Imdex (IMD) investor relations material

Strategy and market opportunity

• Vision: enable the world’s most consequential subsurface decisions by connecting technology, data and expertise across Capture, Analyse and Solve.

• Growth levers: gain market share, expand share of wallet, benefit from structural demand for technology and enter mining production and adjacent earth science markets.

• Potential cumulative mineral exploration investment of US$150bn+ over CY26–CY35, based on CY25 budgets of US$12.4bn and a ~6% 10-year CAGR assumption.

• Estimated 2025 adjacent-market spend: US$0.4tn in mining production, US$13.6tn in infrastructure and construction, and US$2.0tn in energy and utilities.

• Strategy targets deeper customer adoption and broader markets as reserve depletion, orebody complexity, productivity pressures and demand for critical minerals drive need for better subsurface knowledge.

Performance and strategic progress

• FY17–FY26 revenue increased 3.0x to $520m from $176m, at ~13% CAGR; normalised EBITDA increased 5.1x to $163m from $32m, at ~20% CAGR.

• Normalised EBITDA margin rose from 18% in FY17 to 31% in FY26; platform revenue reached 47% of group revenue, up from 33% in FY21.

• Share of wallet increased to $2.40 per $100 of estimated global exploration spend from $1.40 in FY21; rental revenue rose 170% and platform revenue share rose 47% from 33%.

• Since FY21, exploration revenue increased ~90% while exploration budgets rose 26% and inflation-adjusted exploration activity fell 11%, indicating growth ahead of underlying activity.

• Customer base spans major mining regions and no single customer exceeded 1% of revenue; relationships are expanding from drillers to geoscientists and resource companies.

Customer offering and growth model

• Offering evolution: from drilling products to connected solutions, broader customer workflows and decision intelligence, with expansion into production and adjacent earth science markets.

• Connected workflows combine drilling capture, geoscience analytics and decision-ready insights for exploration targeting, resource confidence, geotechnical support and mine planning.

• Platform-connected customers generate ~2x revenue on average, while the stated customer lifecycle is >2x longer; share-of-wallet headroom is $10–$18 versus $2.40 currently.

• A mid-tier gold case used 17 rigs on one standard; IMDEX value rose from $53 to $73 per metre, with targeting below 900m and customer production positioned for H1 2029.

• A copper-gold feasibility case used 50km of existing core data to support a mining-method decision in ~6 weeks, versus $20–30m+ and 12+ months for redrilling; no new drilling was needed.