Short Term Trading Week Starting: 8th Oct, page-14

IMA

22 days until production

2019 - 40M EBITDA
2020 - 100+M EBITDA

As released by the company this morning price increases on Zircon and the deval of the AUD is a perfect storm for extra $$$$

Zircon Price Rise
As anticipated, Iluka Resources increased its Zircon Reference Price by 12% or US$170, to
US$1,580 per tonne effective 1 October 2018. As the Iluka zircon price serves as a
benchmark for the determination of the price for zircon contained in Image’s heavy mineral
concentrate (HMC), Image’s reference spot price for zircon also increased by 12% and is
now 4% higher than the zircon price forecast for the balance of 2018, and as presented in
the updated bankable feasibility study results published 28 June 2018.
In addition, the current USD:AUD foreign exchange (Fx) rate (0.71) is 5% lower than forecast
in the updated bankable feasibility study (0.75) for the balance of 2018 and beyond. The
combination of a higher than forecast zircon price and lower than forecast USD:AUD Fx rate
means overall higher AUD revenue to Image if the price and Fx remain unchanged when
Image generates HMC sales in late 2018 and early 2019.



Market cap of 129M

This is a money spinner.