Image Resources has hit the ground running at its Atlas mineral sands project in Western Australia, generating positive operating cash flow of $5 million in its first quarter of operations.
The company produced 45,900 dry metric tonnes (dmt) of heavy mineral concentrate (HMC) in the June quarter from 674,000 tonnes of ore processed. Three shipments totalling 35,359dmt were completed during the quarter, exceeding forecasts of 30,000–35,000dmt.
Revenue reached $22.1 million, averaging $624 per tonne sold. C1 operating costs came in at $17.1 million, translating to $396 per tonne, delivering a solid cash margin.
Production in the second quarter was impacted by lower throughput and recovery due to root matter affecting the plant’s CT1 spirals.
“Achieving positive operating cash flow at Atlas in our first quarter of operations gives us renewed confidence for a strong second half of the year,” Image managing director Patrick Mutz said.
“Our construction and operations teams at Atlas were able to rapidly replace the innovative CT1 spirals, with conventional MG12 spirals, and restore HM recovery and ore throughput rates before the end of the second quarter.
“The completion of construction of a sealed external access road to Atlas allows for more efficient trucking to meet our aggressive second-half calendar year 2025 shipping schedule.”
Mining totalled 503,000 tonnes at nine per cent heavy mineral grade, consistent with reserve estimates.
The company maintained its 2025 guidance, forecasting 175,000–195,000 dmt HMC production and 165,000–185,000dmt HMC shipped, at a cash cost of $340–400 per tonne and AISC of $410–470 per tonne.
Atlas’s sealed road access is expected to improve logistics and reduce trucking costs, supporting two planned July shipments of 23,000 wet metric tonnes.
Image is now focused on expanding mine life with potential ore sources from Atlas North, Hyperion, and Helene, while also advancing the Eneabba-based Yandanooka project, closing the quarter with $10.7 million in cash.
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