Ann: Diggers and Dealers Presentation, page-7

IMA has pre-released selected Sep. Q’20 results, including a record 92kt of HMC sales. Preliminary shipping schedules outline up to 130kt of HMC could be shipped in Dec. Q’20. We expect the company to be in a net cash position of A$62m at the end of 2020 and forecast a maiden dividend in 1H 2021 following the retirement of debt. With the sales outlook improving, investor focus shifts to mine life gains and the resource update due this quarter. A 25,000m drill campaign to confirm if two years can be added to the mine life is expected to be completed by year-end. IMA is highly cash generative at current prices and each additional year of mine life adds 15% to our NPV. We reiterate our Buy recommendation at an improved price target of A$0.32/sh (A$0.31/sh).broker update