Image Resources (ASX:IMA) has completed the first shipment of heavy mineral concentrate (HMC) from the Atlas Mineral Sands Project in Western Australia.
On 10 April, the 10,000 wet tonnes HMC bulk shipment sailed from the Geraldton Port, just two months after project commissioning began in February 2025.
The HMC was sold under an ongoing life-of-mine offtake agreement with partner Shantou Natfort Zirconium and Titanium.
Image Resources, which has a market capitalisation of $99 million, says this is the same offtake arrangements as was previously used for HMC sales from the Boonanarring Project.
Under the $10 million HMC offtake prepayment facility executed with Shantou Natfort in October last year, 25% of the market-value of this shipment was applied as principal repayment.
CEO Patrick Mutz says the first sale from any new development project is always a milestone.
“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,” Mutz says.
“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.”
Image Resources is a mineral sands-focused miner and supplier of critical minerals including titanium dioxide, zircon and monazite.
Write to Aaliyah Rogan at Mining.com.au
Images: Image Resources
