Image Resources NL (ASX:IMA)

ALERT: Price-sensitive ASX Announcement for IMA

Current share price for IMA : $0.020 -0.033 (-62.26%)⁺

Announcement

CY2025 Accounting Adjustments

Release

16 Mar 2026 9:52AM

Price at Release

$0.053

Full Release

Summary

Image Resources NL, an Australian mineral sands miner, announced significant accounting adjustments for the financial year ending December 31, 2025. The company expects to write off approximately A$53 million related to mineral sands assets and an additional A$8 million concerning deferred tax assets. These non-cash write-offs, attributed to commodity price weakness and foreign exchange impacts, do not affect the company's ability to offset future profits and are subject to audit. The company's Atlas operation is projected to generate an EBITDA of A$25 million in CY2025. Image continues to operate its projects successfully, with a focus on innovations like a patented process for upgrading ilmenite to synthetic rutile.

Key Points

Image Resources NL expects to record an exceptional item and deferred tax asset write-off in CY2025.
A non-cash impairment of approximately A$53 million related to mineral sands assets is anticipated.
An additional non-cash write-off of approximately A$8 million related to deferred tax assets is expected.
These accounting adjustments have no immediate tax implications for the company.
The underlying EBITDA from the Atlas operation, before rehabilitation and exceptional items, is expected to be approximately A$25 million.
Image Resources NL focuses on mining and supplying mineral sands and critical minerals globally.
The Boonanarring project was a low-cost, high-zircon mine that was successful and profitable until Q3 2023.
Debt for the Boonanarring project was paid off early, with dividends paid to shareholders in 2021 and 2022.
Atlas project operations commenced in April 2025, with production ramping up by June 2025.
Image Resources is exploring the potential to upgrade ilmenite to synthetic rutile using a novel, lower GHG emissions process.

IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.