivables relating to operating activities
Decrease in prepayments
(Increase) / Decrease in inventory
Increase / (Decrease) in trade and other payables relating to operating activities
Decrease in provisions
Cash flow from operations
Recognition and Measurement
31 Dec
202 3
($000)
22,181
24,016
46,197
31 Dec
202 2
($000)
53,439
16
53,455
(4,707)
15,168
(15,720)
24,632
4,170
1
401
78
631
48
25,873
(16,065)
(5,263)
14,079
(7,747)
35,835
5,330
(3)
1,658
(1,898)
255
43
(6,210)
1,051
(6,687)
36,795
Cash and cash equivalents include cash on hand, deposits held at call with banks and other short- term highly liquid investments
with original maturities of three months or less.
Note 8
Trade and Other Receivables
GST refundable
Income tax refundable
Restricted cash – security for guarantees
Prepayments
Other receivables
Note 9 Other Financial Assets
Current
Loans to employees – (Employee share plan)
Loans to Key Management Personnel – (Employee share plan)
Derivatives
Non-Current
Loans to Employees – (Employee Share Plan)
Loans to Key Management Personnel (Employee Share Plan)
Equity investments at fair value – shares in listed corporations
191
1,314
142
852
155
2,654
646
2,216
-
2,862
1,834
509
21
2,364
877
-
142
900
102
2,021
696
316
404
1,416
3,544
1,088
26
4,658
Image Resources NL | Annual Report 2023 59
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Note 10 Property, Plant and Equipment
Plant and
Land and
Mine
Borrowing
Equipment
Buildings
Development
Costs
Exploration
($000)
($000)
($000)
($000)
($000)
Total
($000)
68,962
49,956
23,961
-
(35,834)
Year ended 31 December 2022
Balance at 1 January 2022
Additions
Mine closure and rehabilitation
asset
Asset Transfer
Depreciation
Closing Net Book Value
At 31 December 2022
Cost
Accumulated Depreciation
14,444
726
-
10,000
(9,030)
16,140
67,655
(51,515)
20,591
5,477
-
-
-
28,851
5,175
23,961
(10,000)
(24,343)
4,921
-
-
-
(2,461)
155
38,578
-
-
-
26,068
23,644
2,460
38,733
107,045
26,068
85,738
21,968
38,733
240,162
-
(62,094)
(19,508)
-
(133,117)
Closing Net Book Value
16,140
26,068
23,644
2,460
38,733
107,045
Year ended 31 December 2023
Balance at 1 January 2023
Additions
Mine closure and rehabilitation
asset
Asset Transfer
Disposals
Impairment
Depreciation
Closing Net Book Value
At 31 December 2023
Cost
Accumulated Depreciation
16,140
8,752
-
2,962
(1)
(2,045)
25,808
26,068
3
-
(2,000)
-
(2,230)
23,644
2,099
1,526
(962)
-
2,460
-
-
-
-
(17,913)
(2,460)
38,733
4,340
-
-
-
107,045
15,194
1,526
-
(1)
(2,230)
(22,418)
21,841
8,394
-
43,073
99,116
79,368
(53,560)
21,841
88,401
21,968
43,073
254,651
-
(80,007)
(21,968)
-
(155,535)
Closing Net Book Value
25,808
21,841
8,394
-
43,073
99,116
Property, plant and equipment includes the purchase of a wet concentration mineral sands processing plant and ancillary mining
and processing equipment from Murray Zircon on 8 June 2016 for $11,935,028 and construction costs incurred building the
Boonanarring Mine. Mine development expenditure represents the cost incurred in preparing mines for commissioning and
production, other attributable costs incurred before production commences and mine closure and rehabilitation costs.
Land represents farm lots at Boonanarring and Atlas which the Group has acquired for future operations. One farm lot has been
impaired down to fair value as this is no longer required and will be sold.
Borrowing costs incurred financing the senior debt facility were fully capitalised to property, plant and equipment. Deprecia tion
on plant and equipment, mine development and borrowing costs is charged to the inventory cost base.
The calculation of the plant and equipment depreciation assumes that the plant and equipment will have a market value of $15M
once the processing of all Boonanarring mined ore has been completed.
Exploration expenditure associated with the acquisition of tenements and expenditure incurred on those tenements is capitalis ed
if it is considered that the expenditure incurred will be recouped through the successful development and exploitation of the
area of interest.
Leases
The Group has lease contracts for motor vehicles and office equipment used in its operations. The leases have lease terms
between 3 and 5 years. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. The right
of use assets is included in Plant and Equipment above as their values are too immaterial to state separately .
60 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Set out below are the leased assets carrying amounts recognised and the movements during the period.
Year ended 31 December 2022
Balance at 1 January 2022
Additions
Depreciation
Closing Net Book
Year ended 31 December 2023
Balance at 1 January 2023
Additions
Depreciation
Closing Net Book
Office
Lease
($000)
276
-
(118)
158
158
-
(118)
40
Motor
Vehicles
($000)
34
78
(61)
51
51
168
(140)
79
Total
($000)
310
78
(179)
209
209
168
(258)
119
Recognition and Measurement of Property, Plant and Equipment
Property, plant and equipment is stated at historical cost, less accumulated depreciation and accumulated impairment losses, if
any. Historical cost includes expenditure that is directly attributable to the acquisition of the items and costs incurred in bringing
the asset into use.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item flow to the Group and the cost of the item can be measured
reliably.
Mine development costs are capitalised to property, plant and equipment only once a decision to mine is made and the
development is fully funded. Mine development expenditure represents the cost incurred in preparing mines for commissioning
and production, and also includes other attributable costs incurred before production commences. These costs are capitalised
to the extent they are expected to be recouped through successful exploitation of the related mining project. Once production
commences, these costs are amortised over the estimated economic life of the mine on a units of production basis. Mine
development costs are written off if the mine property is abandoned. Development costs incurred to maintain production are
expensed as incurred against the r elated production.
At each reporting date, the entity assesses whether there is any indication that an asset may be impaired. Where an indicator of
impairment exists, the entity makes a formal assessment of recoverable amount. Where the carrying amount of an asset exceeds
its recoverable amount the asset is considered impaired and is written down to its recoverable amount. Recoverable amount is
the greater of fair value less costs of disposal and value in use.
Depreciation
Depreciation is provided on a straight-line or units of production basis on all plant and equipment commencing from the time
the asset is held ready for use. Major depreciation periods are:
•
•
Plant and equipment – 1 to 5 years
Motor vehicles – 3 to 5 years
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no
future economic benefits are expected from its use or disposal. Any gain or loss arising on de -recognition of the asset (calculated
as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement
when the asset is derecognised.
The assets’ residual values, useful lives and depreciation methods are reviewed at each reporting period and adjusted
prospectively, if appropriate.
Image Resources NL | Annual Report 2023 61
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Right of Use Assets
As a lessee, the Group recognises a right -of-use asset, representing its right to use the underlying asset and a corresponding
lease liability, on the statement of financial position, for leases (other than short term and low value lease). The right -of-use
asset is amortised on a straight-line basis over its lease term.
The Group recognises the right-of-use asset and the lease liability at the lease commencement date. The right -of-use asset is
initially measured at cost (at the present value of future lease payments), and subsequently at cost less accumulated
depreciation, any impairment losses and adjustments for remeasurement of the lease liability. The lease liability is initially
measured at the present value of the lease payments expected to be paid over the lease term, discounted using the interest ra te
implicit in the lease or, if the rate cannot be readily determined, then the Groups’ incremental borrowing rate or, where not
available, a market rate alternative. The lease liability is further remeasured if the estimated future lease payments change .
Key Estimate - Impairment of Property, Plant and Equipment and Mine Development Expenditure
Non-current assets are assessed for impairment when there is an indication that their carrying amount may not be recoverable.
The recoverable amount of each Cash Generating Unit (CGU) is determined as the higher of value -in-use and fair value less
costs of disposal estimated on the basis of discounted present value of the future cash flows (a level 3 fair value estimation
method).
The estimates of discounted future cash flows for each CGU are based on significant assumptions including:
•
•
•
•
•
•
estimates of the quantities of mineral reserves and ore resources for which there is a high degree of confidence of economic
extraction and the timing of access to these reserves and ore resources;
future production levels and the ability to sell that production;
future product prices based on the Group’s assessment of forecast short and long -term prices for each of the key products;
future exchange rates for the Australian dollar compared to the US dollar using external forecasts by recognised economic
forecasters;
future cash costs of production, sustaining capital expenditure, rehabilitation and mine closure;
the asset specific discount rate applicable to the CGU.
Determination of Mineral Resources and Ore Reserves
The determination of reserves impacts the accounting for asset carrying values, depreciation and amortisation rates, and
provision for decommissioning and restoration. The information in this report as it relates to ore reserves, mineral resource s or
mineralisation is reported in accordance with the AusIMM “Australian Code for Reporting of Identified Mineral Resources and
Ore Reserves 2012”. The information has been prepared by or under supervision of competent persons as identified by the
Code.
There are numerous uncertainties inherent in estimating mineral resources and ore reserves and assumptions that are valid at
the time of estimation may change significantly when new information becomes available. Changes in the forecast prices of
commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and may ultimately
result in the reserves being restated.
Note 11
Current
Inventory
Ore stockpiles
Heavy mineral concentrate and other intermediate stockpiles
Stores and consumables
31 Dec
2023
($000)
-
-
2,077
2,077
31 Dec
2022
($000)
3,220
22,667
2,063
27,950
Accounting Policy
Inventories of heavy mineral concentrate are valued at the lower of weighted average cost and net realisable value (NRV). Cost
comprises direct costs and an appropriate proportion of fixed and variable expenditure including depreciation and amortisatio n.
Inventories of consumable supplies and spare parts to be used in production are valued at weighted average cost.
NRV is the estimated selling price in the ordinary course of business less the estimated costs of production and to complete the
sale.
62 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Note 12 Trade and Other Payables
Current
Trade creditors
Accruals
GST and tax payable
Dividends payable
Other payables
Non-Current
Other payables
31 Dec
2023
($000)
2,688
1,400
-
102
491
4,681
-
-
31 Dec
2022
($000)
10,694
9,474
7
1,082
461
21,718
455
455
Trade creditors, accruals, GST and tax payables and other payables are normally settled on 30 Day terms.
These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are
unpaid. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the
reporting date.
Note 13 Provisions
Current
Employee leave benefits
Mine closure and rehabilitation
Non-Current
Employee leave benefits
Mine closure and rehabilitation
Movement in mine closure and rehabilitation
Balance at the beginning of the year
Increase in rehabilitation estimate – (property, plant & equipment)
Increase in rehabilitation estimate – closed site – (profit and loss)
Rehabilitation activities
Unwinding of discount
1,232
3,124
4,356
-
45,798
45,798
52,503
1,526
685
(7,735)
1,943
48,922
1,329
10,600
11,929
58
41,903
41,961
35,579
23,961
-
(7,296)
259
52,503
Mine closure and rehabilitation obligations
The calculation of the mine closure and rehabilitation provision requires assumptions such as application of environmental
legislation, plant closure dates, available technologies, engineering costs and inflation and discount rates. A change in any of
the assumptions used may have a material impact on the carrying value of mine closure and rehabilitation obligations.
The mine closure and rehabilitation provision is recorded as a liability at a discounted fair value, assuming a risk -free discount
rate equivalent to the 5 year Australian US Government bond rate of 4.0% as at 31 December 2023 (31 December 2022: 3.7%)
and an inflation factor of 3.28% (31 December 20 22: 3.0%). Although the ultimate amount to be incurred is uncertain,
management has, at 31 December 2023, estimated the asset retirement cost of work completed to date with a total undiscounted
estimated cash flow of $53,000,000 (31 December 2022: $53,390,000). Management’s estimate of the underlying asset
retirement costs are independently reviewed by an external consultant on a regular basis for completeness and was most recently
reviewed in December 2023.
Image Resources NL | Annual Report 2023 63
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Accounting Policy
Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is
probable that an outflow of economic benefits will result , and that outflow can be reliably measured.
Mine Closure and Rehabilitation
A mine closure and rehabilitation provision is recognised at the commencement of a mining project and/or construction based
on the estimated costs necessary to meet legislative requirements by estimating future costs and discounting these to a prese nt
value. The provision is recognised as a liability, separated into current (estimated costs arising within twelve months) and non -
current components based on the expected timing of these cash flows. A corresponding asset is included property, plant and
equipment (mine development assets section), only to the extent that it is probable that future economic benefits associated
with the restoration expenditure will flow to the entity and is amortised over the life of the mine.
At each reporting date the mine closure and rehabilitation provision is re -measured in line with changes in discount rates and
timing or amounts of the costs to be incurred. Adjustments to the estimated amount and timing of future closure and rehabilit ation
cash flows are a normal occurrence considering the significant judgements and estimates involved and are dealt with on a
prospective basis as they arise.
Employee Benefits
Provision is made for the Group’s liability for employee benefits arising from services rendered by non -casual employees to
balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected
to be paid when the liability is settled.
Key Estimate - Rehabilitation and Site Restoration Provision
Significant estimates and assumptions are made in determining the provision for rehabilitation of the mine as there are numer ous
factors that will affect the ultimate liability payable. These factors include estimates of the extent and costs of rehabilit ation
activities, technological changes, regulatory changes, cost increases as compared to inflation rates, and changes in discount
rates. These uncertainties may result in future actual expenditure differing from amounts currently provided.
Changes in the liability relating to mine closure and rehabilitation obligations are added to or deducted from the related as set
(where it is probable that future economic benefits will flow to the entity), other than the unwinding of the discount which is
recognised as a financing expense in the Statement of Profit and Loss and Other Comprehensive Income. Changes in the asset
value have a corresponding adjustment to future amortisation charges.
The mine closure and rehabilitation provision does not include any amounts related to remediation costs associated with
unforeseen circumstances.
Note 14 Borrowings
Current
Lease liabilities
Non-Current
Lease liabilities
Total Current and Non-Current
Lease Liabilities Movement
Balance at the beginning of the year
Additions
Accretion of interest
Payments
Balance at the end of the year
Interest
Rate
(8%)
(8%)
31 Dec
202 3
($000)
31 Dec
202 2
($000)
111
-
111
197
168
18
(272)
111
108
89
197
320
79
35
(237)
197
Lease liabilities includes leases for motor vehicles and the office lease for three years from 1 May 2021 for Level 2, 7 Vent nor
Avenue, West Perth WA 6005.
64 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Leases
As a lessee, the Group recognises a right -of-use asset, representing its right to use the underlying asset and a corresponding
lease liability, on the statement of financial position, for leases (other than short term and low value lease). The right -of-use
asset is amortised on a straight-line basis over its lease term.
The Group recognises the right-of-use asset and the lease liability at the lease commencement date. The right -of-use asset is
initially measured at cost (at the present value of future lease payments), and subsequently at cost less accumulated
depreciation, any impairment losses and adjustments for remeasurement of the lease liability. The lease liability is initially
measured at the present value of the lease payments expected to be paid over the lease term, discounted using the interest ra te
implicit in the lease or, if the rate cannot be readily determined, then the Groups’ incremental borrowing rate or, where not
available, a market rate alternative. The lease liability is further remeasured if the estimated future lease payments change .
Accounting Policy
Borrowings are initially recognised at fair value and revalued where the borrowings are denominated in a foreign currency.
Transaction costs paid on the establishment of loan facilities are capitalised to property, plant and equipment to the extent that
it is probable that some or all of the facility will be drawn down and that the borrowings are directly related to the purcha se of
property, plant and equipment. Where there is no evidence that it is probable that some or all of the facility will be drawn down,
the fee is expensed to profit and loss. Borrowing costs incurred after the property, plant and equipment is installed a nd operating
are expensed to the profit and loss statement directly.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liabi lity for
at least 12 months after the reporting period.
The fair value of financial liabilities carried at amortised cost approximates their carrying values.
Note 15
Issued Capital
Contributed Equity – Ordinary Shares
At the beginning of the period
Warrants exercised at $0.1365 expiring 20 May 2023
Warrants exercised at $0.11385 expiring 24 May 2023
Dividend reinvestment plan shares
Employee share plan shares issued at $0.145
Employee shares cancelled
Share issue costs
Balance at the end of the period
Terms and Conditions of Contributed Equity
Year to 31 Dec 2023
Year to 31 Dec 2022
No.
($000)
No.
($000)
1,084,193,616
127,331
1,012,642,386
113,999
-
-
-
-
-
-
-
-
7,898,901
21,525,000
33,384,977
17,978,563
1,702
4,409
6,683
2,607
(2,951,516)
(438)
(9,236,211)
(2,042)
-
-
-
(27)
1,081,242,100
126,893
1,084,193,616
127,331
Ordinary shares have the right to receive dividends as declared and, in the event of winding up of the Company, to participat e
in the proceeds from the sale of all surplus assets in proportion to the number of shares held, regardless of the amount paid up
thereon. At a general meeting every shareholder present in person or by proxy, representative or attorney has: a) on a show of
hands, one vote; and b) on a poll, one vote for each fully paid share held.
Accounting Policy
Ordinary share capital is recognised at the fair value of the consideration received by the Group. Any transaction costs ari sing
on the issue of ordinary shares are recognised directly in equity as a reduction of the share proceeds received.
Image Resources NL | Annual Report 2023 65
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Note 16 Reserves and Accumulated Losses
Reserves
Profit Reserve – Dividend
Other Reserves
Fair value reserve of financial assets
Hedging reserve
Warrants reserve
Share based payments reserve
Other comprehensive income
Closing balance
Profit Reserve Account
Balance at the beginning of the year
Current year profit
Dividend paid
Balance at the end of the year
Fair Value Reserve of Financial Assets
Balance at the beginning of the year
Changes in the fair value of equity investments
Balance at the end of the year
Hedging Reserve
Balance at the beginning of the year
Changes in hedging fair value
Balance at the end of the year
Reserve – Warrants
Balance at the beginning of the year
Exercise of warrants
Balance at the end of the year
Share Based Payments Reserve
Balance at the beginning of the period
Cancellation of director options
Balance at the end of the period
Other Comprehensive Income Reserve
Balance at the beginning of the period
Other comprehensive income
Other comprehensive income – tax effect
Balance at the end of the period
66 Image Resources NL | Annual Report 2023
31 Dec
202 3
($000)
31 Dec
202 2
($000)
18, 682
18,682
5
-
-
-
(625)
(620)
10
-
265
54
(298)
31
18,062
18,713
18,682
-
-
24,290
15,168
(20,776)
18,682
18,682
10
(5)
5
-
-
-
265
(265)
-
54
(54)
-
(298)
(405)
78
625
16
(6)
10
18
(18)
-
2,848
(2,583)
265
67
(13)
54
(475)
177
-
(298)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Profit Reserve Account
The profits from the years ended 31 December 2023 and 31 December 2022 were transferred to a profit reserve to be applied
against future dividend payments.
Warrants Reserve
The warrants reserve is used to recognise the fair value of warrants issued .
Hedging Reserve
Image uses two types of hedging instruments as part of its foreign currency risk management strategy. These include foreign
currency forward contracts and foreign currency call options. To the extent these hedges are effective, the change in fair va lue
of the hedging instrument is recognised in the cash flow hedge reserve.
Warrants
The Company had the following warrants over un -issued fully paid ordinary shares at
the end of the year:
Exercisable at $0.1365 on or before 20 May 2023
Exercisable at $0.11385 on or before 24 May 2023
Accumulated Losses
Opening balance
Profit / (loss) for the year
Transfer to profit reserve account
Cancellation of warrants – share based payment reversal
Cancellation of director option – share based payment reversal
31 Dec
202 3
No.
31 Dec
202 2
No.
-
-
-
3,351,099
-
3,351,099
($000)
($000)
(29,847)
(4,707)
-
265
54
(29,860)
15,168
(15,168)
-
13
(34,235)
(29,847)
a) Summaries of warrants granted
The following table details the number and weighted average exercise prices (WAEP) and movements in warrants issued during
the year.
Outstanding at 1 January
Exercised during the year
Expired during the year
Outstanding at 31 December
Exercisable at 31 December
Number
2023
3,351,099
WAEP
2023
0.1365
Number
2022
32,775,000
-
-
(29,423,901)
(3,351,099)
0.1365
-
WAEP
2022
0.1216
0.1199
-
-
-
-
-
3,351,099
0.1365
3,351,099
0.1365
b) Weighted average remaining contractual life
The weighted average remaining contractual life for the warrants outstanding as at 31 December 20 22 is 0 years, (31 December
2022: Between 0 and 1 year).
c) Range of exercise price
The range of exercise prices for warrants outstanding at the end of the year was $0 to $0 (31 December 2022: $0.11385 to
$0.1365).
d) Weighted average fair value
The weighted average fair value of warrants granted during the year was Nil (31 December 20 22: Nil).
Image Resources NL | Annual Report 2023 67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
e) Warrants pricing model
The fair value of warrants previously granted was estimated as at the date of grant using a Black -Scholes option pricing model
taking into account the terms and conditions upon which the warrants were granted.
The following table lists the inputs to the model used for the year ended 31 December 2018.
31 Dec
2018
31 Dec
2018
Tranche A
Tranche B
Dividend yield (%)
Expected volatility (%)
Risk-free interest rate (%)
Expected life of warrants (years)
Warrant exercise prices ($)
Weighted average share price at grant
date ($)
Nil
85%
2.50%
5.02
$0.091
$0.13
Nil
85%
2.47%
4.95
$0.79
$0.12
The minimum life of the Warrants is the length of any vesting period. The maximum life is based on the expiry date. For the
purposes of these warrants the exercise date is estimated as the expiry date. The expected volatility reflects the assumption
that the historical volatility was indicative of future trends, which may also not necessarily be the actual outcome. No othe r
features of warrants granted were incorporated into the measurement of fair value.
Note 17 Tenement Expenditure Commitments
The Group has certain obligations to perform minimum exploration work on the tenements in which it has an interest. These
obligations vary from time to time. The aggregate of the prescribed expenditure conditions applicable to the granted tenemen ts
for the next twelve months amounts to $1,808,820.
Application for exemption from all or some of the prescribed expenditure conditions will be made but no assurance is given th at
any such application will be granted. Nevertheless, the Group is optimistic, given its level of expenditure in the North Perth
Basin, that it would likely be granted exemptions, on a project basis, in respect of the prescribed expenditure conditions
applicable to many of its North Perth Basin tenements.
If the prescribed expenditure conditions are not met with respect to a tenement, that tenement is liable to forfeiture.
The Group has the ability to diminish its exposure under these conditions through the application of a variety of techniques
including applying for exemptions (from the regulatory expenditure obligations), surrendering tenements, relinquishing portio ns
of tenements or entering into f arm-out agreements whereby third parties bear the burdens of such obligation in whole or in part.
Note 18 Tenement Access
The interests of holders of freehold land encroached by the Tenements are given special recognition by the Mining Act (WA).
As a general proposition, a tenement holder must obtain the consent of the owner of freehold before conducting operations on
such freehold land. Unless it already has secured such rights, there can be no assurance that the Group will secure rights to
access those portions of the Tenements encroaching freehold land.
Note 19 Significant Events Subsequent to Reporting Date
On 14 March 2024, the Company announced that the Western Australian Environmental Protection Authority (EPA) has released
its assessment report on the Company’s development proposal for its 100% -owned Atlas mineral sands project. In this report,
the EPA recommends that the Atlas development proposal may be implemented subject to conditions. The release of the
assessment report triggers a three -week review period. Following the review period and resolution of any appeals, the Minister
for Environment will consider approval of the Atlas project under Part IV of the Environment Protection Act.
Other than the events stated above, there has not been any other matter or circumstance that has arisen after the balance dat e
that has significantly affected, or may significantly affect, the operations of the Group, the results of those operations or the
state of affairs of the Group in future periods .
68 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Note 20 Employee Benefits
Employee Share Plan
Under the terms of the Image Share Plan (“ESP”), as approved by shareholders, Image may, in its absolute discretion, make an
offer of ordinary fully paid shares in Image to any Eligible Employee, to be funded by a limited recourse interest free loan granted
by the Company.
The issue price is determined by the Directors and is not to be less than the volume weighted average price of shares in the 5
trading days prior to the Issue Date. Eligible Employees use the abovementioned loan to acquire the plan shares. The loan
amount per share may in certain circumstances be more than the issue price where shareholder approval is required for the
issue and the share price is more than the issue price. The shares may be sold 12 months after their issue date generally only
if the employee is currently employed.
The following table illustrates the number , weighted average share loan prices (WASLP) and weighted average share issue price
(WASIP), and movements in plan shares during the year.
Outstanding at 1 January
Granted during the year
Sold during the year
Released to employee
Number
2023
37,083,952
WASIP
2023
0.152
-
-
-
-
-
-
0.152
33,600,999
-
-
-
17,978,563
(4,919,423)
(339,976)
Cancelled during the year
(2,951,516)
0.148
0.148
(9,236,211)
Outstanding at 31 December
34,132,436
0.153
0.153
37,083,952
WASLP
2023
Number
2022
WASIP
2022
WASLP
2022
0.188
0.145
0.202
-
0.221
0.152
0.188
0.145
0.202
-
0.221
0.152
0.159
Exercisable at 31 December
23,194,785
0.145
0.145
19,105,389
0.159
Incentive Awards Plan
The Incentive Award Plan (IAP) was approved by shareholders at the Annual Shareholder General Meeting held on 30 May 2023.
The IAP was adopted to give the Company more flexibility to motivate and incentivise employees, improve employee retention,
and to better align incentive awards with longer term shareholder returns. This IAP was adopted as the existing Employee Shar e
Plan (ESP) is limited to the issue of shares.
Under the terms of the IAP, Image may, in its absolute discretion, make an offer of shares, options or performance rights as
incentives to Directors of the Company, employees or individual contractors. The Directors may specify the various terms and
conditions of the offer.
On 21 December 2023, 3,761,066 performance rights were issued to employees of the Company.
Incentive Awards Plan - Performance Rights Issue
The Directors of the Company approved the issue of 3,761,066 performance rights to employees of the Company , these were
issued on 21 December 2023.
(a) General terms of the Performance Rights Issue
There is no consideration for the issue of the Rights.
One right entitles the holder to one share. The ratio of shares issued may be reduced if a satisfactory performance rating is not
attained.
The holder is entitled to convert the rights to shares at the end of a 2 -year vesting period. Any unvested rights and vested rights
not exercised will expire after a 4-year period. If the employee ceases employment with the Company, all unvested performanc e
rights will lapse except if the Company exercises its discretion.
The performance rights were issued for nil cash consideration. The amount payable upon exercise of each performance right is
nil.
Image Resources NL | Annual Report 2023 69
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
(b) Recognised share-based payment expense
The performance rights were issued on 21 December 2023. The share-based payment expense will be allocated over the balance
of the vesting period commencing from 1 January 2024 and therefore for the year ended 31 December 2023 the amount of
incentive awards plan charged to profit and loss was Nil. (31 December 2022: Nil).
(c) Summary of performance rights granted.
Outstanding at 1 January
Issued during the year
Lapsed during the year
Outstanding at 31 December
Convertible at 31 December
Number
2023
-
3,761,066
-
3,761,066
-
Number
2021
-
-
-
-
-
(d) Weighted average remaining contractual life
The weighted average remaining contractual life for the performance rights outstanding as at 31 December 2023 is between 3
and 4 years. (31 December 2022: N/A).
(e) Weighted average fair value
Weighted average fair value of performance rights granted during the year was $0.068 per share (2022: $0).
(f) Performance rights pricing model
The fair value of the equity -settled performance rights granted under the incentive awards plan is estimated as at the date of
grant using a Black-Scholes model taking into account the terms and conditions upon which the rights were granted.
The following table lists the inputs to the model used for the year ended 31 December 2023:
Dividend yield (%)
Expected volatility (%)
Risk-free interest rate (%)
Expected life of performance rights (years)
Non-Executive Directors Option Plan
2023
0%
53.33%
3.7%
3.5 years
The Shareholders of the Company approved the issue of 10,000,000 options to Non -Executive Directors of the Company at the
Annual General Meeting of the Company on 27 May 2021. These options expired on 27 May 2023.
(a) General terms of Option Plan
There is no consideration paid for the issue of the Options.
There is no vesting period required for the exercise of the options to shares .
Unexercised options will lapse prior to the expiry date if a Directors ceases to be an officer or employee of the Company.
(b) Recognised share-based payment expense
The share-based payment expense for the year ended 31 December 202 3 in relation the non-executive director option plan
charged to profit and loss was Nil. (31 December 2022: Nil).
(c) Summary of options granted
Outstanding at 1 January
Issued during the year
Lapsed during the year
Outstanding at 31 December
Exercisable at 31 December
70 Image Resources NL | Annual Report 2023
Number
2021
WAEP
2021
Number
2021
8,000,000
0.32
10,000,000
-
-
-
(8,000,000)
0.32
(2,000,000)
-
-
-
-
8,000,000
8,000,000
WAEP
2021
0.32
-
0.32
0.32
0.32
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
(d) Weighted average remaining contractual life
The weighted average remaining contractual life for the share options outstanding as at 31 December 202 3 is 0 as the options
have expired. (31 December 2022: 0 and 1 year).
(e) Range of exercise price
The range of exercise price for options outstanding at the end of the year was $0 (202 2: $0.32).
(f) Weighted average fair value
Weighted average fair value of options granted during the year was $0 (2022: $0) .
(g) Option pricing model
The fair value of the equity-settled share options granted under the option plan is estimated as at the date of grant using a Black -
Scholes model taking into account the terms and conditions upon which the options were granted.
The following table lists the inputs to the model used for the year ended 31 December 2021:
Dividend yield (%)
Expected volatility (%)
Risk-free interest rate (%)
Expected life of options (years)
Option exercise price
Weighted average share price at grant date ($)
2021
12.12%
50.33%
0.015%
2 years
$0.3200
$0.1689
NOTE 21 RELATED PARTY AND RELATED ENTITY TRANSACTIONS
Key Management Personnel Compensation
Short-term employee benefits
Post-employment benefits
Equity-settled share-based payments
31 Dec
2023
($000)
2,862
103
-
2,965
31 Dec
2022
($000)
2,233
117
-
2,350
Short-term employee benefits
These amounts include fees and benefits paid to non -executive Chair and non-executive directors as well as all salary and paid
leave benefits awarded to executive directors and other KMP.
Post-employment benefits
These amounts are the costs of superannuation contributions payable for the period.
Equity-settled share-based payments
This amount is calculated as the fair value of the options and represents the value of the services received during the perio d
the options are held over the financial period. This value was calculated using the Black -Scholes option pricing model. Further
information on the share-based payment transaction is disclosed in Note 2 0.
Further key management personnel remuneration information has been included in the Remuneration Report section of the
Directors Report.
Image Resources NL | Annual Report 2023 71
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Transactions with other related parties
Transactions between related parties are on commercial terms and conditions, no more favourable than those available to other
parties unless otherwise stated. Transactions with directors, director -related parties and related entities other than those
disclosed elsewhere in this financial report are as follows:
Year to
31 Dec
202 3
($000)
Year to
31 Dec
202 2
($000)
Revenue
Concentrate Sales - Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd
-
47,035
Expenses
Spouse of Patrick Mutz – The Group purchases travel expenses from a national travel
agency of which his spouse is an agent and receives a commission. The amount
disclosed is an estimate of the fees and commissions which is shared between the
agency and the spouse of Patrick Mutz
(4)
(4)
(3)
47,032
Total amounts owing to directors and/or director -related parties and related entities at 31 December 20 23 were Nil (31 December
2022: $Nil). All transactions were incurred on normal commercial terms and were arm’s length transactions.
Orient Zirconic Resources (Australia) Pty Ltd was a related party due to its 5.2% interest in the shares of the Company and
Director Chaodian Chen being a director of its owner Guangdong Orient Zirconic In d Sci & Tech Co., Ltd (OZC). Chaodian Chen
resigned as a Director of OZC on 13 January 2023.
NOTE 22 CONTINGENT LIABILITIES
Other than those matters disclosed in Notes 1 7 and 18, there are no contingent liabilities or commitments.
NOTE 23 FINANCIAL RISK MANAGEMENT
Financial Risk Management Policies
a)
The Group’s financial instruments consist of deposits with banks, receivables, available -for-sale financial assets, payables, and
borrowings.
Risk management policies are approved and reviewed by the Board.
Specific Financial Risk Exposure and Management
The main risks the Group is exposed to through its financial instruments, are commodity price, interest rate and liquidity risks.
Interest Rate Risk
Exposure to interest rate risk arises on financial assets and financial liabilities recognised at reporting date whereby a fu ture
change in interest rates will affect future cash flows or the fair value of fixed rate financial instruments.
Liquidity Risk
The Group manages liquidity risk by monitoring forecast cash flows, cash reserves, liquid investments, receivables, financial
liabilities, and commitments.
Capital Risk
Management controls the capital of the Group in order to maintain the appropriate working capital position to ensure that the
Group can fund its operation, continue as a going concern and continue to provide returns for shareholders and benefits for
other stakeholders. Capital is managed by assessing the Group’s financial risks and adjusting its capital structure in response
to changes in these risks and in the market.
72 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
The working capital position of the Group at 31 December 2023 and 31 December 2022 was as follows:
Cash and cash equivalents
Restricted cash
Trade and other receivables
Inventory
Trade and other payables and provisions
Borrowings
Income Tax Payable
Working capital position
Credit Risk
31 Dec
202 3
($000)
46,057
140
2,910
2,077
(9,036)
(111)
-
42,037
31 Dec
202 2
($000)
53,315
140
1,990
27,950
(23,047)
(108)
(8,622)
51,618
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
Credit risk arises from cash and deposits with financial institutions as well as credit exposures to outstanding receivables.
The Group is not exposed to credit risk through sales of mineral sands product due to a letter of credit being in place prior to a
mineral sands shipment leaving port. The maximum exposure to credit risk, excluding the value of any collateral or other security,
at balance date to recognised financial assets, is the carrying amount, net of any provisions for impairment of those assets, as
disclosed in the Statement of Financial Position and notes to the financial statements.
The Group has lodged cash deposits (designated as restricted cash above) totalling $ 139,645 (2021: $139,645) with the bank
as collateral security for office lease property managers for rental guarantees and also security for company credit cards .
The following table provides information regarding the credit risk relating to cash and cash equivalents, term deposits and
restricted cash based on Standard & Poors credit ratings:
AA- rated
A rated
Financial Instrument composition and maturity analysis
The table below reflects the undiscounted contractual settlement terms for financial instruments .
31 Dec
202 3
($000)
31,312
14,885
31 Dec
202 2
($000)
53,594
-
Weighted
Average
Effective
Interest
Rate %
Fixed
Interest
Rate
($000)
Floating
Interest
Rate
($000)
Non-
Interest
Bearing
($000)
31 December 2023
Financial Assets:
Cash and cash equivalents
Restricted cash
Trade and other receivables
Equity investments at fair value
Total Financial Assets
2.59%
Financial Liabilities:
Trade and other payables
Borrowings
Total Financial Liabilities
8%
Total
($000)
46,180
156
2,771
21
46,180
156
-
-
-
-
2,771
21
46,336
2,792
49,128
-
-
-
4,680
-
4,680
4,680
111
4,791
-
-
-
-
-
-
111
111
Net Financial Assets
(111)
46,336
(1,888)
44,337
Image Resources NL | Annual Report 2023 73
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
31 December 2022
Financial Assets:
Cash and cash equivalents
Restricted cash
Trade and other receivables
Derivatives
Equity investments at fair value
Total Financial Assets
0.13%
Financial Liabilities:
Trade and other payables
Borrowings
Total Financial Liabilities
8%
Weighted
Average
Effective
Interest
Rate %
Fixed
Interest
Rate
($000)
Floating
Interest
Rate
($000)
Non-
Interest
Bearing
($000)
Total
($000)
53,439
155
1,990
405
26
53,439
155
-
-
-
-
-
1,990
405
26
53,594
2,421
56,015
-
-
-
22,173
22,173
-
198
22,173
22,371
-
-
-
-
-
-
-
198
198
Net Financial Assets
(198)
53,594
(19,752)
33,644
The table below summarises the maturity profile of the Group’s’ financial liabilities according to their contractual maturities. The
amounts disclosed are based on contractual undiscounted cash flows. As a result, these balances may not agree with the
amounts disclosed in the statement of financial position:
31 December 2023
Trade and other payables
Borrowings
31 December 2022
Trade and other payables
Borrowings
Less than
3 months
($000)
3 to 12
Months
($000)
1 to 5
years
($000)
4,225
45
4,270
21,263
33
21,296
455
48
503
455
116
571
-
18
18
455
49
504
Total
($000)
4,680
111
4,791
22,173
198
22,371
74 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Financial Instruments Measured at Fair Value
b)
The financial instruments recognised at fair value in the statement of financial position have been analysed and classified using
a fair value hierarchy reflecting the significance of the inputs used in making the measurements. The fair value hierarchy co nsists
of the following levels:
• Quoted prices in active markets for identical assets or liabilities (Level 1) .
•
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices) (Level 2); and
•
Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
31 December 2023
Financial Assets:
Financial assets at fair value through profit or loss:
Equity investments at fair value :
-
Listed investments
31 December 2022
Financial Assets:
Financial assets at fair value through profit or loss:
Equity investments at fair value :
-
Listed investments
Derivatives at fair value
21
21
26
-
26
-
-
-
404
404
-
-
-
-
-
21
21
26
404
430
Sensitivity Analysis – Interest rate risk
The Group has performed a sensitivity analysis relating to its exposure to interest rate risk at balance date. The sensitivity
analysis demonstrates the effect on the financial period results and equity which could result from a change in this risk.
As at balance date, the effect on loss and equity as a result of changes in the interest rate on financial assets, with all o ther
variables remaining constant would be as follows:
Change in loss – increase/(decrease):
-
-
Decrease in interest rate by 2%
Increase in interest rate by 2%
Change in equity – increase/(decrease):
Increase in interest rate by 2%
-
-
Decrease in interest rate by 2%
Year to
31 Dec
202 2
($000)
(927)
927
927
(927)
Year to
31 Dec
202 1
($000)
(1,072)
1,072
1,072
(1,072)
Image Resources NL | Annual Report 2023 75
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
NOTE 24 HEDGING
Current assets / (liabilities)
Foreign exchange forwards
Foreign exchange options
31 Dec
2022
($000)
31 Dec
2021
($000)
-
-
-
-
405
405
The Group is exposed to risk from movements in foreign exchange in relation to its forecast US dollar denominated sales and
as part of the risk management strategy has entered into foreign exchange forward contracts and has purchased Australian
dollar call options.
(a) Recognition
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re -
measured to their fair value at the end of the reporting period. The accounting for subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged relationship
designated.
(b) Fair value of derivatives
There were no derivative financial instruments held at 31 December 2023 (The derivative financial instruments held at 31
December 2022 comprised the above hedging instruments). The fair value of hedging instruments is determined using valuation
techniques with inputs that are observable market data (a level 2 measurement). The valuation of the call options is determin ed
using forward foreign exchange rates at the balance date. The only unobservable input used in the calculation is the credit
default rate, movements in which would not have a material effect on the valuation.
(c) Hedge accounting
At the start of a hedge relationship, the Group formally designates and documents the hedge relationship, including the risk
management strategy for undertaking the hedge. This includes identification of the hedging instrument; the hedged item or
transaction and the nature of the risk being hedged. Hedge accounting is only applied where effective tests are met.
(d) Cash flow hedges
For cash flow hedges, the portion of the gain or loss on the hedging instrument that is effective is recognised directly in e quity,
while the ineffective portion is recognised in profit or loss. The ineffective portion was immaterial in the current and prio r periods.
There were no foreign exchange call options at the reporting date in relation to expected USD revenue, predominantly from
contracted sales to 31 December 202 3. (The foreign exchange call option hedges held at 31 December 2022 covered US$16.8
million of expected USD revenue at an average strike price of 70.0 cents ).
Amounts recognised in equity are transferred to the income statement when the hedging instruments matures.
If the forecast transaction is no longer expected to occur, amounts previously recognised in equity are transferred to the in come
statement. If the hedging instrument expires or is sold, terminated, or exercised without replacement or roll over, or if its
designation as a hedge is revoked amounts previously recognised in equity remain in equity until the forecast transaction occ urs.
NOTE 25 CONTROLLED ENTITIES
The consolidated financial statements incorporate the following subsidiaries:
Controlled Entities
Image Resources NL (Parent Company)
Craton Resources Pty Ltd
Titon Resources Pty Ltd
Titan-DR Resources Pty Ltd
Titan-SR Resources Pty Ltd
Country of
Incorporation
Australia
Australia
Australia
Australia
Australia
2022
2021
100%
100%
100%
100%
100%
100%
100%
100%
76 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
NOTE 26 OTHER ACCOUNTING POLICIES
Exploration and Evaluation Expenditure
Exploration and evaluation expenditure is accounted for differently as follows:
•
•
Exploration and evaluation expenditure associated with exploration and evaluation activity including direct costs and an
appropriate portion of related overhead expenditure is expensed to the Statement of Profit or Loss and other
Comprehensive Income as incurred. The effect of this write-off is to decrease the profit incurred from continuing operations
as disclosed in the Statement of Profit or Loss and other Comprehensive Income and to decrease the carrying values in
the Statement of Financial Position. T hat the carrying value of mineral assets, as a result of the operation of this policy, is
zero does not necessarily reflect the Board’s view as to the market value of that asset.
Exploration expenditure associated with the acquisition of tenement licences may be recognised as an exploration asset if
it is considered that the expenditures incurred are expected to be recouped through successful development and
exploitation of the area of interest. Additional exploration and evaluation expenditure incurred on these tenement licences
acquired is also added to the value of the exploration asset.
Accounting for exploration and evaluation expenditure is assessed separately for each ‘area of interest’. An ‘area of interes t’ is
an individual geological area which is considered to constitute a favourable environment for the presence of a mineral deposi t
or has been proved to contain such a deposit.
Once a development decision is made, all past exploration and expenditure in respect of an area of interest that has been
capitalised is transferred to mine properties where it is amortised over the life of the area of interest to which it relates on a unit
of production basis. No amortisation is charged during the exploration and evaluation phase.
The application of the above accounting policy requires to make certain estimates and assumptions as to future events and
circumstances, in particular, the assessment of whether economic quantities of reserves will be found. Any such estimates and
assumptions may change as new information becomes available, which may require adjustments to the carrying value of assets.
Capitalised exploration and evaluation expenditure is assessed for impairment when an indicator of impairment exists, and
capitalised assets are written off where required.
Goods and Services Tax (GST)
Revenues, expenses, and assets are recognised net of the amount of GST except where the GST incurred on a purchase of
goods and services is not recoverable from the taxation authority. In these circumstances, the GST is recognised as part of the
cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables in the Statement of
Financial Position are shown inclusive of GST.
The net amount of GST recoverable from, or payable to, the taxation authority is included as part of receivables or payables in
the Statement of Financial Position.
Cash flows are presented in the statement of cash flows on a gross basis, except for the GST component of investing and
financing activities, which are disclosed as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.
Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of the in itial
measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently measured at eithe r
amortised cost or fair value depending on their classification. Classification is determined based on both the business model
within which such assets are held and the contractual cash flow characteristics of the financial asset unless, an accounting
mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the Group
has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of recovering p art
or all of a financial asset, its carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as financi al
assets at fair value through profit or loss. Typically, such financial assets will be either: (i) held for trading, where the y are
acquired for the purpose of selling in the short -term with an intention of making a profit, or a derivative; or (ii) designated as
such upon initial recognition where permitted. Fair value movements are recognised in profit or loss.
Image Resources NL | Annual Report 2023 77
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
NNootteess ttoo tthhee ccoonnssoolliiddaatteedd ffiinnaanncciiaall ssttaatteemmeennttss
For the year ended 31 December 2023
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the Group intends to hold
for the foreseeable future and has irrevocably elected to classify them as such upon initial recognition.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial assets which are either measured at amortised
cost or fair value through other comprehensive income. The measurement of the loss allowance depends upon the Group’s
assessment at the end of each reporting period as to whether the financial instrument's credit risk has increased significant ly
since initial recognition, based on reasonable and supportable information that is available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk since initial recognition, a 12 -month expected credit
loss allowance is estimated. This represents a portion of the asset's lifetime expected credit losses that is attributable to a default
event that is possible within the next 12 months. Where a financial asset has become credit impaired or where it is determine d
that credit risk has increased significantly, the loss allowance is based on the asset's lifetime expected credit losses . The amount
of expected credit loss recognised is measured on the basis of the probability weighted present value of anticipated cash
shortfalls over the life of the instrument discounted at the original effective interest rate.
For financial assets measured at fair value through other comprehensive income, the loss allowance is recognised within other
comprehensive income. In all other cases, the loss allowance is recognised in profit or loss.
Fair Value
Fair value is determined based on closing market prices for all quoted investments. Valuation techniques are applied to
determine the fair value for all unlisted securities, including recent arm’s length transactions, reference to similar instru ments
and option pricing models. The expression “fair value” – and derivatives thereof – wherever used in this report bears the meaning
ascribed to that expression by the Australian Accounting Standards Board.
Impairment
At each reporting date, the Group assesses whether there is objective evidence that a financial instrument has been impaired.
In the case of available-for-sale financial instruments, a prolonged decline in the value of the instrument is considered to
determine whether an impairment has arisen. Impairment losses are recognised in the profit or loss.
De-recognition
Financial assets are derecognised where the contractual rights to receipt of cash flows expires, or the asset is transferred to
another party whereby the entity no longer has any significant continuing involvement in the risks and benefits associated wi th
the asset. Financial liabilities are derecognised where the related obligations are either disc harged, cancelled, or expired. The
difference between the carrying value of the financial liability extinguished or transferred to another party and the fair v alue of
consideration paid, including the transfer of non -cash assets or liabilities assumed, is recognised in profit or loss.
New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all the new or amended Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
New Accounting Standards for Application in Future Years
There are a number of new Accounting Standards and Interpretations issued by the AASB that are not yet mandatorily applicable
to the Group and have not been applied in preparing these financial statements. The Group does not plan to adopt these
standards early.
These standards are not expected to have a material impact on the Group in the current or future period until mandatory
adoption.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted to conform to changes in presentation for the
current financial year.
78 Image Resources NL | Annual Report 2023
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFor the Year Ended 31 December 2023
DDiirreeccttoorrss’’ DDeeccllaarraattiioonn
DIRECTORS' DECLARATION
The directors of the Company declare that:
1.
the accompanying financial statements and notes are in accordance with the Corporations Act 2001 and :
(a)
(b)
comply with Accounting Standards and the Corporations Act 2001;
give a true and fair view of the financial position as at 31 December 20 23 and performance for the year ended
on that date of the Group;
2.
3.
4.
this declaration has been made after receiving the declarations required to be made to the directors by the CEO and
CFO in accordance with section 295A of the Corporations Act 2001 for the year ended 31 December 202 3;
in the directors’ opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as
and when they become due and payable and
the directors have included in the notes to the financial statements an explicit and unreserved statement of
compliance with International Financial Reporting Standards.
This declaration is made in accordance with a resolution of the Board of Directors.
ROBERT BESLEY
CHAIR
PERTH
Dated this 25 March 202 4
Image Resources NL | Annual Report 2023 79
IInnddeeppeennddeenntt AAuuddiittoorr’’ss RReeppoorrtt
INDEPENDENT AUDITOR’S REPORT
Independent Audit Report to the members of Image Resources NL
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Image Resources NL (“the Company”) and its subsidiaries (“the
Group”), which comprises the consolidated statement of financial position as at 31 December 2023, the
consolidated statement of profit or loss and other comprehen sive income, the consolidated statement of
changes in equity, the consolidated statement of cash flows for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies, and the directors' declaration.
In our opinion, the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(i) giving a true and fair view of the Group's financial position as at 31 December 2023 and of its financial
performance for the year then ended; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those
standards are further described as in the Auditor's Responsibilities for the Audit of the Financial Report
section of our report. We are independent of the Group in accordance with the auditor independence
requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (the Code) that are relevant
to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the financial report of the current year. These matters were addressed in the context of our audit of
the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We have determined the matters described below to be key audit matters to be
communicated in our report.
80 Image Resources NL | Annual Report 2023
48
IInnddeeppeennddeenntt AAuuddiittoorr’’ss RReeppoorrtt
INDEPENDENT AUDITOR’S REPORT (cont.)
Provision for Rehabilitation
Refer to Note 13
Key Audit Matter
How our audit addressed the key audit matter
As at 31 December 2023, the Group has a
the
liability of $48.9 million relating
estimated
rehabilitation,
decommissioning and restoration relating to
areas
in
operation
Boonanarring but not yet rehabilitated.
disturbed
during
cost
to
of
The provision is based upon current cost
estimates and has been determined on a
discounted basis with reference to current
legal requirements and technology. At each
reporting date the rehabilitation liability is
reviewed and re-measured
line with
changes in observable assumptions, timing
and the latest estimates of the costs to be
incurred based on area of disturbance at
reporting date.
in
This area is a key audit matter as the
liability
determination of
involves use of assumptions and significant
management judgement.
the restoration
Revenue Recognition
Refer to Note 3
Our audit work included, but was not restricted to, the
following:
• Obtaining an Independent expert valuation report and
external
their
determination of future required activities, their timing
and associated cost estimations.
documentation
underlying
for
• Assessing the competence, scope and objectivity of the
Group’s external experts used in determination of the
provisions estimate.
• Testing
the accuracy of historical
rehabilitation provisions by comparing
expenditure.
restoration and
to actual
• Assessing
restoration
comparison to mine plans and reserves.
the planned
and
rehabilitation
timing of environmental
through
provision
• Analysed inflation rate and discount assumptions in the
provision calculation with current market data and
economic forecasts.
• Evaluating the completeness of the provisions estimate
to the Group’s analysis of each operating location to
identify where disturbance requires rehabilitation or
demobilisation and our understanding of the Group’s
operations.
Key Audit Matter
How our audit addressed the key audit matter
The Group has reported revenue of $119.1
million from sales of minerals.
Our audit work included, but was not restricted to, the
following:
revenue
recognition
The application of
accounting standards
is complex and
involves a number of key judgements and
estimates.
There is also a risk around the timing of
revenue recognition, particularly focused on
terms of delivery and
the contractual
location of the customers.
Based on these factors, we have identified
revenue recognition as a key risk for our
audit
• Considering
the appropriateness of
the
revenue
recognition accounting policies.
• Understanding
the significant
revenue processes
including performance of an end-to-end walkthrough of
the revenue assurance process and identifying the
relevant controls.
• Performing cut off procedures.
• Assessing the transfer of control to the customer by
reviewing contracts and shipping documentation.
• Verifying a sample of
transactions with supporting
documents
• Ensuring adequate disclosure in the financial statements
49
Image Resources NL | Annual Report 2023 81
IInnddeeppeennddeenntt AAuuddiittoorr’’ss RReeppoorrtt
INDEPENDENT AUDITOR’S REPORT (cont.)
Deferred Exploration and Evaluation Costs
Refer to Note 10
Key Audit Matter
How our audit addressed the key audit matter
exploration
the Group has
At 31 December 2023,
evaluation
and
significant
expenditure of $43.079 million which has
been capitalised. As the carrying value of
exploration and evaluation expenditures
represents a significant asset of the Group,
we considered
to assess
whether facts and circumstances existed to
suggest that the carrying amount of this
asset may exceed its recoverable amount.
it necessary
The Group capitalises exploration and
evaluation expenditure in line with AASB 6
Exploration for and Evaluation of Mineral
Resources. The assessment of each asset’s
future
significant
judgement. There is a risk that amounts are
capitalised which no
the
recognition criteria of AASB 6.
longer meet
requires
viability
Our audit work included, but was not restricted to, the
following:
• We obtained evidence that the Group has valid rights to
explore in the areas represented by the capitalised
exploration and evaluation expenditures by obtaining
valid contracts giving the Group rights to explore, for a
sample of capitalised exploration costs.
• We enquired with management and reviewed budgets to
ensure
further
exploration for and evaluation of the mineral resources in
the Group’s area of interest were planned.
substantive expenditure on
that
• We
enquired
reviewed
announcements made and reviewed minutes of directors’
meetings to ensure that the company had not decided to
discontinue activities in any of its areas of interest; and
management,
with
• We enquired with management to ensure that the Group
had not decided to proceed with development of a
specific area of interest, yet the carrying amount of the
exploration and evaluation asset was unlikely to be
recovered in full from successful developmen t or sale.
Impairment of PPE including Land and Mine Development Costs
Refer to Note 10
Key Audit Matter
How our audit addressed the key audit matter
As at 31 December 2023, the Group has
property, plant and equipment including land
and mine development costs amounting to
$56.0 million. The Group has completed
mining at its only producing Boonanarring
mine and is actively developing Atlas mine.
An impairment of $2.2 million has been
charged to the income statement.
The assessment of the recoverable amount
requires significant judgment, in particular
relating to estimated cash flow projections
and discount rates.
to
the
level of
Due
judgment, market
environment and significance to the Group’s
financial statements, this is considered to be
a key audit matter.
Our audit work included, but was not restricted to, the
following:
• Reviewed the management’s impairment assessment in
accordance with AASB 136 Impairment of Assets.
• We held discussions with management, reviewed board
minutes and ASX announcements to understand future
and use of existing
land, plant and associated
infrastructure.
• We reviewed an independent expert’s report on residual
for Boonanarring wet concentrator plant and
value
associate infrastructure.
• Obtained third party valuation report for land which would
not be in use in future and ensure proper adjustments
have been made in the accounting record.
• Ensured that mine development costs related to area
over which Group has mining rights and estimated value
in use is higher than carrying value.
• Reviewed adequacy of the related disclosures in the
financial statements.
82 Image Resources NL | Annual Report 2023
50
IInnddeeppeennddeenntt AAuuddiittoorr’’ss RReeppoorrtt
INDEPENDENT AUDITOR’S REPORT (cont.)
Other Information
The directors are responsible for the other information. The other information obtained at the date of this
auditor's report is included in the annual report but does not include the financial report and our auditor’s
report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial report or our
knowledge obtained in the audit o r otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this auditor's
report, we conclude that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to repor t in this regard.
Responsibilities of Directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a true and
fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such
internal control as the directors determine is necessary to enable the preparation of the financial report that
gives a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Group’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the direct ors either intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with Australian Auditing Standards will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individ ually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of the
financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement
and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis fo r our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s a bility to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related
disclosures in the financial report or, if such disclosures are inadequate, to modify our op inion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the disclosures,
and whether the financial report represents the underlying transactions and events in a manner that
achieves fair presentation.
51
Image Resources NL | Annual Report 2023 83
AAuuddiittoorr’’ss IInnddeeppeennddeennccee DDeeccllaarraattiioonn
IInnddeeppeennddeenntt AAuuddiittoorr’’ss RReeppoorrtt
IInnddeeppeennddeenntt AAuuddiittoorr’’ss RReeppoorrtt
INDEPENDENT AUDITOR’S REPORT (cont.)
We communicate with the directors regarding, among other matters, the planned scope and timing of the
We communicate with the directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify
audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
during our audit.
We also provide the directors with a statement that we have complied with relevant ethical requirements
We also provide the directors with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may
regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
reasonably be thought to bear on our independence, and where applicable, related safeguards.
Auditor's Independence Declaration
From the matters communicated with the directors, we determine those matters that were of most significance
From the matters communicated with the directors, we determine those matters that were of most significance
in the audit of the financial report of the current year and are therefore the key audit matters. We describe
in the audit of the financial report of the current year and are therefore the key audit matters. We describe
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
As auditor for the audit of Image Resources NL for the year ended 31 December
benefits of such communication.
benefits of such communication.
2023, I declare that, to the best of my knowledge and belief, there have been:
Report on the Remuneration Report
Report on the Remuneration Report
I)
II)
Opinion on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 15 to 24 of the directors’ report for the year
We have audited the Remuneration Report included in pages 15 to 24 of the directors’ report for the year
ended 31 December 2023.
ended 31 December 2023.
no contraventions of the independence requirements of the
Corporations Act 2001 in relation to the audit; and
no contraventions of any applicable code of professional conduct in
relation to the audit.
In our opinion, the Remuneration Report of Image Resources NL for the year ended 31 December 2023
In our opinion, the Remuneration Report of Image Resources NL for the year ended 31 December 2023
complies with section 300A of the Corporations Act 2001.
complies with section 300A of the Corporations Act 2001.
This declaration is in respect of Image Resources NL and the entities it controlled
during the period.
Responsibilities
Responsibilities
pages 38 to 47
The directors of the Company are responsible for the preparation and presentation of the Remuneration
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit in accordance with Australian Auditing Standards.
opinion on the Remuneration Report, based on our audit in accordance with Australian Auditing Standards.
Elderton Audit Pty Ltd
Elderton Audit Pty Ltd
Elderton Audit Pty Ltd
Sajjad Cheema
Director
Sajjad Cheema
Sajjad Cheema
25th March 2024
Director
Director
Perth
25th March 2024
25th March 2024
Perth
Perth
84 Image Resources NL | Annual Report 2023
52
52
AASSXX AAddddiittiioonnaall IInnffoorrmmaattiioonn
ASX ADDITIONAL INFORMATION
Image Resources NL (ASX: IMA) provides the following information as required by the ASX Listing Rules. The information is current
as at 24 March 2024.
Ordinary Shares
Distribution of Shareholdings
Range
1 – 1000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
Unmarketable Parcels
Total Holders
270
499
393
1,060
464
2,686
Units
115,739
1,556,483
3,115,000
41,875,579
1,023,641,648
1,070,304,449
% Units
0.01%
0.15%
0.29%
3.91%
95.64%
100.00%
There were 941 holders of unmarketable parcels comprising a total of 2,737,447 shares amounting to 0.26% of issued capital.
Twenty Largest Shareholders:
The names of the twenty largest holders of quoted ordinary shares are:
Rank
Name
MURRAY ZIRCON PTY LTD
VESTPRO INTERNATIONAL LIMITED
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
ORIENT ZIRCONIC RESOURCES (AUSTRALIA) PTY LTD
CITICORP NOMINEES PTY LIMITED
BNP PARIBAS NOMINEES PTY LTD
Units
167,077,026
137,936,921
81,477,758
54,453,343
36,928,729
35,788,723
DCL SPECIAL SITUATION FUND LP
35,349,029
LUMINOUS PARTNERING PTY LTD
BNP PARIBAS NOMINEES PTY LTD ACF CLEARSTREAM
BNP PARIBAS NOMS PTY LTD
MR ZONGLIN CAI
AVA CARTEL SDN BHD
PERFECT WELL INDUSTRIAL LIMITED
MISS CHOY FUAN KU
PONTIAN ORICO PLANTATIONS SDN BHD
BRAZIL FARMING PTY LTD
MR LIM PANG SOO
MRS SHUMEI CHEN
RIBTON SUPERANNUATION FUND PTY LTD
LUMINOUS PARTNERING PTY LTD
30,828,885
26,635,247
18,919,159
18,821,541
18,000,000
17,006,745
15,000,000
11,539,728
11,022,326
10,760,103
10,217,638
10,200,000
9,016,544
756,979,445
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
% Units
15.61%
12.89%
7.61%
5.09%
3.45%
3.34%
3.30%
2.88%
2.49%
1.77%
1.76%
1.68%
1.59%
1.40%
1.08%
1.03%
1.01%
0.95%
0.95%
0.84%
70.73%
53
Image Resources NL | Annual Report 2023 85
AASSXX AAddddiittiioonnaall IInnffoorrmmaattiioonn
ASX ADDITIONAL INFORMATION (cont.)
Substantial Shareholders:
The names of substantial shareholders who have notified the Company in accordance with section 671B of the Corporations Act
2001 are:
Shareholders
Murray Zircon Pty Ltd together with Orient Zirconic Resources (Australia) Pty Ltd, Guangdong
Orient Zirconic Ind. Sci. Tech. Co. Ltd. and XQ (HK) Enterprises Limited
Li Huang Cheng and Vestpro International Limited
Paradice Investment Management Pty Ltd
Voting Rights
Units
221,530,369
151,515,494
64,183,760
The voting rights attaching to ordinary shares are governed by the Constitution. On a show of hands every person presents who
is a member or representative of a member shall have one vote, and on a poll, every member present in person or by proxy or
by attorney or duly authorised representative shall have one vote for each fully paid ordinary share held. None of the options
have any voting rights.
Unquoted Securities
Class
Performance Rights
Schedule of Tenements
Areas of Interest
Tenements
Number of
Holders
Units
28
17,821,558
Economic
Entity’ Interest
Western Australia
- Atlas Project
E70/2636, E70/2898, E70/3997, E70/4244, E70/4656, 70/4663,
E70/5034, E70/5268, E70/5552, M70/1305, R70/051, R70/062,
100%
P70/1756, L70/242, L70/243
- Boonanarring Project
E70/3032, E70/3041, E70/3100, E70/3720, E70/4689, 70/4946,
E70/5213, E70/5306, E70/5646, M70/1192, M70/1194,
100%
M70/1311, M70/448, G70/0250
- Bidaminna Project
E70/2844, E70/3298, E70/4779, E70/4794, E70/4919, 70/5763,
- Erayinia Project
- King Project
E70/5776, E70/5777,
E28/1895, E28/2742
P28/1320, P28/1321
- Eneabba Project
E70/3814, E70/4190, E70/4719, E7/4747, M70/0872, 70/0965,
- Yandanooka Project
- McCalls Project
M70/1153, M70/1419, R70/0035
E70/3762, E70/3813, E70/6549
E70/3929, E70/3967, E70/4584, E70/4922
100%
100%
100% 2% net
smelter royalty
payable to
former owners
100%
100%
100%
E = Exploration Licence, M = Mining Lease, P = Prospecting Licence, R = Retention Licence, G = General Purpose Licence
86 Image Resources NL | Annual Report 2023
54
www.imageres.com.au
Image Resources NL | Annual Report 2023 87
www.imageres.com.au
88 Image Resources NL | Annual Report 2023
CORPORATE DIRECTORY
DIRECTORS
Mr Robert Besley
Mr Patrick Mutz
Mr Chaodian Chen
Mr Aaron Chong Veoy Soo
Ms Ran Xu
Mr Winston Lee
Mr Peter Thomas
COMPANY SECRETARY
Non-Executive Chair
Managing Director and CEO
Non-Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Mr Dennis Wilkins (DWCorporate Pty Ltd)
Mr John McEvoy (Chief Financial Officer, Image Resources)
PRINCIPAL PLACE OF BUSINESS & REGISTERED OFFICE
Level 2, 7 Ventnor Avenue
West Perth WA 6005
CONTACT DETAILS
T:
E:
+61 8 9485 2410
info@imageres.com.au
W: www.imageres.com.au
AUSTRALIAN BUSINESS NUMBER
AUDITORS
ABN: 57 063 977 579
SHARE REGISTRY
Automic Pty Ltd
Level 5
126 Phillip Street,
Sydney NSW 2000
T:
T:
E:
1300 288 664 (within Australia)
+61 (0) 2 9698 5414 (International)
hello@automic.com.au
W: www.automicgroup.com.au
Elderton Audit Pty Ltd
Level 2
267 St Georges Terrace
Perth WA 6000
T:
+61 8 6324 2900
STOCK EXCHANGE
Australian Securities Exchange (ASX)
ASX Code - IMA (Fully paid shares)
ISSUED CAPITAL
1,070,304,449 fully paid ordinary shares
www.imageres.com.au
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