Image Resources NL (ASX:IMA) said the firm is on track for the commissioning and first heavy mineral concentrate production in the first quarter of the year at the Atlas project in Western Australia, according to a Wednesday Australian bourse filing.
Construction crews returned to the site to resume site development activities after a bushfire passed through the project area in November 2024, the filing said.
The firm started the drawdown of funds from a $20 million facility arranged with its heavy mineral concentrate offtake partner Shantou Natfort Zirconium and Titanium. It received $5 million of the drawdown funds in late December 2024 with the balance expected in Q1.
The funds will be used to cover working capital requirements, including corporate costs and pre-revenue Atlas operating costs.
The firm's shares fell 4% on market close.
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