Image Resources (ASX:IMA) has announced the successful completion of its first shipment of heavy mineral concentrate (HMC) from the Atlas Mineral Sands Project in Western Australia. The 10,000 wet tonnes bulk shipment departed from Geraldton Port on April 10th, marking a significant milestone just two months after the project’s commissioning began in February 2025. The HMC was sold under a life-of-mine offtake agreement with Shantou Natfort Zirconium and Titanium, mirroring the arrangements previously used for HMC sales from the Boonanarring Project.
According to Image Resources, 25% of the market value of this shipment will be applied as principal repayment under the $10 million HMC offtake prepayment facility executed with Shantou Natfort in October last year. CEO Patrick Mutz emphasized the importance of the achievement. He stated that completing the first shipment only two months after commissioning is a notable accomplishment, especially as it marks Image’s return to revenue after a 16-month hiatus. The company’s immediate focus will be on ramping up production to nameplate capacity while adhering to safety and responsible practices, in line with their market guidance for CY2025. Image Resources, with a market capitalization of $99 million, positions itself as a key miner and supplier of critical minerals, including titanium dioxide, zircon, and monazite.
