Ann: Operations Update, page-43

Hi Folks
Any sight of the IMA shipments scheduled for IMA in July
Petra has taken a more bullish stance following June shipments
ImageResources NL (IMA) - Upgrading sales – 2 shipments expected in June We haveupgraded our 2020 HMC sales estimates by 5% to 265kt following the review ofport data implying IMA completed two shipments in the month of June. Anadditional 11kt shipment makes a meaningful 10% improvement to our 2020 NPATand, in our view, will help alleviate market concerns around IMA’s ability todeliver sales guidance of 300-330kt of HMC. IMA is oversold both on afundamental basis, trading at 0.6x P/NPV and a peer relative basis, with thestock down 40% YTD vs. peers down 11-13% (Figure 1). An improving sales outlookwill be a material catalyst for re-rating, with our expectation for 1-2 yearsof mine life growth in 2H 2020 to increase both value and investor confidence.We reiterate our Buy recommendation with 67% upside to our A$0.25/sh pricetarget.