IMDEX revealed record September quarter earnings amid a strong start to the fiscal year. CEO Paul House points to growing demand for real-time orebody knowledge and robust industry fundamentals, driving revenue growth across all major regions.
IMDEX technology enables resource companies and drilling contractors to discover, define and mine ore bodies quickly with precision and confidence.
According to IMDEX, record unaudited revenue for the first quarter of 2023 was A$105.9 million ($69.2 million), an increase of 22% on the same period last year.
Meanwhile, sensors in employment increased 13% year-over-year and 9% quarter-on-quarter.
Speaking at the company’s AGM today, House said pressure on the supply chain also continued to ease in the first quarter of the fiscal year.
Revenue growth increased 17% year over year in the Americas, 29% in Africa and Europe, and 27% in Australia and Asia.
He said exploration budgets remain strong in Australia, with clients reporting long order books of nine to 10 months instead of three to four months.
Major and medium-sized mining clients are reporting ongoing or expanded exploration budgets, with deeper orebodies leading to larger and more complex drilling programs, he added.
Moves to expand existing projects or find additional orebodies to sustain current production levels, continued strong demand for metals across a broad range of sectors, and increased demand for critical metals all contribute to a strong contributed to the outlook.
“It’s worth noting that in this current cycle, unlike previous cycles, the industry hasn’t made any major discoveries,” said House. “This supports both the continued need for exploration drilling and the importance of precision mining technologies that could improve the economics of smaller deposits or extend the mine life of existing operations. I believe you are.”
IMDEX has signed its first significant commercial contract with a South African Tier 1 resource company for the BORE HOLE STABILISER™ (BHS), part of its drilling optimization products, early in the first quarter of 2023, House said. .
BHS is a multi-functional product specially formulated for air drilling applications, especially drilling and blasting applications.
Further opportunities exist for surface applications, according to the company, with underground commercial prototype trials underway in Africa, Asia and Australia.
House also provided an update on the development of BLAST DOG™, a multi-sensor probe designed to measure a wide range of geophysical properties of orebodies and map their material rock properties.
Data collected by BLAST DOG may be used by mining companies to develop programs that can improve mining plans, blast designs, fracturing and post-blast mass transfer tracking.
IMDEX has signed its first commercial deal with BLAST DOG at the Iron Bridge in Pilbara in August 2022. The agreement provides for phased use of up to three of his BLAST DOG sensors with associated products, software and support during the initial period. This brings the estimated contract value to his A$13 million.
Mr House added:
He said the initial focus of BLAST DOG’s development will be on copper and bulk metals within Australia and the Americas.
According to IMDEX, a rigorous evaluation defined by the world’s mines with capacity to house 3 or more drill rigs has identified approximately 400 sites with addressable markets that can be serviced beyond 5 years. I was.
IMDEX focuses on the top 25% likely to support the adoption of technologies that disrupt existing mining workflows, and the assessment found that the market available during the same period would support this first phase. It was determined to be about 100 mining sites. About the growth of BLAST DOG.
The first phase of BLAST DOG development plans six commercial prototype trials in fiscal 2023, according to the company.
“The next generation of BLAST DOG will incorporate additional sensors, software and data response products to extend its application to other commodities, geographies and ultimately underground applications,” said House. I’m here.