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Image Resources NL
Summary
| Project: | Boonanarring | |
|---|---|---|
| Deposit: | Boonanarring | |
| Location: | Australia | |
| Commodities: | Zircon-Rutile-Leucoxene-Ilmenite | |
| Date: | 11/27/2017 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Mine Development | |
| Report details: | 27-11-2017: Image Resources NL announces a Feasibility Study report for its Boonanarring deposit at the Boonanarring project. Updated BFS sees a 45% increase in NPV (8%) to $197M, IRR 104% pre-tax. Image Resources NL (ASX: IMA) (“Image” or “the Company”) | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Image Resources NL (ASX: IMA) (“Image” or “the Company”) is pleased to announce updated Bankable Feasibility Study (BFS) results for its 100%-owned, high-grade Boonanarring and Atlas mineral sands deposits located in the infrastructure-rich North Perth Basin, with Boonanarring approximately 80km north of Perth, Western Australia. The original BFS results were announced to the ASX on 30 May 2017 (“Original BFS”). The BFS has been updated to reflect significantly higher mineral sands commodities price forecasts recently published by TZ Mineral International Pty Ltd (TZMI) as well as updated AUD/USD exchange rate forward curve (FX) (“Updated BFS”). Other material assumptions underpinning the Original BFS remain unchanged. The increases in forecast commodity prices by TZMI were driven by the rapid rises in mineral sands commodity prices experienced after the Original BFS was finalised and results announced. Updated Mineral Sands Commodity Price Forecasts by TZMI in November 2017 are presented in Figure 1 and the Original Mineral Sands Commodity Price Forecasts by TZMI in April 2017 as used in the Original BFS are presented in Figure 2. Prices in Figures 1 and 2 reflect the specific forecast prices for Image’s Boonanarring project products including appropriate quality discounts. Longer term commodity price forecasts for the Atlas project products remained unchanged from the Original BFS. Figure 3 is a comparison of the November 2017 FX forward curve used in the Updated BFS and the May 2017 FX forward curve used in the Original BFS. | |
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