Imdex : Chairman's Address to Shareholders

15 October 2020

Company Announcements Office

ASX Limited

Exchange Centre

20 Bridge Street

SYDNEY NSW 2001

Dear Sir/Madam

2020 ANNUAL GENERAL MEETING CHAIRMAN AND CEO'S PRESENTATIONS

Please find attached a copy of the Chairman and CEO's presentations to be given at the 2020 Annual General Meeting of Imdex Limited (ASX: IMD) being held at 11.00am (WST) today.

Yours faithfully

Imdex Limited

Paul Evans

Company Secretary

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

ABOUT IMDEX

IMDEX is a leading Mining-Tech company, which enables successful and cost-effective operations from exploration to production. The Company develops cloud-connected sensors and drilling optimisation products to improve the process of identifying and extracting mineral resources for drilling contractors and resource companies globally. www.imdexlimited.com

FURTHER INFORMATION

Kym Clements - IMDEX Investor Relations Officer & Corporate Communications Manager 0415 181 172

[e-mail]

CONFIDENTIAL - © Imdex Limited October 2020

2020 AGM Chairman's Address

2020 ANNUAL GENERAL MEETING, 15 OCTOBER 2020

Welcome

Good morning ladies and gentlemen - thank you for joining us today and welcome to IMDEX's Annual General Meeting for the 2020 financial year. I advise that in accordance with the Company's Constitution a quorum is present and accordingly declare the meeting open.

I am Anthony Wooles and as Chairman of Imdex's Board of Directors, I will Chair today's meeting. I would like to introduce my fellow Directors, our Company Secretary and other attendees today:

• Non-ExecutiveDirectors Kevin Dundo, Sally-Anne Layman, Ivan Gustavino; and
• Paul Evans our Company Secretary.

Also present is:

• Mr Dave Andrews, signing Deloitte Audit Partner; and
• Ms Robyn Ferguson from HopgoodGanim Lawyers, the Company's solicitors.

Notice

A notice of this Annual General Meeting was made available to all shareholders on 11 September 2020 and consequently I will take the notice as read.

Minutes of Previous AGM

I also table the Minutes for the previous Annual General Meeting dated 17 October 2019. Those minutes have been signed, as a true and correct record of the meeting, and so they are taken as read and confirmed.

FY20 Summary

Before reviewing the Financial Statements and Reports, I would like to thank my fellow Board members for their commitment throughout the 2020 financial year. At all times each member has ensured a high-level of governance and accountability, while contributing to the success of IMDEX's growth strategy.

My thanks also to IMDEX's global team. I am immensely proud of how the team was able to remain focused on protecting its people and the continuity of the business during these unprecedented times. The collaborative efforts of the Executive Leadership Team, Crisis Management Team and all employees globally, was outstanding. Together they accepted new ways of working, provided remote support to clients and continued to drive our strategy for sustainable growth.

Moving now to the highlights of FY20.

• The Company achieved its strongest nine month revenue to March, and its full year result of $237.7m, was marginally down on the record achieved in FY19;
• EBITDA of $54.4m, was also slightly down on a like-for-like basis;
• A final fully-franked dividend was declared and sustained the NPAT payout ratio of 30%; and
• IMDEX maintained the strength of its balance sheet, and its net cash position was up on FY19.

Operationally there were also a number of significant highlights:

• The Company continued to strengthen its rental fleet with more sophisticated connected technologies;
• It exercised its Option to acquire Flexidrill and its COREVIBE™ and MAGHAMMER™ technologies;
• It advanced BLASTDOG™ for further extension into the larger and less-cyclical mining market;
• The Company continued to streamline its operations and realise the benefits of its internal digital transformation program;
• IMDEX achieved the highly sought after ISO 27001 certification, which is critical to the secure handling of data on behalf of resource companies; and
• An ESG Committee was established to enhance our reporting and disclosure. Further information and links regarding our progress can be found in the appendices of this presentation.

During FY21 will continue to focus on delivering sustainable earnings growth for shareholders. Central elements of this strategy include:

• Focussed organic growth of the Company's core business; and
• Pursuit of growth across the mining value chain.

We will continue to drive this growth via strategic technology acquisitions, disciplined research and development and industry collaboration.

Our CEO Paul House will provide more detail on these opportunities when I invite him to speak following the formal section of the AGM.

As a Board our priorities include:

• Ongoing and sustainable enhancement of the Company's safety performance;
• Strong corporate governance; and
• Prudent capital management.

On behalf of the Board, I would like to acknowledge Bernie's strong leadership and dedication to the Company over the past twenty years. It was pleasure working with him and IMDEX has indeed evolved as a leading global Mining- Tech company. We would also like to compliment Paul House for his seamless transition to CEO.

Finally, my sincere thanks again to Paul House, Paul Evans and our talented leadership team for their strong performance during FY20 and a very encouraging start to FY21.

Ladies and gentlemen, I would now like to review the Financial Statements and Reports followed by the consideration of 3 resolutions.

Procedure

Voting on all resolutions at today's meeting will be by way of a poll. Our share registrars, Computershare will oversee the conduct of the poll and act as scrutineers.

I can advise that 162 valid proxies have been received. This represents a total of 238,510,418 shares or 60% of the issued capital of the Company.

Shareholders should be aware that any undirected proxies given to the Chairman, will be cast by the Chairman and counted in favour of the resolutions the subject of the Meeting, being resolutions 1-3.

As this is an Annual General Meeting, may I remind you that only the matters listed in the Notice can be considered at this meeting.

I will put each Resolution to vote by poll and provide opportunity for discussion. As each item of business is considered, I will call for questions and comments. If you would like to ask a question or make a comment I ask you to please raise your hand and provide your name.

After the completion of any discussion, the total number of valid proxies for that item and the manner in which they have been directed will be displayed on the screen. Voting cards for the poll can then be completed, and there will be an opportunity to complete the poll voting after all three resolutions have been put to vote.

I will provide some further information as regards completing the voting cards after I have put all 3 Resolutions to the meeting to vote, and shareholders will have an opportunity complete their voting papers for the poll.

The Meeting will then be adjourned after all 3 resolutions have been put to allow for the counting and collation of the votes on the poll. We will then resume and, as Chair, I will declare the result of the poll for each resolution, and a detailed ASX announcement will also be made later today with the final results.

I now move on to the formal items of business of the meeting.