IMA good value, page-5

They have 50M cash balance ATM and only a 3 month period without HMC, so where is a "significant transformation risk"

"Image had aimed to identify additional ore reserves to extend Boonanarring’s life as part of its project More.It now plans to relocate its wet concentrate plant to the Atlas project area as soon as mining and processing of the remaining Boonanarring ore reserves are completed.

Image estimated there would be no heavy minerals concentrate production for three months during the relocation of its dry mining fleet and wet concentrate plant.This will cost Image an estimated $25 million, which the company is ready to pay from cash reserves.

Image is however considering potential future ore reserves for mining as smaller scale satellite operations, which is being assessed at Helene and Hyperion in the Atlas project area."