Image Resources NL (ASX: IMA) has marked a significant milestone with the completion of its first sale and shipment of heavy mineral concentrate (HMC) from the 100 per cent-owned Atlas mineral sands project, located 170 kilometres north of Perth in Western Australia’s Dandaragan Shire.
The nominal 10,000 wet tonne bulk shipment departed Geraldton Port on 10 April 2025, just two months after the commencement of commissioning at Atlas in early February.
The HMC was sold under a continuing life-of-mine offtake agreement with long-standing partner Shantou Natfort Zirconium and Titanium Co., Ltd (Natfort), mirroring the arrangements previously used for sales from the company’s Boonanarring project.
As with previous shipments, the sale was secured by a letter of credit issued prior to vessel loading.
Approximately 25 per cent of the market value of this shipment was applied as principal repayment under the US$10 million HMC Offtake Prepayment Facility with Natfort, executed in October 2024.
Managing Director and CEO Patrick Mutz highlighted the importance of this achievement, stating: “The first sale of product from any new development project is always a milestone worthy of recognition.
“For the Atlas project, completing a first shipment just two months after commencement of commissioning is truly a notable accomplishment, particularly as this shipment marks Image’s return to revenue after a 16-month hiatus.
“On behalf of the Board, I thank the entire Image team as well as our dedicated support contractors for making this accomplishment possible.
“Our focus going forward will be on ramping up production to nameplate capacity in a safe and responsible manner and delivering on our market guidance for CY2025.”
Following the successful commissioning of the Atlas project, Image Resources has issued market guidance for the 2025 calendar year, forecasting HMC production of 175,000–195,000 dry metric tonnes (DMT), HMC sales of 165,000–185,000 DMT, cash costs per tonne produced of $340–400, and all-in sustaining costs (AISC) per tonne of $410–470.
Commissioning of the Atlas wet concentration plant incorporated Mineral Technologies’ novel CT1 spirals, making Atlas the first commercial operation to utilise this technology.
Initial metallurgical results from the CT1 spirals during commissioning were in line with pilot test results, delivering high heavy mineral recovery and high-quality HMC, which enabled the rapid inventory build for this first shipment.
The company is now evaluating the CT1 technology over longer operational intervals. Early indications suggest a sensitivity to small fibrous root matter in the Atlas ore, which can accumulate on spiral plates and affect mineral recovery, requiring periodic cleaning cycles.
Mineral Technologies’ engineering team is currently studying the impact of this organic matter buildup to quantify its effects and identify solutions to mitigate any adverse impacts on recovery and operating efficiency.
The successful shipment from Atlas signals Image Resources’ return to revenue generation and underscores its strategic focus on expanding its mineral sands operations, with Atlas expected to process 2.6 million tonnes of ore per annum over a mine life of two to three years, and the potential for further growth through additional projects in Western Australia.
