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Image Resources NL
(Sydney:IMA)
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Rating:45Neutral
Price Target:
AU$0.02
â–¼(-73.33% Downside)
Action:Reiterated
Date:10/02/26
The score is held down primarily by weak financial performance (recent losses, sharply reduced equity, and persistently negative free cash flow). Technicals provide only modest support, showing short-term improvement but a broader downtrend with negative MACD. Valuation is also constrained by negative earnings and no dividend yield data.
Positive Factors
Revenue rebound
The sharp 2025 revenue rebound indicates that the operating business can regain substantial sales momentum after a weaker period. If production, recoveries, and customer demand remain supportive, a larger revenue base could improve fixed-cost absorption and provide a foundation for restoring profitability.
Negative Factors
Persistent losses
Persistent net losses indicate that revenue recovery has not yet translated into sustainable company-wide profitability. Continued losses can consume capital, limit reinvestment capacity, and make the business more dependent on operational improvement or additional financing to support its mineral-sands activities.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The sharp 2025 revenue rebound indicates that the operating business can regain substantial sales momentum after a weaker period. If production, recoveries, and customer demand remain supportive, a larger revenue base could improve fixed-cost absorption and provide a foundation for restoring profitability.
Read all positive factors
Image Resources NL (IMA) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$21.19M
Dividend Yield12.16%
Average Volume (3M)2.53M
Price to Earnings (P/E)―
Beta (1Y)1.01
Revenue Growth397.37%
EPS Growth-578.07%
CountryAU
Employees2
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.08
Shares Outstanding1,115,109,600
10 Day Avg. Volume6,098,031
30 Day Avg. Volume2,529,975
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)AU$89.52M
Image Resources NL Business Overview & Revenue Model
Company Description
Image Resources NL is a Western Australian enterprise primarily engaged in mineral sands mining. The company fully owns the Boonanarring and Atlas Mineral Sands Projects, both situated within the North Perth Basin. Its comprehensive asset portfoli...
How the Company Makes Money
Image Resources NL primarily makes money by developing and operating mineral sands projects and selling mineral-sands-derived products to customers (typically through offtake or sales agreements). Its main revenue stream is expected to come from t...
Image Resources NL Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
42
Neutral
Cash Flow
35
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 109.69M | 80.73M | 0.00 | 119.13M | 171.54M | 178.85M |
| Gross Profit | 49.57M | 37.40M | -7.37M | 19.26M | 49.60M | 54.28M |
| EBITDA | -27.15M | -31.41M | -5.65M | 25.96M | 58.83M | 67.75M |
| Net Income | -85.95M | -83.01M | -9.41M | -4.71M | 15.17M | 19.38M |
Balance Sheet | ||||||
| Total Assets | 103.47M | 117.17M | 178.21M | 165.66M | 209.22M | 188.10M |
| Cash, Cash Equivalents and Short-Term Investments | 13.31M | 7.69M | 19.95M | 46.20M | 53.45M | 79.98M |
| Total Debt | 15.11M | 20.00M | 9.88M | 111.00K | 197.00K | 320.00K |
| Total Liabilities | 99.89M | 102.54M | 80.13M | 54.95M | 93.03M | 77.19M |
| Stockholders Equity | 3.58M | 14.63M | 98.08M | 110.72M | 116.20M | 110.90M |
Cash Flow | ||||||
| Free Cash Flow | -2.87M | -36.59M | -34.42M | -5.80M | -18.13M | 63.48M |
| Operating Cash Flow | 8.01M | 7.28M | -6.30M | 14.08M | 36.80M | 74.90M |
| Investing Cash Flow | -6.92M | -43.87M | -28.32M | -19.88M | -55.15M | -11.51M |
| Financing Cash Flow | -589.00K | 23.89M | 7.73M | -980.00K | -8.27M | -35.28M |
Image Resources NL Technical Analysis
Positive
0.06
Price Trends
0.02
Positive
0.02
Negative
0.04
Negative
Market Momentum
<0.01
Negative
58.29
Neutral
42.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IMA, the sentiment is Positive. The current price of 0.06 is above the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and above the 200-day MA of 0.04, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.29 is Neutral, neither overbought nor oversold. The STOCH value of 42.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:IMA.
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% | |
45 Neutral | AU$21.19M | -0.25 | -943.96% | 12.16% | 397.37% | -578.07% | |
45 Neutral | AU$14.07M | -8.47 | -8.30% | ― | ― | -40.00% | |
42 Neutral | AU$15.05M | -0.29 | -63.22% | ― | ― | -138.28% | |
42 Neutral | AU$24.22M | -8.23 | -163.69% | ― | ― | -81.45% | |
42 Neutral | AU$12.20M | -3.50 | -24.49% | ― | ― | 58.33% |
* Basic Materials Sector Average
AU:IMA
Image Resources NL
0.02
-0.05
-70.77%
AU:SFX
Sheffield Resources Limited
0.04
-0.11
-74.67%
AU:TSL
Titanium Sands
0.01
0.00
0.00%
AU:HVY
Heavy Minerals Ltd
0.33
-0.04
-10.81%
AU:EVG
BlackEarth Minerals NL
0.01
-0.01
-48.15%
Image Resources NL Corporate Events
Image Resources Confirms Continuous Gold Mineralisation at Erayinia-King Project
Sep 28, 2026
Image Resources NL has reported new drilling results from its Erayinia-King Gold Project in Western Australia, confirming continuous gold mineralisation across the main part of the deposit and to depths of around 140 metres below surface. The prog...
Image Resources secures A$5m advance tied to potential LB Group project deal
Sep 24, 2026
Image Resources NL has received a A$5 million advance deposit from significant shareholder LB Group Co., Ltd, which holds 22.5% of Image via subsidiary Murray Zircon Pty Ltd. The advance is linked to ongoing negotiations for LB Group to acquire a ...
Image Resources NL discloses final director interest as Peter Thomas exits board
Sep 23, 2026
Image Resources NL has announced that director Peter Thomas has ceased to be a director of the company effective 16 September 2026, as disclosed in a final director’s interest notice to the ASX. The notice records his relevant interests in c...
Image Resources NL Appoints Jie Liu as Director With No Initial Shareholding
Sep 23, 2026
Image Resources NL has notified the ASX of the appointment of Jie Liu as a director, effective 21 September 2026, and filed the corresponding initial director’s interest notice in accordance with listing rule 3.19A.1. The filing confirms tha...
Image Resources Shares Set to Resume Trading After Corrected Accounts
Sep 23, 2026
The securities of Image Resources NL, an ASX-listed resources company trading under the ticker IMA, are set to resume trading after a temporary suspension. The reinstatement follows the release of corrected half-year financial accounts, addressing...
Image Resources refreshes board as it advances multi-mine growth strategy
Sep 23, 2026
Image Resources NL has strengthened its board and governance structure with the appointment of investment and corporate advisory executive Jie Liu as a non-executive director, replacing long-serving director Peter Thomas, and the addition of corpo...
Image Resources secures A$5m advance as it advances multi-mine mineral sands strategy
Sep 23, 2026
Image Resources NL, a mineral sands producer of titanium dioxide, zircon and rare earth-bearing monazite, has evolved from an advanced explorer into an established miner with successful development of its Boonanarring project and the recent commis...
Image Resources Restates Half-Year Report and Updates Strategic Outlook
Sep 23, 2026
Image Resources NL, a mineral sands producer focused on titanium dioxide, zircon and rare earth-bearing monazite, has transitioned from a single-mine, single-product operation at Boonanarring to operating its high-grade Atlas project, with product...
Image Resources Securities Suspended as ASX Probes Half-Year Report
Sep 16, 2026
Image Resources NL has had its securities suspended from quotation on the ASX after the company identified an internal material inconsistency in its recently lodged Half Year Financial Report. The firm previously halted trading and retracted the r...
Image Resources Halts Trading Over Half-Year Report Inconsistency
Sep 14, 2026
Image Resources NL has requested a trading halt on its securities on the ASX while it prepares an announcement regarding a material inconsistency identified in its recently lodged half-year financial report. The company intends to retract the repo...
Image Resources boosts Durack mineral sands resource and zircon content
Sep 10, 2026
Image Resources NL has reported a substantial upgrade to the Mineral Resource Estimate at its 100%-owned Durack mineral sands project in Western Australia, following extensive infill drilling and QEMSCAN mineral assemblage analysis. The updated es...
Image Resources NL reports cessation of director with no security interests
Sep 7, 2026
Image Resources NL has announced that director Aaron Chong Veoy Soo ceased to be a director of the company on 7 September 2026. An ASX Appendix 3Z Final Director’s Interest Notice confirms that he held no relevant interests in the company...
Image Resources Director Aaron Soo Retires After Decade of Service
Sep 7, 2026
Image Resources NL has announced the retirement of Non-Executive Director Aaron Chong Veoy Soo from the board effective 7 September 2026, citing family and personal reasons. Soo, a West Malaysia-based advocate and solicitor, has served since 2015 ...
Image Resources NL Details Equity Holdings as Director Patrick Mutz Steps Down
Aug 31, 2026
Image Resources NL has announced that director Patrick Mutz ceased to be a board member effective 31 August 2026, triggering a final director’s interest notice to the ASX. The filing discloses that at the time of his departure, Mutz held 8,3...
Image Resources Navigates Softer Mineral Sands Market as Atlas Output Dips
Jul 31, 2026
Image Resources reported June-quarter heavy mineral concentrate output of 59,000 dry metric tonnes at its Atlas project, down on weather-related disruptions, with sales of 58,747 tonnes generating A$24.3 million in revenue and a higher A$414 per t...
Image Resources Seeks ASX Quotation for Additional Ordinary Shares
Jul 23, 2026
Image Resources NL has applied for the quotation of 241,497 new ordinary fully paid shares on the Australian Securities Exchange, to be issued on July 23, 2026. The additional securities, arising from the exercise or conversion of existing options...
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.