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2026 IMDEX Investor Strategy Day 26 October 2026 | Sydney
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Forward Looking Statements This presentation may contain certain ‘forward -looking statements’ & projections provided by or on behalf of IMDEX limited (IMDEX). Forward -looking statements can generally be identified by the use of forward -looking words such as, ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ ‘outlook’, ‘guidance’ & other similar expressions within the meaning of securities laws of applicable jurisdictions. These forward - looking statements reflect various assumptions made by or on behalf of IMDEX. You are cautioned not to place undue reliance on forward looking statements. The statements, opinions & estimates in this presentation are based on assumptions & contingencies subject to change without notice, as are statements about market & industry trends, projections, guidance estimates. The forward -looking statements contained in this presentation are not guarantees or predictions of future performance & involve known & unknown risks & uncertainties & other factors, many of which are beyond the control of IMDEX, may involve significant elements of subjective judgement & assumptions as to future events which may or may not be correct. The forward looking statements are subject to significant business, economic & competitive uncertainties & contingencies associated with the mining – technical services industry which may be beyond the control of IMDEX which could cause actual results or trends to differ materially, including but not limited to retention of key business relationships, environmental impacts & claims, operational & executional risks, research & development & intellectual property risks, an inability to meet customer demand, price & currency fluctuations, operating results, legislative, fiscal & regulatory developments, economic & financial market conditions in various countries, approvals & cost estimates, environmental risks, ability to meet funding requirements & share price volatility. Accordingly, there can be no assurance that such statements projections will be realised. IMDEX makes no representations as to the accuracy or completeness of any such statement of projections or that any forecasts will be achieved. A number of important factors could cause actual results, achievements or performance to differ materially from the forward -looking statements, including the risks & uncertainties set out above. Investors should consider the forward -looking statements contained in this presentation in light of those matters. The forward -looking statements are based on information available to IMDEX as at the date of this presentation. Except as required by law or regulation (including the ASX listing rules), IMDEX undertakes no obligation to provide any additional or updated information whether as a result of new information, future events or results or otherwise. Indications of & guidance or outlook on, future earnings or financial position or performance are also forward -looking statements.
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Introduction, business and strategy overview Paul House
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Structure of the day 26 October 2026, Sydney Time Presenter Topic Duration 12:15 – 1:00pm Arrival – Light lunch 45 mins 1:00 – 1:25pm Paul House Introduction, Business and Strategy Overview 25 mins 1:25 – 1:40pm Paul Mitchell (EY) Top business risks and opportunities for mining and metals 15 mins 1:40 – 1:55pm Dave Lawie Industry Update: Variability as the cost of not knowing 15 mins 1:55 – 2:10pm Paul House Q&A 15 mins 2:10 – 2:40pm Shaun Southwell & Michelle Carey Growth Strategy by customer: the mining experience 30 mins 2:40 – 3:00pm Erlend Olsø Technology and Customer Value Delivery Case Study 20 mins 3:00 – 3:15pm Paul House Q&A 15 mins 3:15 – 3:35pm Antonio Sardo How IMDEX Compounds Commercial Value 20 mins 3:35 – 3:45pm Tom Carmichael Building the Industry's Knowledge Advantage 10 mins 3:45 – 4:00pm Linda Lim Capital Management 15 mins 4:00 – 4:10pm Paul House Closing Remarks 10 mins 4:10 – 4:30pm Paul House Q&A 20 mins 4:30pm Networking drinks The Market Need The Solution The Delivery
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To be the most advanced system enabling the world’s most consequential subsurface decisions Our strategy continues to build on IMDEX’s leadership in mining technology and earth sciences Our vision
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IMDEX Investor Strategy Day 2026 Our strategy continues to build on IMDEX’s leadership in mining technology and earth sciences. Our strategy We are connecting our technology, data and expertise to help customers find, define and optimise the subsurface with confidence and speed. Capture High-quality rock data at the source, every time Turn rock data into insights at scale / Analyse Turn insights into confident decisions / Solve
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US$150bn+ potential mineral exploration investment over the next decade Societal need Population growth, electrification and energy security are driving demand for metals Supply Proven minerals reserves are declining faster than they are being replaced. Discovery challenge The development of new reserves is becoming harder, deeper and more complex IMDEX's advantage IMDEX is positioned to help solve this The world needs more metals, and new supply is harder to find The challenge Today we show how our strategy connects customer value to shareholder value US$150bn+ is potential cumulative exploration spend from CY26 – CY35. The calculation used CY25 exploration budgets per S&P Global of US$12.4bn compounding at ~6% per annum in line with S&P exploration budgets 10-year CAGR from 2016-2025
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Multiple levers for growth 1. Source: S&P Global - Annual Exploration Budgets Trends 2. Source: S&P Global – Exploration Financings. June 2026 Expand customer value through a broader technology portfolio Integrated on-site solutions increasing customer penetration Scale higher-value recurring revenue streams across the customer base Share of wallet 02 02 03 04 01 03 Twin forces of productivity and global supply chains are increasing demand for technology Underlying exploration demand expected to grow1 Declining reserves and strong commodity prices are driving exploration budgets, capital raising2 and global exploration activity in turn Structural Market Shift Structural Market Shift Market expansion Share of wallet Market share One Integrated platform Maintain technical leadership by investing in next generation technology Expand directional drilling offering globally Accelerate growth of acquired technologies through our global sales and service network Market Share 01 04 Increase minerals presence from exploration downstream into mining production Diversify into new earth science end markets, including civil, infrastructure, water and energy Scale our customer reach through channel partners and technology collaborations Market Expansion Enabling multiple growth pathways IMDEX growth strategy
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Track record of strategy execution driving performance Better customer decisions drive adoption, growth and returns Our journey: Track Record 1 Customer value Connected technologies improve productivity and decisions up 170% platform enabled rental revenue, vs FY21 2 Customer Adoption More of our technology at each site from 33% 47% platform revenue as a proportion of group revenue, vs FY21 3 Share of wallet1 A larger share of what customers spend from $1.40 $2.40 IMDEX exploration revenue per $100 of exploration spend, vs FY21 4 Earnings quality More recurring revenue and stronger margins from 18% 31% normalised EBITDA margin, vs FY17 5 Cash and returns Cash funds reinvestment and returns consistently >80% cash conversion 1. Share of wallet = IMDEX exploration revenue / estimated FY26 global exploration spend (calculated 50% CY25 S&P Global data, 50% FY26 IMD internal market estimates). Unadjusted for inflation and unadjusted for the rise in non-drilling costs within total exploration budgets.
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Revenue has increased 3x, earnings have increased 5x since FY17 Our journey: Track Record Earnings have grown faster than revenue as margins have expanded $176m $32m $520m $163m Revenue Normalised EBITDA FY17 FY26 3.0x growth ~13% CAGR 5.1x growth ~20% CAGR Normalised EBITDA 18% to 31% +13% Normalised EBITDA margin Revenue The strategy continues to deliver greater scale, operating leverage and a stronger earnings platform
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Our revenue base is broader and more resilient The mix has moved toward higher-quality, platform revenue 67% 53% 33% 47% FY21 FY26 Platform revenue Equipment, sales and services IMDEX is becoming an increasingly diverse business Customers Broad customer base, no one customer >1% revenue End markets Expanding beyond exploration into production and adjacent markets Relationships Expanding beyond drillers to geoscientists and resource companies Geography Global exposure across major mining regions Our journey: Track Record
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We are expanding the offering, the customer and the market Our journey: Strategic Evolution A logical evolution of the strategy well under way From To Expand the offering Product leadership Integrated solutions Expand the customer Driller Drillers, geoscientists and the resource companies Expand the market Mining exploration Mining exploration, production and adjacent earth science end markets 45+ years of building the connected offering Build the foundation 1980s to 2000s Drilling fluids, survey and sensing, global customer network Connect the fleet 2010s Cloud data, connected sensors, digital workflows, directional drilling and on-site services Expand decision intelligence 2025 and beyond Wider earth-science capability, embedded geoscience Recent acquisitions are strategically aligned and amplify our offer and reach
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$15-$20+$2.40 $10-$18 Exploration Spend $12bn Future opportunities Mining Production Infrastructure Energy Larger markets with strong growth rates Current Exploration Spend $12bn Future Exploration Spend ~$20bn+ We currently capture $2.40 of every $100, with room to grow deeper and wider Our journey: Track Record Grow wider Extend our capabilities across broader market opportunities A larger market is an opportunity as we scale with it Grow deeper Grow value within existing customers S&P Capital IQ annual nonferrous exploration budget. US$12.4bn is CY25 spend. US ~$20bn+ is possible future spend in FY35, which has extrapolated CY25 exploration budgets per S&P global of US$12.4bn compounding at ~6% per annum in line with S&P exploration budgets 10-year CAGR from 2016-2025. Size of bubbles are not to scale
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Track record of growth above underlying market activity Our journey: Track Record IMDEX revenue is exploration revenue per financial year (A$) baselined to 2021. Exploration budgets are S&P Global calendar year (US$), baselined to 2021 and IMDEX internal data for CY26 Exploration activity is exploration budgets adjusted for non drilling spend and inflation adjusted based on IMDEX internal information The most tangible evidence of market share gains and share of wallet growth Change since baseline, % IMDEX exploration revenue (A$, financial year) +90% +26% -11% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% CY21 CY22 CY23 CY24 CY25 CY26 Exploration budgets (US$) Exploration activity (US$) IMDEX exploration revenue (A$) 1 Well ahead of underlying activity Revenue is up ~90% on FY21. Underlying activity has decreased. 2 Resilient through the cycle IMDEX revenue is decoupling from the exploration cycle. 3 There is an industry productivity challenge In real terms the market is down ~11%.
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A structural need, not a short- term market call Electrification and energy security need more minerals, and new supply is harder to deliver 15 Supply imbalance Demand for essential and critical minerals requires new supply Discovery challenge Deposits are harder to find, define and develop, so customers need better decisions with less uncertainty and at greater speed Capital and time Projects require more investment, longer lead times and stronger decisions Our opportunity Capture more value from each unit of activity through stronger adoption, a higher share of wallet and a more complete offering US$150bn+ Potential mineral exploration investment over the next decade The opportunity ahead US$150bn+ is potential cumulative exploration spend from CY26 – CY35. The calculation used CY25 exploration budgets per S&P global of US$12.4bn compounding at ~6% per annum in line with S&P exploration budgets 10-year CAGR from 2016-2025
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Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. Paul House Strategy Paul Mitchell The Market Need Global mining market update Dave Lawie The Market Need Variability as the cost of not knowing Tom Carmichael The Delivery The knowledge advantage Shaun Southwell The Solution Growth Strategy by customer Michelle Carey The Solution Growth Strategy by customer The Solution Customer Case study Erlend Olsø Antonio Sardo The Delivery How IMDEX compounds Commercial value Linda Lim The Delivery Capital management Let’s dive deeper…
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Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. Paul House Strategy Paul Mitchell The Market Need Global mining market update Dave Lawie The Market Need Variability as the cost of not knowing Tom Carmichael The Delivery The knowledge advantage Shaun Southwell The Solution Growth Strategy by customer Michelle Carey The Solution Growth Strategy by customer The Solution Customer Case study Erlend Olsø Antonio Sardo The Delivery How IMDEX compounds Commercial value Linda Lim The Delivery Capital management Let’s dive deeper…
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Industry update: Variability as the cost of not knowing Dave Lawie
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The rock has become geopolitical Critical minerals have moved from geology reports to cabinet rooms, defense plans, and industrial strategy Source – Vikramaditya G. Yadav (UBC)
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Macro supply chain implications Sources: USGS – UNCTAD – IEA (~2023) Post-2024: projected – directional, not definitive Value-chain gap Mined alignment -5 = USA-aligned +5 = China-aligned Refined alignment Source – USGS - ICSG - UNCTAD - IEA (2023) / Post-2024: Projected - Directional, not definitive
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Capital is arriving in mining from outside the industry Technology companies are weighing equity in miners to secure data-centre metals Strategic buyers are pricing supply security, not the commodity cycle. Sources: FT Metals and Mining Summit via MINING.COM (15 Oct 2026); Reuters (2 Oct 2026); McKinsey Global Materials Perspectiv e 2026 (data-centre intensity). Equity not just offtake Anglo American has held talks with tech companies on taking stakes to secure future supply. Wanblad (Anglo American CEO) cited “deep expressions of interest”. No stake has been taken yet. ~5% of world copper, in Anglo Teck Clearance still waits on Beijing. China’s regulator has asked for a steady flow of concentrate to Chinese smelters as a condition (Reuters, 2 Oct 2026). 35 t/MW copper in an AI data centre Versus 27 t/MW for a conventional one. Global data-centre capacity grows from 84 GW in 2025 to about 600 GW by 2040, roughly 25% a year.
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The Internet of Geosensing - IoG Where is the leverage in the variability ? Leveraging data for improved productivity – David Rose IMARC 11 November 2015 IoG / Spatial & Orebody Factors IoT / Activity Cost Drivers
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Cost variance lives in the orebody One operation’s budget-to-actual bridge: orebody factors dwarf activity costs (D. Rose), ‘Leveraging data for improved productivity’, IMARC, Nov 2015. Single anonymised operation; values read from the published chart and approximate. Gross cost variance, budget vs actual, $/t shipped (single operation) ~12 ~68 Activity cost drivers (ioT) Spatial and orebody factors (ioG) ~5:1 Most of the variance came from the rock, not the operation. The industry is instrumenting the activities. The money is lost in the orebody. The Rocks Speak
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289 charges US$129b Impairment One-third of impairments are technical Impairments from last 10 years 33% 67% Technical External Factors Includes mine plan updates, process recovery and operational performance. The part better ground knowledge can influence Mostly commodity prices (47% of all charges), plus acquisitions, goodwill and policy changes Source: Haruna Grema, Mapping Value Creation and Destruction in the Mining Industry, 2026, University of British Columbia
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Underperformance data from mining firms on TSX (2015-2024) New ore bodies are harder to find, define and develop Eight primary causes of performance issues during development, mining, & expansion phases. Only 18% of all cases led to write downs. Source: Haruna Grema, Mapping Value Creation and Destruction in the Mining Industry, 2026, University of British Columbia Ore variability /hardness Operation/mining Metallurgical Other geological factors Exploration result Geotechnical Data quality/insufficiency (block) model discrepancy
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C apital cost (estim ate revision) Relative deviation (% ) C apital cost (actual vs plan) O perating cost (incl. A IS C ) Reserve / Resource (revision) Throug hput / m ining rate Metallurg ical recovery H ead g rade Production M edian n +225% +20.8% +16.3% -25.0% -15.6% -8.0% -11.8% -12.0% 321 50 48 38 70 107 11 29 Things never go to plan and the variances are on the downside New ore bodies are harder to find, define and develop Source: Haruna Grema, Mapping Value Creation and Destruction in the Mining Industry, 2026, University of British Columbia
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Im pairm ent C osts for Technical Failures 600 550 500 450 D ecision Geoscience – the value of information What is the cost of the technical errors? 400 350 300 250 200 150 100 50 0 3000 2000 1000 Resource / Reserve Estimation $ millions (2015 CAD) n - 12 Geological model Geotechnical / Water n - 12 n - 7 Metallurgy / Recovery n - 5 Other n - 8 Source: Dr Shaun Barker, Mapping Value Creation and Destruction in the Mining Industry, 2026, University of British Columbia
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MDRU Research: Impairments Have a Long Tail (eg Geotech) P50 Impairment is US $170m P90 Im pairm ent is US$500m Long Tail is Log Normal Distribution is capped at US $1b M itig ant (option) cost US$4m The Mitigant is not ‘perfect’ Impairment risk is dominated by rare but catastrophic losses This is exactly what VoI is designed to mitigate. Source: IMDEX Decision Science Research, 2026 P50 Impairment is US $170m P90 Im pairm ent is US$500m Long Tail is Log Normal Distribution is capped at US $1b M itig ant (option) cost US$4m The Mitigant is not ‘perfect’ Impairments Have a Long Tail Source: IMDEX Decision Science Research, 2026 Impairment risk is dominated by rare but catastrophic losses This is exactly what VoI is designed to mitigate.
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Impairment Exceedance Curve Geotech data compresses the tail — extreme-loss exceedance falls by an order of magnitude. A US$4 million Investment in Geotech Reduces the probability of a US$100 million impairment from 22% to 2.2% No Geotech data gathering Gather Geotech data Source: IMDEX Decision Science Research, 2026
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The biggest unlock starts at the drill Of the physical-AI tools in its largest area of action, only one reads the rock Source: McKinsey Global Materials Perspective 2026, ‘five key areas of action’ (p.64). Tools shown in McKinsey’s listed order ; ioG / ioT classification is IMDEX’s. McKinseys five areas of action, 2026 1 Operations value creation >US$300bn 2 Capital excellence US$75–125bn 3 Procurement excellence >US$75bn 4 Commercial excellence Cross-cutting 5 Technology and AI Cross-cutting Its physical-AI toolbox, in the order McKinsey names it Real-time drilling data integration ioG: reads the rock Autonomous haulage ioT: runs the activity Autonomous reagent dosing ioT: runs the activity Digital furnace control loops ioT: runs the activity Three of the four optimise the activity. Only one tells you about the rock, and the rock is where most of the cost variance lives.
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What this means for IMDEX Reducing ore body knowledge uncertainty 300K oz Au Resource defined with half planned drilling ~CA$8m Drilling cost savings vs original plan ~CA$76m NPV uplift from bringing production forward Source: Xiaolong Wei, University of British Columbia In this image each drill hole is planned with precision to reduce the uncertainty within the orebody Source: IMDEX Decision Science Research, 2026 Based on actual Canadian drilling program with drill cost and NPV uplift estimated figures only
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Two value pools – Where does IMDEX sit? McKinsey sizes the productivity prize at US$450–750bn¹ Full-stack, real-time drill data integration speeds up find-and- define, a core lever within the McKinsey productivity prize. We see a comparable pool in avoiding asymmetric downside risk and technical underperformance A Value of Information framework prices early data collection so the most effective data is collected before capital is committed. The unlock for both is measuring and controlling subsurface uncertainty Through organic R&D across the cycle and strategic acquisitions, IMDEX is uniquely placed to access these pools Value pools: McKinsey GMP 2026, annual value at stake (total US$450 –750bn). IMDEX influences, does not own, these pools. The geology has not changed Value, scarcity and policy focus have moved to the orebody Finding and delivering new resources is getting more capital-intensive So what?
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Audience Q&A Paul House
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Better custom er decisions support deeper adoption, hig her - quality g rowth and sustainable shareholder returns. Paul H ouse Strategy Paul Mitchell The Market Need Global mining market update Dave Lawie The Market Need Variability as the cost of not knowing Tom Carmichael The Delivery The knowledge advantage Shaun Southwell The Solution Growth Strategy by customer Michelle Carey The Solution Growth Strategy by customer The Solution Customer Case study Erlend Olsø Antonio Sardo The Delivery How IMDEX compounds Commercial value Linda Lim The Delivery Capital management Let’s dive deeper…
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Growth strategy by customer: the mining experience Shaun Southwell & Michelle Carey
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A proven found ation. A connected next step. Growing value within our customers
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The foundations are in place Proven track record Connected around the customer workflow /1 Customer access /2 Technology /3 Data /4 Expertise
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Share of wallet Proven track record $1.40 $2.40 Then Today /1 /2 /3 Build Buy Expand Share of wallet = IMDEX exploration revenue / estimated FY26 global exploration spend (calculated 50% CY25 S&P Global data, 50% FY26 IMD internal market estimates). Unadjusted for inflation and unadjusted for the rise in non-drilling costs within total exploration budgets.
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Share of wallet Proven track record $1.40 $2.40 Then Today Share of wallet = IMDEX exploration revenue / estimated FY26 global exploration spend (calculated 50% CY25 S&P Global data, 50% FY26 IMD internal market estimates). Unadjusted for inflation and unadjusted for the rise in non-drilling costs within total exploration budgets. Opportunity headroom $10 - $18 /1 /2 /3 /4 Capabilities Workflow Data reuse Decisions
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Quality to support real-time decisions Expertise Supported by AI ACQUIRED CAPABILITY Decision-ready insight across the mining value chain From drill site to decision One connected system, built on positions we hold today Capture Drill performance optimisation Directional core drilling Borehole direction + integrity Rock orientation capture Integrated data foundation Embedded field expertise Automated logging Mineralogical interpretation Analytics and pattern detection Decision-ready inputs to modelling and planning Exploration Targeting Near-Mine Vectoring Resource and Reserve Confidence Geotechnical Decision Support Closure Planning / Analyse / Solve Drill Productivity Analysis
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Capture / Analyse / Solve For customers: more productive drilling, and more value from every metre Today Embedded at the drill site Next Connected decision loops Share of wallet More solutions per drill site Optimisation at the rig Trusted advisor on site Connected capture Drilling Optimisation Structural Solutions Navigation Geophysics
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Capture / Analyse / Solve For customers: faster, more consistent orebody knowledge from a common, growing data estate Today Leading analytics by workflow Next One reusable orebody view Stickiness Embedded in workflows Automated extraction One connected rock view AI-ready insight
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Capture / Analyse / Solve For customers: lower-risk decisions where capital is on the line Today Defined technical decisions Next More decisions, for longer Duration Relevant beyond the rig Exploration & targeting Resource & Development Orebody Driven Mine Optimisation
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ACTx: one entry point, more decisions Our IMDEX structural solution in practice 1 C A P T U R E Measure how the rock sits, as it’s drilled 2 A N A L Y S E Combine it with imaging into one clear picture S O L V E Use it to plan the mine, keep it safe and blast better3 SHARE OF WALLET More capability STICKINESS Embedded DURATION Beyond the rig C A P T U R E ACTx LOGRx Televiewer › A N A L Y S E HUB-IQ ioGAS Datarock CoreWellCAD
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The more we connect, the more value customers gain In practice Deeper partnership Solve a customer problem Embed in the workflow Connect more dataSupport more decisions Deliver more value
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Data that keeps working In situ Understand the orebody In motion Drill, blast, haul, process Back in situ Recover, rehabilitate, close Capture once Apply across more decisions D U R A T I O N Relevant for longer Captured once. Valuable for the life of the mine.
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A compounding customer outcome What it means for IMDEX Platform Connected Customers ~2x revenue Connected products, data and customer workflows >2x tenure Capture, Analyse and Solve support more decisions ON AVERAGE WE EARN … Platform Enabled Customers ON AVERAGE CUSTOMER LIFECYCLE IS … Share of Wallet T O D A Y F U T U R E $2.40 → $10–$18 Captured today Opportunity headroom
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A proven foundation. A connected next step. A durable growth model. How progress will show up Share of Wallet Recurring revenue Customer duration Lifecycle reach
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Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. Paul House Strategy Paul Mitchell The Market Need Global mining market update Dave Lawie The Market Need Variability as the cost of not knowing Tom Carmichael The Delivery The knowledge advantage Shaun Southwell The Solution Growth Strategy by customer Michelle Carey The Solution Growth Strategy by customer The Solution Customer Case study Erlend Olsø Antonio Sardo The Delivery How IMDEX compounds Commercial value Linda Lim The Delivery Capital management Let’s dive deeper…
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Technology and customer value delivery Case study Erlend Olsø
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C A S E S T U D Y 0 1 | T H E P R O B L E M Mid-tier operator · High-grade gold · Resource Definition · Europe Deep, Dense and Fast. No metre could be wasted. 900m to top of resource 50 × 50m drill-hole grid < 3 yrs discovery to production
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One connected workflow, from rig to decision C A P T U R E Right data, first time ACTx · OMNIx38 · Drilling fluids + SRU DeviAligner · Televiewer · LOGRx · NOVAxG A N A LY S E Geology read as it’s drilled Wavelet Tessellation · ioGAS HUB-IQ QA/QC · Datarock Core S O LV E Confident drilling calls Programme optimisation Directional Core Drilling next Tools to drillers Partnership with the owner 17 rigs, one standard DCD: next stage C A S E S T U D Y 0 1 | H O W W E S O L V E D I T
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C A S E S T U D Y 0 1 | T H E T A K E A W A Y Value that compounds C U S T O M E R V A L U E Positioned for H1 2029 production Confident targeting below 900m, fewer wasted metres I M D E X V A L U E $53 → $73 per metre Share of wallet + stickiness: 17 rigs on one IMDEX standard R E P E A T A B L E Land → expand → standardise Same playbook now rolling out to other resource companies
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C A S E S T U D Y 0 2 | T H E P R O B L E M Tier 1 major · Copper-gold · Project feasibility · South America The mine design was set. The ground might not agree. $Bn Capital decision Decades of mine life locked in Block cave? design under question
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The answer was already in the core shed C A P T U R E 50 km of core, already drilled Historical core photo archive A N A LY S E Deposit-scale geotech data Datarock Core – Geotech suite S O LV E A mining-method answer Geotechnical domain model C A S E S T U D Y 0 2 | H O W W E S O L V E D I T vs $20-30m+ Re-drill, 12+ months~6 weeks IMDEX, using existing data ~6 weeks IMDEX, using existing data
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C A S E S T U D Y 0 2 | T H E T A K E A W A Y One decision. Lifetime impact. C U S T O M E R V A L U E Mining method changed Before capital was locked in. No new drilling. I M D E X V A L U E High-margin platform revenue Door opened to the owner’s global portfolio R E P E A T A B L E Every Major has a core archive Capital-light, delivered in weeks not years
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C L O S E | W H A T T H E S E C A S E S S H O W Two routes. One flywheel. C A S E S T U D Y 0 1 Workflow expansion → Share of wallet C A S E S T U D Y 0 2 Decision impact → Stickiness + new revenue More workflow More decisions Deeper adoption Repeatable growth
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Audience Q&A Paul House
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Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. Paul House Strategy Paul Mitchell The Market Need Global mining market update Dave Lawie The Market Need Variability as the cost of not knowing Tom Carmichael The Delivery The knowledge advantage Shaun Southwell The Solution Growth Strategy by customer Michelle Carey The Solution Growth Strategy by customer The Solution Customer Case study Erlend Olsø Antonio Sardo The Delivery How IMDEX compounds Commercial value Linda Lim The Delivery Capital management Let’s dive deeper…
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How IMDEX Compounds Commercial Value Antonio Sardo
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Compounding Growth in Core Exploration Market A compounding loop Drilling contractor Pays for rig productivity site by site Resource company Pays for decision confidence increasingly at head office Where orebody knowledge develops asset value Drill Site one account 56% more sites with 5 or more IMDEX products vs. 3 years ago (from 89 to 139) 22% more sites serviced vs. 3 years ago 23% more HUB-IQ-enabled tools vs 3 years ago Sites and meters /01 Data captured /02 Decisions made /03 More sites and more metres /04
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Outlook on the Exploration market we service today Reducing geological uncertainty to accelerate mineral discovery and resource definition. Mining Exploration US$12.4bn in 2025 Where IMDEX plays today 0 2 4 6 8 10 12 14 16 18 20 22 24 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2035 ~6% p.a. Historical exploration spend is per S&P exploration budgets. The ~6% growth rate is based on the S&P exploration budgets 10-year CAGR from 2016-2025 with CY25 as the starting point
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Sub-surface complexity is driving technology investment across adjacent markets Extending orebody knowledge from defining the resource to optimising its extraction. Mining Production US$0.4tn1 in 2025 Reducing geological uncertainty in the ground where infrastructure is built. Infrastructure & Construction US$13.6tn2 in 2025 Positioning IMDEX upstream of the resources and infrastructure required to enable energy generation, electrification, oil & gas and AI. Utilities & Energy US$2.0tn3 in 2025 Where subsurface uncertainty influences major capital and operational decisions, IMDEX has a reason to play. 1. Mining Production data - S&Ps Capital IQ Pro's Mine Economics data 2026 2. Infrastructure and Construction data –Project database - Construction at GlobalData.com 2026 3. Utilities & Energy data - Project database – Utilities and Energy at GlobalData.com 2026
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Our addressable market grows deeper and wider IMDEX proven expertise, strengthened by strategic acquisitions, enables IMDEX to transfer capabilities and become a relevant advisor in adjacent markets. Market Opportunity A combination of growth through organic extensions and acquisitions. Mining Production Sustained by: • Strong commodity prices • Critical-mineral demand • Declining reserves • More complex orebodies • Cost pressures and productivity imperatives 29% Potential growth demand to 2035 Infrastructure Construction 34% Potential growth demand to 2035 Sustained by: • Long-term demand for construction • Greater project scale • Increased global complexities • Low execution risk appetite through reducing geological and geotechnical uncertainty Energy Sector 48% Potential growth demand to 2035 Sustained by: • Growing energy demand (both from conventional and renewable sources) • Grid infrastructure improvement and expansion • AI data centers Growth data is based on IMDEX market intelligence
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Our right to play is visible in countable credentials Our position beyond exploration is established, measurable and ready to be developed more deliberately. Mining Exploration [Traditional Core Market] ~$12.4bn1 Mining Production ~$400bn2 Infrastructure Construction ~$13,600bn3 Energy Sector ~$2,000bn4Global spend [2025] ~1,500 Sites Serviced since FY23 ~2,800 Customers since FY23, including 350,000+ number of holes surveyed since FY23 58 Deployed sites 125 Customers since FY23 52,000+ number of blast holes logged since FY23 ~10% of IMDEX revenue pa ~1,800 Customers since FY23 36 countries Over 15 years 40,000+ O&G wells data processed since FY23 47 Customers since FY23 17 countries Over 10 years Credentials 22% 22 30% 48% 25 1. Mining Exploration data - Spend is per S&P exploration budgets. 2. Mining Production data - S&Ps Capital IQ Pro's Mine Economics data 2026 3. Infrastructure and Construction data –Project database - Construction at GlobalData.com 2026 4. Utilities & Energy data - Project database – Utilities and Energy at GlobalData.com 2026
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C A S E S T U D Y | C R E A T I N G N O V E L S O L U T I O N S T O S O L V E L E G A C Y P R O B L E M S Tier 1 Resource Company · Underground Production Mine · Major Mining Region Customer need Geophysical data to optimize drill and blast process by better understanding ore position and grade IMDEX OMNIxBOLT Mount Sopris Geophysical Sensor Novel Solution
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Four main takeaways 01 More value from every site and metre drilled in a growing exploration market 02 Transferable capabilities provide the right to play and a credible growth path beyond minerals exploration 03 Growing demand in adjacent markets provides significant commercial growth opportunities 04 Existing and acquired capabilities combine to create novel solutions that accelerate growth
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Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. Paul House Strategy Paul Mitchell The Market Need Global mining market update Dave Lawie The Market Need Variability as the cost of not knowing Tom Carmichael The Delivery The knowledge advantage Shaun Southwell The Solution Growth Strategy by customer Michelle Carey The Solution Growth Strategy by customer The Solution Customer Case study Erlend Olsø Antonio Sardo The Delivery How IMDEX compounds Commercial value Linda Lim The Delivery Capital management Let’s dive deeper…
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Building the industry's knowledge advantage Tom Carmichael
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Scarce expertise m akes people m ore valuable Customers need experienced people to do more with the information available today. The o p p o rtunity: m ake scarce exp ertise m o re p ro d uctive at the p o int o f d ecisio n Experienced crews and supervisors Safe, productive execution Practical support when conditions change Drilling and Site teams Geologists and technical specialists Interpretation of complex information Knowledge in time for the next decision Project teams
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IMDEX’s people create the knowledge advantage Complementary expertise turns technology into a useful customer solution Understand operating conditions and support safe, productive work /1 Drilling & field Build reliable instruments, software and analysis tools /2 Engineering & Digital Give the information meaning and connect it to a decision /3 Technical advisory Help customers use and get value from our technology. /4 Customer facing teams
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/1 Instruments and software put specialist customer knowledge to work /2 Focused applications address specific customer problems /3 Our people’s knowledge can be applied across more customers, sites and markets Technology extends the reach of expertise Specialist knowledge can be applied consistently across customer workflows
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Reliable tools, correct usage and quality checks. /1 Get the measurement right Where, when and how it was captured. /2 Preserve its meaning Experts check results against geological and operational context. /3 Test the interpretation Explain what the evidence supports and know what remains uncertain /4 Know when to act Trust starts at the point of capture Good decisions depend on reliable measurements and sound interpretation
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Customer value creates the growth opportunity Demonstrated benefit gives our customers reasons to adopt more technology Safer, more productive and predictable work. Drilling contractors Clearer understanding of the ground. Better-informed project decisions. Resource companies More solutions per site. Greater share of wallet.
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Better customer decisions support deeper adoption, higher-quality growth and sustainable shareholder returns. Paul House Strategy Paul Mitchell The Market Need Global mining market update Dave Lawie The Market Need Variability as the cost of not knowing Tom Carmichael The Delivery The knowledge advantage Shaun Southwell The Solution Growth Strategy by customer Michelle Carey The Solution Growth Strategy by customer The Solution Customer Case study Erlend Olsø Antonio Sardo The Delivery How IMDEX compounds Commercial value Linda Lim The Delivery Capital management Let’s dive deeper…
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Capital Management Linda Lim
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Leverage is calculated on a pre-IFRS 16 basis Capital Management Operating Efficiency Capital Productivity Maintain Strong Balance Sheet Target leverage range of 1.0-1.5x, with ability to go above for short period for strategic M&A Capital Management Disciplined M&A Sustainable Dividends 25% to 35% dividend payout ratio of NPATA Maximise Shareholder Value and Returns Excess Cash Flow Business Investment Organic and innovation led growth R&D investment ~10% of revenue Net Operating Cash Flow A consistent framework balancing growth, resilience and shareholder returns
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R&D and M&A have extended capability, customer reach and value creation Organic and innovation-led growth Two coordinated mechanisms for building the connected offering. R&D Maintain technical leadership M&A Accelerate capabilities, customers and markets New technologies reinforce our leadership and move customers from products to solutions Acquired technologies and channels broaden our reach from drillers to geoscientists and resource companies, and into new markets Turn rock data into insights at scale / Analyse Turn insights into confident decisions / Solve High-quality rock data at the source, every time Capture
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Organic and innovation-led growth Consistent investment has built capability and scale R&D investment ($m) $33 $36 $37 $41 $43 FY22 FY23 FY24 FY25 FY26 Capital expenditure ($m) $38 $27 $34 $57 $69 FY22 FY23 FY24 FY25 FY26 8-10% of revenue invested in R&D, investing through the cycle ~10–15% of revenue invested in capex: capital efficient scaling WHAT THIS MEANS FOR OUR FUTURE From building to scaling The capability base is now in place. Returns come from scaling it through our global network. Innovation through the cycle Sustained R&D protects technology leadership, whatever the exploration cycle does. Capital efficient The existing capability base and global network provide a capital-efficient route to scale.
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Normalised EBITDA margin 18% 31% FY17 FY26 ~13% CAGR Revenue growth FY17–FY26 ($176m → $520m) ~20% CAGR Normalised EBITDA growth FY17-FY26 ($32m → $163m) ~40% FY26 incremental EBITDA margin: each additional revenue dollar delivered ~40 cents of EBITDA WHAT THIS MEANS FOR OUR FUTURE Revenue mix supports earnings quality Platform revenue is now 47% of Group revenue, increasing the contribution from higher-value connected offerings. The model supports operating leverage A larger installed base and connected offering spread fixed costs over more revenue. Existing reach supports acquisition scaling Our global sales and service network provides an established route to scale acquired technologies. Financial performance Commitment to investment underpins margin growth
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Normalised cash conversion 66% 83% FY17 FY26 $135m FY26 normalised operating cash flow, a record. +21% FY26 revenue growth supported by working capital investment. Funds growth and returns Operating cash flow funds R&D, capex and dividends, with acquisitions funded from cash and existing facilities WHAT THIS MEANS FOR OUR FUTURE Cash supports reinvestment and returns Operating cash flow supports continued investment and meaningful dividends. Cash rebuilds capacity Operating cash flow is the main source of balance-sheet capacity, rebuilding flexibility after FY26. Discipline as we scale Working capital is managed tightly so growth does not tie up excess cash. FY26 conversion of 83% reflects investment to support 21% growth Cash generation Our earnings convert to cash, funding investment for future growth and shareholder returns Normalised cash conversion = normalised operating cash flow/normalised EBITDA. Normalised excludes individually significant items.
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1.0–1.5x Target leverage range, pre-IFRS 16 5 businesses acquired in FY26, funded from cash and existing facilities 1.3x FY26 leverage after an active M&A year Capacity used for its purpose Leverage moved from 0.1x to 1.3x to fund strategic acquisitions that extend our strategy. Earnings growth builds capacity Rising EBITDA and operating cash generation reduce leverage and restores capacity for the next opportunity. Discipline when we use it Our range is a guardrail, we may move above it for strategic M&A with a clear de-leveraging pathway. Financial discipline and flexibility Strong balance sheet with earnings growth rebuilding capacity after an active M&A year 0.3x 0.1x 1.3x0.5x WHAT THIS MEANS FOR OUR FUTURE Leverage (x) 0.5x 0.3x 0.1x 1.3x 1.5x 1.0x FY23 FY24 FY25 FY26
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NPATA: NPAT normalised before amortisation of acquired intangibles. Dividend per share (cps) 2.8 2.5 3.4 FY24 FY25 FY26 30% FY26 payout of NPAT normalised, maintained through an acquisition year 25–35% FY27 onwards refreshed policy: payout of NPATA Shareholders participate in earnings growth A payout-ratio policy means shareholders participate directly as earnings grow. NPATA basis Reflects underlying earnings before amortisation of acquired intangibles, which increase as we acquire. Balanced with investment The range lets us keep funding R&D, capex and acquisitions while paying a meaningful dividend. Shareholder returns Shareholders share in our growth, with the dividend up ~36% in an investment year WHAT THIS MEANS FOR OUR FUTURE 3.4cps FY26 full-year dividend, fully franked
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~$180m cash invested in five businesses (four transactions) ~$51m annualised revenue acquired¹ 1.3x leverage at 30 June, within 1.0– 1.5x target range Business Completed Stake What it adds Fits FTE Earth Science Analytics (ESA) Aug 2025 80.5% AI-driven EarthNET platform Analyse ~200 ALT and MSI Feb–Mar 2026 100% Downhole sensors and WellCAD software Capture / Analyse Datarock Feb 2026 51% → 100% AI core imagery analytics Analyse / Solve Krux Analytics Apr 2026 40% → 100% Real-time drilling analytics Capture Technical Fit Extends Capture, Analyse, Solve Market Leadership Either market leaders or fastest growing Scale Grows through our global network Discipline Funded within our leverage framework Our M&A test Disciplined M&A FY26 acquisitions aligned to strategy, funded within our balance sheet framework 1. Annualised revenue assumes full financial year ownership of all acquisitions (ALT & MSI, Datarock, ESA and Krux)
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Priority What we delivered (FY26) What comes next 1 Invest in the business $43m R&D, $69m CAPEX, five acquisitions Scale what we've built; sustain R&D through the cycle 2 Grow earnings and margin 31% EBITDA margin, 83% cash conversion Platform mix and operating leverage support margins; working capital discipline protects cash 3 Strong balance sheet 1.3x leverage after five acquisitions Earnings growth and cash generation rebuild capacity for the next opportunity 4 Sustainable dividends 3.4cps, 30% payout 25–35% of NPATA, growing with earnings 5 Surplus capital Deployed into strategic M&A Integration first; every option competes on long-term value Capital allocation A repeatable framework: invest in our advantage, convert growth to cash, share the value
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Closing remarks Paul House
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A clear path to sustained growth Closing remarks The industry challenge is growing Demand for minerals is being driven by a wider group of participants Our people, culture, and global network give our platform and technologies the number one leadership position IMDEX will continue to control its own destiny Larger Earth Science End-Markets are attractive Our Competitive edge Growth driven by execution, increasingly decoupled from the exploration cycle Technology stack is applicable and early-stage entry has been established
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Audience Q&A Paul House