Image Resources NL (ASX: $IMA) ASX query response

Image Resources NL (ASX: $IMA) has responded to ASX's query regarding the Atlas Project. The company's announcement on 8 April 2024, marked as 'price sensitive', disclosed that no appeals had been filed regarding the Environmental Protection Authority's recommendation to implement IMA's proposal to develop its Atlas mineral sands project. The trading in IMA's securities from 3 April 2024 to 8 April 2024 has also been highlighted.

Executive Commentary on ASX Query Response

The information in IMA's ASX announcement dated 8 April 2024 was regarded as being price sensitive and it was so marked. IMA received preliminary advice from the Registrar of the Office of the Appeals Convenor via an email at 10:52 am AWST on 4 April 2024 to the effect that it 'appears' that no appeals have been lodged but noting that appeals can be sent directly to the relevant Minister's offices and that the Registrar would have to check to see if that was the case on this occasion. The Registrar provided final advice to IMA via email on 5 April 2024 at 9:24 am AWST that no appeals have been received. IMA did not consider the information it received from the Registrar on 4 April 2024 to be information that a reasonable person would expect to have a material effect on the price or value of IMA securities as it remained sufficiently uncertain as to whether appeals had in fact been received. Once the Registrar of the Office of the Appeals Convenor provided final advice on 5 April 2024 that no appeals have been lodged, IMA immediately proceeded to draft an ASX announcement to notify the market to that effect.

Summary of ASX Query Response

Image Resources NL (ASX: $IMA) has responded to ASX's query regarding the Atlas Project, confirming that the information in the ASX announcement dated 8 April 2024 was regarded as being price sensitive and it was so marked. The company received preliminary advice from the Registrar of the Office of the Appeals Convenor on 4 April 2024, indicating that no appeals had been lodged. However, IMA did not consider this information to have a material effect on the price or value of its securities at that time due to the uncertainty. Once final advice was received on 5 April 2024 that no appeals had been lodged, IMA promptly proceeded to draft an ASX announcement to notify the market. The company confirmed its compliance with the Listing Rules and the responses to ASX's questions were authorized and approved by the IMA Managing Director.