Image Res eyes 10cps as first heavy concentrate shipped to port

Image Resources (ASX:IMA) has jumped over 4% in Monday’s morning trades after the company shipped its first heavy mineral concentrate (HMC) to Geraldton from its 100% owned Atlas Project.

That takes the stock to 9.7cps – just shy of a round 10c, putting the fairly illiquid stock up +44% YoY on a day where Materials is in the lead. At least in the first hour of trades.

Image’s HMC now sits in storage on-site at Geraldton Port for export in April.

This comes as its Atlas project commissioning runs ahead of schedule, per Image’s self-reporting, with the project honing in on full nameplate capacity – something achievable in the first five weeks on-site.

“Early results suggest the Atlas wet concentration plant design and construction were fit for purpose and successfully completed, and commissioning efforts have been effective in achieving high heavy mineral recovery and with HMC quality thus far exceeded expectations,” IMA CEO Patrick Mutz said.

“We are proud to have worked with Mineral Technologies for the supply of its CT-1 spiral technology for use in the Atlas wet concentration plant rougher circuit.”

Image reported on Monday its HMC product is 94% heavy mineral content including 21% higher-value zircon.

IMA last traded at 9.7cps.

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