Image Resources NL (AU:IMA)
ASX:IMA
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Image Resources NL
(Sydney:IMA)
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Rating:44Neutral
Price Target:
AU$0.04
▼(-26.67% Downside)
Action:ReiteratedDate:04/11/26
The score is held down primarily by weak financial performance (recent large losses, sharply reduced equity, and persistently negative free cash flow). Technical indicators also lean bearish with price below major moving averages and negative MACD. Valuation is not a strong offset because earnings are negative and no dividend yield is available.
Positive Factors
Durable end-market demand
Image Resources supplies ilmenite and zircon, essential feedstocks for pigments and industrial chains. That product mix ties revenues to broad, diversified industrial demand rather than a narrow consumer fad, supporting steadier long-term volume needs and relevance across multiple downstream value chains.
Negative Factors
Severe equity erosion
A dramatic equity decline sharply reduces the company’s capital cushion against commodity cycles and operational setbacks. With materially thinner shareholders’ equity, the firm faces higher insolvency and refinancing risk and less flexibility to absorb future losses or fund expansion without external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Durable end-market demand
Image Resources supplies ilmenite and zircon, essential feedstocks for pigments and industrial chains. That product mix ties revenues to broad, diversified industrial demand rather than a narrow consumer fad, supporting steadier long-term volume needs and relevance across multiple downstream value chains.
Read all positive factors
Image Resources NL (IMA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$49.82M
Dividend YieldN/A
Average Volume (3M)925.43K
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
Employees2
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.07
Shares Outstanding1,107,166,100
10 Day Avg. Volume1,551,088
30 Day Avg. Volume925,432
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)4.26
Price to Sales (P/S)0.77
P/FCF Ratio-1.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.10Price Target Upside66.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)<0.01
Revenue Forecast (FY)AU$95.45M
Image Resources NL Business Overview & Revenue Model
Company Description
Image Resources NL operates as a mineral sands mining company in Western Australia. The company holds 100% interests in the Boonanarring and Atlas Mineral Sands Project, which are in North Perth Basin in Western Australia. It also holds 100% inter...
How the Company Makes Money
Image Resources NL generates revenue primarily from the sale of mineral sands products produced from its mining and processing operations. The core revenue streams are (1) ilmenite sales and (2) zircon concentrate sales, with realized revenue dete...
Image Resources NL Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
42
Neutral
Cash Flow
35
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 80.73M | 0.00 | 119.13M | 171.54M | 178.85M |
| Gross Profit | 37.40M | -7.37M | 19.26M | 49.60M | 54.28M |
| EBITDA | -33.63M | -5.65M | 18.33M | 58.83M | 67.75M |
| Net Income | -83.01M | -9.41M | -4.71M | 15.17M | 19.38M |
Balance Sheet | |||||
| Total Assets | 117.17M | 178.21M | 165.66M | 209.22M | 188.10M |
| Cash, Cash Equivalents and Short-Term Investments | 7.69M | 19.95M | 46.20M | 53.45M | 79.98M |
| Total Debt | 20.00M | 9.88M | 111.00K | 197.00K | 320.00K |
| Total Liabilities | 102.54M | 80.13M | 54.95M | 93.03M | 77.19M |
| Stockholders Equity | 14.63M | 98.08M | 110.72M | 116.20M | 110.90M |
Cash Flow | |||||
| Free Cash Flow | -36.59M | -34.42M | -5.80M | -18.13M | 63.48M |
| Operating Cash Flow | 7.28M | -6.30M | 14.08M | 36.80M | 74.90M |
| Investing Cash Flow | -43.87M | -28.32M | -19.88M | -55.15M | -11.51M |
| Financing Cash Flow | 23.89M | 7.73M | -980.00K | -8.27M | -35.28M |
Image Resources NL Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | AU$90.15M | -127.74 | -0.41% | ― | ― | -100.00% | |
46 Neutral | AU$67.45M | -27.51 | -4.25% | ― | ― | 54.26% | |
45 Neutral | AU$122.70M | -4.63 | -22.98% | ― | 64.66% | ― | |
44 Neutral | AU$49.82M | -0.21 | -158.13% | ― | ― | ― | |
42 Neutral | AU$21.41M | -7.17 | -13.23% | ― | ― | -86.89% |
* Basic Materials Sector Average
AU:IMA
Image Resources NL
0.04
-0.05
-50.56%
AU:DRX
Diatreme Resources Limited
0.02
>-0.01
-20.00%
AU:DME
Dome Gold Mines Ltd.
0.05
-0.13
-73.33%
AU:MTH
Mithril Resources Ltd
0.36
0.01
4.41%
AU:QPM
QPM Energy
0.03
>-0.01
-23.08%
Image Resources NL Corporate Events
Image Resources Adds 278,179 New Shares to ASX Quotation
Apr 2, 2026
Image Resources NL has applied to the Australian Securities Exchange for quotation of an additional 278,179 ordinary fully paid shares. The new securities, issued on 2 April 2026, arise from the exercise or conversion of existing options or other ...
Image Resources Sets AGM Date as It Advances Growth and Value-Add Strategy
Apr 2, 2026
Image Resources NL has scheduled its annual general meeting for 28 May 2026, with the re-election of directors on the agenda and a 9 April 2026 deadline for receipt of director nominations at its registered office. The meeting comes as the company...
Image Resources NL Details Board, Governance and Capital Structure
Mar 31, 2026
Image Resources NL has outlined its corporate directory, detailing its board led by Non-Executive Chair Winston Lee and Managing Director Patrick Mutz, alongside several non-executive directors and joint company secretaries. The release also confi...
Image Resources Advances Erayinia King Gold Project After Positive Desktop Study
Mar 25, 2026
Image Resources NL has received an independent desktop study from Entech assessing open pit potential with CIL processing for its 100%-owned Erayinia King gold project in Western Australia, which currently hosts an Inferred Mineral Resource of abo...
Image Resources secures prepayment extension and repayment holiday to bolster cashflow
Mar 18, 2026
Image Resources NL has renegotiated terms on its heavy mineral concentrate prepayment facilities with key offtake partners, extending the facilities to December 2026 and securing a six-month repayment holiday from March 2026. During this holiday, ...
Image Resources flags major non-cash impairments amid weaker mineral sands market
Mar 15, 2026
Image Resources NL will book significant non-cash accounting adjustments in its 2025 financial results, including an estimated A$53 million impairment against mineral sands assets at Atlas and residual equipment from Boonanarring, driven mainly by...
Image Resources Beats Cost Guidance as Atlas Output and Sales Surge in Q4 2025
Jan 29, 2026
Image Resources NL reported a strong December 2025 quarter at its Atlas Project, with heavy mineral concentrate production rising 30% quarter-on-quarter to 73,000 dry metric tonnes from higher ore throughput, and full-year 2025 output landing just...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.