# IMA - Image Resources



## JoshyJ (2 October 2006)

Just wanted to get your guys ideas on this company? Seems to still have a lot of room to move up.


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## Sean K (2 October 2006)

Something unusual is going on over there Josh.

Hope you held this a few days ago. Whoooooshhhh.

What's the rumour?


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## imajica (9 October 2006)

Sydney - Thursday - September 28: (RWE Aust Business News) -

Image Resources (ASX:IMA) has reported "spectacular" thicknesses of heavy
minerals (HM) have been intersected in a number of holes in recent
drilling at Cooljarloo in the North Perth Basin, Western Australia.
Results includ 22m at 6.1pc HM from 18m, 14m at 5.3pc from 18m,
30m at 4.6pc from 18m, 40m at 4.4pc from 18m, 16m at 4pc from 16m and 8m
at 4.6pc from 16m.
Modal analysis of a composite sample from the northernmost
section indicates the valuable heavy mineral content to be a "remarkable"
85pc, comprised of 68pc ilmenite, 11pc zircon, 3.3pc rutile and 2.6pc
leucoxene, the company said.
These channel sediments are unusual features and occur down to
40m below the base of the main strandlines.
Image said the Cooljarloo channels appear to have excellent
physical dredging characteristics with a high proportion of free running
sand, low slimes/clay content and little induration.


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## imajica (9 October 2006)

Singin' in the grain - Bulletins Specular report

05/09/2006

A mineral sands prospect in Western Australia is coming up trumps and investors are sniffing around. David Haselhurst got there first.

My spies in Western Australia tell me that hungry opportunists have been tapping on the door of mineral sands prospector Image Resources. This could result in profitable gains for readers who followed The Speculator into the stock early this year ahead of a drilling program that began in March and has so far turned up encouraging results.
We visited the site on the sand plain scrublands north of Perth (B, Feb 28), where geophysicist George Sakalidis and his field crews were undertaking an extensive ground survey, to identify buried beach strandlines hiding potentially valuable deposits of zircon, the titanium ores rutile and ilmenite, and other heavy mineral fractions such as leucoxene and monazite.

Drilling continues to confirm those expectations. At its Cooljarloo North project, Image earlier this year established an inferred resource of 80 million tonnes of 3% heavy minerals within three strandlines. Then, in early August, the company cheered its backers with positive results from 58 holes sunk on a 20m-by-100m grid to delineate two new shallow high-grade zones over a strike length of 1.7km. Better holes included 8m of 13.4% heavy minerals (HM) from a depth of 2m; 10m of 8% HM from 2m; 10m of 12% HM from 2m. Continued drilling should further extend and enhance this resource.

Cooljarloo North lies along strike from TiWest’s Cooljarloo mine, which is expected to be exhausted within four years. Quite clearly, acquisition of the Image asset could significantly extend TiWest’s mine life at marginal cost in relocating its plant. TiWest’s present alternative is to shift the plant to ground north of Dongara. Image now holds 520sq km of tenements on the north Perth basin, which hosts the world-class Eneabba mine and produces 50% of the world’s chloride ilmenite and close to 25% of its zircon.


Further south at the Bidaminna project, Image also holds 110sq km where mineral-rich strandlines extending 36km in widths up to 800m have been identified from ground magnetic surveys. Drilling is underway to confirm these indications. Importantly, the Bidaminna project appears to be a strike extension of the Gingin mine operated by Iluka Resources. Iluka’s reserves are also being depleted, with expectations that they will last only another two to three years.

So far, two potential suitors have been identified for either Image or its assets. I understand that a third party, Bemax Resources, has made tentative overtures to Image. It has two plants between Augusta and Margaret River in the south-western corner of WA, where production is also declining.

A recent research report from RM Capital of Perth came up with a value of $40m-$60m for Image’s minerals sand assets. That’s 62 ¢-87 ¢ a share after the expected exercise last week of 13.5 million options due at 20 ¢. That will boost total issued capital to 73.9 million shares.

UBS Stockbroking had been soaking up the options with an eye to participating in the forthcoming spin-off of Image’s gold, nickel and base metals interests. Image shareholders will get a free in specie distribution of shares.


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## imajica (10 October 2006)

the market is beginning to wake up !!!

they have hit the motherload with 40m intersections of rich mineral sands

this is the equivalent of a massive base metals hit

worth hundreds of millions

the reason why it is taking so long for the market to warm to this one is because not many investors understand mineral sands (its appliaction and value) and hence is not as appealing as say a big uranium or copper hit.

the Image train is ready to depart, all aboard


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## imajica (10 October 2006)

up 10% in the first minute of trading  -  buyer strength building


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## imajica (10 October 2006)

a little info about the resource

Fat Prophets value the "35AHD strand" (Cooljarloo) at 100 mill, which is where IMA have completed extensive drilling and have a resource of 30,860,000 t @ 4% HM.

The great results from last week (up to 40m thickness) came from the "2800 strand" deposit....which looks like being a monster. (another part of the tenement)  - this deposit is many times larger than the "35AHD strand"

Lots more upside here....

Also the fact that George Sakalidis(managing director of Image) has come out and said that Iluka and Tico have been examining their results.......


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## imajica (12 October 2006)

look at the share price rise today

sheeeeesh!

shouldn't have sold yesterday    arrrrrggghhhh


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## moses (12 October 2006)

and I shouldn't have held off buying!   

always wiser in the morning...


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## JoshyJ (24 October 2006)

Very nice announcement out.



> Image Resources defines 4 HM targets at Cooljarloo Nth
> 10:27, Tuesday, 24 October 2006
> 
> Sydney - Tuesday - October 24: (RWE Aust Business News) - Image
> ...


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## GreatPig (17 November 2006)

Up around 10% at the moment, retracing practically the whole drop of this current month.

GP


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## Kauri (21 November 2006)

GreatPig said:
			
		

> Up around 10% at the moment, retracing practically the whole drop of this current month.
> 
> GP




   In the West Aussie Mon 20th.. 
   High flying sands junior Image Resources is expected to unviel more results from its flagship Cooljarloo project north of Perth later this week, further confirming it as a potential world=class discovery....... et al


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## Sean K (30 November 2006)

Holy cow, check out the grades and thickness of the latest results. This could do anything.

Looks set to break $2.00. I thought it had run to hard way back at $0.95.


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## powerkoala (8 December 2006)

something is happening today,
lot of buyers stack up ... 
hm.. what will happen... let's see


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## powerkoala (21 December 2006)

wow...
what a massize length of strike....?
did anybody read this?


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## Wilson! (21 December 2006)

powerkoala, sure did
I picked up a few this morning, I am no miner, but have read the ann and think this is going to be going up real quick

A few took profits, but buyers seem to be supporting it now 
Gotta be worth a punt surely


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## Wilson! (21 December 2006)

Is anyone on this?
I picked up low 1.90's

Looks like she's about to retest highs


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## speves (10 January 2007)

Moving up on low volumes at the moment......any news about on IMA?


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## speves (11 January 2007)

speves said:
			
		

> Moving up on low volumes at the moment......any news about on IMA?




IMA got a big rap in this weeks Bulletin magazine with David "The Speculator" Haselhurst retain all of the Image stock in his 2007 portfolio:

_Readers might be surprised to see that I've retained my entire holding in heavy mineral sands prospector Image Resources, worth $18,800 at the close of trade last year. That constitutes a grossly lopsided weighting in a portfolio with a net value of only $40,000 and will probably be reduced somewhat in coming weeks. There are several compelling reasons for hanging on, however:_

_Image at the time of writing was still "cum" entitlement to a free one-for-six bonus issue in the planned float of Magnetic Resources together with a one-for-nine issue of partly paid shares in the same company,

Image is about to launch a new 95km aircore drilling program on new and massive heavy minerals targets identified through ground aeromagnetic surveys on the North Perth Basin.

Image is emerging as a potential takeover target with a market capitalisation of $137m and indications of a world-class resource on its tenements north of Perth, where it is adjoined by larger producers such as Iluka Resources and Ti West._

Explains the buy up of sub $2.00 stock yesterday.

things are looking up :


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## scsl (18 January 2007)

speves said:
			
		

> IMA got a big rap in this weeks Bulletin magazine with David "The Speculator" Haselhurst retain all of the Image stock in his 2007 portfolio:
> 
> Explains the buy up of sub $2.00 stock yesterday.
> 
> things are looking up :



David's been a fantastic supporter of IMA. It's only been recently that I've kept a close eye on this mineral exploration company. David will sell some of his IMA shares, but that's fair enough - otherwise the 40k portfolio will be too lopsided. 

I'm very surprised that IMA doesn't get much airtime here... results from drilling that started in the last few days should change this.

Well, IMA's up over 12% on an announcement that it has tripled its North Perth Basin holdings. 

(looking to buy)


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## powerkoala (18 January 2007)

it's finally breaking out after third announcements
guess market finally realize the potential of this 
well.. just see where this will go next


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## porkpie324 (18 January 2007)

Yes IMA have lacked comments on ASF, I'm a fan of David (the speculator) Haslehurst, I'm out of IMA at the moment I took some recent very healthy prophets and was waiting for a pull back which has'nt occurred, infact IMA did not suffer the recent weakness in mineral stocks, also has broken out of a trading range and could be well worth considering especially as David still has confidence with this company.porkpie


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## Sean K (18 January 2007)

porkpie324 said:
			
		

> Yes IMA have lacked comments on ASF, I'm a fan of David (the speculator) Haslehurst, I'm out of IMA at the moment I took some recent very healthy prophets and was waiting for a pull back which has'nt occurred, infact IMA did not suffer the recent weakness in mineral stocks, also has broken out of a trading range and could be well worth considering especially as David still has confidence with this company.porkpie



Yes, could have been analysed a bit more in the thread. Was looked at technically in the 'potential breakout thread'. Has turned out a good pick by whoever id'd it at the start. (sorry, need to look back..)


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## Sean K (18 January 2007)

kennas said:
			
		

> Yes, could have been analysed a bit more in the thread. Was looked at technically in the 'potential breakout thread'. Has turned out a good pick by whoever id'd it at the start. (sorry, need to look back..)



Wilson highlighted it - well done.


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## powerkoala (18 January 2007)

porkpie324 said:
			
		

> Yes IMA have lacked comments on ASF, I'm a fan of David (the speculator) Haslehurst, I'm out of IMA at the moment I took some recent very healthy prophets and was waiting for a pull back which has'nt occurred, infact IMA did not suffer the recent weakness in mineral stocks, also has broken out of a trading range and could be well worth considering especially as David still has confidence with this company.porkpie




i'm out as well today.. well hope to reenter but seems it won't let me though   
let see how it goes tomorrow
cheers


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## speves (18 January 2007)

What's making IMA interesting to investors (apart from just the massive HM discoveries) is the proximity of two larger miners to the Cooljarlo project.  One of which is Iluka, one of the world's largest suppliers of zircon, rutile, ilmenite, leucoxene and synthetic rutile.  Iluka has confirmed already that "Exhaustion of it's high grade resources is likely to effect production levels in 2007". That makes Image's HM find next door a very attractive prospect for them.

IMA's exploration director has already stated that any potential buyer will need to be paying between $3 -$4 a share before he will let the company go.  I'm not sure that his valuation is realistic but it suggests the share price has further to go yet.


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## Freeballinginawetsuit (27 January 2007)

Most of you crew seem to be focused on the heavy minerals side of IMA and indeed its a great outlook. What the market seems to be missing is IMA's Nickle plays. Happy to post the info on the aforementioned if anyone is interested.
Nickle potential for IMA was why I initially entered them back in October and still holding. I really feel that this one has slipped under the radar and isn't even factored into their SP, Cooljarloo is taking all the spotlight ATM.
Their are many Nickle Hungry mid tiers in the area who no doubt will be willing to take up the JV's with IMA and fund the farm ins at no expense to IMA.

Will continue to hold as these guys have the golden touch ATM


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## Crash (16 February 2007)

So if i buy IMA shares today does that make me eligible for the bonus issue?


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## olive_tree (16 February 2007)

Just announced, record date now 26/2, ex date 20/2.


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## Crash (16 February 2007)

So what exactly does that mean in terms of those two dates?


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## olive_tree (16 February 2007)

If you buy IMA shares on or before 19/2 you will be entitled to participate in the bonus issue.  If you buy them on 20/2 or later you will not.


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## the barry (16 February 2007)

olive_tree said:
			
		

> If you buy IMA shares on or before 19/2 you will be entitled to participate in the bonus issue.  If you buy them on 20/2 or later you will not.




Can someone please enlighten me to what the bonus issue will be in relation to. Also, what the thoughts are on it and whether it is worth investing in ima to gain exposure to the bonus issue 

Thanks


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## Crash (16 February 2007)

Thanks olive tree.  I also assume that the bonus issue will be on 26/2.


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## olive_tree (16 February 2007)

Crash said:
			
		

> Thanks olive tree.  I also assume that the bonus issue will be on 26/2.



No that is just the record date meaning shareholders must be recorded in the share register on that date to be eligible (ties in with the ex date).  AFAIK there is no timetable for the float yet.

The Barry, look at IMA notice of general meeting dated 6/9/06 for details.


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## gs07 (17 May 2007)

some big recent announcements - extension of target at cooljarloo north and acquisition of the bootine tenement. also some recent press in the australian in an article about zircon.

sp has bounced back strongly this week.

any views about where this is heading?


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## gs07 (17 May 2007)

article in the australian:

"FORTY years ago the dream was that if every person in China would just manage to buy one pair of socks, then the Australian wool industry would be back to its glory days. Hold that thought - but substitute bathrooms with zircon ceramic tiles. Then think of all those bathrooms in China and India that are likely to be built in high-rise apartment buildings over the next decade.
But it's no longer just ceramics. While there are a couple of million Chinese wanting new bathrooms, there are also millions of Westerners headed down the geriatric road, which is more good news for zircon. Its status as an inert metal allows zircon to be used as a bone substitute for human implants. It also gets used in computer and TV screens.

A resources conference in Adelaide heard this week that by 2012 the world will be short of 200,000 tonnes of zircon. That actually represents a shortfall of about 15 per cent on that year's expected 1.4 million tonne requirement (which, as usual, will turn out to be a conservative call).

The zircon price has tripled since the early part of this decade to about $US900/tonne. Best guess: it'll go much higher.

Actually, local investors are spoilt for choice with zircon vehicles. Iluka Resources has been buffeted a little, but it's the biggest holder of land in South Australia's Eucla Basin, which seems to be zircon rich. We've heard that South Australian government people are talking about as many as 10 mines in the basin and are starting to think about the infrastructure needed.

The second biggest holder in that basin is Diatreme Resources, which has hit high grades at its Willy Willy prospect with magnetics reported 15km either side of the 3km-long strand the company has been drilling.

Bemax Resources is already a producer and it will be joined in September by Australian Zircon, which aims to be the world's third largest supplier of the metal.

Back in the queue are several promising up and coming players, including West Australian project owners *Image Resources* and Gunson Resources (which has all government approvals for its Coburn project), and Red Metal and Adelaide Resources in the Eucla."


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## benwex (5 June 2007)

Freeballinginawetsuit said:


> Most of you crew seem to be focused on the heavy minerals side of IMA and indeed its a great outlook. What the market seems to be missing is IMA's Nickle plays. Happy to post the info on the aforementioned if anyone is interested.
> Nickle potential for IMA was why I initially entered them back in October and still holding. I really feel that this one has slipped under the radar and isn't even factored into their SP, Cooljarloo is taking all the spotlight ATM.
> Their are many Nickle Hungry mid tiers in the area who no doubt will be willing to take up the JV's with IMA and fund the farm ins at no expense to IMA.
> 
> Will continue to hold as these guys have the golden touch ATM




Free ball are you still holding IMA?? I want to know if there has been any developments on their Nickel opportunies that you mentioned some while ago...

regards,
Benwex


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## Robroy (6 June 2007)

*IMA - The Speculator's buy of the week*

Image Resources (IMA) is the buy of the week in The Speculator column in today's Bulletin magazine.

The buy was actually a top-up: The Spec already had some IMA in his portfolio.

The reasons for the unusual second buy-in are:

1. The low prices IMA is at of late due to tax loss selling. (It's way down off its recent $2.40 high.)

2. The Speculator's view that the company is now a potential takeover target.

He also thinks it possible that there may be a further Magnetic-like spin-off that could benefit holders:

"It was made clear with the spin-off of the second Magnetic earlier this year that Image wanted to concentrate on HMS [heavy mineral sands] on the northern Perth basin. Note that Image still has about six farmed out nickel and base metal projects in WA, some advanced. I shouldn't be surprised if some were spun off in this robust market, with rewarding results for Image shareholders."

More fundamentally:

"Image's shallow depth, high-grade heavy mineral sands (HMS) are without a doubt worth far more than the company's substantially undervalued market capitalisation of $154 million."


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## gs07 (6 June 2007)

IMA also favoured by Fat Prophets. Don't know what their take on it is now, but they were valuing it at $3 back in january even before gingin additions and significant extension of cooljarloo nth. their fundamentals have only gotten stronger. 

north perth basin supplies 25% of the world's zircon and IMA is now the largest tenement holder in the area. 

i would think it inevitable that illuka or others would have to look at this seriously, especially with the grades being discovered.


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## grace (12 December 2007)

Don't see any posts on this one for a while.  I hold (for about 12 months) and have quite a lot.  They continue to find heaps of heavy minerals at a very good grade, but it seems the market has got bored waiting, and moved elsewhere.  Now they are about to drill another 40kms at Cooljarloo (which will be 120 kms all up when finished).  About March 07, I wrote to the MD asking when their first JORC would be out, with a reply of "only a couple of weeks".  Still we don't have one.  It will be huge when it turns up....I'm hoping soon.  They are still working on it.  My thoughts on this company are that the major shareholders (board members) are holding back on a JORC until they have drilled the thing to bits.  My guess that they wouldn't want to sell with only half drilled.  They are a takeover target....Iluka would have to be crazy not to make an attempt (search Iluka this morning I see their new prospect grading 1% to 16% HM).  I think Image will average over 10% easy.  They have grades to 50% and even above (with mineralisation to surface).  Iluka's new prospect is 30metres down in comparison.  I've been hanging on for the long run on this but patience is dwindling.  Their day will come, I just hope it is soon......


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## grace (7 January 2008)

Okay, this company is now in Fat Prophets best picks for 2008 and also in the AFR top 20 for this year.  Cockatoo Coal gets the big move from prophets recommendations.....this one goes down.  Trust me to own this one...and bucket loads of them......


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## Tukker (14 January 2008)

One of my favorite shares, I believe Image is one heck of a takeover target, hope they get more than one bidder; crazy not to.

Bought in at 0.55 and believer $3.5 or $4 is very realistic her.


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## grace (15 January 2008)

Did you take up the Emu Nickel priority entitlement to buy shares?  I didn't, so just have the bonus ones coming.  Saving my money for other things.


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## jaffa (22 January 2008)

Any views on today's announcment. Might be a good pick amongst all the turmoil and while the market is heading over the cliif trying to minimise losses??

Jaffa


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## grace (22 January 2008)

It is getting sold off.  The initial jorc is due out soon and it should be between 100 - 200 million tonne at a grade of 10%.  This is very high grade and will be a long life mine (cooljarloo and cooljarloo north).  Is a takeover target.  The price it is going at at the moment is very cheap, but so is everything I guess.  The amount of channels they haven't even touched is just amazing.  They have the best bit of dirt around for mineral sands in my opinion.

Sorry meant to quote you Jaffa.


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## grace (18 February 2008)

BRR accouncement

http://www.brr.com.au/event/40984

George (MD) has stated that initial JORC for Cooljarloo and Cooljarloo north is VERY CLOSE, and looks VERY GOOD.  However, this will not include recent drilling results, and drilling continues, still a lot not drilled!

Also of note is per BRR discussion, this will be a baby compared to other deposits for drilling as follows:-

March/April  Bidammina drilling
18km long x 500m wide channel deposits

Another deposit near Diatreme (hoping to line up drilling soon)
28km long x 9km wide with drilling next door by Diatreme with very high grades.  This could be massive!

This company could end up being a very large mineral sands producer, as the big thing is the very high grades that George is able to continually find (often no overburden grading up to 50% heavy minerals, possibly about 10% average, but the resource will tell).  Iluka recently spruked about a new deposit at 3% HM just to give you a comparison.

One thing to note is that unlike other mines, mineral sands mines are quite quick to get up and going!

Others' comments would be appreciated.


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## grace (10 March 2008)

I would hope that our initial JORC is very very close and should be very good if rumours are anything to go by.. (it's just my opinion, but eventually they will beat Iluka's resources..eventually)

From the Australian 



> CRITERION hears faint but distinct rumblings on the resources bush telegraph about offshore interest in the West Australian mineral sands explorer involving some serious moolah.
> 
> The ambitious minnow (market cap $118 million) has posted upbeat drilling results at its Coljarloo tenements in WA's North Perth Basin, but aspires to win mineral sands dominance from Iluka Resources (market cap $860 million). Given Iluka's woes, maybe it's not such an unrealistic target.
> 
> ...


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## grace (13 March 2008)

Rang Image and spoke to Scott Cruthers (George's offsider).  Initial jorc for Cooljarloo and Cooljarloo North is planned for the end of March.  Personally can hardly wait.  It has been a long time coming.
George's view that he didn't want to release jorc and keep upgrading keeps me guessing.  Perhaps a strategic move.  They are not finished at Cooljarloo yet though.  A "world class" deposit in George's words.  He keeps buying, although I suspect he won't be in the next couple of weeks re:regulations.


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## speves (13 March 2008)

Hi Grace, if it wasn't for you there would be no posts on this thread....but thanks for your persistence and in keeping us informed.  I think that will change as we get closer to the announcement and interest returns.

As a longer term holder I am looking forward finally to the JORC coming out it will be good to see the SP back where it was a years ago....and beyond.  I am also hopeful of additional information on plans to get this massive resource to market......then watch things really start to hot up


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## prawn_86 (13 March 2008)

So let me get this straight, these guys are a mineral sands explorer due to release a JORC at some stage in the short term.

Their market cap is $100mill approx. Do they have any other projects to justify this MC? Or what is the target of the JORC to be defined? Apart from "world class" which surely isnt quantifiable.

This market is so strange. There are current mineral sands producers with MCs less than what their plant cost to build, and being cashflow positive


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## grace (13 March 2008)

prawn_86 said:


> So let me get this straight, these guys are a mineral sands explorer due to release a JORC at some stage in the short term.
> 
> Their market cap is $100mill approx. Do they have any other projects to justify this MC? Or what is the target of the JORC to be defined? Apart from "world class" which surely isnt quantifiable.
> 
> This market is so strange. There are current mineral sands producers with MCs less than what their plant cost to build, and being cashflow positive




Look back at all of their drilling.  They have HM to surface at very high grades.  Broker estimate some time back was 100 - 200 mill tonne at 10%.  A considerable amount of drilling has been done since.  This is on just one deposit, and they still have lots of drilling to go on this deposit, let alone their other deposits.  One other deposit is 9km wide x 28km long.  That should be a beauty when they finish there.  

Some of their drills were up to 60% HM from memory.  I believe it is the very high grade that has attracted the MC.  But don't worry, it was nearlly $3 last year so it has eased back a tad!  The MD George has a knack for finding things under the ground.  Found other world class deposits over the years (both mineral sands and nickel) and these have been sold off, taken over.   Image also hold royalty type things in other recent spin-offs when/if they mine.

I see you follow Australian Zircon - is that correct?  I was looking at it recently too.  MC seems very low considering it is up and running.


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## Tukker (18 March 2008)

What a wealth of information you are grace .  Have turned off the computer since the credit crunch began for fears of throwing myself off a cliff. Every time i get news from good o'l George i always check it out. George never lets me down, always makes me feel good about the price of the share regardless of its bearish trend. 

I love the liquidity of this one, hardly ever over 100,000. Its off the radar for now, a little hidden gem in my portfolio. Sure its down from $2.20 in Nov 2007 to $1.20 in March (this is me not caring) while sellers attempt to fund their other margin positions . Let the markets falter, i see strong support at 1.20 for this baby. Also George's Superfund keeps buying in, supporting the price a bit with relatively small purchases. 

If i had more liquidity id be buying bucket loads of this one. 

Excited


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## grace (19 March 2008)

Tukker said:


> What a wealth of information you are grace .  Have turned off the computer since the credit crunch began for fears of throwing myself off a cliff. Every time i get news from good o'l George i always check it out. George never lets me down, always makes me feel good about the price of the share regardless of its bearish trend.
> 
> I love the liquidity of this one, hardly ever over 100,000. Its off the radar for now, a little hidden gem in my portfolio. Sure its down from $2.20 in Nov 2007 to $1.20 in March (this is me not caring) while sellers attempt to fund their other margin positions . Let the markets falter, i see strong support at 1.20 for this baby. Also George's Superfund keeps buying in, supporting the price a bit with relatively small purchases.
> 
> ...




Thanks Tukker.  I'm about to top up......

They have been busy finding things....all good.  Yesterday's announcement about Phosphate sands.  They are targeting 3 of the 9 known deposits in the region.  Phosphate sands easier to extract than phosphate rock.  Interesting times.

Also, another 3 new strands drilled near Cooljarloo. 



> 836 holes for a total of 21,200m have now been drilled at Helene (including historical drilling). Of the 2,806 samples processed so far, 1,297 exceed a cut off of 2% HM (average grade 5.3%) and 126 exceed 10% (average grade 14.5%) *with a highest grade of 36.9%*. In total, 372 holes have intersections of 2% HM or more.
> 
> Resource estimation is being finalised on the Hyperion main strand and the Helene multiple strands at Cooljarloo North together with the 35AHD, 28,000 and Mid Level strands, and the channel mineralisation at Cooljarloo.




We await the initial resource (which won't include recent drilling).


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## grace (19 March 2008)

A little bit more information on the above.



> Results from 155 holes totalling 3910m of drilling since November 2007 have increased the cumulative strike length of the three main strands at Target 2 (now renamed Helene) to over 11km. *Helene is now recognised to consist of multiple strands over a 4km distance with the three main strands averaging between 50m and 200m in width*. Three subsidiary parallel strands have also been outlined (refer to map) *making the zone of interest over 900m in width on the edge of the Gingin scarp*.
> 
> *Image Resources’ magnetic mapping technique was instrumental* in locating the six strands identified to date at Helene. The northern extension of this wide zone is being followed up with a ground magnetic survey covering new tenement E70/3328 with follow up drilling planned upon completion of permitting.
> 
> ...




As I've mentioned before, these deposits are only Image's babies compared to drilling to start in a few months.


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## Tukker (24 March 2008)

Any Idea when the JORC report will be ready? Would love some good news that actually stimulated the price right about now.


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## grace (24 March 2008)

Tukker said:


> Any Idea when the JORC report will be ready? Would love some good news that actually stimulated the price right about now.




Per my previous post, Scott Cruthers advised end of March timetable for release of resource.

You could ring them and see if any delays.


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## Tukker (26 March 2008)

Alright ill do that.   Thanks grace.  Its a long way to $3. Don't think a good Jorc is gonna bring it to much higher than $2 tbo. See how we go.


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## grace (29 March 2008)

Well, we've hit our bottem and moved up to the first resistance level of $1.50.  Next resistance level is $1.75, from what I can make out.

Our initial jorc could be running late, who knows...

Don't mind though if the buying in continues.  The move up has been on very low volume similar to the move down.


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## Crash (31 March 2008)

And we have the trading halt.  That announcement everyone was waiting for on Wednesday hopefully.


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## Tukker (1 April 2008)

Crash said:


> And we have the trading halt.  That announcement everyone was waiting for on Wednesday hopefully.




Unfortunately the trading halt is to do with the mess at Opes Prime.  I am guessing ANZ wish to sell the shares held as collateral to Opes' debt. Massive selling at very discount prices will take place in the coming days/weeks, many probably off market (i.e. out of the average investor's grasp).  Image has requested the halt to negotiate with the bank the manner/timing (my guess) in which ANZ liquidate the shares.  An announcement about the result of this will come out before the halt is lifted.  

This timing has me a bit perplexed.

If ANZ decide to sell off their image shares when the halt is lifted, then this little gem can be grabbed up for a sweet discount before the Jorc comes out.  

However, if they wait for the report to come out to begin selling, then their sales would add more liquidity at current prices thus limiting share growth potential.

If the banks are smart they would wait a couple of days to sell.  I don't think they will. 

They do not need the price to go up, they would sell and know they have recovered their debt. I've read about them selling other shares at 50% discounts off market already.  This is a shame. If they were to sell at fair price they may have some cash left over for the mums and dad's who have fallen victim to Opes Prime's receivership. 

With regards to Image's price rise, I'm pleased.  I wish there was more depth in the market to offer more of a sustainable growth scenario for the Jorc, but i must again remember image is classed as a high risk investment, even though at this point i do not believe so.  

With the sub prime uncertainty going on i can see a few large finance companies gearing up to pump and dump image to make some quick cash to cover margin losses elsewhere. Another unfortunate event potentially hindering share price growth. 

Image has been on the ASX for 6 years now, they have done so much.  Let me propose a question to the forum. 

Do you think George and his team actually intend to set up mining operations of their own, or do you you think they intend to sell the company before? 



By the way, these are my humble thoughts, i am no pro.

Tukker


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## grace (1 April 2008)

Tukker said:


> Unfortunately the trading halt is to do with the mess at Opes Prime.  I am guessing ANZ wish to sell the shares held as collateral to Opes' debt. Massive selling at very discount prices will take place in the coming days/weeks, many probably off market (i.e. out of the average investor's grasp).  Image has requested the halt to negotiate with the bank the manner/timing (my guess) in which ANZ liquidate the shares.  An announcement about the result of this will come out before the halt is lifted.
> 
> This timing has me a bit perplexed.
> 
> ...




Hi Tukker.  Notice the loan is with ANZ (which is better news than Merryl because ANZ said at least they are in no hurry to sell generally.....Merryl have done the big discounting to my knowledge and have already sold off the majority of their holdings).

I think George will spin off Cooljarloo and C/North as a separate company and work on the balance with Image as a s/holder in the new formed one.  Then Cooljarloo/North will be available for all sorts of things.  

Would also love to hear others' thoughts though.

I'm a little anxious about Wednesday, but at least it seems it is not the Directors where other company's have their Directors with the big margin loans etc


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## Tukker (2 April 2008)

grace said:


> Hi Tukker.  Notice the loan is with ANZ (which is better news than Merryl because ANZ said at least they are in no hurry to sell generally.....Merryl have done the big discounting to my knowledge and have already sold off the majority of their holdings).
> 
> I think George will spin off Cooljarloo and C/North as a separate company and work on the balance with Image as a s/holder in the new formed one.  Then Cooljarloo/North will be available for all sorts of things.
> 
> ...





Well the announcement appears to be stating the facts. From what I understand from the legal jargon it would appear George has bought 5.5mil shares through Opes' now infamous margin lending practice. 

Owing to the margin George used to buy these shares, and ultimately with the collapse of Opes Prime, ANZ appointed receivers have maintained the shares aren't George's and will be sold as payment for Opes' outstanding debt.
George is fighting this (_assumption_) on the grounds that he had no outstanding margin call and (_my assumptions here_) there were irregularities between the contract and the FSG when he signed up (I've read one says they own the shares, the other says they don't).

If this does not work he has told them he can repay the loan to retain his shares. ANZ don't want this of course because the money they can make selling the shares is way larger than what his repayment would be.

In either case ANZ will not be taking any prisoners right now. They will sell all the Image shares it has control over now, which evidently is more than just George's share; roughly 300,000 more.  

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00828447

This means 5.9 million shares are to be sold. Given that Image has an average trading volume of about 50,000 over the last year. This would take more than 115 days to complete.  Hate to sound off the bad news but this will decimate share price growth potential for 2008.

Savior will be an off market transaction but to be realistic, in the current state of credit markets, do you think George can find someone with AUD$8million+ who wants to buy Image shares in 3 days ????

Bah Humbug.

Your thoughts?


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## grace (2 April 2008)

Hi Tukker, well if that initial jorc were out by now, George would have had more bargaining power.  If I was a Director I would have got that out to market! pronto...

Let's hope those Singapore businessmen want a further chunck!


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## Tukker (2 April 2008)

grace said:


> Hi Tukker, well if that initial jorc were out by now, George would have had more bargaining power.  If I was a Director I would have got that out to market! pronto...
> 
> Let's hope those Singapore businessmen want a further chunck!




I have a sneaky suspicion the Jorc Report has helped him get the suspension till the 4th.  Just a feeling.


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## Tukker (7 April 2008)

Well they have done it . The outstanding shares have all been sold off market.  I'm pleased George and his team were able to resolve the opes issue out. Did anyone catch whether all the 5 mil shares were sold to one entity or whether there were more than one buyer? Would be interested what price they payed as well. I will check the course of sales tomorrow in any case. 

Seems the Jorc report is delayed, good news for the share price, might gain some momentum now.

Fingers crossed

Tukker


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## grace (7 April 2008)

Tukker, it is all in the course of sales this am at $1.10 and it says to international and domestic buyers.  I rang and got George this morning at the office but he was very busy.  Wasn't allowed to tell me about the transactions.

A change in Director's holdings will come through, but does he have 48 hrs for disclosure of that?  Hope he still holds some, although, I thought perhaps he might not have been allowed to buy because of arguments over non-arms length transactions in relation to realisation of value.  Whoever bought at $1.10, that is dirt cheap.  I wouldn't sell mine for that.......George must be dissapointed!


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## Tukker (8 April 2008)

Share price held up pretty good today, balancing off at 1.39. All things considered i think i will make some cash ready to buy more if it gets to 1.30 or 1.20.  Of course i would have loved to buy at 1.10   Hope these guys who did aren't selling them straight away at that beautiful 20odd% profit.  That would sure look good on a broker's report card right about now.  see what happens.

Jorc delayed, i like that. Maybe there is a lot to talk about  Fingers crossed for this month.


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## Tukker (10 April 2008)

Called Image's office today, they say they suffered a delay in posting the JORC due to the Opes stuff.  They now say it should be out before the end of this month.  Bah Patience is not my best attribute.


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## grace (10 April 2008)

Tukker said:


> Called Image's office today, they say they suffered a delay in posting the JORC due to the Opes stuff.  They now say it should be out before the end of this month.  Bah Patience is not my best attribute.




Thanks Tukker.  I see after ANZ sold all of those shares (opes), the next day 1 000 000 shares went through at $1.10.  Just my thoughts, but my guess that was George buying some back.  We should have director holdings notices out any tick of the clock I would have thought!

Also, last nights fat phophets, I think one of the five mentioned could have been Image.  The fit sounded right.


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## Tukker (10 April 2008)

grace said:


> Thanks Tukker.  I see after ANZ sold all of those shares (opes), the next day 1 000 000 shares went through at $1.10.  Just my thoughts, but my guess that was George buying some back.  We should have director holdings notices out any tick of the clock I would have thought!
> 
> Also, last nights fat phophets, I think one of the five mentioned could have been Image.  The fit sounded right.




Yes I think your right on both accounts. Poor George trying to get back a little piece of his work before the potentially good news comes out, and those fat prophets have preached this little gem again. Volume has still been low, lol as i say that a 22K order goes through and share price hops up 2%. 

If the JORC looks anything like the consistently high quality reports we have grown accustomed to getting from Image, i would venture the reason its late is because they are putting alot of attractive presentations within it.  Image has always marketed itself well and I expect this Jorc should be one hell of a term paper.

Too excited to sleep


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## grace (11 April 2008)

George's "ceasing to be a substancial holder" notice is out.  Still hold some shares and plenty of options which is good.  News of the 1 000 000 transaction may come in tomorrow my guess.


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## Tukker (12 April 2008)

grace said:


> George's "ceasing to be a substancial holder" notice is out.  Still hold some shares and plenty of options which is good.  News of the 1 000 000 transaction may come in tomorrow my guess.




Wish I could say that 1mil was me .  I'm glad George is still in there. Wonder if he is delaying the JORC so he can find some cash to buy back in? 

Speaking of this JORC. If it is as good as we all think its gonna be, then it should be good news for the other projects as well 

If the Jorc reveals strong similarities between the aeromagnetic/ground magnetic surveys (strongly believed in by Image) to the drilling estimates, and hence the Resource Statement, then what does that say for their Bidaminna targets and the Cooljarloo extensions? 



> Massive 18km long channel/strand target at Bidaminna....  Geopiko classified Bidaminna as an "Indicated Resource" totaling 44Mt @ 3% Heavy Minerals.




I think Bidaminna hasn't been calculated fairly into Image's value. 

To top it off this report is only a small portion of what Image "thinks" it has found to date. Institutional and sophisticated investors have shown significant interest I don't see much downside at the moment.   I'm buying more next week if its still  around $1.25-1.30.

Very exciting times to come I think.


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## grace (12 April 2008)

Note that Bidaminna jorc resource is what they bought next door from the neighbours.  They are to start drilling their deposit April/May 18km long and 500 metres wide.

What about Diatreme - 28km long x 9km wide!  Cooljarloo is a baby compared to this!  Can't wait until they get stuck into that!

It is amazing, we did a sattelite search and found the Cooljarloo Mine (owned by Iluka) from the air.  It is of course mostly drilled out and that is why you can see it!


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## Tukker (12 April 2008)

grace said:


> Note that Bidaminna jorc resource is what they bought next door from the neighbours.  They are to start drilling their deposit April/May 18km long and 500 metres wide.
> 
> What about Diatreme - 28km long x 9km wide!  Cooljarloo is a baby compared to this!  Can't wait until they get stuck into that!
> 
> It is amazing, we did a sattelite search and found the Cooljarloo Mine (owned by Iluka) from the air.  It is of course mostly drilled out and that is why you can see it!




Ye 28km is pretty amazing, if the Cooljarloo North Jorc comes out a beauty i will probably drop dead from how beautiful Diatreme will look  

Nice job finding the satellite image of the mine, I wouldn't have the slightest idea where to start looking for it, can you attach it to a post maybe?  

Without researching too far into it I'd say Iluka will have enough resources on its plate fairly soon. I don't think they will be taking up Image's finds anytime this year, that Jacinth-Ambrosia project is gonna keep them very busy. 

I really have to comment on the team at Image. Its top notch. Every time i call them, the phone is answered on the first or second ring, the reports are always very thorough and 'mostly' on time. George has a really good handle on this project.


I look forward to the future.


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## Tukker (14 April 2008)

Up 7% today with only about $170,000 injected. Shares seem to be more tightly held now.    Should be a good week.


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## Tukker (17 April 2008)

10 days left till the first Jorc is due to come out.  Been quiet on the forum recently, SP showing support at 1.30, depth has been thin, in a good way. A friend of mine is talking with his broker about buying  US$50K of Image. Interesting to hear what he does.

Rum and coca cola sales are up 19% today partially thanks to the 2 trolly loads i took from the super market this afternoon. Gonna be a good weekend.


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## Tukker (19 April 2008)

I was doing some tinkering the other day while home from work with a bum knee and came up with an *"uneducated"* calculation of what Cooljarloo means to Image.

I used the drilling results of target 2 posted in the quarterly report which was a part of the claimed 100% image owned 120km of HM targets in Cooljarloo.

Now don't quote me on this as i have no idea of all the factors involved in the estimate process, i only used my humble logic.

Variables:

L= Length; 120km announced

W= Width; Median width from a couple of news reports ~ 30m (news reports claimed 20-70meters, can't find the link where is saw that now )

D= Depth; Using an average depth of HM drilling by the 192 drilling results.  Average from report = 6.182291667 

*Simple volume calculation to start with, all units converted to meters (m):*

V= L x W x D
V= 120,000 x 30 x 6.18
  = 22,248,000m ³

Average % Heavy Minerals of the samples retrieved from the 192 holes was 5.957291667, so:

Volume of HM = 0.0596 x 22,248,000
*=1,325,980.8cm ³*

A little research and i learn mineral sands have on average 4.5 times the specific gravity of water. Which entails that if 1m ³ of water weighs 1 ton then 70,852m ³ of HM equals: 

70,852 x 4.5 = *5,966,913 tonnes* 

O.K. so this would be the perfect result, i know thats not likely so I'll take half of that. 2,983,456 tonnes.  Thats still ridiculous!

If you change the HM% grade to a low grade 1.1%, you get 244,728m ³ ~1,101,276tonnes.

Using this low grade guesstimate and using average distribution shown on Wiki http://en.wikipedia.org/wiki/Mineral_sands 

Zircon       10% =   110,127    @ $400/ton ($800 spot price)= 44,050,800    
Rutile        10% =   110,127    @ $250/ton ($500spot)        =  27,531,750
Ilmenite    20%  =   220,255    @ $44/ton ($88spot)           =   9,691,220     
Luexcoxene 5%  =    55,063     @ $211/ton ($422spot)       = 11,618,293
Junk         55%  =   605,701 
*Total                                                                          = $92,892,063*

I have no idea how much it costs to mine the stuff nor do i have any idea how mining companies value the estimates, nor do i know how the distribution of the mineral content should be, but considering this is only the first discovery and the others are supposed to be even bigger i think its a pretty good sign. 

Undiluted shares are knocking around 82,214,642 as at Dec 2007. Market value for the company at this time is around $106mil ($1.30).

This is my first attempt at this, I would be interested to hear what you think .
I welcome the criticism. 
Tukker


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## treefrog (19 April 2008)

Tukker said:


> 70,852 x 4.5 = *5,966,913 tonnes*




might be a slight slip in calcs about here?? - not sure about the remainder as didn't look too hard but this one was apparent


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## Tukker (19 April 2008)

treefrog said:


> might be a slight slip in calcs about here?? - not sure about the remainder as didn't look too hard but this one was apparent




Indeed you are correct, seems i forgot to change the #'s around when i adjusted the channel length.



> Simple volume calculation to start with, all units converted to meters (m):
> 
> V= L x W x D
> V= 120,000 x 30 x 6.18
> ...




I had originally done the calculations using a channel length of only 60km instead of 120km, thats why i had that 70,852m ³.  The remainder of the calculations remain correct to my understanding, which doesn't really account for a whole lot ::.


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## prawn_86 (19 April 2008)

Hey Tukker,

Nice to see another fundy contributing 

One idea for costings might be to look at other MS producers and see what they had in the way of expenses. 

You could also try to find another co with a similar ore body structue (from my understanding mineral sands are all fairly similar) and then see how their JORC worked out against their initial target etc

Prawn


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## Tukker (19 April 2008)

Thanks for the input prawn, Ill have a look later, any idea of similar MS companies out there? I've heard people comparing Image to Iluka back when it was starting up, would that really be fair?

Tukker


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## grace (19 April 2008)

Tukker said:


> Thanks for the input prawn, Ill have a look later, any idea of similar MS companies out there? I've heard people comparing Image to Iluka back when it was starting up, would that really be fair?
> 
> Tukker




Market valuation aside, it was always my thought that George would never let this go for a song due to his substancial holding....mmm....what does that mean now after the Opes episode?

I think Image now is very open for the crows.....I just hope all holders realise the great value will come in those large deposits we haven't even started drilling!


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## Tukker (20 April 2008)

Too right Grace, I still think Image has *a lot* more work to be done. Hope George will be the one to complete it.  I did some more math.

First resource estimate (Target 1, aka Hyperon) of a total of 7 targets in Cooljarloo, should be coming out soon. This will be based on a 4.5km channel of their total 120km target??  I think this 4.5km channel could have around 250,000tones of HM, roughly $14mil - $20mil worth (given a 70% cost for extraction). ~this is my punt in the dark. 

On another topic:
Got this off the news store website



> THE struggling mineral sands miner Iluka Resources revealed it is dependent on an iron ore mine royalty, land sales and the sale of its interest in a coal mine to keep it profitable while its core operations are in a transitional phase.




Besides Iluka what other companies would be interested in Image?


My Disclosure:
This is my first speculative share, it was recommended to me by a family member when it was around 50cents. I have since then been trying to learn more about the mining industry to become more proficient with fundamental analysis.  

This forum has been a wealth of knowledge to me, and props should be given to the administrators, moderators, and everyone who contributes. 

I look forward to future good news.

Tukker


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## grace (20 April 2008)

A broker a LONG time ago gave Cooljarloo an estimated resource of 100 -200 million tonne of ore grading at about 5%HM. It is possibly on the website a long time ago.

Given that this was perhaps up to one year ago, I would say we should be at the 200 million tonne at 5%, which gives HM of 10 million tonne.  I wouldn't be surprised if the grade is higher than this (they said they had a large core grading at least 10%).

Rework the figures on 10 million tonne thanks.


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## treefrog (20 April 2008)

c.f. bemax (new producer really struggling against strong $A) has Reserves and resources of 12.6Mt and 98.8Mt of contained HM


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## Tukker (21 April 2008)

> A broker a LONG time ago gave Cooljarloo an estimated resource of 100 -200 million tonne of ore grading at about 5%HM. It is possibly on the website a long time ago.
> 
> Given that this was perhaps up to one year ago, I would say we should be at the 200 million tonne at 5%, which gives HM of 10 million tonne. I wouldn't be surprised if the grade is higher than this (they said they had a large core grading at least 10%).




I guess i've gone and made things more complicated than i need to. Thats something i was always prone to in school as well.
Let me work this out more simply.

Volume = Length x Width x Depth
V = 120,000 x 30 x 10 
  = 36milion m ³ of HM sand

Now 1m ³ of this sand is roughly = 4 times the weight of an equal amount of water, and 1 m ³ of water = 1 ton
So.....

36mil x 4 = 144mil tons of sand

At 5% grade thats 7.2mil
At 6%  thats 8.64mil 
At 10% thats 14.4mil

_Cute side point, that values image $3/share_
Ok so does that puts us somewhere near the scale of the discovery of the Coburn deposit by Gunson Resources? Which evidently boosted its sp 300% that year. 




treefrog said:


> c.f. bemax (new producer really struggling against strong $A) has Reserves and resources of 12.6Mt and 98.8Mt of contained HM




Yes i saw them somewhere, they look pretty good also. That currency challenge was with the price hedged, yet they also enjoyed increases in profit through sales and production.

If we theorize that the $AU has peaked, then can we not assume there is more upside to mineral sand deposits in Oz in the years to come?


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## WRONG'UN (21 April 2008)

Hi Tukker
Check your sand density (SG) - sands are normally in the range 1.5 - 2.0, depending on whether they are loose or dense. For what it's worth, concrete is 2.4, aluminium is 2.7, steel is 7.85, and gold is 19.3


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## Tukker (21 April 2008)

WRONG'UN said:


> Hi Tukker
> Check your sand density (SG) - sands are normally in the range 1.5 - 2.0, depending on whether they are loose or dense. For what it's worth, concrete is 2.4, aluminium is 2.7, steel is 7.85, and gold is 19.3




I had a look at that, I decided that relative density was more easy to work with. Less calculations.  I have no idea whether the sand is loose or dense so I can't make assessments using that.   Your usual run of the day sands made up from Quarts have a specific gravity of around 2-2.5, heavy minerals 4.5+ depending on the grade. Owing to how complicated i could really take that, and how that has run me into very complicated and strange equations i decided to simplify it and sacrifice completely accuracy.  Using 4 to get the average eased the estimate greatly albeit potentially erroneously.  

I still think I've overestimated, but I only did it to learn more about the process, the scientist will bring out the results soon enough. 

 thanks for the input

Tukker


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## Tukker (22 April 2008)

Some Steady volumes the past couple of days, around $100K crossing the board on average during the last 10 days, up around $70K more prior to the opes sale, with less downward movement.  I have a feeling some people gearing up to make a quick buck.... Support found at $1.30


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## Tukker (23 April 2008)

Up 6.15% today on no news.  Getting close to the end of the month now, JORC estimates should be coming out any day. Can't email them now to see if its expected on time, will do later.


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## grace (24 April 2008)

Target drill kms increased to 247km (from 120km).

To my knowledge, this looks to exclude the deposit next to Diatreme, which is the biggest by far.

Importantly, is Image's ability to convert ground mags to resources!



> A comprehensive reinterpretation of Image’s existing ground magnetic data and of recently completed ground magnetic surveys in the North Perth Basin has highlighted a major increase in cumulative target length from 120km to 247km.
> 
> It is relevant to point out that to date Image has delineated an aggregate strike length of some 38km of mineralised strands, largely based on drilling of ground magnetic targets. *Based on these results it is anticipated that a  significant proportion of the 247km of targets identified in the review are likely to convert to resources when they are drilled*.




Looks like the market doesn't care too much.  Perhaps they have to find some more phoshate, or potash to attract some buying.  Remember, the Chinese fit their houses out with white tiles.  They don't like carpet.  What is needed to make white tiles?


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## Tukker (24 April 2008)

thats a big change.  With 2 producing mines in the area, the unusually high grades Image seems to find, and the very fast nature in which these resources can be mined, I see some pretty numbers forming.


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## grace (24 April 2008)

The Daily Reckoning makes mention of a small australian company holder of fossil beaches in the North Perth Basin in their recommendations for tonights report.  I think it is Image after today's announcement.  What do you think?


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## Tukker (25 April 2008)

> The Daily Reckoning makes mention of a small australian company holder of fossil beaches in the North Perth Basin in their recommendations for tonights report. I think it is Image after today's announcement. What do you think?



Maybe 




> A comprehensive reinterpretation of Image’s existing ground magnetic data and of recently completed ground magnetic surveys in the North Perth Basin has highlighted a major increase in cumulative target length from 120km to 247km.




I saw this announcement in the finance news section of Yahoo.com.au today. First time I have ever seen anything from Image there.  

I have a question for ya grace.  The channels identified (excluding Diatreme) do not constitute large areas individually, they seem like high quality patches.  Will that be problematic when mining?

I'll go out on a limb here and say they should have 200-250mil tones HMS now without considering the whopper that is Diatreme.

Considering image shares value the company at $106mil ($1.30/share), I would say its quite cheap. 

_Gotta mention here that the JORC coming out soon is only a small portion of this 247km find. Only 49km, 20%. Although i believe you can use it to estimate the rest of the resource given the magnetic techniques used by Image._

I attached an exel file with how I have been estimating. Take a look and tell me if you think its complete crap.
	

		
			
		

		
	

View attachment 20437


P.S. Nice new look for the forum!


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## grace (25 April 2008)

Tukker, I don't think their deposits would be hard to mine.  They are close to surface so far.  The fact that they have quite a few really does not matter too much.  They just put in those big dredge machines and away they go.  I think individually, you will find that they are still quite substancial in any case!

*I am pretty sure that The Daily Reckoning is pushing Image and here is another extract I just received....*



> --Is bauxite the next iron ore? *Or is zircon the next bauxite?* We just wrapped up our investigation into Australia's mineral sands industry. A long-line of prospective new producers are lining up. But most of them have yet to really define their resource base, much less put out a realistic valuation to shareholders based on the market price for zircon, ilmenite, and rutile (the two main feedstocks of titanium dioxide pigment).
> 
> --*But even Rio Tinto has noticed zircon prices are rising. Zircon is what we'd call an "element of urbanisation." It's used to glaze ceramics and glass. Demand is driven by the big demographic trends in China and India, where people are moving off the farm and into the city. *
> 
> ...




There was also comment in last nights report too that appeared to match up.  I emailed George and he said it could be Image as there are not many companies in the North Perth Basin.

And as I have stated before, the Chinese put in white tiles NOT CARPET!


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## Tukker (25 April 2008)

Nice deduction. Sure looks like they are pointing to image. My uncle has a significant holding in image and he has regular chats with the board, he says he is cautiously optimistic about the next couple of months. Being a stern conservative I'd say he is pretty upbeat on it. 

Interesting to see Image hold a share price higher than some producers'.  Do you think thats the takeover value factored in Grace?


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## grace (26 April 2008)

Tukker said:


> Nice deduction. Sure looks like they are pointing to image. My uncle has a significant holding in image and he has regular chats with the board, he says he is cautiously optimistic about the next couple of months. Being a stern conservative I'd say he is pretty upbeat on it.
> 
> Interesting to see Image hold a share price higher than some producers'.  Do you think thats the takeover value factored in Grace?




Their MC is less than half of what it used to be, and they have found so much since it was double!  The very high grades will make for very profitable mining.  Perhaps they have the best in Australia....only time will tell.

Here is the BRR from Thursday.

http://ss01.boardroomradio.com/files/IMA/IMA20080424.mp3

Interesting that
-  *247 km EXCLUDES drilling to date!*-  only 32% of ground mags done to find this 247km
-  amptitiude of magnetics should lead to better grades than Cooljarloo per George....very interesting!
-  Qtrly about to come out with $7mill in bank.
-  Bidaminna looking much bigger than all at Cooljarloo per George...

How long has your Uncle held shares....if it is not too nosy?


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## Tukker (26 April 2008)

Well, last time i spoke with him he was still holding. He has been in it since 2002 or 3 i think.  


Hmm something interesting George mentioned there towards the end. $7 million cash on hand. Considering they just doubled the amount of targets to be assessed and have only completed 32% of the initial targets, I wouldn't think this is only enough to get half of it done.  Could that mean JV/Farmout, rights issue? 

Cooljarloo North (way north), Bootine and Cape West the next drilling. Did i hear him correctly that some of the targets in Bidamina are 200meters wide? Thats insane.

^^ wish i had more capital.


----------



## Tukker (2 May 2008)

Got an email from Image's secretary linking a nice little write up on the future potential for the mineral sands, and Image Resources by Port Phillip Publishing.  Its basically confirming what grace has been preaching for a long time now: the Chinese lay tiles not carpet  

http://www.imageres.com.au/broker%20research/200804ASI_1.pdf


----------



## grace (8 May 2008)

Initial jorc out and it looks good.  Will do an In Ground Value calc now.  Note this is just a tiny portion the overall deposits.



> Indicated and Inferred Resources in an initial 7 deposits total 260Mt @2.4%HM (heavy minerals), containing 6.4Mt of HM.
> 
> • *The resources defined so far contain a total of:
> - 340,000 tonnes of leucoxene and rutile
> ...




*IN US Dollars*
Zircon  750 000 tonnes @ $750 = $562.5 million US
Rutile & Leucoxene  340 000 tonnes @ $450 = $153 million US
Garnet  390 000 tonnes @ $70 = $27.3 million US
Illeminate 4 500 000 tonnes @ $100 =  $450 million

Total IGV $US =    $1.193 billion
              $AUS =  $1.269 billion  (@0.94)

Not bad for the initial jorc and only 20% drilled of amount surveyed.  68% not yet surveyed.


----------



## Tukker (8 May 2008)

Nice results.  Shameful performance.  High of 1.52, low of 1.25, whats up with that???

Ah well... $1bil worth and only a fifth the way through this one.  Market cap 106 mil.  

Think the fall was to do with the grade? 2.4% seems a bit dull.


----------



## grace (12 May 2008)

BRR out today.  George said he had been getting quite a lot of calls about the grade, but please have a listen to what he says.

Here is some media attention in The Australian today.



> Seeking a clearer Image
> 
> SEEMS the traders -- and even a few analysts -- failed to get the message with the first resources statement from Image Resources (IMA).
> 
> ...




Finally the words, pre-feasibility!


----------



## ChomChom (13 May 2008)

I think it will not take too long before the market gets the message... all good, bought some more today :


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## Tukker (14 May 2008)

I would really like to see the %holdings of the Top 20 shareholders.  1.2 bil value resource gives ~ 180mil after processing costs.  So something like $2/share.  Wonder what the top 20 are doing.


----------



## sup3rK0ala (14 May 2008)

Not including the foreign investor, they have bought it within $1.8-$2.00/share. It's just a matter of time for the market to realize it.


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## ChomChom (14 May 2008)

After the audio broadcast the other day http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00842093

Another announcement today http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00842093

At least they are trying hard to explain the results... 
... insisting on lower operating costs (dry resources, dredge resources, low overburden, low uranium)
... worth a read


----------



## grace (14 May 2008)

Finally looks like we have some depth coming back into the buy side.

The scoping study is due for completion end of July 08.

Here are some extracts from the announcement today.



> *OTHER FACTORS*
> 
> Overburden can add a significant cost to mining. Image is encouraged by its
> *relatively low overburden ratios of between 1.0 to 1.5 for the dredge
> ...






> *TARGETS*
> Based on these encouraging results, *Image is now targeting resources containing between 15-20Mt of heavy minerals at world competitive grades *in at least 247km of magnetic targets on its 2090sq km North Perth Basin project.




Iluka has 34 million tonne of HM (from my latest reading) so a target of 15-20 million tonne shows Image will be of a huge size when drilling has been completed.


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## grace (18 May 2008)

A fair bit of exposure for Image today on ABC Inside Business with one whole segment about Image.

It is the story titled "Opes prime collapse hits WA mining community" but it is not just about opes, and talks about the resource possibly coming under the eye of the majors such as RIO, BHP, Iluka....

George says that the shareholders are all behind him.  I guess that includes me as a true believer!

http://www.abc.net.au/news/business/


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## ChomChom (19 May 2008)

Thanks for the link Grace, pretty interesting article... 
I like this part:

"_We have avoided going to areas and buying people's mines and saying let's find more material underneath their mine. We've always felt that the big ore bodies that are going to be found are outside those areas.

Some of the bigger companies have been mining for 30 years so naturally they've mined all their high-grade ore bodies. 

So there profits are obviously going to decrease. Comparatively, we are quite different. Brand new fresh ore bodies, never been mined, near surface, great cash flow positive.

I guess if your resource base is big enough you'll have the attention of all the bigger mineral sand companies. You have BHP, Iluka, also Rio Tinto.

If our resource-base keeps going the way it has been there will be opportunities for them to be looking at our company. _"

It does make sense (at least to me


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## Tukker (19 May 2008)

grace said:


> A fair bit of exposure for Image today on ABC Inside Business with one whole segment about Image.
> 
> It is the story titled "Opes prime collapse hits WA mining community" but it is not just about opes, and talks about the resource possibly coming under the eye of the majors such as RIO, BHP, Iluka....
> 
> ...





Same here Grace.  They aren't getting my shares cheap. That link seems to be a general page which changes daily/hourly, i couldn't find the article.


----------



## ChomChom (19 May 2008)

Here is the link http://www.abc.net.au/insidebusiness/content/2007/s2248101.htm
Have a nice read (and here are some more words to make it long enough)


----------



## grace (26 May 2008)

Everyone, wake up wake up.......a takeover proposal is being made for Bemax (fellow mineral sands company).  They are in trading halt....can't find anyone else in a trading halt though.....who could the predator be???

Anyway, it might be a good sign of things to come in the ancient beach sands sector!  Lets hope...


----------



## grace (27 May 2008)

grace said:


> Everyone, wake up wake up.......a takeover proposal is being made for Bemax (fellow mineral sands company).  They are in trading halt....can't find anyone else in a trading halt though.....who could the predator be???
> 
> Anyway, it might be a good sign of things to come in the ancient beach sands sector!  Lets hope...




Here is a link to the takeover proposal.  45.4% above last close price.  Perhaps it is the start of consolidation in this industry.  Failed to ignite any interest in Image though.

http://www.businessspectator.com.au...s-recommends-Cristal-offer-EZVW6?OpenDocument


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## Tukker (28 May 2008)

> Saudi Arabia's National Titanium Dioxide, the world's second-biggest producer of titanium dioxide, has bid for Australian mineral sands producer Bemax Resources, valuing it at $A301.5 million.




Its a good sign to me.   $A301.5 million for Beemax eh,  not bad.  Sector wise it could be a start.  Illuka is banking on a surge in titanium prices followed by zircon.  They believe the time of mineral sands is drawing near. My big worry is the AU$ strength.  I don't see it diminishing anytime soon, at least not drastically.  Then again Beemax still made a decent 2007 profit through better production and increased sales, but their hedging against the dollar will not hold out forever.  

I'm sticking to my guns tho, and topping up along the way.


----------



## ChomChom (4 June 2008)

Down down and down... it seems to be the only way for IMA... is there any good news to expect before the scoping study in July.

For sure they are not good at all at communicating... I hope at least  they are working hard at drilling!


----------



## ChomChom (11 June 2008)

Would anyone agree that it's found support at 1$? However, there are very strong intra-day variations...

Fundamentals are the same, but it looks like lots of believers have left (I'm still in, but maybe I should have left ... at least to buy back cheaper)...
There's at least 1 more month to hold before any pontential good news... not sure what could prevent it from falling lower


----------



## grace (11 June 2008)

ChomChom said:


> Would anyone agree that it's found support at 1$? However, there are very strong intra-day variations...
> 
> Fundamentals are the same, but it looks like lots of believers have left (I'm still in, but maybe I should have left ... at least to buy back cheaper)...
> There's at least 1 more month to hold before any pontential good news... not sure what could prevent it from falling lower




George has not been buying....I wish he would start.  He said he is going to build up his holding, but that he won't be in a hurry (from ABC Inside Business interview).

Well, guess he doesn't mind the share price getting so low.  

I am still holding my bucket loads of these.  Not selling at these levels.  

Image would make an easy takeover target, given George lost most of his shares via Opes Prime.  At the current share price, others would have to be running their ruler over Image.  I'm happy for them to stay away.  Plenty of resources yet to prove up.  Luckily, they still have money in the bank to keep drilling.

A number of brokers have recently put a buy on image.....yet no buying.  Hopefully we have cleaned out the nervous nellies!


----------



## Tukker (13 June 2008)

I think right now everyone is just not interested in mineral sands. Energy sector has taken most of the attention and while image is a good mineral sands explorer, mineral sands just arent on the menu right now. I think people are playing games with when to start buying the banks or when to switch from oil to uranium again or gold or silver or anything but mineral sands. A few brokers had this to be the year for Image, it was mentioned as a takeover target a few places including ASF as well. Fundamentals are there. Market cap less than 100 mil now, with a first resource worth 1.2bil.  I'm a believer. But even a premium at 30 cents would suck hard, not to say i think it will get there; just abstract.  My overall average buy price is 1.34 so I'm feeling the pain already. 

With 40grand invested I am not selling until the fundamentals change.


----------



## Tukker (16 June 2008)

> A detailed ground magnetic survey (100m line spacing) has been completed over a recently granted tenement (E70/3328) at Cooljarloo North.  The survey has identified two anomalous zones some 0.5Km x 1.5km and 0.5kmx 1.2km in area ....  The western anomalous zone is interpreted to be the northern extension of the Helene heavy mineral resource. Indicated Resources at Helene currently stand at 11.5Mt @ 4.5%HM using a 2.5%HM cut off...




Good news, this could increase the Helene resource. 2.5% cut off lvl is nice too, considering the upside.

Phosphate sands? whats that worth?


----------



## Wysiwyg (17 June 2008)

> I think right now everyone is just not interested in mineral sands. Energy sector has taken most of the attention and while image is a good mineral sands explorer, mineral sands just arent on the menu right now. I think people are playing games with when to start buying the banks or when to switch from oil to uranium again or gold or silver or anything but mineral sands.




I understand what you`re saying tukker.Iron ore makes steel, oil makes fuel and lubes, uranium makes power and gold ..... well it just sits there and is worth a lot per ounce.

But heavy metals ??? woss at?



.


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## Tukker (25 June 2008)

Wysiwyg said:


> I understand what you`re saying tukker.Iron ore makes steel, oil makes fuel and lubes, uranium makes power and gold ..... well it just sits there and is worth a lot per ounce.
> 
> But heavy metals ??? woss at?




Well i think to be fair, Heavy Minerals does have a significant place in the future. Its not that attractive right now compared to coal, oil, and gold , but as far as a takeover target I think it has potential. A company wanting to diversify into the next commodities cycle would be keen to what Image has found, and with the MD loosing most of his stake in the Opez fiasco It could be an easier target than others.  

We saw Beemax bought up a few weeks ago by a foreign entity (too lazy to check who), Rio Tinto has shown interest in the sector.  See what happens.


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## grace (25 June 2008)

Tukker said:


> Well i think to be fair, Heavy Minerals does have a significant place in the future. Its not that attractive right now compared to coal, oil, and gold , but as far as a takeover target I think it has potential. A company wanting to diversify into the next commodities cycle would be keen to what Image has found, and with the MD loosing most of his stake in the Opez fiasco It could be an easier target than others.
> 
> We saw Beemax bought up a few weeks ago by a foreign entity (too lazy to check who), Rio Tinto has shown interest in the sector.  See what happens.




It has been a tough year for Image this year.  Fundamentals remain the same, the SP didn't though.  I still hold, very painfully.  Thought $1 would see a bottem.  Wasn't to be.  They are the biggest mineral sands holder in Australia on acreage.  The resource is only going up.  If the Chinese keep building, the demand remains.


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## ChomChom (25 June 2008)

Tukker said:


> I think right now everyone is just not interested in mineral sands. Energy sector has taken most of the attention and while image is a good mineral sands explorer, mineral sands just arent on the menu right now. I think people are playing games with when to start buying the banks or when to switch from oil to uranium again or gold or silver or anything but mineral sands. A few brokers had this to be the year for Image, it was mentioned as a takeover target a few places including ASF as well. Fundamentals are there. Market cap less than 100 mil now, with a first resource worth 1.2bil.  I'm a believer. But even a premium at 30 cents would suck hard, not to say i think it will get there; just abstract.  My overall average buy price is 1.34 so I'm feeling the pain already.
> 
> With 40grand invested I am not selling until the fundamentals change.




30 cents doesn't look too far away now 
Given there's no buyer the bottom could be anything... with four times less invested and a lower buy price, I'm feeling the pain already!
Even if there was a takeover, like for Beemax at a 30% premium, it would not be enough to recover... 
Fortunately my other shares in my portfolio are doing well but this one is my dog of the year... still holding though


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## grace (25 June 2008)

ChomChom said:


> 30 cents doesn't look too far away now
> Given there's no buyer the bottom could be anything... with four times less invested and a lower buy price, I'm feeling the pain already!
> Even if there was a takeover, like for Beemax at a 30% premium, it would not be enough to recover...
> Fortunately my other shares in my portfolio are doing well but this one is my dog of the year... still holding though





Perhaps it is just end of tax year selling?  One would hope so anyway.  At least Image have plenty of money in the bank to carry on for the year, and possibly into next year (+$6 million), as they wouldn't want to be raising money at these levels!


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## Tukker (26 June 2008)

Sadly thats as low as i can afford to go. Other opportunities screaming at me, i can't justify sitting in Image any longer.  Maybe when things start to move again ill buy back, but for now i can't sit on my hands.  Good luck to those still holding.


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## ChomChom (26 June 2008)

You've sold yesterday at 0.77 have you? I think I've seen your SELL order (more than 29000 shares)... I've sold mine too, hmmm not sure if I would buy back anyway...


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## grace (26 June 2008)

ChomChom said:


> You've sold yesterday at 0.77 have you? I think I've seen your SELL order (more than 29000 shares)... I've sold mine too, hmmm not sure if I would buy back anyway...




Yes, one wonders why we didn't all sell close to $3!  It certainly has been a herd mentality with this one.  

News ahead though, scoping study due July, and Bidaminna drilling.  Should be some good news just around the corner.


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## Tukker (26 June 2008)

grace said:


> Yes, one wonders why we didn't all sell close to $3!  It certainly has been a herd mentality with this one.
> 
> News ahead though, scoping study due July, and Bidaminna drilling.  Should be some good news just around the corner.




News hasn't seem to matter with Image, imo. The market is just preoccupied with coal and oil, not enough capital to spend on mineral sands when its really not time for them to shine.  If things start moving again ill jump back in, but right now i need to make money, not sit and wait.


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## grace (30 June 2008)

Image seems to be moving up.  Perhaps there was a lot of tax loss selling over the past few weeks.  We were in the 70's, now in the 90's with the sell side drying up.  Has been a long time coming though.  Let's hope it continues upwards.  I'm holding.  Here is a chart.  Next resistance looks to be $1.30, then $1.50.


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## grace (2 July 2008)

Here is a bit of talk from ANZ's barrister on the Opes Prime saga.  Now, just perhaps ANZ will settle instead of leaving the class action hanging over their heads.  Just how much will they settle for?  George could get some money back.  That would be nice, perhaps he might start buying on market again?  Can only hope and speculate I guess.



> The bank first indicated publicly that it wanted to reach a settlement deal when its barrister Philip Crutchfield said a class action would not be an "appropriate vehicle" to reach a conclusive deal.
> 
> A creditors meeting is scheduled on July 30, after which a clearer idea on ANZ's position is expected to be announced.




http://www.businessspectator.com.au/bs.nsf/Article/ANZ-eyes-Opes-Prime-settlement-G5LUR?OpenDocument


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## grace (17 July 2008)

I really am shaking my head about the slow sustained fall on this one.  From $3 to 70 cents, yet the company only ever comes out with good drilling results. 

I think the selling of late has been those shareholders who picked up some of the 6 million shares from ANZ (via Opus Prime).  At the time the sp was $1.50 but the new investors got them for a discount at $1.15.  I can only assume the sell off has been those shareholders who don't have any clue about the value of this company, and were in for a quick trade.  As enough of them bailed out, and the company has always been illiquid, the share price has continued on a downward spiral.

However, one of those hammers (tech's can correct my naming of it) has formed, so hopefully it is the sign of a reversal.

The company has money in the bank for all drilling this year, scoping study due any day, etc.  Very little of their ground has been drilled.  They will be the biggest mineral sands miner in Australia one day.....just not sure who will be at the reigns though.


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## Tukker (7 August 2008)

Grace you still holding on?  I am looking at the chart every day looking for any support, none to be seen.  Would like to see some at 40 or 30 cents for those guys who may still be holding from 2004/5/6/, I may jump back in then.  Nothing has changed with what Image has found except its alot cheaper now. Market cap of 39 mil, large amounts of drilling left to do. Modest initial JORC but barely scraping what they think they actually have.  6 mil in the bank, a nice chunk to continue drilling and studies for at least another year or 2. Not too sure what George is up to maybe there is some chance he will buy back in.  

ILU is looking better, and this maybe the right timing for Image.  Still a prospector with Iluka ambitions, Image could turn miner just in time to capitalize on a more market interested environment. Buy on the low, sell on the hype.

I still believe in the business model of image, I just need to make some cash while it takes a breather.  

Challenges i see:


Refinancing in a tough market 
George loosing his shares and some leverage in the company's corporate affairs
Keeping takeovers at bay long enough to fully show their potential

On the watchlist for now.


----------



## grace (7 August 2008)

Tukker said:


> Grace you still holding on?  I am looking at the chart every day looking for any support, none to be seen.  Would like to see some at 40 or 30 cents for those guys who may still be holding from 2004/5/6/, I may jump back in then.  Nothing has changed with what Image has found except its alot cheaper now. Market cap of 39 mil, large amounts of drilling left to do. Modest initial JORC but barely scraping what they think they actually have.  6 mil in the bank, a nice chunk to continue drilling and studies for at least another year or 2. Not too sure what George is up to maybe there is some chance he will buy back in.
> 
> ILU is looking better, and this maybe the right timing for Image.  Still a prospector with Iluka ambitions, Image could turn miner just in time to capitalize on a more market interested environment. Buy on the low, sell on the hype.
> 
> ...




Hi Tukker, yes Image is the one that I can't stand looking at my screen to see how bad it has done for the day.

Fundamentally, they are so undervalued.

My take on the share price.....well, George wants the SP to drop to levels so he can start buying back in.  Soon, he may get a settlement from ANZ (opes prime) in relation to his 6 million shares.  He has said on ABC TV that he will buy back, and build up his stake in Image, but not straight away.  I think that George will get some sort of out of court settlement from ANZ.  I hope that is soon.  There are a few mentions here and there about that, as ANZ don't want the many year battle in relation to class actions sought, hanging around to depress their share price.

In the meantime, the investors who picked up George's shares at $1.15 have been selling them off, dribble by dribble, with a sustained but annoying downward trend.

Catalyst for reversal, well the dribble stopping, George obtaining a settlement, George starting to buy Image, the scoping study due on Cooljarloo/North....but please, no takeover, it is fundamentally undervalued at present.....please stay away.


----------



## treefrog (7 August 2008)

Tukker said:


> Grace you still holding on?  I am looking at the chart every day looking for any support, none to be seen.  Would like to see some at 40 or 30 cents for those guys who may still be holding from 2004/5/6/, I may jump back in then.  Nothing has changed with what Image has found except its alot cheaper now. Market cap of 39 mil, large amounts of drilling left to do. Modest initial JORC but barely scraping what they think they actually have.  6 mil in the bank, a nice chunk to continue drilling and studies for at least another year or 2. Not too sure what George is up to maybe there is some chance he will buy back in.
> 
> ILU is looking better, and this maybe the right timing for Image.  Still a prospector with Iluka ambitions, Image could turn miner just in time to capitalize on a more market interested environment. Buy on the low, sell on the hype.
> 
> ...




generally agree tuk; notice strong S/R line at 40c; not much below that; no noticeable support at current 50c


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## grace (11 August 2008)

Media reports of opus clients to receive 70cents in the $.  Personally don't think it will be that high, but it will be very interesting...even if George were to get 30c in the $, at a sp of 50c, he could buy back without losing too much, (after all, he was constantly buying over the $2 mark in recent times).  Not sure how you would get 6 mill shares on market, but, I think it would put a stop to this downward pressure.

Settlement could be close to several weeks away per media report.  We might just see some positive light on the sp of Image then me thinks.

http://www.businessspectator.com.au...nt-reached-on-Opes-yet-ANZ-HEBVK?OpenDocument


----------



## grace (15 August 2008)

Drilling in the Eucla Basin starts end of Aug 08, on the 'mother' of all deposits which measures 28km x 9km.  Diatreme (who have a small holding next door) have drilled up nice grades high in zircon.  Image has 99% of the mineral though next door, as you can see by the image below. 

Whilst mineral sands remains the unloved mineral, perhaps more from Iluka's reputation over the past few years, I'm still optimistic about the future demand for mineral sands, given the Chinese like using white tiles in nearlly everything they build.  I'll keep holding Image, with a longer term view of what may come.



> Diatreme Resources (DRX) has announced an Inferred Resource estimate for Cyclone of 1.8million tonnes of heavy minerals containing 740,000 tonnes of zircon (DRX ASX release 15 February 2008). Mineralised drillholes along Image’s tenement boundary and the strike of the strandline strongly indicate that the resource extends into Image’s tenements. Much of the drilling is aimed at delineating these extensions.


----------



## grace (15 August 2008)

Thought I would post up a three year chart. Looking close to a technical bottom to me.  Come on George, show us your money...please....


----------



## grace (20 August 2008)

Good to hear some farm-ins on some of the gold blocks with some money.



> The Image tenements occur on the 300km-long Tropicana-Beachcomber trend, where AngloGold Ashanti Australia Ltd (AGA) and Independence Group NL (IGO), have identified an initial 4 million ounce gold resource at Tropicana (IGO ASX release 3 December 2007). In addition to Tropicana, AGA and IGO have identified numerous other gold prospects as shown on the attached map. The Tropicana-Beachcomber trend is interpreted to be located on the collision zone between the Yilgarn Craton and the Fraser Range Mobile Belt and is considered to have potential to be a new Australian gold province.






> Under the terms of the agreement AGA and IGO may earn a combined 72% interest in two contiguous exploration licences by sole funding $2million of expenditure within four years. Subject to completion of the necessary permitting, it is anticipated that AGA and IGO will commence follow-up sampling and drilling during the next three months. Image is encouraged by the results of its sampling at Bronco Plains and by the opportunity to participate in exploration of this emerging gold province.




Now George needs to get on with proving up more of those mineral sands.


----------



## Tukker (4 September 2008)

> Cristal Global Announces TiO2 Price Increase
> Thursday September 4 6:49 AM
> Cristal Global (Cristal) announced today price increases applicable to all of its titanium dioxide (TiO2) products sold in the Asia Pacific region. Effective 1st October, 2008, or as permitted by contract, prices for all rutile and anatase Tiona(R) and Cristal titanium dioxide (TiO2) products sold to all end-use markets in Asia Pacific will increase by US $300 per metric ton........
> 
> These increases are urgently required to partially offset the unprecedented rise in raw material, energy and transportation costs which have severely impacted the sustainability of the TiO2 business.




Source: http://au.biz.yahoo.com/080305/43/1mzb8.html

Rising Rutile prices you say?. hmmmmm now where was that company with a decent JORC compliant resource like that?


----------



## grace (4 September 2008)

Mineral sands getting a bit of coverage in the China Economic Observer...



> Based in Perth, Western Australia, Image Resources is an inventive, high-tech mineral exploration company with assets in gold, nickel and mineral sands. With their industry-leading extensive aeromagnetic database and expertise in magnetic mapping, Image has a strong advantage in locating valuable resources. Their successful exploration methods have led to the establishment of 3 additional companies; Magnetic Minerals, Meteoric Minerals and Emu Nickel which recently listed on the Australian Stock Exchange (ASX) and is working on a potentially high-grade nickel deposit, near Kalgoorlie, Western Australia.
> 
> Image has the most dominant presence in the North Perth basin with 2,050 square kilometers, making them the largest tenement holder in the area with a specific focus on mineral sands resource development.
> 
> ...




Sellers have been drying up lately.  Have we turned the corner, with drilling near Diatreme results imminent?


----------



## Tukker (4 September 2008)

I like the coverage, too soon to tell if its a turnaround i think. Still i doubt there is any bad news to come out. Apart from the turmoil in the global economics there is nothing wrong with this sector in my opinion.  Also with Image being so close to the massive manufacturing plants, well geez, what more do you want? To me its a wait and see. Markets all took a shock this week, which i think everyone expected, yet Image seemed to hold support.


----------



## Tukker (17 September 2008)

$50,000 worth traded yesterday raising the price a little during one crappy day.  Someone accumulating? Hmmm George maybe?


----------



## Tukker (10 October 2008)

> David Robb, Iluka's Managing Director stated: ".....I believe we are on the threshold of a new era for our industry, driven by the forces of growth and urbanisation in emerging economies - most particularly China. Demand for the products Iluka produces is strengthening at a time when we are preparing to bring on high quality, long life new zircon and rutile production sources. When added to our advantageous geographical position, a tremendous opportunity lies ahead."




Oh you don't say?!  So basically Heavy Minerals are starting to pick up demand? Sounds good to me. 

Question, can Image find the necessary funding in 2009 to continue its projects? In the past capital raising has been over subscribed, i wonder if that trend will help it, or maybe the 90% retreat of its share price might speak otherwise.

Although im no longer a holder, Image has always been a little darling to me, I keep watch as she grows inch by inch.


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## Tukker (2 December 2008)

POSITIVE SCOPING STUDY OUTCOME

Conclusions
The results of the various scenarios considered were:
• Stand alone 400tph dry mining NPV (10% discount, before tax) of $16M-
$39M (IRR 39%-67%) including capital of $37M.
• Stand alone 800tph dredge mining NPV of $47M-$87M (IRR 73%-105%)
including capital of $49M.
• The stand alone scenarios do not take into account that the balance of the
resources could be attractive to third parties with NPVs to them in the
range of $47M-$86M (disregarding any uplift for SR ilmenite).
• Incremental case 800tph dry mining NPV of $56M-$89M (IRR 446%-
543%) including capital of $23M.
• Incremental case 800tph dredge mining NPV of $63M-$102M (IRR 88%-
118%) including capital of $65M.
• Incremental case 2,000tph dredge, 800tph dry mining combination NPV of
$106M-$180M (IRR 241%-294%) including capital of $46M.
• Potential for very substantial increases in the NPV in all cases with SR
ilmenite premiums.

Share price jumps 28% on very low volume, about $50k. Good news, but better would be if it has secured further funding to advance its drilling schedule.  Sadly, no one cares about explorers at the moment, even really good ones.  Even grace seems absent from this thread. I'm not a holder, just really like what the company has done so far. My capital is locked away in trading systems atm but i will rejoin image when i feel the time is right. Good luck to the holders.


----------



## grace (2 December 2008)

Tukker said:


> POSITIVE SCOPING STUDY OUTCOME
> 
> Conclusions
> The results of the various scenarios considered were:
> ...




Hi Tukker,  I guess I got sick of talking to myself.

Yes, good Scoping Study.  Just need some capital to bring the project on-line.

I can only hope that both Iluka, Ti-West, and everyone else in the area are also interested in Images fantastic deposits to tip some capital Images direction.

George looks a long way from the Opes debacle finalisation unfortunately for him.

I am still holding although it has been painful.


----------



## Tukker (5 December 2008)

Nice to see you again grace, thought i would post Iluka's views on the prices and supply/demand for 2009. They are adamant about the supply being short for 2009 even with the global slowdown. Food for thought anyway.



> MD David Robb
> As most people in the industry are aware, Iluka’s view is that there are grounds for
> zircon and high grade titanium dioxide prices to increase “appreciably” in 2009.
> 2
> ...




http://www.corporatefile.com.au/documents/OB/MD on Mineral Sands Market Conditions 25.11.08.pdf


----------



## grace (5 December 2008)

Gee, there was a pretty big transaction there in image today 933 000 shares.

Wonder what it could do to the share price if it was Iluka taking a holding?

Just pure speculation on my part, but let's see what the future brings.


----------



## grace (8 December 2008)

Well, it seems  UBS was our big seller in Image....and now George is a buyer at long last!

Here is The Austalian today



> AT one stage, Swiss bank UBS held about 4 million shares in mineral sands play Image Resources (IMA).
> 
> It started selling late last year at around the $2 mark, having accumulated some of that stock for as little as 25c a share.
> 
> ...


----------



## prawn_86 (8 December 2008)

While this deposit seems massive and has a lot of potential it is worth noting that mineral sands are notoriously difficult to get up and running and commissioned properly at full capacity.

Small/fine product makes it difficult to filter/seive etc. Obviously a lot depends on the previous experience that management have, but it can be a long process


----------



## grace (8 December 2008)

prawn_86 said:


> While this deposit seems massive and has a lot of potential it is worth noting that mineral sands are notoriously difficult to get up and running and commissioned properly at full capacity.
> 
> Small/fine product makes it difficult to filter/seive etc. Obviously a lot depends on the previous experience that management have, but it can be a long process




From what I have seen/read, the product is not what you would call fine.  Iluka and Ti-west are also mining the same product next door.

The grades are very high on Image and at surface.


----------



## Tukker (9 December 2008)

> ....Mind you, Image, which is still exploring, will need to get a wriggle on. TZ is predicting zircon will come into surplus by 2012. One big contributor to this will be Iluka bringing its big Eucla Basin discovery into operation.




That was a big point of that story to me. Whatever happens to Image will be decided next year sometime. Their time-line has shrunk. They will have to get a lot done in 2009; hopefully lots of positive news. I only question if they have the funds to do it.


----------



## Garpal Gumnut (9 December 2008)

The chart looks inviting, but this pattern has been played out at higher prices and it has still declined.

A bit of volume today though on the upswing.

gg


----------



## grace (29 December 2008)

George has been a busy boy over Christmas.  MOU's with local producers (which would be Iluka and Ti-west I would think).


By the way, Iluka was in the top 10 best performers on the ASX200 this year.



> MOUs SIGNED WITH LOCAL PRODUCERS
> ______________________________________________________
> Image Resources is pleased to report that following separate Memoranda of
> Understanding (MOUs) being reached with two local mineral sands producers, Image has agreed to release composite samples from, and resource models of, its North Perth Basin project to enable the producers to further assess these resources.
> ...


----------



## grace (5 January 2009)

Well, George is buying more (good on you George), and news from The Australian today (at least they are getting some coverage)



> "THE spike early last month in shares of Image Resources (IMA) broke the drought on the sell side, and all the stale bulls came rushing to the party. The stock got another boost last week with news of memorandums of understanding with two local mineral sands producers to get involved in developing Image's large West Australian resource. Everyone seems to have jumped to the conclusion that the two are Iluka Resources (ILU) and the TiWest joint venture.
> 
> But we hear that two foreign mineral sands operators in the state, Saudi Arabia's Cristal Australia and Japan's Doral Mineral Sands, should be not be ruled out."




It would be nice to have a four way fight on our hands....


----------



## grace (11 February 2009)

Haven't posted for a while but George has continued to do deals with various parties MOU's - all with the restriction that they can only buy up to 5% of the issued capital.  As George is no longer a substancial holder (although he is working on it), I guess this is his way to ensure that a takeover does not happen when the sp is so weak.  

Some more positive news today....



> UP TO 45% ZIRCON IN EUCLA HM ASSEMBLAGE
> ________________________________________________________
> HIGHLIGHTS
> • A high value mineral assemblage containing up to 45% zircon with
> ...


----------



## Tukker (25 April 2009)

Im looking to get back in now. Gonna put an order to buy 20k worth over the next few days.  Although i don't think it will be filled for < $0.65

Nice to see it rise steadily regardless of market sentiment


----------



## grace (26 April 2009)

Tukker said:


> Im looking to get back in now. Gonna put an order to buy 20k worth over the next few days.  Although i don't think it will be filled for < $0.65
> 
> Nice to see it rise steadily regardless of market sentiment




It will be nice to have someone to chat to here too.

George must be getting close to his settlement from Opes, and then I hope he starts buying in bigger chunks.  I hope we see $1 soon.


----------



## speves (5 May 2009)

Your not alone in the world Grace...from today's Australian......

The other news worth noting this week came out of Image Resources . This Perth-based junior has just announced that a second Chinese player, a private financial group based in Beijing, has signed a memorandum of understanding covering Image’s heavy minerals deposit in the North Perth Basin, with its high zircon grades. In February an MOU was also signed with a company associated with the Hainan provincial government in southern China.

Image has made some extraordinary discoveries in the basin, much of it near the operations of Iluka and the foreign-controlled Tiwest joint venture. Extraordinary in size as well as grade. (Meanehile, Image has also returned zircon grades up to 45 per cent in the Eucla Basin.)

It was only a matter of time before these heavy minerals assets became the subject of a bidding war, or a takeover of Image.

Consider the prize: all of 6.4 million tonnes of contained heavy mineral (limonite, zircon, rutile/leucoxene), most of that at the advanced Cooljarloo deposit. Image is targeting 20 million contained tonnes across all its properties. It is on its way: at the Atlas deposit there is an open-ended 900m high grade zone near the surface.

Watch this space!


----------



## Tukker (6 May 2009)

The shares i was planning to sell to buy into image just jumped 50% in one day, and 35% the next so i might not be able to buy image for another week... What a strange market.  But don't worry ill add to the buyers side soooon and compete with George.

Everything is going as we expected with image  -  UP!


----------



## Tukker (27 May 2009)

Placement for 3 mil, i think everyone was expecting this.  

55cents, lucky sophisticates. 

Wonder if we are gonna see a weakening of the price now.


----------



## grace (27 May 2009)

Tukker said:


> Placement for 3 mil, i think everyone was expecting this.
> 
> 55cents, lucky sophisticates.
> 
> Wonder if we are gonna see a weakening of the price now.




mmm, good timing George, a nice bit of news to hold her up.  Now, when does George get paid out?  I would love to know.  I offloaded a few the other week at 60c based on my thoughts on the market in general.  Was hoping to pick some back up at 50c, but the news from Image is as usual, always good.


----------



## happytown (4 June 2009)

image resources is performing strongly this morning, up approx 18% on very large volume (for image)

recent placement @ .55, currently @ .745

recent movements in substantial holders (pontian a malaysian entity recently picked up @ the .55 placement)

cheers


----------



## speves (4 June 2009)

seems it just got the big thumbs up from Fat Prophets, and David Hasslehurst  has just added it to his portfolio....something brewing later this month with Malaysian interest growing.


----------



## Tukker (5 June 2009)

Bah and here i was getting my money ready to buy in at 63-65 cents....  damn my timing. Seems this placement has lifted the share price substantially.  Will see if it hold support. Man my timing sucks.


----------



## anatol (21 July 2009)

I am a holder of this stock but I don't think it will go anywhere in the short or middle term. Because the managing director George is still the major buyer of this stock (he wouldn't want the stock going up, would he), then how come we'd expect this company to announce good results or give us some profit rather than loss in the best times of the stock market nowadays. Only announcements from the company are related to George's shares.

I will never buy a stock if it is related to George Sakalidis (others MAU, MEI). 

I am losing my hope, while watching all the other stocks are going up. By the way other HM explorers and producers (ILU) are in trouble as well. If anyone knows anything and would give me some hope, I'll stay. otherwise I'll get rid of them all, and George will enjoy it.


----------



## Tukker (25 July 2009)

Imagine if George was Selling his shares instead of buying them. Wonder what impression you would have then? 

If you do sell, let me know what day so i can pick up some more.

I'm back in, made a small purchase at .60, gonna accumulate some more would like to double my parcel before 7th august.  

I don't know of any other junior HM explorer that has the potential Image does.  I love how everytime it needs to refinance itself its done and dealt with quicker than you can blow out a candle. The smarter people than you or I are saying Image is good, George thinks its good, Grace thinks its good, the discoveries have been good, The Australian does a write up on it every now and again, saying nothing but praise.  

I have posted the details why i think its good before, and i won't bother to repeat myself.

I had to sell previously to finance a shorting system i had going during the crash, but i am well happy to be back with one of my favorite spec.

Looking forward to the future


----------



## anatol (25 July 2009)

Tukker, 
I sold them after my post and bought CNX @44 cents, then sold them @56 cents, then come back and bought IMA again @ 60 cents. How good is that!
This was what I was trying to explain. 

It is not good and convincing enough to say "This stock is good, everyone loves it". The good stock is the one get you make money. IMA is not doing that although it was runped up by Fat Prophets and The Speculator. Why no one is buying it if it was so good?

I'll explain what I mean again; It may go up one day. And I beleive it will. I'd accept that. But when? Are we dependent on George's ambitions to accumulate a certain/unknown level of stock and no delivery of good news before that? 

Some  drilling result were due in July! Where are they? 

It may come down badly one day as well, because we are missing the best days of stock market with no up trend. (Waiting for George!) It may go down badly if the stock market goes down again!

ALL IMO of course.


----------



## grace (25 July 2009)

anatol said:


> Tukker,
> I sold them after my post and bought CNX @44 cents, then sold them @56 cents, then come back and bought IMA again @ 60 cents. How good is that!
> This was what I was trying to explain.
> 
> ...




I honestly think that Image would have been taken over by now had George not signed an agreement with those Asian interests, that they are not able to accumulate more than....is it 5% of shares in Image.  I think there are far too many good resources being taken over in this crunch at very low prices.  

George is protecting his interests by not letting it go cheap, and ours.  You only have to look at the coal seam gas sector where the M&A activity has been at what I would class, cheap prices.  Unfortunately, most of those resources will be gone to foreign ownership, if not already.  It would be nice to see Image stay trading on the ASX.  George will get his settlement before Christmas I hear on the Opes Prime debacle.  I for one am happy that he continues to buy - I saw him buy at about $2.50 too in the good times.  He knows what is under the ground - it is huge, high grade and they have only just begun.  

I'm happy to accumulate more if the price weakens from here.


----------



## anatol (25 July 2009)

grace said:


> I honestly think that Image would have been taken over by now had George not signed an agreement with those Asian interests, that they are not able to accumulate more than....is it 5% of shares in Image.  I think there are far too many good resources being taken over in this crunch at very low prices.
> 
> George is protecting his interests by not letting it go cheap, and ours.  You only have to look at the coal seam gas sector where the M&A activity has been at what I would class, cheap prices.  Unfortunately, most of those resources will be gone to foreign ownership, if not already.  It would be nice to see Image stay trading on the ASX.  George will get his settlement before Christmas I hear on the Opes Prime debacle.  I for one am happy that he continues to buy - I saw him buy at about $2.50 too in the good times.  He knows what is under the ground - it is huge, high grade and they have only just begun.
> 
> I'm happy to accumulate more if the price weakens from here.




Thanks for the info Tukker.
I don't have a strong info about this HM industry but I can see IMA's stock price is already not cheap at around 60c when I compare it with ILU's SP $3 which is producing HM with much larger resources. (ILU's price has started to move up just recently). I am wondering how IMA's price was reasonable when George was buying at $2.50 mark! That is questionable IMO. 

The only thing I believe and keeping me interested in IMA, is that Heavy Metals are really much needed for some industries and Titantum di okside is also very much interesting for high tech applications. So HM is a very strategic resource like Rear Earth Metals (I am also in LYC which is taken over -pending- by Chinese). 

LYC is sold to Chinese very stupidly at no premium for the shareholders. As shareholders were already left with no hope for the future of LYC, most shareholder are happy with Chinese take over with no premium as  they were nearly loosing everything before that.

I hope George is protecting the shareholders' interest and would not do the same thing. Unfortunately, all of other George's stock MEU and MEI have come down a lot in last 12 months, and no recovery is expected. 

So IMA and George is a big unknown for me. I don't like to be dependent on ONE MAN's decisions for a explorotin company stock and high priced at 60 cents. (for example BUL is @25c is a much better and safer stock). As well as being dependent on George's decisions, needs and tricks, IMA does not look like a good investment for me as I can't see a big premium on it. There are many other good opportunities out there like BUL, CNX (which is not a CSG company, it is UCG company). Even ILU is a much better stock at $3. because it is operating, making money. 

I am not convinced with IMA at all, however I will still keep some of it, but get rid of it as soon as it goes over 70c to get my money back. 

Thanking you anyway.


----------



## Miner (25 July 2009)

Folks

Interesting IMA saga and George story

If you refer to Eureka Report David H has put IMA as his buy  and bought 12,000 on 2/06/09 @$0.645. The market price on Friday was  around 62 cents. If you refer to Bulletin magazine or simply look into the graph attached you would notice in 2007  IMA was more than $2 and David was always a great supporter for IMA. History does not repeat itself but what happens to those who invested on IMA heavily in 2007.

If that is one correlation and then the second one is IMA price has been consistently sliding move but Dave was very complimentary for this stock. 

I am a bit suspicious on his speculation and him being  consistently bullish  on IMA - but why

Please see the graph attached and DYOR 

Regards


----------



## Tukker (10 August 2009)

Zircon Tonnes up 120% and HM Tonnes up 40% at Atlas Resource. Its most advanced project, still more work being done to finalize the resource estimate.  

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00976064

Good report
Up to 0.66, on twice the usual volume, still only about $100K traded, still relatively small numbers imo.


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## Tukker (19 August 2009)

Broke 70c holding at the moment, upgrades and future drilling in the works.  Still soo much drilling to be done. EMU, MEI all jumping in value over 100% since march (all spinoffs from IMA). Soo much can happen now.  I look forward to picking up some more as we go along.


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## Tukker (8 September 2009)

moving up daily on relatively low volumes, up 6% today most of the volume comming from Xtrades. Curious if that means something. Chart showing signs of a short term upward trend forming with higher highs and higher lows over the last few days.  Might be accumulation might be something more. With lots of Cross trades maybe someone is fishing out some bulk sellers?


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## Tukker (26 September 2009)

$50k traded pretty much daily, and now this pattern is showing up.

Signs of accumulation while testing and breaching the 70c resistance on Friday. Stochastics are approaching a cross at almost 0 (good signal). A positive day on Monday breaching and holding above 70c would verify the pattern. Maybe another swing at the 80c resistance. Im gonna put this in the potential breakout thread and see if my thoughts are accurate to others.

Interesting timing here but isn't there some news to come out soon? Usually around 6-8 announcements per month, only 4 in August, and non so far in September.  Strange from them to be this quiet.  







P.s. Anatol - Image Market Cap 53mil.   Iluka Market Cap 1,633Mil. Share price on its own means very little.


I still hold


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## Tukker (26 September 2009)

For some reason the picture is truncated but im sure you get the idea when you look on your own charts..... Bloody technology.


----------



## Tukker (29 September 2009)

Annual report to shareholders out today. Telling us basically what we have been following throughout the year. 

No funding planned for 2010. 

Share price up to the 70cents resistance line.

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00992762


----------



## Tukker (8 October 2009)

Back over 80cents today (15% rise), on 4 x larger volumes. No news out. Buyers outnumber sellers 7 to 1.  $500k traded, a bit more than most mums and dads who follow this stock should be able to afford.

Chart wise, this was sooner than i thought (oh noes!) It is gonna meet heavy historical resistance at 80c , im looking for a correction on Friday, as profit takers and pessimists step in for some weekend pocket money.  

That being said only $140k takes the share to 98c and $164k takes it to 73c.
Happy average suggests 83 cents, but its a silly average really. 


Thread is quiet, i like threads like that. The less people talk about a stock, the more reaction we get out of any good news.

Fundamentals haven't changed.


----------



## Miner (9 October 2009)

Tukker said:


> Back over 80cents today (15% rise), on 4 x larger volumes. No news out. Buyers outnumber sellers 7 to 1.  $500k traded, a bit more than most mums and dads who follow this stock should be able to afford.
> 
> Chart wise, this was sooner than i thought (oh noes!) It is gonna meet heavy historical resistance at 80c , im looking for a correction on Friday, as profit takers and pessimists step in for some weekend pocket money.
> 
> ...



Tukker

You call it quiet thread ?
Since 25 th July there were lucky seven postings by one lucky person. That is you 
David H in Eureka Report has again made some investment and the price shot up like steroid injection.

Interesting stock which needs extra pumping from Speculator like Dave.

Enjoy your quietness in thread and ups in share price.


----------



## swm79 (9 October 2009)

Miner said:


> Tukker
> 
> You call it quiet thread ?
> Since 25 th July there were lucky seven postings by one lucky person. That is you
> ...




seems as tho it takes Dave to get a mineral sands player excited.

Miner do you follow DH's picks? 

i have been getting ER for some time now - not the absolute BEST publication, but their commentary gives me a different overall POV... 

When DH first came on you could buy one of his picks without too much hassle on the same day for the same price (almost - within 5-10%)... NOW, its just ridiculous!


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## Tukker (9 October 2009)

So your pretty sure that it was The Speculator that caused the bump in price. That would make sense, not many institutions buy in quantities of $2000. He has a big following judging by the numerous buy orders.

Kind of legal ramping isn't it.

ah well at 75-90cents image is still a decent buy, its an honest company with good prospects.  And lots of support from Asia.

Nice to have your input miner.


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## Tukker (27 October 2009)

*Eucla Basin Cyclone Extended HM Strands Incr by 80% to 4.5km​*


*Significant size on a global scale and similar to the Jacinth-Ambrosia Project also in the Eucla Basin.*

Yes good news as always from image.  

Half way through yesterday i was sure the report was not gonna be enough to hold image above 80c. Not because of the value of the report, but my recent understanding of image to be a "buy on the rumor" (by a certain individual) kind of stock.  Reached a high of 93.5c and settled at 90.

Buy side is thinning out a bit, still twice as many shares are up to be bought than sold. Short term i can't see this stock holding momentum. Long term - image does well historically, don't see any where else it could go.

Image Market Cap - 77 mil
Iluka - 1,507 mil

Image would have to grow 20 times to be reasonably valued as an Iluka type company. 

Considering they could now have an Iluka type deposit in their resource inventory, they should be pretty close to a critical mass for sale or plans for production.  

George appears to be a very good geophysicist, i would hate to think he would stop what he is doing and move into production, therefore he might very well be considering a sale; as a lot of us here thought would happen ages ago.

I continue to hold


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## condog (19 January 2010)

Things are looking good at moment for IMA with a very strong 

sp is kicking up nicely this week and buy sell imbalance is at times 15:1 or 20:1 for volume showing sustained buying pressure...

Enjoyu the ride IMA holders

There seems to be a lot of anticipation and excitement about drilling at Atlas....

Disc- i hold, but wish like hell id had more...


----------



## condog (20 January 2010)

Not sure but the bids and sells just went choppy on IMA and an announcment icon showed up on comsec with, no new announcment on either comsec or asx...

It seems to be in a halt....

Comsec announcment says Pre-trading status which seems wrong...

Probably some explanation why it reached 1.28 yesterday....the asx/ ASIC should definitely be looking into yesterdays trade......that was inside knowledge for sure...


Edited: 

Its the zirchon upgrade for Cyclone drilling results....25% thickness increase...


----------



## condog (20 January 2010)

Wierd, great news and quickly sold down for most the day....finished well, but the wierdos where back in town on this one today....

Clearly a few of yesterdays traders who belted the news up prior to this mornings news might have got carried away on the rumor mill...

IMO this was a great outcome and theres still plenty of infill holes where both Cyclone and Monsoon could have broken through so further upgrades are still possible for both...more likely for cyclone...


----------



## speves (21 January 2010)

Condog, I am as puzzled buy the latest share price action as you are.  The recent news was pretty much routine and in line with expectations.  Not the sort of stuff the sends an SP up by 25% so rapidly  I had expected a retrace back to the $1 mark after the ann but it is holding well and on good volume.

Looks to my untrained eye like the buying is mostly from one source.  The obvious being directors, but given the volume traded over the past week an increase notice would have been mandatory by now.

As a long term holder I am very pleased with the latest action.....but puzzled....

Watching and waiting........


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## Tukker (4 May 2010)

Quarterly out.

Things i found appealing.


Estimation of a Measured Resource at Atlas has commenced, with an updated estimate expected to be available in *June.*
There are currently five synthetic rutile plants situated in the Perth Basin, with an overall significant under-utilization of capacity.
Serpentine Lakes: The drilling results continued to confirm a zircon-rich assemblage, with zircon comprising up to 45% of the heavy mineral assemblage.
Cyclone: The strike length of the two deposits extends for some 10km, which is a significant size in a global context and which compares favorably with Iluka’s Jacinth-Ambrosia. 
 Cash burn of 700k for the quarter with 4.6M in bank


Technical support of 70c looks shaky, definitely some selling pressure around.  I jumped on at 72c looking for a technical rebound. Haven't seen it yet, I might wait it out.


----------



## Tukker (14 May 2010)

George speaks on ABN about Image's current development.

Poor fella looks like a nervous school boy being singled out in class. 

http://www.youtube.com/watch?v=YJcmClBUpY4

*Recent News*

New High Grade Discovery within 16km Target at Gingin
Atlas Measured Resource estimate due in early -mid June 2010.

I have always liked George, he reminds me of that nervous quiet boy in the back of the class that does everything right to avoid being picked on.  He is more interested in results in the ground than results on TV. I hope the market realizes his hard work soon. 

*For any new people visiting this thread:*

Mr Sakalidis is an exploration geophysicist with over twenty-five years industry experience, during which time his career has included gold, diamond, base metals and mineral sands exploration. 

He has been involved in a number of significant mineral discoveries, including the Three Rivers and Rose gold deposits in Western Australia and the tenement applications over the Silver Swan nickel deposit. 

He was also instrumental in the design of the magnetic surveys and exploration drilling program that led to the discovery of the large mineral sands resources at Magnetic Minerals Limited's Dongara Project. 

He is managing director of ASX listed Magnetic Resources NL (since that company was incorporated on 23 August 2006), Emu Nickel NL (since that company was incorporated 29 August 2007) and executive director of Meteoric Resources NL (since that company was incorporated on 13 February 2004). 

He is also non-executive chairman of unlisted Imperium Resources Limited (appointed 23 June 2008).


----------



## Tukker (21 April 2012)

Report out on Image by Proactive Investors Research
http://www.imageres.com.au/broker%20research/Proactive%20Investors%20Research%20Report%20Image%20Resources%20April%2020.pdf




> "The Scoping Study projected total net cash flow of $280 – $381 million after deduction of
> CAPEX to produce an IRR of 47.7% - 58.6%, which matches the high return at Kwale. The
> project carries a grade of 6.5% which places it in second place amongst 12 global heavy
> mineral sands projects that are planned to commence production over the next 2 years.
> ...


----------



## springhill (31 July 2012)

MC - $30m
SP - 29.5
Shares - 100m
Options - Nil quoted
Cash - $865

NORTH PERTH BASIN
● Project study team established and significant progress made in preparing for project development.
● Review of the August 2011 Scoping Study completed, confirming strong project economics and refocusing the studies on the high grade Boonanarring deposit as the initial mining target.
● Confidence increased in a high value mineral inventory to support 3.3Mtpa multi-pit operation over more than twelve years mine life, with significant exploration potential.
● Option to purchase freehold covering highly prospective ground providing access to 3.2km of the Boonanarring project which is the proposed main base for future operations.
● Resource drilling completed to the immediate north of the said freehold with deposit and resource estimate work underway.
● Atlas South drilling has extended the main Atlas deposit strike length by 700m.

CORPORATE
● Appointment of Peter Davies as Managing Director.
● George Sakalidis remains Executive Director Exploration.
● $1.89 million raised by placing shares at market.
● Decision to divest non-core assets.


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## greggles (17 May 2018)

Emerging mineral sands producer Image Resources has been fast-tracking the development of its 100%-owned, high-grade, zircon-rich flagship Boonanarring mineral sands project located north of Perth in Western Australia with first production expected in Q4 2018.

The Bankable Feasibility Study has established a pre-tax NPV of A$197 million with an eight year mine life. The project capital cost is A$52 million with a payback period of 16 months and is fully funded to positive cashflow. Construction on the project has already commenced.

The IMA share price has been creeping up over the last 14 months from 4c to be currently trading at 13c today. Looks like some resistance at 15c and then blue sky after that. Volume has increased significantly in the last month, indicating that there is quite a bit of accumulation going on. Some potential here IMO.


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## greggles (29 January 2019)

IMA has broken through 15c to reach new 12 month highs, two weeks after it announced that it has completed the loading of the first bulk shipment of 10,000 wet metric tonnes of heavy mineral concentrate from its 100%-owned, high-grade, zircon-rich Boonanarring mineral sands project.

The announcement released on 15 January stated that ore processing rates continue to exceed ramp-up period budgeted rates, with HMC inventory levels beginning to build for a second shipment currently scheduled for mid-February 2019.

With plenty of news flow expected in the short term, it's no surprise that supply is evaporating at these levels and that the IMA share price continues to advance.


----------



## greggles (2 July 2019)

After more than a month of consolidation IMA has poked its head above 25c after today's announcement that it has finalised the sale and shipping of 70,000 tonnes of heavy mineral concentrate inventory during the June quarter from its 100%-owned Boonanarring mineral sands project.

The Company is currently completing a drilling program designed to upgrade the Boonanarring Ore Reserve in the September quarter.


----------



## Erlang (21 October 2020)

I did some research on Image Image Resources NL (ASX:IMA). Post a comment if I have made any mistakes.

*Summary*
Image Resources NL (ASX:IMA) is a mining company focused on extracting mineral sands, which are special sands rich in certain metal ores, such as those containing titanium and zirconium. Image Resources owns the mining site Boonanarring in the North Perth Basin, which is about an hour's drive north of Perth.

Listed in the early 2000s, the company has been making profits since about 2018, giving return-on-equity (ROE) values above 20 percent, according to public Morningstar data. With a current (21.10.20) share price of about $0.2, the price-to-earnings (p/e) ratio is about 7.4. The market capitalization of Image Resources is about $200 million.

Image Resources competes with the ASX-listed companies Iluka (ASX:ILU) and Strandline (STA). Iluka last recorded a profit in 2018, according to public Morningstar data, while Strandline has not recorded profits in the last decade (possibly, ever), consequently giving negative ROE values and no p/e values. Their respective market capitalizations are about 4 billion and 200 million.





__





						Image Resources
					

Image Resources is an emerging Mineral Sands producer focused on bringing our first operation into production in early 2015 and with an expanding resource base in the North Perth Basin.




					www.imageres.com.au
				












						IMA share price and company information for ASX:IMA
					

View today’s IMA share price, options, bonds, hybrids and warrants. View announcements, advanced pricing charts, trading status, fundamentals, dividend information, peer analysis and key company information.




					www2.asx.com.au
				








__





						IMA - Image Resources NL Stock Performance - XASX | Morningstar
					

Review Image Resources NL (IMA:XASX) stock's current information regarding return on assets, equity, invested capital, margins, and turnover over the last fiscal year.




					www.morningstar.com
				




*From gold and nickel to mineral sands*
Like many Western Australian companies, Image Resources started off as a gold and nickel prospecting company in 2001. Taking a little "Poseidon Nickel Adventure", their share price shot up in the last quarter of 2006 and then went back down in 2007, though the annual reports from around then show no profits being made. Sometime between then and now Image Resources switched focus from gold and nickel to mineral sands. For example, their 2008 annual report (page 4) says:



> Image Resources is a diversified mineral explorer with an increasing focus on mineral sands following significant exploration success in the North Perth Basin of Western Australia.




(I searched the annual reports as PDF files. The terms "mineral sands" is not mentioned in the annual reports until 2006 in the Project Summary section.)

*Mineral sands*
Mineral sands are ancient sand deposits that contain important minerals such as rutile, ilmenite, zircon and monazite. Image Resources mines the ores rutile and zircon, which are sources of the metals titanium and zirconium (respective chemical symbols Ti and Zr). Titanium is a strong but light metal, so it has enjoyed many applications for decades. The compound titanium dioxide (ZrO_2) is a bright white substance, which finds itself as a paint pigment. Zirconium is resistant to high temperatures, so it also finds many applications. Zirconium compounds have medical and aerospace applications.

The competitors in the mineral sands market include the ASX-listed companies Iluka (ASX:ILU) and Strandline (STA), as well as the American company Tronox.

More information on mineral sands, as well as titanium and zirconium, is located here:





__





						Mineral Sands | Geoscience Australia
					

Geoscience Australia is the national public sector geoscience organisation. Its mission is to be the trusted source of information on Australia's geology and geography to inform government, industry and community decision-making. The work of Geoscience Australia covers the Australian landmass...




					www.ga.gov.au
				












						Titanium - Wikipedia
					






					en.wikipedia.org
				












						Zirconium - Wikipedia
					






					en.wikipedia.org
				




*Boonanarring site*

Image Resources owns 100 percent of the site Boonanarring. Among many other potential mining sites, the site Boonanarring is first mentioned in an annual report in 2011 (it may have been mentioned in another announcement). Image Resources claims that this is one of richest sites in Australia.  About 4/5 (80 percent) is zircon (ZrO_2), while the remaining TiO_2.

It contains rutile and zircon, which are ore sources of the metals titanium and Zirconium .

*Making profits*

According to Morningstar, Image Resources started making profits in 2018. This seems to be confirmed by the 2019 annual report. The return-on-equity (ROE) values since 2018 have been above 20 percent.





__





						IMA - Image Resources NL Stock Performance - XASX | Morningstar
					

Review Image Resources NL (IMA:XASX) stock's current information regarding return on assets, equity, invested capital, margins, and turnover over the last fiscal year.




					www.morningstar.com
				




*Disclaimer*
After learning the above, I bought shares in Image Resources. Apart from that, I am in no way connected to this or any other mining company. This is not a recommendation.

*Further reading*





__





						ILU - Iluka Resources Ltd Stock Performance - XASX | Morningstar
					

Review Iluka Resources Ltd (ILU:XASX) stock's current information regarding return on assets, equity, invested capital, margins, and turnover over the last fiscal year.




					www.morningstar.com
				








__





						STA - Strandline Resources Ltd Stock Performance - XASX | Morningstar
					

Review Strandline Resources Ltd (STA:XASX) stock's current information regarding return on assets, equity, invested capital, margins, and turnover over the last fiscal year.




					www.morningstar.com
				






			http://www.imageres.com.au/images/joomd/13808912912011AnnualReport.pdf
		










						Why the Image Resources (ASX:IMA) share price is rocketing higher today
					

Mineral sand's mining company, Image Resources' share price took off today, at one point trading 9% higher. Here's why…




					www.fool.com.au
				




A recent (bullish) article:









						Potash and mineral sands the winners in D&D day three beauty parade - Stockhead
					

A mineral sands producer and a potash company were popular among investors on the third day of the Diggers & Dealers conference.




					stockhead.com.au
				




You can access all their annual reports on their website:






						Image Resources
					

Image Resources is an emerging Mineral Sands producer focused on bringing our first operation into production in early 2015 and with an expanding resource base in the North Perth Basin.




					www.imageres.com.au


----------



## Erlang (22 October 2020)

*The compound titanium dioxide (*Ti*O_2) is a bright white substance...


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## Erlang (27 October 2020)

I forgot to mention that Image Resources NL (ASX: IMA) is also searching for more sites. They creatively call this drilling program "Project MORE".

Yesterday  Image Resources NL released an announcement about Project MORE (with the file name in all capitals, as many of their announcements tend to be). From this, I understand that their newly purchased land has an ore reserve that connects with their existing site.



			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02298666-6A1003078?access_token=83ff96335c2d45a094df02a206a39ff4
		


Here's an article about it:









						Image onto more high-grade mineral sands at Boonanarring North
					

Image Resources' “MORE” program continues to pay dividends for the WA mineral sands producer with drilling at the Boonanarring Northern Extension Area pointing to high-grade mineralisation over more than 2,700m of strike.




					thewest.com.au


----------



## Erlang (15 January 2021)

A bullish article on IMA's recent sales:



> Image Resources has posted a bumper year of sales from its mining operations in WA, with the mineral sands producer delivering over 310,000 tonnes of heavy mineral sands concentrates for the year. The solid production figures represent a 20 per cent jump in overall production from the previous year and an impressive $174 million in annual revenue.
> 
> The company also broke its all-time production record during the last quarter of 2020 after completing the sale of 110,000 tonnes of concentrate, as it continues to fine-tune production from its Boonanarring operation north of Perth.












						Image posts bumper mineral sands sales figures
					

Image Resources has posted a bumper year of sales from its mining operations in WA, with the mineral sands producer delivering over 310,000 tonnes of heavy mineral sands concentrates for the year. The solid production figures represent a 20 per cent jump in overall production from the previous...




					thewest.com.au
				




I had a glance at their half-year report posted back in September:



			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02276347-6A994257?access_token=83ff96335c2d45a094df02a206a39ff4
		


On page 4 it says IMA's 6 month profits (up until June 30th) has gone from roughly 6.6 million to 14.2 million.


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## Erlang (11 March 2021)

Image Resources (ASX: IMA) just uploaded their annual report. In the report it says they will pay their inaugural dividend. 2 cents per share (unfranked), which at 17 cents per share gives almost 12 percent yield (closer to 11.8%).



			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02352394-7CK56N2SE8M7CC4L0TQA60HB9U/pdf?access_token=0007D3MiQKy9nSnjUxdOhlPJ6oQs


----------



## Erlang (19 March 2021)

So the two-cent dividends are official:



> Ex-Dividend Date 19 April 2021
> Record Date 20 April
> Dividend Payment / Share Issue Date 29 April 2021






			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02354757-25DD4GCH0ADQJQ6HDKK6EUCJGH/pdf?access_token=0007IXTApi5K039ycyGRgNHArezi


----------



## The Cruising Investor (13 April 2021)

Any idea of what's going on with this stock......there seems to be buyer(s) who are buying 800 shares every 5 minutes. What gives with this?

Looks like they want the price to close today @  $0.195


----------



## Erlang (13 April 2021)

No idea. Strange.


----------



## finicky (13 April 2021)

Could it be building a position prior to expiry of the 10% dividend (goes ex April 19)?
Just gave it a cursory look and it looks pretty cheap if it has a decent mine life ahead of it and if the price of its main commodity (zircon?) can be expected to hold up.
After 5 years of heavy losses and share inflation it has put in 3 consecutive years of ~20% average return on equity. Book value has grown to 0.11 as at fy20. Looks like it has net cash.
Will have a look at one of their presos.


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## Erlang (13 April 2021)

Yes, it could be the dividend.

IMA paid off their remaining debt earlier this year, I believe. I think they mine about 80 % zircon, 20 percent titanium dioxide. 

The current mine site, Boonanarring,  will be depleted around the end of 2022, then they move shop a few kms down the road to one of their other sites.









						Image snaps up mineral sands mining lease - Australian Mining
					

Image Resources has snagged a mining lease for its Atlas mineral sands project in Western Australia as the life of its Boonanarring project edges closer to ending.




					www.australianmining.com.au


----------



## finicky (13 April 2021)

M.D. Patrick Mutz comes across as a gent. Mentions 10-15 years of mine life ahead and exploration potential. No debt and confident enough to have done a share buy-back and will issue a chunky dividend. Operation only 80kms Nth of Perth.


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## finicky (14 April 2021)

Just bought 30,000 of these @ 0.19 but I figure the price is really 0.17, given IMA goes ex dividend for 2 cents on  April 19.

Really haven't read enough about it but there's sufficient there for me to take an interest, I'd guess that it's worth twice the current price if you could count on even half the current rate of earnings to persist over more than 10 years. But that's the rub because I have a vague acquaintance with Iluka Resources (ILU) and how sand minerals can fall into protracted price slumps. The other big risk as I see it is China being one of their big offtake partners/customers. Another thing is that they've apparently been mining their highest grade resource and must move on in a year or two to somewhat lower quality inground assets and spend quite a bit of capital to shift the operation a short distance - albeit capital that they'll have largely saved from the current operation.  All comments pretty loose and off the cuff.

I do quite like the monthly chart, keeping in mind they've only been profitable for 3 consecutive years. Looks a reasonable chance of having made the second low in Feb at 0.15 and might have completed an abc retracement of the preceding 2+ year rally from 0.05 to 0.30.

Held

5 Year Monthly


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## The Cruising Investor (14 April 2021)

Appreciate your response, I'm already a shareholder, just thought it was a weird way to invest.....today they've upped the buy to 850 to 900 shares every 5 mins


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## Erlang (15 April 2021)

finicky said:


> M.D. Patrick Mutz comes across as a gent. Mentions 10-15 years of mine life ahead and exploration potential. No debt and confident enough to have done a share buy-back and will issue a chunky dividend. Operation only 80kms Nth of Perth.




Yes, Mutz did strike me as a gent -- and a convincing one at that. But then again perhaps that's his job.

IMA claims they will pay for the relocation out of cash reserves.


----------



## Erlang (15 April 2021)

finicky said:


> Just bought 30,000 of these @ 0.19 but I figure the price is really 0.17, given IMA goes ex dividend for 2 cents on  April 19.
> 
> Really haven't read enough about it but there's sufficient there for me to take an interest, I'd guess that it's worth twice the current price if you could count on even half the current rate of earnings to persist over more than 10 years. But that's the rub because I have a vague acquaintance with Iluka Resources (ILU) and how sand minerals can fall into protracted price slumps. The other big risk as I see it is China being one of their big offtake partners/customers. Another thing is that they've apparently been mining their highest grade resource and must move on in a year or two to somewhat lower quality inground assets and spend quite a bit of capital to shift the operation a short distance - albeit capital that they'll have largely saved from the current operation.  All comments pretty loose and off the cuff.
> 
> ...


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## Erlang (15 April 2021)

I am already a shareholder. I was wondering if I should do the dividend reinvestment plan at 0.17.  I think cash is better for now.


----------



## Austwide (15 April 2021)

@Erlang That's up to you, just bear in mind if you want to sell your current holding before the new ones are issued it can make you wait for them and miss a price or leave you with a small parcel depending on current holding size.


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## Erlang (15 April 2021)

Austwide said:


> @Erlang That's up to you, just bear in mind if you want to sell your current holding before the new ones are issued it can make you wait for them and miss a price or leave you with a small parcel depending on current holding size.



Thanks. I don't plan on selling any IMA shares relatively soon.


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## Erlang (29 April 2021)

So the inaugural dividend of Image Resources (ASX: IMA) was completely unfranked. They decided to pay off their debt at the start of this year (2021) in order to issue this dividend (before the end of the current financial year). 

If they maintain their profits, would one expect IMA to pay a second dividend in the next half of the year, after the end of the current financial year? And would it be reasonable to assume that the next dividend is (partially) franked?

Of course we can never know what they will decide, but I am just wondering what is reasonable to expect from a company, like IMA, that has just paid off its debt and is making (for now) profits.


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## finicky (29 April 2021)

As I understand it they have accumulated losses prior to fy18 that would have been offsetting subsquent profitable years for tax calculations.  Cant attach a franking credit when they're not paying tax. How far they are into using up prior losses I don't have an idea. I'm going to hold my IMA shares, as long as there's no bad news.


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## finicky (29 April 2021)

Um, just checked their fy20 annual and they paid $9,740,000 income  tax, also paid tax in fy19, so guess I don't know at all.


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## Erlang (29 April 2021)

Well, thanks for the effort. I don't see any reason why they wouldn't start paying (partially) franked dividends, but I guess we'll see in the next few months.


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## finicky (3 May 2021)

@Erlang 

This should answer your queries Erlang. What excellent and painstaking shareholder communication from a company representative. I feel guilty for the effort he put in. I have omitted the courtesy lead in. Looks like they intend to pay future franked dividends where possible.

Email to CFO or Secretary
Subject: dividend franking

To CFO or Secretary

_Hello,

I recently took up a small shareholding in IMA. Someone with whom I was discussing the company asked why the inaugural dividend wasn't franked_

*Answer*: The dividend was not fully franked because at the time of determining and paying the dividend Image had not paid any corporate tax.

_and whether dividends (partially or fully franked) would be distributed in future half years._

*Answer*: The dividend policy of the company is to determine and pay dividends based on annual profits. Unless the Board decides to change this policy the next dividend would be expected to be paid in Q2 2022 based on profits for the year ended 31 December 2021

_I replied to the first by pointing to accumulated losses in years prior to fy18 and said the profits would not have overtaken past losses yet and therefore the company would likely not have paid tax - therefore would not have franking credits to distribute. Having said that I then checked the profit statement for fy20 and saw that the company had in fact paid full tax in fy20 and fy19. So I had to say I don't understand why franking credits were not available either._

*Answer*: What I think you are referring to in 2019 and 2020 is the tax charge in the income statement (P&L) and not the actual tax payable. We are getting into detailed accounting here but simplistically once a company is confident that profits will be available such that it will be able to offset previous losses then the future tax benefit is recognised on the balance sheet. Image was able to do this in the 2018 calendar year. This means that as profits are generated tax is deducted in the P&L, *but is not payable,* so long as there is enough future tax benefit to amortise. Image therefore paid no tax in 2019 and 2020 despite generating profits and showing a tax charge in the P&L. You can see this more clearly in Note 6 to the annual financials. The first line in the note shows the tax payable and the 2nd line the deferred tax impact. We did recognise that, based on initial tax estimates for 2020, there was likely to be a small tax payable against 2020 profits which would become due in mid-2021. However due to the uncertainty as to the amount of tax payable (estimated at $1.28M in the financials), the fact the dividend was being paid before any tax was due, and the relatively small amount compared to the dividend of ~$20M, it was decided not to pre-empt the possible availability of a small amount of franking credits which could in any case be used in future years.

_About future dividends, I understand that dividends are at a board's discretion and decided upon at the appropriate time but the company's use of the descriptor "inaugural" suggests to me an intention for dividends to be continued if practical_

*Answer*: It is a reasonable assumption based on our current company policy to expect dividends to be paid in future, based on (and subject to) future profitability / cash flow etc.

Regards




*John McEvoy*Chief Financial Officer


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## Erlang (7 May 2021)

@finicky

That's an impressive response. Thanks for reaching out and getting the information. 

I look forward to future franked dividends.


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## Erlang (20 July 2021)

A new quarter update.

https://cdn-api.markitdigital.com/a...access_token=83ff96335c2d45a094df02a206a39ff4
Any thoughts?


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## finicky (20 July 2021)

Have glanced through it and obviously the market likes it on a down day. I'm a bit distracted by movements in other stocks (e.g Chalice CHN) and thinking about some selling but will be looking closer at the report later and will post something if I have content. Everything seems to be moving in the right direction though doesn't it? Prices rising, production strong, debt repaid, reserves likely to increase by factoring in higher mineral prices alone. I am still not up with their plan after 2022, beyond the currently mined resource.


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## Erlang (26 July 2021)

Yes, everything seems to be moving in the right direction.

Speaking of gold stocks, IMA just released an announcement about their gold prospecting aims:

https://cdn-api.markitdigital.com/a...access_token=83ff96335c2d45a094df02a206a39ff4


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## finicky (18 November 2021)

Following up the tip-off post from @Erlang with a small purchase has paid dividends (literally) but the monthly price chart is shaping up nicely for a potential breakout from a 9 year base. The daily has shot up over the last week and is probably due for a rest or pullback.

Prices of their main mineral, Zircon, has been slipping over a 3 month period but is well up over 180 and 360 days periods - according to my crude research (see thumb screenshot)
I was also alerted by reading the recent preso that they still have intentions for a gold tenement in the Southeast Kalgoorlie area.

Monthly


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## Erlang (18 November 2021)

Thanks for that, @finicky.

These shares have done very little in the last year, and then in the last week they shot up 20 odd percent. Them's the breaks. But I do wonder what's going on?


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## finicky (15 January 2022)

Anticipating Qtrly report in less than 2 weeks. it came on Feb 28 last year.

Weekly IMA  chart (shown)
Share price @0.23 had an excellent week achieving the highest weekly close in 2 years on firmer volume.

Back in the second week of November the price had a so called 'false break' above its trading range (which roughly spans 0.16 - 0.21). This break followed a strong rally over October. Following the false break the price 'retraced' around 62% of the rally. That's pretty common behaviour.

With this current rally seemingly confirming the breakout from the trading range, maybe IMA will kick on a bit. I like the simple sounding and clearly expressed plans this company has for the future.

IMA 3 Yr Weekly


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## Erlang (15 January 2022)

There was movement at the station.

One of the board members helped himself to some more shares a couple of weeks ago.

I was recently looking at a presentation (uploaded 16.11.21) from their competitor Iluka (ASX: ILU) to get an idea of price movements of mineral sands. I'll paste the two relevant plots here.


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## Erlang (15 January 2022)

Some other information -- again, I point out these are from an Iluka presentation, not one from IMA.

Zircon.






Rutile/titanium dioxide.


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## Erlang (17 January 2022)

A couple of somebodies respectively bought about 90 k, 380 k, 440k of IMA today, if I am reading the course of sales correctly.  I get the feeling somebody knows something I don't.


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## finicky (18 January 2022)

Cognitive lapse from me in my last post - Qtrly reporting is around January 28, not Feb.
Might be just a few people/entities chasing momentum as the stock makes new highs.


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## Tommy Shelby (31 January 2022)

Bit of a tussle going on at the board level


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## Tommy Shelby (31 January 2022)

Great quarterly update though.

HMC price up 43%
Record margins and cash up 59%
recovery in volume results in ASISC costs return to mean 
Secure large tenement for future expansion


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## finicky (10 February 2022)

Your patience is vindicated @Erlang, another chunky 2c dividend and this time it is *franked* which is what the CFO in his past email response allowed us to infer. I don't fancy the chances if the *upstarts* who are trying to topple this excellent and transparent management via an egm vote.

The dividend update also reaffirms their growth plans including a second heavy minerals mine and plant (Bidaminna) and mentions their *Gold* interests SE of Kalgoorlie - my fave metal in my fave district.

*ANNUAL DIVIDEND*
10 Feb

" .... Results are expected to be announced in the first half of March with the dividend expected to 
be paid as soon as practicable thereafter, but likely towards the end of April 2022.

Dividend:
Strong provisional financial results and continuing strong demand for the Company’s HMC 
product with resulting increases in average prices, margins and cashflow being generated, are 
the catalysts that have allowed the Board to consider and *confirm the Company’s intention to 
pay a fully franked dividend of $0.02 per share* (Prior Year: unfranked $0.02 per share)"


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## finicky (10 February 2022)

A sobering thought though is how reliant Image are on Communist China for offtake. It was in China's interest to relieve IMA of an oversized inventory in 2020 but equally count on them to screw us if it suits. Patrick Mutz is quoted however as saying that IMA is looking to broaden its customer base 'geographically'.

From *7 July 2020* article:








						Image offloads growing pile of heavy mineral concentrate
					

Mineral sands miner Image Resources has relieved itself of a previously unloved heavy mineral concentrate inventory with a big offtake agreement.




					thewest.com.au
				



"ASX-listed mineral sands miner, Image Resources, has managed to relieve itself of a previously unloved heavy mineral concentrate, or “HMC” inventory that was mounting in the wake of uncertain economic conditions brought on by coronavirus restrictions. The company’s key Chinese offtake customers, Shantou Natfort Zirconium and Titanium Co and Guangdong Orient Zirconic Ind Sci & Tech Co have now purchased 100,000 tonnes of HMC from the Boonanarring mineral sands operation 80km north of Perth.
The Chinese firms will start taking delivery of the stockpile over a three to five-month period starting this month.
Shantou Natfort has been the primary buyer of Boonanarring HMC since Image’s initial sale of product from the new mine in January last year.

However, the WA minerals sands producer hit a snag, as did millions of businesses globally, when demand for HMC, zircon and ilmenite took a tumble as a result of the economic fallout and market uncertainties that flowed from the shutdowns imposed across the world in a bid to contain the spread of COVID-19.

Production at Boonanarring, on the other hand, was almost unaffected by the coronavirus restrictions and continued pretty much unabated, leading to Image building a pile of HMC that was growing at record levels, eventually reaching 100,000 tonnes by May this year.
The 100,000 tonne sales agreement with Shantou Natfort and Guangdong Orient Zirconic will help ease the inventory overload burden for Image and offset the pandemic-induced slide in sales in the first half of 2020."


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## Erlang (25 February 2022)

@finicky. Indeed, but my patience was strengthen by the response of that email you sent. Good work there.

And yes, the eternal "China-risk", which decidedly weakens my resolve to hold onto GRR. But we'll see.


----------



## Erlang (28 February 2022)

*IMA, even.


----------



## Erlang (14 March 2022)

Tommy Shelby said:


> Bit of a tussle going on at the board level




I don't quite follow what's going on here with the board. There's an attempt by Murray Zircon (IMA's largest shareholder) to take over or seize control of IMA (or its board)? And then they want 100 % access to IMA's ore?

Some relevant links:



> Image Resources’ major shareholder, Chinese backed Murray Zircon is looking to show the existing board and management at Image the door despite three solid and profitable years at the mineral sands miner. Murray Zircon has lobbed a section 249D notice over the wall seeking to remove the directors and Murray Zircon’s largest beneficial shareholder, Chinese titanium dioxide pigment manufacturer, LB Group, is working the phones looking for support for the 249D – the key question however is why?
> 
> Murray Zircon Pty Ltd is using its 23 per cent shareholding in Image to seek the removal of Chairman Robert Besley, Managing Director Patrick Mutz and Non-executive director Chaodian Chen, all of whom are to be replaced by three of its own nominees under the Murray Zircon plan.






> The warring parties are due to slug it out at West Perth’s Celtic Club on March 24th and if maths is any guide, Murray Zircon has a head start given its existing 23 per cent holding in Image.












						Image board makes case to reject Chinese takeover bid
					

Image Resources’ major shareholder, Chinese backed Murray Zircon is looking to show the existing board and management the door despite three solid and profitable years at the mineral sands miner.




					thewest.com.au
				






> Not only could the proposed Image Board spill ultimately result in more than half of the Image directors being appointed by one shareholder whose controlling shareholder wants access to 100% of Image's HMC, but the allegations raise real concerns about whether the interests of Image shareholders will be appropriately protected in ensuring that Image receives a fair price for its HMC.








__





						Image Resources NL (ASX:IMA) Update regarding Section 249D Notice
					

Image Resources NL (ASX:IMA) refers to notices given by Murray Zircon Pty Ltd to the Company under sections 203D and 249D of the Corporations Act 2001 seeking to spill the Board of Image.




					www.abnnewswire.net
				




This last one only mentions the tussle in passing:



> Image Resources (ASX: IMA), which has a number of minerals sands projects in WA and is fighting a Chinese attempt to snatch control, is up 8% to $0.26.











						Russia’s war on the Ukraine puts more pressure on global titanium mineral supplies
					

The world is not running short of paint, but it might soon face a squeeze on titanium dioxide supplies as Russia continues waging war on the Ukraine –




					smallcaps.com.au
				




All this sounds a bit worrying.


----------



## Erlang (24 March 2022)

The issues were, apparently, resolved in today's meeting.


----------



## Erlang (29 March 2022)

Erlang said:


> Thanks for that, @finicky.
> 
> These shares have done very little in the last year, and then in the last week they shot up 20 odd percent. Them's the breaks. But I do wonder what's going on?




Perhaps this is the answer:



> Murray Zircon went into the meeting with around 23 per cent of the stock but some apparent last minute on-market buying and the 11th hour defection of Image director Huang Cheng Li to the Murray Zircon bid pushed the tally to around 48 per cent, taking the spill motion down to the wire.












						Image board sees off Chinese backed spill motion in close win
					

In a win for minor shareholders of successful mineral sands producer Image Resources, board members have seen off an attempt by large Chinese backed activist shareholder Murray Zircon Pty Ltd to dispense with directors who delivered almost $20m profit for the company last year. Ninety-six per...




					www.businessnews.com.au


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## Erlang (22 May 2022)

An update posted on Friday








			http://www.imageres.com.au/images/joomd/165301753920220520MINERALRESOURCESUPDATEMcCALLSMINERALSANDSPROJECT.pdf
		


A ten-fold increase in IMA's mineral resources. That seems substantial.


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## finicky (22 May 2022)

> Don't forget to vote in the AGM resolutions. Have to stop the Chinese agents getting a board majority and controlling our company for the benefit of outside interests. They have no ethics and their avarice is insatiable. It'll be a close vote. No to the first four resolutions.


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## Erlang (23 May 2022)

Didn't we already vote on that? Is this another vote?


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## finicky (23 May 2022)

@Erlang 
Yes another vote. The scammer Chinese large shareholders failed to get a majority for their motions at the *extraordinary* general meeting. Now they are having a second go at hijacking the company by self nominating 4 new directors at the *Annual* General Meeting. One of  the nominees is the son of a current 'trojan horse' board member. So that would give them 5 if successful. They only lost by a small margin at the earlier vote so every vote of small shareholders is needed and you're running out of time to do a proxy vote online as the meeting is on May 30. Vote NO to first 4 nominations, vote YES to all other motions.
Surely you have received mail or email concerning this?


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## finicky (23 May 2022)

__





						Automic Registries Investor Portal
					

Automic Investor Portal helps you manage your holdings & securities




					investor.automic.com.au


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## Erlang (23 May 2022)

I see. Annoying. OK, I'll do that now.


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## Erlang (23 May 2022)

Voted. 

I missed that email, because I switched phones, and I didn't see the inbox of one my email accounts for a few days.


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## Erlang (30 May 2022)

So Murray Zircon (and its controlling shareholders) backed down.


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## finicky (14 July 2022)

Added @ 0.185 today
Must be worth something if the CCP has been trying to steal it
Besides it's had a good franked dividend last 2 years, although there might be a hiatus while they use funds to shift operations. Love the management.
Don't follow the Zircon price, seems stable from what I can make out, but a very investigative poster I follow elsewhere expects a bump in price and good translation to weak AUD.

Held


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## finicky (14 July 2022)

A West article I found dated 29 Apr 2022.
I forgot to mention their recent tenements expansion for long life and their robust cash standing. Also I've read elsewhere that they have an ample inventory of ready to ship concentrate to tide them over the transitionary phase to the new site of operations at Atlas.









						Image scores fruitful quarter at WA mineral sands project
					

Image Resources has navigated another challenging quarter at its Boonanarring mineral sands project. The average realised price per tonne of its heavy mineral concentrate set a new quarterly record.




					thewest.com.au


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