Image Resources lowers 2025 sales forecast on weaker demand

Image Resources NL announced a reduction in its market guidance for Heavy Mineral Concentrate (HMC) sales for CY2025, lowering the forecast by 9% from 165-185k dry metric tonnes (DMT) to 150-170k DMT. This adjustment is primarily attributed to weaker market demand for mineral sands commodities and concerns over potential port delays in Q4. Despite this change, the company confirmed that all other guidance metrics, including HMC production (175-195k DMT), cash costs (A$340-400/t HMC Produced), and AISC (A$410-470/t HMC Produced), remain unchanged.

In conjunction with the revised sales outlook, Image Resources has mutually agreed with its offtake partners to extend the final repayment date for the Prepayment Facilities by three months, moving it from 31 January 2026 to 30 April 2026. This extension accommodates the slightly lower HMC sales projection while maintaining acceptable cash flow.

managing director and chief executive Patrick Mutz highlighted the company's efforts to reduce operating costs and its willingness to collaborate with partners to align with market conditions. The adjustment reflects a proactive approach to managing the business environment and maintaining financial stability.