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August 2016

Dear colleagues,

A brief edition of The Hole Story this month, however, it contains some important information relating to our FY16 results; recent capital raising announcement; and 4 Star QHSE Rating.

We also celebrate some safety achievements and REFLEX's 10 year anniversary with the Imdex Group - take a moment to review the flash back photos!

As always, we welcome your contributions - please send any news, achievements or photos to

$40 Million Placement

"Our focus must now be on achieving or exceeding our sales and financial targets;  diligently managing our costs; and continuing to grow our minerals business."


On 5 September 2016, our Board announced a capital raising to reduce debt and strengthen the Company’s balance sheet.  Support for the raising was strong and the placement was significantly oversubscribed.

The two tranche placement of approximately 72.72 million new ordinary shares was offered to qualified institutional and sophisticated investors at an issue price of A$0.55 to raise $40 million before issue costs. 

Tranche 1 was an unconditional placement of 37.29 million shares, whereas Tranche 2 was a conditional placement of approximately 35.43 million shares and is subject to shareholder approval at Imdex’s Annual General Meeting on the 13 October 2016.

We also provided eligible shareholders with the opportunity to acquire new shares in the Company at the same price as the placement via a share purchase plan, which was capped at A$5 million.

The raising de-risks the balance sheet and the capital structure is more sustainable for our Company in the long-term.

The raising will enable us to move forward with a reset capital and organizational structure
that will allow us to take full advantage of the minerals cycle upswing.

Our focus must now be on achieving or exceeding our sales and financial targets;  diligently managing our costs; and continuing to grow our minerals business.

Further information about the capital raising is included in the announcement and presentation below, alternatively speak  to your manager.

FY16 Results Presentation

On the 22 August we announced our results for the
 2016 financial year (FY16). Click the links for further details.


FY16 Shareholder Newsletter


Our shareholder newsletter, Imdex News, was released to the market on 22 August 2016. 

Imdex News is published quarterly to keep our valued shareholders informed of the our performance and operational highlights.

Past copies of Imdex News can be found on Imdex's website under the investor section.


Perfect Record Award & Award of Merit

AMC USA LLC was recognized with the Perfect Record Award and the Award of Merit at the Utah Safety Council Annual Meeting and Awards Luncheon on 19 August 2016 at the Little America Hotel in Salt Lake City.

Michael Chism (General Manager of AMC USA) received the awards. The Award of Merit is given to companies that have shown a dedication to safety and no injuries for 5 years. The Perfect Record Award was received for no injuries in the last fiscal year.

This is an excellent result, well done to everyone at AMC USA.


4 Star QHSE Rating

Our FY17 QHSE Plan has been developed to certify each location to our own method of measuring safety performance.

The 4 Star QHSE Rating scheme has been designed to provide Management with an easily identifiable QHSE implementation status for each of our global locations.

Each star quantifies a level of implementation of the Imdex QHSE Standards. The intent is for every location to achieve a 4 Star Rating before the end of FY17.

The plan is made up of the following objectives:

  • QHSE system implementation – audited to a 4 star rating scheme
  • Leading indicator completion
  • Improve safety culture through management accountability

Audits will be scheduled throughout the year by location QHSE Reps to monitor and report on progress.

Celebration 10 Years

In August we celebrated the 10 year anniversary of REFLEX's incorporation into Imdex and its significant contribution to the minerals sector.


From a suburban garage in Sweden, REFLEX has metamorphosed repeatedly to remain at the forefront of mining technology.

Built on a foundation of innovation, REFLEX’s technologies have played a key role in a range of significant events and projects globally.

In addition to being an integral part of the discovery and definition of many of the greatest ore bodies of the past 40 years, REFLEX has developed the advanced technologies that have ensured the successful outcomes in a range of significant global projects and events. These include the connection of the Eurotunnel on 1 December 1990 and testing the stability of the underground structures at Ground Zero after the 911 disaster in 2001, to the saving of 33 lives with the assistance of REFLEX’s survey instruments after the Chilean Mine disaster in 2010.

REFLEX’s growth has been organic and via strategic acquisitions.

Flexit was acquired in 2007, a Swedish company with the world’s first MEMS gyroscope in development. In 2012 ioGlobal joined our team - a company recognized for its innovative, cloud-based data platform, together with advanced data analysis and geochemical consulting. More recently 2iC was acquired, which added mechanical core orientation solutions.  The combination of these technologies and strengths have created a unique business that provides real-time, subsurface intelligence to the minerals sector, globally.

Derek Loughlin (Chief Executive – REFLEX) said:

“We are proud of our achievements and the impact they have had in changing the inefficiencies of the industry.

“Recent industry recognition through a number of awards has supported our belief in the technical excellence of our solutions, while industry uptake has highlighted their relevance in the current market.”

In-field analysis and real-time access to information are key to the ongoing advancement of our industry and we are well positioned to lead the industry as it becomes an active participant in a connected world.

Celebrating the completion  of the Eurotunnel

The team behind the Eurotunnel

The 'Bad Old Days' - field testing the Fotobor in Brazil

Part of the REFLEX Fotobor developed by Claes Ericsson

Claes and Birgitta Ericsson with Kelvin Brown, Derek Loughlin, Leah Heinz and Gary Centrone at Imdex HQ 

From the Field


 Adam Jennings (AMC Manager Waterwell) recently visited Duketon, Goldfields and took some great photos of our drilling fluids in action, keep up the great work Adam!


Peter Tinley AM posts visits to Imdex HQ

Politician Peter Tinley, Shadow Minister for Asian Engagement, Trade, Science and Lands, recently visited Imdex's Head Office and posted the image below on Facebook.


Things You Need to Know