Image Resources
Image Resources NL (ASX: IMA) is a Western Australian mineral sands miner producing heavy mineral concentrate containing zircon, titanium dioxide minerals and monazite, primarily sold under offtake agreements to industrial customers in ceramics, paints, coatings, refractories and rare earths.
- Company typePublic
- Founded2002
- HeadquartersPerth, Australia
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Image Resources does
Image Resources NL (ASX: IMA) is a Western Australian mineral sands mining company that produces heavy mineral concentrate (HMC) containing zircon, titanium dioxide minerals (ilmenite, leucoxene, rutile) and monazite as a rare-earth-bearing byproduct. The company uses dry mining and dredge mining with wet concentrator plants (WCP) employing gravity separation to produce HMC, and historically sold its output under long-term, market-based offtake agreements, with Boonanarring production going primarily into China via the Bunbury port and Atlas production via the Geraldton port. Its first mining project, Boonanarring, operated from December 2018 to November 2023, generated nearly A$800 million in cumulative revenue from 1.17 million tonnes of HMC, repaid A$50 million of debt three years ahead of schedule in 2021 and paid dividends in 2021 and 2022.
The company's customer base spans downstream industrial buyers in ceramics (~55% of global zircon demand), refractories, foundry castings, paints and coatings, titanium dioxide pigments, and emerging rare earth supply chains. Following Boonanarring's depletion, Image Resources relocated mining and processing equipment to the Atlas project, which was constructed in 2H 2024, commissioned in Q1 2025 and produced its first HMC sale in April 2025. The company is pursuing a 'Chapter 2' growth strategy that involves developing multiple mining projects concurrently (Yandanooka, Bidaminna, McCalls/Mindarra Springs), constructing a Mineral Separation Plant (MSP) to separate HMC into finished products for diversified global customers, and investigating a hydrogen-based synthetic rutile production facility (provisional patent filed November 2023) to upgrade ilmenite into higher-value titanium feedstock with lower CO2 emissions than the conventional coal-based route.
Image Resources monetises through one-time commodity sales under contract-based, market-priced offtake agreements rather than subscription or licensing. Its go-to-market is direct-to-industrial-customer B2B sales of bulk minerals via dedicated offtake counterparties and ports, with future planned value-added product sales post-MSP. Resources total 1,550 square kilometres of Western Australian tenements including the McCalls Mineral Resource of 5.8 billion tonnes at 1.4% THM, providing multi-decade production optionality.
Image Resources firmographics
Firmographics- Name
- Image Resources
- Legal name
- Image Resources NL
- Website
- https://imageres.com.au
- Company type
- Public
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Image Resources NL (ASX: IMA) is a Western Australian mineral sands miner producing heavy mineral concentrate containing zircon, titanium dioxide minerals and monazite, primarily sold under offtake agreements to industrial customers in ceramics, paints, coatings, refractories and rare earths.
- Ownership category
- akta.pro rank
Image Resources industry classification
Industry- Product category
- Mineral Sands Mining
- NAICS
- Nonmetallic Mineral Mining and Quarrying (2123), Other Nonmetallic Mineral Mining and Quarrying (212390)
- SIC
- Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400), Metal Mining (1000)
- akta.pro primary industry
- Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)
- akta.pro secondary industry
- Mining & Mineral Processing Facility Construction (IMAFADAE)
Keywords
Where Image Resources is headquartered
LocationHeadquarters
- HQ city
- Perth
- HQ country
- Australia
- HQ region
- Oceania
Offices6 records
Markets served
Image Resources business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure
Revenue model
- Mineral Sands Product Sales: Revenue generated from mining and selling heavy mineral concentrate (HMC) containing zircon, titanium dioxide minerals (ilmenite, leucoxene, rutile), and monazite (containing rare earth elements). Products are critical minerals for ceramics, refractories, paints, coatings, and industrial applications.
- Future Value-Added Processing: Planned revenue streams from mineral separation plant (MSP) to separate HMC into multiple finished products (zircon, rutile, leucoxene, ilmenite, monazite), and potential synthetic rutile production facility to upgrade ilmenite for higher-value titanium dioxide markets.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Image Resources product offering
Product offeringCore offering
Image Resources is a mineral sands mining company that produces and sells heavy mineral concentrate (HMC) containing zircon, titanium dioxide minerals (ilmenite, leucoxene, rutile), and monazite (containing rare earth elements). The company operates mining projects in Western Australia using dry mining and dredge mining technologies with wet concentrator plants, selling products to industrial customers in ceramics, refractories, paints, coatings, and titanium dioxide pigment industries under long-term market-based offtake agreements.
Product overview
Image Resources is a mineral sands mining company that operates as a producer and supplier of critical minerals. The company's core products include Heavy Mineral Concentrate (HMC) containing zircon and titanium dioxide minerals (ilmenite, leucoxene, rutile), along with monazite as a by-product containing rare earth elements. The HMC is sold under market-based offtake agreements, primarily to China. Under its 'Chapter 2' growth strategy, the company is planning to develop a Mineral Separation Plant (MSP) to separate HMC into multiple finished products and expand globally, as well as a synthetic rutile production facility using a novel hydrogen-based processing technology.
Differentiator
Problem solved
Functional benefit
Products and services
- Heavy Mineral Concentrate (HMC)
- Zircon
- Titanium Dioxide (TiO2) minerals - Ilmenite, Leucoxene, Rutile
- Monazite (Rare Earth Elements)
Quantifiable outcome
- A$800M revenue generated from Boonanarring project over 5-year life
- +5 more outcomes
Companies that use Image Resources
Customer profileSegments4 records
Ideal customer profiles4 records
Image Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Image Resources partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Sheffield Resources LimitedcoreImage Resources completed strategic acquisition of McCalls Mineral Sands Project from Sheffield Resources Limited in March 2022. The McCalls project consists of two deposits (McCalls and Mindarra Springs) representing a massive mineral resource with multi-decade potential for 50+ year mine-life.
- Sunrise Energy GroupcorePartnership with Sunrise Energy Group to construct and operate a 2.3MW solar farm at Boonanarring project, offsetting approximately 25-26% of electricity requirements with renewable solar energy. The solar farm commenced operation in September 2020 and achieved the objective of renewable energy offset through the life of Boonanarring operations. This partnership positioned Image as one of few mining companies in Australia to directly utilize solar energy at mine site.
- Murdoch UniversityminorCollaboration with Murdoch University to establish field trials demonstrating agricultural land treatment practices using clay and mulch mixed with local sandy soils to accelerate carbon sequestration capacity of local soils. Image provided access to clayey materials from overburden mined at Boonanarring for the research trials.
- Yued and Yamatji Traditional OwnerscoreCultural engagement with Yued and Yamatji Traditional Owners for Atlas, Bidaminna, and Yandanooka projects. Heritage field surveys conducted with Traditional Owner monitors, and employment opportunities provided for community members. Practice continues with other Traditional Owner groups for potential project developments.
- Community Partners (Lions Institute, Vinnies, Movember, Happiness Co Foundation)minorImage provides community support through Lions Institute, Vinnies (CEO Sleepout), Movember, and Happiness Co Foundation (mental health support programs). Also provides fee-free land access to local community group for grazing sheep and cattle with profits returning to local community groups in Gingin area.
- Local Wind Farm Construction CompanyminorCollaboration with local wind farm construction company to determine viability of wind turbines on Image-owned properties near Boonanarring. Exercise could result in another source of renewable energy at the site.
Scale indicators11 records
Recent moves7 records
Expansion highlights6 records
Image Resources competitors and assessment
Company assessmentDirect peers
- Kenmare Resources: London-listed mineral sands producer operating the Moma mine in Mozambique, producing ilmenite, zircon and rutile. Comparable business model and product mix to Image, and a useful benchmark for HMC-to-separated-products economics at scale.
- Iluka Resources: Australia's largest pure-play mineral sands producer (ASX:ILU) mining zircon, rutile, ilmenite and synthetic rutile from Western Australia and other jurisdictions. The closest large-cap comparable to Image given overlapping product set, Western Australian operating footprint and vertical integration into synthetic rutile processing.
- Mineral Commodities Ltd: ASX-listed mineral sands and graphite producer (ASX:MRC) operating the Tormin mine in South Africa. Comparable as a small-cap mineral sands producer with a focus on critical minerals and downstream processing.
- Tronox Holdings: Vertically integrated global TiO2 producer (NYSE:TROX) with owned mineral sands mines in Australia and South Africa. Highly comparable in zircon and TiO2 mineral supply chain, though larger scale and downstream pigment exposure distinguish it.
- Sheffield Resources: ASX-listed Australian mineral sands developer (ASX:SFX) that sold the McCalls project to Image Resources in March 2022. Closely comparable in size, geography (North Perth Basin), and product mix, and a direct transaction counterparty.
- Astron Corporation: ASX-listed mineral sands and rare earth developer (ASX:ATR) advancing the Donald Project in Victoria and Downstream Processing (DP) initiative. Highly relevant comparable given overlapping zircon and rare earth strategy and similar small-cap Australian profile.
Broad incumbents
- Eramet: French diversified mining group with mineral sands and titanium feedstock operations in Senegal, Norway and New Caledonia. Comparable in mineral sands mining and titanium value chain participation, but as part of a much larger diversified portfolio.
- Chemours Company: Major global TiO2 producer (NYSE:CC) with mineral sands feedstock from Florida and Georgia operations. A larger, broader incumbent in the same TiO2 mineral value chain as Image's ilmenite and synthetic rutile output.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Image Resources social profiles
Digital presenceImage Resources compliance and trust
Trust signalCompliance4 records
Image Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Image Resources leadership team
Management profileNumber of profiles
Profiles8 records
Image Resources funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Image Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Image Resources
What does Image Resources do?
Image Resources is a mineral sands mining company that produces and sells heavy mineral concentrate (HMC) containing zircon, titanium dioxide minerals (ilmenite, leucoxene, rutile), and monazite (containing rare earth elements). The company operates mining projects in Western Australia using dry mining and dredge mining technologies with wet concentrator plants, selling products to industrial customers in ceramics, refractories, paints, coatings, and titanium dioxide pigment industries under long-term market-based offtake agreements.
Is Image Resources a public or private company?
Image Resources is a public company. It is classified as public and is currently operating.
When was Image Resources founded?
Image Resources was founded in 2002. It employs 11 to 50 people.
Where is Image Resources based?
Image Resources is headquartered in Perth, Australia, in the Oceania region.
How does Image Resources make money?
Two revenue lines are on record. Mineral Sands Product Sales are the primary driver. The others are future Value-Added Processing.
Who are Image Resources's main competitors?
Direct peers on record are Kenmare Resources, Iluka Resources, Mineral Commodities Ltd, Tronox Holdings, Sheffield Resources and Astron Corporation. Broad incumbents are Eramet and Chemours Company.
Does Image Resources have an API?
No public API is recorded for Image Resources.
What industry is Image Resources in?
Image Resources's product category is Mineral Sands Mining. Its primary akta.pro industry code is IMAKAFAM, Mine Development & Processing EPC (Critical Minerals), with a secondary code of IMAFADAE, Mining & Mineral Processing Facility Construction. Its NAICS code is 2123 and its SIC code is 1400.