IMDEX : 1H22 Results Teleconference and Webcast Script

For personal use only

7 February 2022

Company Announcements Office

ASX Limited

Exchange Centre

20 Bridge Street

SYDNEY NSW 2001

Dear Sir / Madam,

IMDEX FY2022 Half Year Results Teleconference and Webcast

Please find attached the script from today's 1H22 Results Teleconference and Webcast.

Yours faithfully

Imdex Limited

Michael Tomasz

Company Secretary

This announcement has been approved for lodgement by the Company Secretary.

ABOUT IMDEX

IMDEX is a leading global Mining-Tech company, which enables successful and cost-effective operations for drilling contractors and resource companies. The Company develops drilling optimisation products and cloud-connected sensors to provide real-time rock knowledge and quality data. Together they enhance decision making and sustainable operations across the mining value chain - from the drill rig to the core farm and processing plant. www.imdexlimited.com

FURTHER INFORMATION

Kym Clements - IMDEX Investor Relations Officer

Mobile: [phone] Email: [e-mail]

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Classification | Public

For personal use only

IMDEX FY22 HALF YEAR RESULTS PRESENTATION

COVER

Slide 2

Forward Looking Statements

Slide 3

IMDEX is a Leading Global Mining-Tech Company

Welcome everyone.

Joining me on the call today is Paul Evans, our Chief Financial Officer.

We are delighted to provide an update on our strong performance for the first half of the 2022 financial year.

For listeners who are new to IMDEX, we are a leading global Mining-Tech Company.

We distinguish our business from the broader mining services arena in the following ways:

• We place technical leadership at the core of our growth strategy.
• We build that technical leadership through consistent investment in R&D, to design and deliver patented technologies.
• We are neither capital intensive, nor people intensive.
• We are truly global, with limited contract risk, commodity risk and geography risk.
• And finally, we are developing an integrated solution set that works together, rather than as individual products, to build a high-quality revenue base with increasing EBITDA margins.

As you will shortly see, the features of this business model are evident in our results for the half.

IMDEX technologies enable resource companies and drilling contractors, to find, define and mine orebodies - with precision and at speed.

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Slide 4

Presentation Overview

Today's presentation agenda is set out on slide 4.

We will focus on three key areas:

• Our financial and operational highlights, including a deeper dive into our financial performance, which Paul will give;
• An update on the broader industry trends and the IMDEX business both; and finally
• The outlook for the balance of FY22.

Following the presentation, Paul and I are happy to take any questions.

Slide 5

FY21 Financial Highlights

Turning now to slide 5 and our financial highlights.

We achieved record revenue of $167.8m, up 35% on the prior period. We achieved a record EBITDA of $51.5m, up 55% on 1H21.

Our EBITDA margin of 30.7% represents a 15% uplift and highlights the strong fixed cost leverage available in our business model.

Net Profit After Tax was $24.4m, another record result, and is up 81% on 1H21.

The combination of 35% revenue growth, 55% EBITDA growth and 81% NPAT growth, is the strongest possible statement of the underlying quality of the IMDEX business and the IMDEX business model.

This performance has been achieved with a stable net operating cash position. The overall reduction in net cash is directly attributable to investments in our growth strategy.

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Finally, our directors declared a fully franked interim dividend of 1.5 cents per share, consistent with our capital management policy.

Slide 6

1H22 Operational Highlights

Our record financial results continue to be driven by our exemplary operational performance. As highlighted in our announcement this morning, there were many operational achievements for the half. I will call out some of the key points on slide 6.

Safety is always a priority. No growth comes at the expense of our people and our focus remains heightened during COVID. Pleasingly, there were no lost time injuries for the half.

I'd like to acknowledge our IMDEX teams around the world who should be commended for their ongoing commitment and focus on keeping each other safe.

Initiatives introduced by IMDEX's Chief People Officer, Kiah Grafton and her team, have made a significant contribution to our culture, as reflected by our recent employee engagement survey.

One of these initiatives is our traineeship program, which was officially launched during the half. This program develops a pipeline of skilled talent, to build a capable workforce aligned to our current and future business needs.

Similarly, our annual internship program continues to evolve. This initiative provides high-calibre university students, with practical on-the-job training opportunities at IMDEX. During 1H22, we hosted 14 interns across 7 workgroup domains, with a number being offered permanent graduate positions. Both of these initiatives form part of our new Kickstart a Career @ IMDEX.

You will note on the top right, there continued to be strong demand for our rock knowledge sensors and software. The average number of sensors on hire for the half was up 35%. Pleasingly, the volume of spectra analysed through our recently acquired aiSIRIS platform was up by 45%, highlighting the importance of this acquisition and its successful integration.

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There are two further R&D achievements I would like to call out:

• Firstly, additional client trials with our IMDEX BLAST DOG™ took place during the half. These trials included end-to-end integration of BLAST DOG™, IMDEX HUB-IQ™ and the MinePortal software.
• Secondly, the development and deployment of our first premium revenue IMDEX HUB-IQ™ module. A paid-for SaaS Quality Assurance solution for survey data.

During the half we made significant progress in mitigating supply chain risk that existed for high-tech components and raw materials for our drilling optimisation fluids. We undertook a number of measures including:

• Increasing our internal manufacturing capabilities - you will note our manufacturing of gyro- related technologies for the period exceeded 2H21;
• Securing additional sources of supply for raw materials and key components;
• Increasing inventory in response to increased freight times;
• Reducing freight volumes by shipping concentrate then blending locally; and
• Improved utilisation of our sensors.

You will recall our global digital rentals project, which formed part of our Digital 1.0 Transformation, enables us to track and efficiently distribute sensors to where they are needed anywhere in the world. Our Digital 2.0 Transformation will build on our ability to maximise return on assets and further streamline operational costs.

Finally, and most importantly, I want to acknowledge our IMDEX employees and partners around the world. Without your efforts, we would not have been able to respond to the market demand and fundamentally improve the quality of our business. It is a genuine pleasure to represent such a great team.

Slide 7

1H22 Financial Performance

I will now hand over to Paul, to discuss the financials in more detail.

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