FY2021
Boonanarring operating and distribution year
The issuer reported 293kt of HMC sales and A$179m revenue, while the statutory statement recorded A$74.7m operating cash inflow and A$19.0m dividends paid.
ASX: IMA · Five-year financial review
(ASX: IMA) Image Resources NL Financial Review - FY2021~25
Image Resources’ five-year record covers the winding down of Boonanarring, a zero-revenue transition and Atlas construction in FY2024, then Atlas production in FY2025. The financial statements show a return to positive Group operating cash flow in FY2025 alongside materially higher investing and financing flows and a large statutory loss.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 operating sales
A$80.7m
Continuing operations; statutory income-statement line.
FY2025 Group operating cash flow
A$7.3m
Statutory Group cash-flow inflow, distinct from Atlas project cash-flow commentary.
FY2025 closing cash
A$7.7m
Consolidated statutory closing cash and cash equivalents.
FY2025 total Group borrowings
A$20.0m
Current plus non-current statutory borrowings; not only the HMC prepayment facility.
Five years in context
The established operating period of FY2021–FY2022 produced A$178.8m and A$171.5m of operating sales revenue respectively. FY2023 sales fell to A$119.1m and the continuing-operations result moved to a A$4.7m loss. FY2024 is a supported zero-revenue year, not a missing observation: the saved annual-extraction claims state the final Boonanarring HMC sale was in FY2023 and no HMC sales occurred during FY2024.
FY2025 returned A$80.7m of continuing-operations sales after Atlas ramp-up. The statutory loss of A$83.0m should be read alongside, not replaced by, the issuer’s explanation of A$53.0m exceptional non-cash write-downs and an A$8.0m deferred-tax-asset write-off. The disclosed PP&E impairment of A$50.770m and impairment of assets held for sale of A$1.399m are individual lines and are not presented here as a complete reconciliation to the A$53.0m headline.
The Group’s cash-flow profile changed with the project cycle: operating cash flow moved from inflows through FY2023 to a FY2024 outflow during construction, then a FY2025 A$7.3m inflow. This does not convert the reported FY2025 loss into a cash profit, and the Group cash-flow statement should not be replaced by the issuer’s separate Atlas project cash-flow commentary.
Events behind the numbers
FY2022
Operating sales remained high while investment increased
Operating sales revenue was A$171.5m; investing cash outflow was A$55.1m and dividends paid were A$12.8m.
FY2023
Boonanarring end phase
Sales revenue fell to A$119.1m, the continuing result was a A$4.7m loss, and the FY2024 report describes the final Boonanarring HMC sale as having occurred in Q4 FY2023.
FY2024
Atlas approved and constructed
Atlas approval was received in August; the camp was completed in September and Boonanarring plant dismantling in October. The year had no HMC sales, while the Group recorded A$28.3m investing cash outflow and A$7.7m financing inflow.
FY2025
Atlas production, funding and write-down context
The issuer reported Atlas reaching nameplate production, 174.5kt HMC production and 154.4kt shipments. It also reported an A$83.0m statutory loss affected by exceptional non-cash write-downs and deferred-tax-asset write-off.
FINANCIAL REVIEW / 01
Earnings: Boonanarring operating years, a nil-revenue transition, then Atlas sales
The selected income-statement lines keep the revenue and cost-of-sales boundary visible. FY2024 is displayed as zero because that is the supported meaning of the saved records, whereas FY2025 contains a new Atlas sales year. Cost of sales is retained as a signed statutory subtotal and is not reframed as C1 cost, AISC or operating cash flow.
The five-year result line is a continuing-operations statutory series. The FY2025 loss has separate disclosed non-cash impairment, financing-cost and tax-line context; no adjusted profit, EBITDA-to-profit bridge or inferred cash earnings has been created.
Operating sales revenue
A$ million
Operating sales revenue
AI-generated presentation · values from Continuing-operations income statement selected lines; no missing values plotted as zero.
Profit / (loss) for the year
A$ million
Profit / (loss) for the year
AI-generated presentation · values from Continuing-operations income statement selected lines; no missing values plotted as zero.
Continuing-operations income statement selected lines
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating sales revenue | 178.8 | 171.5 | 119.1 | 0.0 | 80.7 |
| Cost of sales | (115.1) | (113.9) | (94.2) | 0.0 | (76.9) |
| Profit / (loss) for the year | 19.4 | 15.2 | (4.7) | (9.4) | (83.0) |
A$ million; consolidated continuing-operations presentation as identified in the saved records. Parentheses are issuer-presented losses or expenses.
FY2024 sales and cost of sales are supported nil (zero): the saved issuer statements say the final Boonanarring HMC sale occurred in FY2023 and no HMC sales occurred in FY2024. They are not unavailable values.
Cost of sales is a statutory subtotal; in the earlier reports it includes mine operating costs, depreciation/amortisation, amortisation of capitalised borrowing costs and inventory movement. It is not a cash-cost measure.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FY2025 selected statutory loss drivers
A$ million
| Metric | FY2025 |
|---|---|
| Impairment — property, plant & equipment | (50.8) |
| Impairment — assets held for sale | (1.4) |
| Financing costs | (4.9) |
| Income-tax line (negative earnings effect) | (10.9) |
A$ million, IFRS consolidated continuing operations. Parentheses are the signed statement values.
Although the saved tax-row qualification calls the negative sign a “benefit”, the statement sequence has loss before income tax of A$72.101m, the signed A$10.911m tax line and loss for the year of A$83.012m. It is therefore described here as a negative earnings effect, not a tax benefit.
The issuer’s A$53m exceptional-items headline is not reconstructed from these selected lines: A$50.770m PP&E impairment and A$1.399m held-for-sale impairment are individual disclosed components, while other adjustments may be relevant.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Cash flow: operating generation, investment and financing were distinct lanes
Investing cash use exceeded the separately identified exploration-and-evaluation payments in every displayed year, so the latter is not used as a proxy for total project investment. Financing was an outflow in FY2021–FY2023, then an inflow in FY2024–FY2025 as the Atlas transition was funded.
The FY2025 cash-flow statement records A$66.2m customer receipts and A$58.5m payments to suppliers and contractors. The issuer separately says customer receipts are stated net of A$16.185m repayment of borrowings under HMC prepayment facilities; this presentation point is disclosed rather than treating the receipt figure as a gross sales measure.
Cash flow by statutory activity
A$ million
Net cash from / (used in) operating activitiesNet cash used in investing activitiesNet cash from / (used in) financing activities
AI-generated presentation · values from Statutory cash flow lanes; no missing values plotted as zero.
Exploration cash payments and total investing cash use
A$ million
Payments for exploration and evaluationNet cash used in investing activities
AI-generated presentation · values from Statutory cash flow lanes; no missing values plotted as zero.
Statutory cash flow lanes
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash from / (used in) operating activities | 74.7 | 36.8 | 14.1 | (6.3) | 7.3 |
| Net cash used in investing activities | (11.5) | (55.1) | (19.9) | (28.3) | (43.9) |
| Net cash from / (used in) financing activities | (35.3) | (8.3) | (1.0) | 7.7 | 23.9 |
| Payments for exploration and evaluation | (3.8) | (5.2) | (8.6) | (5.4) | (3.3) |
A$ million, Consolidated Statement of Cash Flows. Negative values are outflows.
Exploration-and-evaluation payments are one investing cash-flow line, not a substitute for the statutory total investing cash flow.
FY2024 financing is a positive A$7.7m net inflow despite a non-standard source label saying “used”; the saved record expressly qualifies the positive amount as an inflow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Group position and funding: cash, liabilities, equity and debt must be read together
The statement-of-financial-position view retains assets, liabilities and equity beside cash. In FY2025, closing assets were A$117.2m, liabilities A$102.5m and equity A$14.6m. The accompanying funding table separates total Group borrowings from the specifically disclosed HMC prepayment facility, avoiding a false equivalence between the two amounts.
The saved FY2025 issuer statements describe a material uncertainty related to going concern and reliance on Atlas shipments to meet creditor and debt obligations. This report records that source-backed disclosure but does not offer a solvency conclusion.
Assets, liabilities and equity at year end
A$ million
Total assetsTotal liabilitiesTotal equity / net assets
AI-generated presentation · values from Closing Group financial position; no missing values plotted as zero.
Closing cash
A$ million
Cash and cash equivalents
AI-generated presentation · values from Closing Group financial position; no missing values plotted as zero.
Total Group borrowings
A$ million
Total Group borrowings
AI-generated presentation · values from Funding and borrowing detail: FY2024–FY2025; no missing values plotted as zero.
Closing Group financial position
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 79.8 | 53.5 | 46.2 | 19.9 | 7.7 |
| Total assets | 179.2 | 201.1 | 165.7 | 178.2 | 117.2 |
| Total liabilities | 68.3 | 84.9 | 54.9 | 80.1 | 102.5 |
| Total equity / net assets | 110.9 | 116.2 | 110.7 | 98.1 | 14.6 |
A$ million at 31 December; selected consolidated/statutory statement-of-financial-position totals. Total assets, liabilities and equity are retained together to avoid treating cash alone as the Group position.
FY2024 total-assets source label reads “Total assets only”; it is retained as the reported statutory total rather than a calculated balance.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Funding and borrowing detail: FY2024–FY2025
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Current borrowings | 8.9 | 18.6 |
| Non-current borrowings | 1.0 | 1.4 |
| Total Group borrowings | 9.9 | 20.0 |
| HMC prepayment facility outstanding | 8.0 | 16.7 |
A$ million at 31 December. “Total Group borrowings” is the statement-of-financial-position sum of current and non-current borrowings; it is not the same measure as the HMC prepayment facility alone.
The FY2025 facility disclosure says A$16.7m was outstanding, while the statutory Group total borrowings were A$20.0m. The difference is not allocated here because the saved evidence does not establish a like-for-like bridge.
The 2024 facility description specifies a US$20m unsecured facility, 10% compounded monthly, with 25% of each Atlas HMC shipment notionally delivered free of charge for repayment. A later FY2025 statement describes 20% of each shipment and an extension/repayment holiday; these are retained as dated terms, not collapsed into one assumed rate.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
Atlas operation: production, shipment and issuer performance measures
Atlas completed the transition from construction to operations during FY2025. The issuer reported a rapid ramp-up to nameplate capacity and positive project cash flow in its first quarter, but the reader should keep the disclosed Atlas project measures distinct from the statutory Group income statement and cash-flow statement.
The FY2025 operations disclosure attributes lower ore grade to unusually high winter rainfall and the resulting move to lower-grade mining areas. Its production and shipment numbers are both retained because they measure different physical stages.
Atlas operating measures disclosed for FY2025
Mixed units by row
| Metric | FY2025 |
|---|---|
| HMC production (kt) | 174.5 |
| HMC shipments (kt) | 154.4 |
| Atlas Project EBITDA (A$ million) | 25.7 |
| Company EBITDA (A$ million) | 18.3 |
| Atlas operating cashflows (A$ million) | 32.0 |
Mixed units are stated in each row. This issuer narrative table is not a restatement of the statutory cash-flow statement.
Production (174.5kt) and shipments (154.4kt) are deliberately separate. The issuer attributed lower grade to unusually high winter rainfall after mining moved to lower-grade areas; it did not state that tonnes produced and shipped were interchangeable.
Atlas Project EBITDA and Company EBITDA are both issuer-reported FY2025 measures with different stated scopes; neither is used to adjust the statutory loss.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 05
Development, mineral-asset and closure context
FY2024 Atlas approval, construction and plant relocation preceded commissioning and first HMC in early FY2025. The Group has one mineral-sands production-and-exploration segment in Western Australia; the issuer states that Atlas HMC is sold to southern China through two life-of-mine offtake arrangements, each for about half of production.
The mineral inventory table preserves physical units and classification boundaries. It also retains the FY2024–FY2025 capitalised exploration/evaluation carrying amounts separately from cash exploration payments and from reserves/resources.
Rehabilitation is a separate estimate, not a debt balance. At FY2025 the issuer disclosed undiscounted estimated cash flows of A$56.2m for Boonanarring and A$15.602m for Atlas, with measurement assumptions including a 4.76% risk-free discount rate and 2.5% inflation factor.
Capitalised exploration and evaluation expenditure
A$ million
| Metric | FY2024 | FY2025 |
|---|---|---|
| Capitalised exploration and evaluation expenditure (A$ million) | 46.2 | 48.0 |
A$ million at 31 December. This is a carrying amount subject to the disclosed impairment-indicator assessment; it is not annual exploration cash spending.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Mineral inventory disclosed at 31 December 2025
Mixed units by row
| Metric | FY2025 |
|---|---|
| Total Ore Reserves (Mt) | 156 |
| Ore Reserve HM grade (% HM) | 2.4 |
| Combined Mineral Resources (Bt) | 6.4 |
| Mineral Resource HM grade (% HM) | 1.6 |
Resource/reserve rows use their stated physical units and 31 December 2025 basis. They are not summed because Resources and Reserves are different classifications.
FY2025 reserves were stated as 156Mt at 2.4% HM for 3.69Mt contained HM; the issuer also disclosed 2.1Mt at 8.6% HM mined from Atlas during 2025. Combined Mineral Resources were stated as 6.4Bt at 1.6% HM for 101Mt contained HM, with Atlas depletion the only change disclosed.
Capitalised exploration/evaluation expenditure is a carrying amount subject to the disclosed impairment-indicator assessment; it is not annual exploration cash spending.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- All reporting periods are years ended 31 December. Monetary statement tables are A$ million unless a row explicitly states another unit.
- FY2024 operating sales and cost of sales are supported nil/zero in the saved statutory record and issuer narrative, reflecting the Boonanarring-to-Atlas revenue gap; they are not treated as missing data.
- The report uses Group/consolidated statutory figures where the saved record identifies that scope. Issuer-reported Atlas Project EBITDA, Company EBITDA and Atlas operating cash flow remain separately labelled and are not used to construct adjusted earnings.
- The FY2025 HMC prepayment facility repayment descriptions differ by dated issuer statement (25% in the facility disclosure and 20% in a later repayment/extension statement). The report does not decide which term applies beyond its stated context.
- The FY2025 report contains going-concern and mine-life disclosures. This factual report records them but makes no solvency, valuation or investment conclusion.
- Prepared from existing year-by-year extraction records only. No raw-source retrieval, database query, financial web research or MiniMax call. GPT review against saved extractions; not an independent original-document audit.
Annual-report source registry
- Image Resources NL - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Image Resources NL - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Image Resources NL - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Image Resources NL - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
- Image Resources NL - Annual Report to shareholdersExisting annual extraction, including separately identified historical comparatives.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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AI-led method
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