Slides
Page 1
imdex.com 2026 Annual General Meeting ANTHONY WOOLES, CHAIRMAN PAUL HOUSE, MD & CEO
Page 2
2 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. IMDEX 2026 Annual General Meeting
Page 3
FY26 AGM Agenda 3 CHAIRMAN’S ADDRESS RESOLUTIONS & VOTING MD & CEO ADDRESS CLOSE OF ANNUAL GENERAL MEETING REFRESHMENTS IMDEX 2026 Annual General Meeting
Page 4
Chairman’s Address 4
Page 5
Our board brings extensive experience across mineral exploration, mining, technology , finance and corporate leadership . Board of Directors Anthony Wooles Non-Executive Chair Sally -Anne Layman Non-Executive Director Tracey Arlaud Non-Executive Director Uwa Airhiavbere Non-Executive Director Tracey Horton AO Non-Executive Director Paul House Managing Director and Chief Executive Officer IMDEX 2026 Annual General Meeting
Page 6
6 FY26 Financial Highlights Record revenue growth converted into margin expansion Group Revenue Up 21% on FY25 (up 23% on a constant currency basis) $520m FY25 $431m EBITDA Normalised1 Up 29% on FY25 (up 33% on a constant currency basis)$163m FY25 $126m 31% FY25 29% EBITDA Reported Up 38% on FY25 (up 42% on a constant currency basis)$179m FY25 $130m EBITDA Normalised1 Margin Up 2% on FY25 $59m FY25 $43m NPAT Normalised1 Up 37% on FY25 (up 40% on a constant currency basis) 1. Normalised to exclude individually significant items - see slide 41. IMDEX 2026 Annual General Meeting
Page 7
7 FY26 Financial Highlights Strong cash generation continues to fund growth, innovation and deliver superior shareholder returns Cash Conversion1 Normalised2 Strong working capital discipline maintained during growth phase83% FY25 95% Leverage Ratio4 Robust balance sheet with capacity for continued investment1.3x FY25 0.1x 3.4cps FY25 2.5cps Net Debt3 $186m increase in net debt, after drawing down to fund acquisitions$199m FY25 $13m Full Year Dividend 1.75cps final dividend resulting in 3.4cps full year dividend, fully franked, 30% payout of NPAT normalised 1. Cash conversion normalised: (operating cashflow less cash from individual significant items ) / EBITDA normalised. 2. Normalised to exclude individually significant items - see slide 41. 3. Net debt: cash less external borrowings excluding lease liabilities. 4. Leverage ratio: Presented on a pre-IFRS16 basis. (Net debt excluding lease liabilities / Normalised EBITDA, after deducting operating lease costs as opex). IMDEX 2026 Annual General Meeting
Page 8
8 IMDEX 2026 Annual General Meeting FY26 Strategic Highlights DST and DEK unifying and compounding value for customers • Record share of wallet 1 - $2.402 per $100, up from $2.20 • Platform revenue 47% of group revenue, up from 43% ( previously HUB-IQ connectable and software revenue ) • Integrated on-site services revenue +20%, with average number of global sites up 42% • IMDEX mining technologies revenue +32%, with strong performance in sensors underground • Record tools on hire, next generation tools 12% of fleet up from 6% • Completed acquisitions of Earth Science Analytics (ESA), Datarock, ALT and Mount Sopris Instruments and Krux • Krux trading revenue 3 +19%, Datarock trading revenue 3 +34% • Acquisition of foundational technologies and geoscience capabilities to build integrated expert informed AI platform • Investment in functional transformation and internal systems has commenced Transformation IntegrationResearch & Development • 8% of revenue across DST and DEK • Investment focused on future growth, AI capability and technology leadership • Integration of 5 acquisitions on plan • Leveraging IMDEX’s global network to accelerate growth Scaling growth, technology and value for customers 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. 2. Share of wallet of $2.40 includes revenue from acquisitions. Organic share of wallet of $2.30, up from $2.20 in FY25. 3. Trading revenue assumes full financial year ownership of Datarock and Krux Market share growth across our portfolio of data originating sensors is leading to growth in AI -enabled geoscience software and advisory offerings The global reach of our customer service network ensures our customers are supported anywhere in the world, both on -site and onl ine
Page 9
IMDEX 2026 Annual General Meeting 9 Strengthening ESG governance & controls • Implemented new governance & training standards for channel partners • HQ predominantly powered by solar energy • New Human Rights Policy • Local content increased to 79% Strong Foundations Innovating for sustainable impact • Sustained investment in R&D to preserve technology leadership • ESG incorporated into innovation and project management processes • ESG innovation events expanded to include global operations Product Leadership Safe, inclusive workforce for tomorrow • LTIFR of zero; TRIFR down to 1.09 (FY25: 1.18) • Increase in total female workforce participation • 50% female Board representation • Industry leading parental leave policy launched • Employee engagement has increased year on year over past six years Workforce of the Future Sustainable Customer Solutions DeviDrill DCD, IMDEX Test Drill Site, Trondheim AASB S2 Progress Measurable customer sustainability outcomes • DeviDrill technology proven to deliver 166% improvement in drilling productivity 1 • Customer water savings through Ultra Lightweight SRU saved ~40,000m 2 FY26 Sustainability Highlights Strengthening governance, enhancing productivity and preparing for climate disclosures Progressing compliance readiness • Climate risk assessment and scenario analysis completed • Material climate risks and opportunities identified • Climate governance framework enhanced • Progressed emission data capture, automation and reporting readiness 1. Imdex Case Study - Doubling drilling productivity with DeviDrill 2. IMDEX Case Study - Ultra Lightweight SRU : 40,000m³ of water saved annually
Page 10
Resolutions & Voting 10
Page 11
11 IMDEX 2026 Annual General Meeting 2026 Annual Report In accordance with ASX listing rule 4.10.3 the 2026 Annual Report has been distributed to all shareholders and is available for download from the company’s website. In accordance with section 205PA of the Corporations Act 2001 we invite questions from shareholders on the Annual Report. RECEIVE AND ACCEPT THE 2026 ANNUAL REPORT
Page 12
Meeting Close 24
Page 13
25 Managing Director & Chief Executive Officer Address
Page 14
26 IMDEX 2026 Annual General Meeting A broader platform, delivering results Four themes behind IMDEX’s growth and momentum into FY27 01 Platform for growth IMDEX has a broader platform and more pathways for growth 04 Execution Strategic execution is already translating into performance 03 Evidence Record FY26 results and strong 1Q27 revenue provide evidence that the strategy is working 02 Industry macros Industry thematics haven’t been stronger
Page 15
Market Share 02. Structural Market Shift 04. Market Expansion 03. Share of Wallet 01. One Integrated Platform Enabling multiple growth pathways Structural Market Shift Share of Wallet Market Share Market Expansion • 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 • 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 • 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 • Increase minerals presence from exploration downstream into mining production • Diversify across earth science end markets, including civil, infrastructure, water and energy • Scale our customer reach through channel partners and technology collaborations IMDEX Long -Term Growth Strategy Multiple growth levers support continued expansion across exploration, production and adjacent markets IMDEX 2026 Annual General Meeting 1. Source: S&P Global - Annual Exploration Budgets Trends 2. Source: S&P Global – Exploration Financings. August 2026 27
Page 16
FY27 Industry Macro Update Structural industry drivers continue to strengthen IMDEX’s opportunity set IMDEX 2026 Annual General Meeting Commodity Prices STRONG Gold price remains strong and Copper at historical levels continue as the key drivers for continued investment across exploration, development and production activity IMDEX Stronger commodity prices support increased capital allocations by customers and drilling activity Supply & Demand STRUCTURAL DEFICIT Declining reserves, lower discovery rates and increasingly complex orebodies continue to drive the need for new mineral supply IMDEX Deeper and more complex orebodies will require more accurate sensors, connected software and solutions that improve productivity Exploration Budgets INVESTMENT GROWING Global exploration budgets in 2026 increased by double digits versus 2025¹, supporting improved exploration and drilling activity. IMDEX Sustained investment supports drilling activity and opportunities to expand share of wallet Capital Raisings FUNDING IMPROVING Junior and Intermediate financing remain at higher levels, with US$ 27Bn raised in the last 12 months2 vs US$15Bn in the same period last year. IMDEX Well-funded customers are positioned to convert capital into new drilling programs Government Policy CRITICAL MINERALS FOCUS Governments globally continue to prioritise critical mineral supply chains, resource security and domestic mining investment IMDEX Policy support provides a long -term tailwind for drilling, resource definition and mine development activity Productivity INCREASING FOCUS Increasing drill site complexity, labour shortages and inflation is driving demand for technologies that improve productivity and decision -making IMDEX Our solutions can improve productivity across the mining lifecycle, from resource definition to production 28 1. Source: S&P Capital IQ Pro - 2026 Corporate Exploration Study Data - 29 September 2026 2. Source: S&P Global – Exploration Financings August 2026 Global Exploration Activity Collectively, these tailwinds continue to drive exploration activity, customer investment and technology adoption, providing a favourable backdrop for IMDEX's growth strategy New New
Page 17
FY26 Performance 29
Page 18
30 IMDEX 2026 Annual General Meeting FY26 Key Performance Metrics Record financial performance creates capacity to invest, grow and deliver sustainable returns Revenue NPAT Reported EPS Reported EBITDA Reported NPAT Normalised EPS Normalised EBITDA Normalised NPATA Normalised EPSA Normalised $520m FY25 $431m $179m FY25 $130m $163m FY25 $126m $79m FY25 $55m $59m FY25 $43m $70m FY25 $52m 15.5c FY25 10.8c 11.5c FY25 8.4c 13.8c FY25 10.2c 1. Normalised to exclude individually significant items on slide 41. 2. NPATA Normalised is calculated as NPAT normalised adjusted for the after-tax amortisation of acquired intangible assets. 3. EPSA Normalised is calculated as NPATA normalised divided by the weighted average number of ordinary shares on issue. Performance demonstrates the scalability and continued improvement in earnings • Record revenue of $520m, up 21% on FY25 • EBITDA normalised of $163m, up 29% after funding growth and innovation • NPAT normalised of $59m, up 37% demonstrating strong earnings conversion • EPS normalised of 11.5c, up 37% delivering superior shareholder returns
Page 19
31 IMDEX 2026 Annual General Meeting • Unlocking growth from five years of fleet connectivity strategy • Revenue growth of 15% 5 -year CAGR relative to exploration budgets 1 growth of 6% • Platform revenue 2 increased from 33% to 47% of group revenue over 5 years • Equipment, sales and services 3 revenue, including fluids, up 11% and represents 53% of group revenue • These categories reflect how customers increasingly engage with IMDEX’s integrated physical -to-digital platform 33% 38% 37% 38% 43% 47% 0 5 10 15 20 25 30 35 40 45 50 100 200 300 400 600 700 800 350 450 550 650 750 850 250 500 50 150 88 176 FY21 129 213 FY22 153 411 445 431 520 FY26 246 264 FY25 274 246 185 FY24 274 171 FY23 258 342 +21% +15% CAGR Platform Equipment, Sales and Services Platform as a % of Total Revenue $m’s 1. Exploration budget CAGR calculation uses calendar year 2020 – 2025 exploration data from S&P Global and 2H26 IMD internal market estimates. Unadjusted for inflation and unadjusted for the rise in non-drilling costs within total exploration budgets. 2. Platform revenue comprises connectable sensors, software, platform advisory across DST and DEK 3. Equipment, sales and services revenue comprises fluids, instruments, and services with limited or no digital enablement. FY26 Revenue Performance (1) Revenue growth demonstrated strong market share gains
Page 20
32 IMDEX 2026 Annual General Meeting • Expanded technology portfolio enhancing customer productivity and decision intelligence • Platform enabled hardware demonstrates five years of digitising the fleet translating into stronger growth from platform -enabled revenue streams • Software and platform advisory revenue is poised for growth supported by capability delivered from recent acquisitions • Integrated on -site services 1 20% yoy growth demonstrates increasing adoption of full -solution offerings across the drill site • Product sales especially fluids is most connected to exploration activity and the strongest reflection of our global network • Rentals and other is expected to progressively transition to platform -enabled technologies as next generation sensors are adopted 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 100 150 200 250 300 350 400 450 700 600 750 550 800 650 850 500 50 163 8 147 59 68 FY24 176 9 135 50 61 FY25 227 19 151 7 73 FY26 7 71 10 FY23 83 264 342 411 445 5 520 177 114 62 FY21 50 122 141 71 1 FY22 146 431 +21% +15% CAGR Platform Enabled Hardware Rentals Software and Platform Advisory Product Sales Rentals and Other Integrated On-Site Services $m’s 1. Integrated On-Site Services - includes Directional Core Drilling and IMDEX Managed Services FY26 Revenue Performance (2) Multiple growth levers deliver 15% 5-year revenue CAGR
Page 21
33 IMDEX 2026 Annual General Meeting FY26 EBITDA Normalised Margin expansion highlights the leverage in the IMDEX business model • EBITDA normalised margin expanded to 31%, reflecting operating leverage • Growth in platform enabled revenue is increasing the quality of earnings • Investment in R&D, transformation and integration has been maintained alongside profitability and strategic growth • EBITDA normalised increased 29% exceeding revenue growth of 21% 1. Normalised to exclude individually significant items on slide 41. 29% 31% 30% 29% 29% 31% 20 40 60 80 100 120 140 160 180 200 0 76 FY21 105 FY22 123 FY23 FY24 126 FY25 163 FY26 131 CAGR 17% +29% +2% EBITDA Normalised EBITDA Margin $m’s
Page 22
34 1Q27 Result Strong organic growth and accelerating platform adoption
Page 23
35 IMDEX 2026 Annual General Meeting 31% Q1 revenue growth outweighs drilling activity increase of 7% 1 • Record quarter revenue of $161m, up 31% pcp and up 7% on 4Q26 • Organic revenue growth of 21% pcp • Inorganic revenue contribution of $12m • Platform revenue 2 of $82m, up 44% pcp and representing 51% of group revenue • Equipment, sales and services 3 revenue of $79m, up 20% pcp, with fluids a key contributor 39% 38% 43% 46% 49% 51% 0 5 10 15 20 25 30 35 40 45 50 55 20 40 60 80 100 120 140 160 180 200 220 240 78 Q1 2024 48 64 Q1 2025 57 66 Q1 2026 74 76 Q4 2026 82 41 Q1 2027 65 Q1 2023 48 79 126 112 123 150 161 106 +31% v PCP Platform Equipment, Sales and Services Platform as a % of Total Revenue $m’s 1. S&P Global Market Intelligence – 1Q26 vs 1Q27 drill hole data 2. Platform revenue comprises connectable sensors, software, platform advisory across DST and DEK 3. Equipment, sales and services revenue comprises fluids, instruments, and services with limited or no digital enablement. 1Q27 Revenue Performance Record quarterly revenue, platform adoption accelerates
Page 24
36 IMDEX 2026 Annual General Meeting Diversified revenue streams support sustainable growth • Platform enabled hardware up 37% pcp through strong adoption of connected and next generation technologies • Software and platform advisory revenue up 167% pcp benefiting from acquisition revenue • Product sales up 25% pcp primarily due to drilling fluids • Rentals and other will progressively transition to platform -enabled technologies • Integrated on -site services 1 consistent pcp demonstrates adoption of full -solution offerings across the drill site 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 20 120 140 160 180 200 40 220 60 240 80 100 Q1 2024 46 2 39 36 12 16 2 Q1 2025 54 3 20 36 12 18 Q1 2023 46 74 8 2 45 16 18 43 Q1 2027Q1 2026 17 18 45 106 126 112 123 161 +31% v PCP Platform Enabled Hardware Rentals Software and Platform Advisory Product Sales Rentals and Other Integrated On-Site Services $m’s 1. Integrated On-Site Services - includes Directional Core Drilling and IMDEX Managed Services 1Q27 Revenue Performance by Growth Lever Broad-based growth across connected technologies, software, products and services
Page 25
37 IMDEX 2026 Annual General Meeting DST - Americas DST - APAC DST - EMEA • Revenue increase reflects strong drilling activity and continuing customer investment • ACTx and Omni 38 adoption continues to support market-share gains • Integrated on-site solutions to deepen customer relationships and grow share of wallet • APAC exploration activity growth converting to market share gains through next generation technology uptake • Technology adoption continues to support market-share gains with major customers • Gold and copper activity expected to sustain drilling demand • Asian exploration investment to expand long-term growth opportunities • Advanced technology adoption continues to drive market share gains • Infrastructure markets continue to provide incremental growth across Europe, especially Germany • Gold, copper and critical-minerals investment supports exploration and near-mine demand 46 Q1 2023 64 Q1 2024 56 Q1 2025 62 Q1 2026 77 Q1 2027 +24% v PCP 32 Q1 2023 30 Q1 2024 27 Q1 2025 28 Q1 2026 36 Q1 2027 +29% v PCP 26 Q1 2023 30 Q1 2024 27 Q1 2025 30 Q1 2026 41 Q1 2027 +37% v PCP DEK - Global • 133% uplift in revenue including contributions from newly acquired businesses • Integrated geoscience workflows to accelerate software adoption • Subscription growth and high renewal rates to increase recurring revenue • New Geoscience Solutions to open new growth pathways Q1 2023 Q1 2024 Q1 2025 Q1 2026 Q1 2027 2 2 2 3 7 +133% v PCP Broad-based growth demonstrates the strength of the IMDEX platform Revenue by Segment
Page 26
38 FY27 Strategic Priorities Highlights Strong Q1 performance demonstrates progress on strategic priorities • Delivering an EBTIDA margin uplift FY28+ Transformation IntegrationR&D • YTD spend 9% of revenue • Forecast FY27 spend to be 10% of revenue • System, people and cyber integration complete for three of the five acquisitions • Growth initiatives extending to joint marketing • Once off costs, below the line for FY27 only • FY27 integration spend trending lower Scaling growth, technology and value for customers • Share of wallet 1 increase - $2.50 per $100, up from $2.402 • Quarterly platform revenue 51% of group revenue, up from 47%2 • IMDEX mining technologies revenue +17% on 4Q26, with strong performance in underground market segment • Software & platform advisory revenue increasing • 1Q27 inorganic revenue of $12m, +3% on 4Q26 • Record tools on hire, next generation tools 15% of fleet up from 12%2 • Datarock delivered record recurring revenue, with new growth opportunities emerging through integration with WellCAD • Growth in energy market with ESA contract in South -East Asia • Geoscience advisory group established and integrated with go to market strategy 1. Share of wallet = IMDEX exploration revenue / estimated FY26 global exploration spend (calculated 25% CY25 S&P Global data, 75% CY26 IMD internal market estimates) . Unadjusted for inflation and unadjusted for the rise in non-drilling costs within total exploration budgets. 2. As at 30 June 2026. On Track On Track On Track IMDEX 2026 Annual General Meeting
Page 27
IMDEX 2026 Annual General Meeting Introducing our accomplished executive team, experts driving innovation and excellence Executive Leadership Team Dr Michelle Carey Chief - Digital Earth Knowledge Shane Plant Chief Commercial Officer Shaun Southwell Chief – Exploration & Production Paul House Managing Director & Chief Executive Officer Kiah Grafton Chief People, Communications & Sustainability Officer Dr Dave Lawie Chief Geoscientist Michael Tomasz Chief Legal Officer & Company Secretary Linda Lim Chief Financial Officer
Page 28
Additional Notes & Appendices IMDEX 2026 Annual General Meeting
Page 29
41 IMDEX 2026 Annual General Meeting ($m) FY26 FY25 EBITDA NPAT EBITDA NPAT Normalised EBITDA & NPAT 162.6 58.6 126.4 43.2 Gross Tax Net Gross Tax Net Integration Expenses Integration expenses related to the acquisitions of ESA/Datarock/Krux. (15.2) 3.5 (11.7) - - - Gain on remeasurement of previously held equity investments Revaluation of previously held investments in Datarock and Krux following transition to full ownership 34.5 34.5 Impairment Loss Impairment loss is related to capitalised development costs (2.9) 0.9 (2.0) Exceptional Legal Settlement Exceptional litigation outcome related to the settlement of the legal cases with Globaltech net of legal and administration costs. 9.1 - 9.1 ATO Warrants Resolution Revised Tax return – cash refund - 3.1 3.1 Revised Tax return – carried forward tax credits - 3.6 3.6 Interest and legal fees recovered 0.4 (0.1) 0.3 Reorganisation (5.8) 1.7 (4.1) Total Individually Significant Items 16.4 4.4 20.8 3.7 8.3 12.0 Statutory EBITDA & NPAT 179.0 79.4 130.1 55.2 Reconciliation - Significant items
Page 30
42 IMDEX 2026 Annual General Meeting Corporate calendar Key dates 16 October 2026 FY26 Annual General Meeting 26 October 2026 Investor Strategy Day
Page 31
1 2026 ANNUAL GENERAL MEETING, 16 OCTOBER 2026 Slide 1 2026 Annual General Meeting Chairman’s Address ANTHONY WOOLES Good morning, ladies and gentlemen. Thank you for joining us and welcome to IMDEX’s Annual General Meeting for the financial year ended 30 June 2026. I advise that, in accordance with the Company’s Constitution, a quorum is present and therefore I declare the meeting open. I am Anthony Wooles, Chairman of the IMDEX Board of Directors, and I will chair today’s meeting. [Pause and move to Slide 3] Slide 3 FY26 AGM Agenda Today I will provide an overview of IMDEX’s FY26 performance and strategic progress. We will then move to the formal resolutions and voting. After the formal meeting closes, our Managing Director and Chief Executive Officer, Paul House, will provide a business update, including first-quarter trading, market outlook and our strategic priorities that IMDEX is focusing on. Slide 5 Board of Directors I would like to introduce my fellow Directors, our Company Secretary, and other attendees today: Sally-Anne Layman, Non-Executive Director; who is joining us remotely Tracey Arlaud, Non-Executive Director; Uwa Airhiavbere, Non-Executive Director; Tracey Horton AO, Non-Executive Director; Paul House, Managing Director and Chief Executive Officer; and Michael Tomasz, Chief Legal Officer and Company Se cretary. Also present are Mr Pieter Janse van Nieuwenhuizen, from Deloitte, our FY26 auditors; Mr Sam Lobley from PricewaterhouseCoopers, our nominated auditor going forward, and Mr Simon Rear from Gilbert & Tobin, our legal advisors. Notice and previous minutes A notice of this Annual General Meeting was made available to shareholders on 15 September 2026. Unless there are any objections, I will take the notice as read. I also table the minutes of the Annual General Meeting held on 16 October 2025. Those minutes have been signed as a true and correct record of the meeting and are taken as read and confirmed. Slide 6 FY26 Financial Highlights I would like to begin today by providing a recap of IMDEX’s FY26 highlights.
Page 32
2 FY26 was a record year for IMDEX. Group revenue increased 21 per cent to $520 million, or 23 per cent on a constant currency basis. Normalised EBITDA increased 29 per cent to $163 million, with the normalised EBITDA margin expanding to 31 per cent. Normalised NPAT increased 37 per cent to $59 million. Importantly, this result reflects continued growth ahead of the underlying market and demonstrates the increasing operating leverage within the business. It is the outcome of a strategy that has been developed and executed over many years, supported by sustained investment in technology, innovation and customer solutions. As a Board, our focus has been to build a business that can continue to grow through changing market conditions while investing for the future. FY26 is a strong result in its own right, but more importantly it has strengthened the foundations for future growth. Slide 7 FY26 Financial Highlights - Cash and Capital Management Strong cash flow generation continued to be a feature of the business model that in turn supports growth, innovation and shareholder returns. Normalised cash conversion was 83 per cent, inclusive of working capital investment to support growth and strong customer demand. Net debt increased to $199 million following the drawdown of debt facilities to fund a number of on strategy acquisitions completed in FY26. Leverage remained disciplined at 1.3 times well within our capital management framework and preserves capacity for continued investment. The Board declared a fully franked final dividend of 1.75 cents per share, bringing the full-year dividend to 3.4 cents per share, representing a 30 per cent payout of normalised NPAT. Slide 8 FY26 Strategic Highlights Our strategy made significant strides in FY26. Recognising the growing importance of Digital Earth Knowledge insights, we are investing in our earth knowledge strategy at pace whilst ensuring that our customers receive a consistent IMDEX experience. During the year we completed the acquisitions of Earth Science Analytics, Datarock, ALT, Mount Sopris Instruments and Krux Analytics. These acquisitions have expanded our technology portfolio and added important software, instrumentation and geoscience capabilities. Our share of wallet increased to a record $2.40 for every $100 of estimated global exploration spend, including acquisitions. On an organic basis, share of wallet increased to $2.30, from $2.20 in FY25. Platform revenue increased to 47 per cent of Group revenue, reflecting continued customer adoption of connected technologies, software and integrated solutions. Integration of the five acquisitions is progressing to plan. We are leveraging IMDEX’s global network to accelerate growth and build the foundations of an integrated, expert-informed AI platform. We also maintained investment in research and development at 8 per cent of revenue, with a focus on future growth, AI capability and technology leadership. Together, these outcomes demonstrate the continued execution of our strategy and strengthen the foundations for sustainable long-term value creation.
Page 33
3 Slide 9 FY26 Sustainability Highlights Sustainability remains an important priority for the Board, and we continued to make progress across each of the key pillars of our Sustainability Strategy during FY26. The safety and wellbeing of our people remains fundamental. Our lost time injury frequency rate was zero and our total recordable injury frequency rate improved to 1.09. These are both industry and world leading, reflecting both the importance of our people to our business and the effort of the IMDEX leadership team and all people within it to ensure safety is front of mind. We also increased female workforce participation and, subsequent to year end, launched an industry- leading 24-week parental leave policy. Our technologies continue to support sustainable customer outcomes that are measurable, including improved drilling productivity and reduced water consumption. Finally, we made substantial progress in preparing for climate-related reporting, including completing climate risk and scenario analysis and improving our governance, improving emissions data capture and reporting readiness. Slide 10 Resolution & Voting Formal Business and Voting We will now move to the formal business of the meeting. In accordance with the Notice of Meeting, voting on all resolutions will be conducted by poll. The Company's share registry, Automic Registry Services, has been appointed as returning officer for the poll. Poll votes will be counted following the meeting and the results will be released to the ASX as soon as practicable after the meeting. Mr Eric Merven from Automic has agreed to act as returning officer for the poll. in accordance with the Chairman’s stated voting intentions for each resolution. I will put each resolution to a vote by poll and provide an opportunity for questions and comments. If you would like to ask a question or make a comment, please raise your hand and state your name. After discussion on each item, the valid proxies and the manner in which they have been directed will be displayed on screen. Shareholders and proxyholders may then complete their voting cards. Further instructions will be provided after all resolutions have been put to the meeting. Slide 11 2026 Annual Report The first item of ordinary business is the 2026 Annual Report. The Annual Report, including the Financial Report, Directors' Report and Auditor's Report for the year ended 30 June 2026, has been made available to shareholders and is available on the Company's website. No vote is required on this item. I invite shareholders to ask questions of the Company’s management or auditors in relation to the Annual Report, including the Financial Statements and the conduct of the audit. Please identify yourself before asking your question. I can advise that 102 valid proxies have been received, representing 450,606,564 shares, or 87 per cent of the Company’s issued capital. As set out in the Notice of Meeting, any undirected proxies given to the Chairman will be voted and counted
Page 34
4 [Pause to allow for questions] Thank you. If there are no further questions, I will move to the next item. Slide 12 Resolution 1 - Re-election of Ms Tracey Arlaud Resolution 1 relates to the re-election of Ms Tracey Arlaud as a Director of the Company. Details of Ms Arlaud’s experience and the resolution are set out in the Notice of Meeting. The Directors, other than Ms Arlaud, recommend that shareholders vote in favour of the resolution. The proxy votes received in respect of Resolution 1 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 1 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. We will now move to Resolution 2. Slide 13 Resolution 2 – Remuneration Report Resolution 2 seeks shareholder approval to adopt the Remuneration Report for the year ended 30 June 2026. The vote is advisory and does not bind the Company or the Directors. The Directors recommend that eligible shareholders vote in favour of the resolution. The proxy votes received in respect of Resolution 2 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 2 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. We will now move to Resolution 3. Slide 14 Resolution 3 - LTI Performance Rights to Mr Paul House Resolution 3 seeks shareholder approval for the grant of LTI Performance Rights to Mr Paul House under the Employee Rights Plan, on the terms described in the Notice of Meeting. The proxy votes received in respect of Resolution 3 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 3 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. We will now move to Resolution 4.
Page 35
5 Slide 15 Resolution 4 - Potential Termination Benefits to Mr Paul House Resolution 4 seeks shareholder approval for potential termination benefits in relation to the LTI Performance Rights, on the terms described in the Notice of Meeting. Resolution 4 is conditional on Resolution 3 being approved. The proxy votes received in respect of Resolution 4 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 4 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. We will now move to Resolution 5. Slide 16 Resolution 5 - Deferred STI Performance Rights to Mr Paul House Resolution 5 seeks shareholder approval for the grant of Deferred STI Performance Rights to Mr Paul House, on the terms described in the Notice of Meeting. The proxy votes received in respect of Resolution 5 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 5 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. We will now move to Resolution 6. Slide 17 Resolution 6 – Appointment of Auditor Resolution 6 seeks shareholder approval to appoint PricewaterhouseCoopers as auditor of the Company effective from the date of this Meeting. The proxy votes received in respect of Resolution 6 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 6 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. We will now move to Resolution 7. Slide 18 Resolution 7 – Increase to Non-Executive Directors’ Fee Pool Resolution 7 seeks shareholder approval to increase the maximum amount payable for Non-Executive Director’s Fees, in aggregate to $1,600,000 per annum. The proxy votes received in respect of Resolution 7 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause]
Page 36
6 I now put Resolution 7 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. We will now move to Resolution 8. As Resolution 8 relates to my remuneration as a Non- Executive Director, I will now step aside for the consideration of this item and hand the chair to Mr House. Slide 19 Resolution 8 – Issue of Share Rights in lieu of fees to Mr Anthony Wooles or his nominee(s) [Mr House continues] Resolution 8 seeks shareholder approval for the issue of Share Rights to Mr Anthony Wooles, or his nominee(s), in lieu of director fees, on the terms described in the Notice of Meeting. The proxy votes received in respect of Resolution 8 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 8 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. I now hand the Chair back to Mr Wooles. [Mr Wooles continues] We will now move to Resolution 9. Slide 20 Resolution 9 – Issue of Share Rights in lieu of fees to Ms Sally-Anne Layman or her nominee(s) Resolution 9 seeks shareholder approval for the issue of Share Rights to Ms Sally-Anne Layman, or her nominee(s), in lieu of director fees, on the terms described in the Notice of Meeting. The proxy votes received in respect of Resolution 9 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 9 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. We will now move to Resolution 10. Slide 21 Resolution 10 – Issue of Share Rights in lieu of fees to Ms Tracey Arlaud or her nominee(s) Resolution 10 seeks shareholder approval for the issue of Share Rights to Ms Tracey Arlaud or her nominee(s), in lieu of director fees, on the terms described in the Notice of Meeting. The proxy votes received in respect of Resolution 10 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 10 to the meeting and direct that it be determined by poll. [Allow a brief pause]
Page 37
7 Thank you. We will now move to Resolution 11. Slide 22 Resolution 11 Issue of Share Rights in lieu of fees to Mr Uwa Airhiavbere or his nominee(s) Resolution 11 seeks shareholder approval for the issue of Share Rights to Mr Uwa Airhiavbere, or his nominee(s), in lieu of director fees, on the terms described in the Notice of Meeting. The proxy votes received in respect of Resolution 11 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 11 to the meeting and direct that it be determined by poll. [Allow a brief pause] Thank you. We will now move to Resolution 12. Slide 23 Resolution 12 – Issue of Share Rights in lieu of fees to Ms Tracey Horton AO or her nominee(s) Resolution 12 seeks shareholder approval for the issue of Share Rights to Ms Tracey Horton AO, or her nominee(s), in lieu of director fees, on the terms described in the Notice of Meeting. The proxy votes received in respect of Resolution 12 are now displayed on the screen. Are there any questions or comments regarding this resolution? [Pause] I now put Resolution 12 to the meeting and direct that it be determined by poll. [Allow a brief pause] Poll The poll is now open. Those entitled to vote are shareholders, corporate representatives, attorneys and proxyholders who have been issued with a voting card. The voting paper and instructions appear on your voting card. For any open resolutions, please mark the relevant box beside each resolution. Shareholders should also mark the relevant box to indicate how they wish to vote. Once you have completed your voting paper, a member of the Automic team will collect it from you. [Pause while voting papers are completed] Please raise your hand if you require more time to complete and lodge your voting paper. [Confirm all papers, including Board voting papers, have been collected] All voting papers have now been collected. I therefore declare the poll closed. Slide 24 Meeting Close Ladies and gentlemen, that concludes the formal business of today’s meeting. The results of the poll will be released to the ASX and published on the Company's website as soon as practicable following the conclusion of the meeting.
Page 38
8 I now declare the formal part of the meeting closed and invite our Managing Director and Chief Executive Officer, Mr Paul House, to provide a business update on the Company.
Page 39
9 MD & CEO Address PAUL HOUSE Slide 25 Managing Director & Chief Executive Officer Address Thank you, Anthony, and welcome everyone to our AGM. I am delighted to be able to provide an update on the IMDEX strategy and business. Slide 26 A broader platform, delivering results IMDEX today has more pathways for growth than at any point in its history, and those pathways are translating into performance. We have a broader platform of customer offerings, we have a supportive external market environment and we have an expanding addressable market. We also have clear evidence that our strategy is working, delivering results to customers first and shareholders in turn. Our record FY26 results and a record start to FY27 reflect this. Today, I will expand upon our long-term strategy, discuss the supportive industry macros and finally update our first quarter results. Slide 27 IMDEX Long-Term Growth Strategy Our integrated physical-to-digital platform is the driver for multiple growth pathways. First, our broader technology portfolio enables us to provide more solutions to customers and deliver a greater share of the exploration spend as revenue for IMDEX. Second, we will continue to gain market share through technology leadership and building next generation products. Third, we continue to expand our addressable markets across mining production value chain and adjacent earth science end markets, including civil, infrastructure, water and energy. And fourth, we are well positioned to benefit from structural growth in the exploration industry. Our customers are increasing budgets to meet demand, seeking technology solutions to resolve productivity challenges and demanding better data for faster decision making. The important point is that these growth pathways reinforce one another. The more value we create for customers, the more opportunities we create for sustainable growth. Slide 28 FY27 Industry Macro Update I’d now like to draw your attention to the industry macros. Two indicators in particular have strengthened since our FY26 results presentation. First, updated S&P data confirms that global exploration budgets increased in CY26, supporting increased exploration and drilling activity. Second, financing conditions remain strong. Junior and intermediate financings raised approximately US$27 billion over the past 12 months, compared with approximately US$15 billion in the corresponding prior period.
Page 40
10 Together with rising costs and labour constraints, these conditions continue to create attractive opportunities for technologies that improve productivity and decision-making across the mining lifecycle. These thematics play directly to IMDEX's strengths, our integrated platform is designed to meet our customer’s evolving needs. Slide 29 Chapter Slide: FY26 Performance This outlines the opportunity ahead of us. I would now like to return briefly to FY26, because the record result provides clear evidence that our strategy is translating into performance. Slide 30 Key Performance Metrics As our Chairman has already shared today, FY26 was the strongest financial year in IMDEX’s history. Revenue increased 21 per cent to $520 million, including 17 per cent growth against approximately 8 per cent growth in exploration activity over the past financial year. This demonstrates strong customer adoption of IMDEX technologies and solutions, and that we continue to gain market share. Normalised earnings per share also increased 37 per cent to 11.5 cents. Earnings grew faster than revenue, demonstrating the operating leverage in the business model. As I often say, strong financial results are the direct outworking of strong strategic execution and disciplined operations. Slide 31 Revenue Performance - Platform Growth One of the clearest signs that our strategy is working is the evolution of our revenue mix. Over the past five years, revenue has grown at a compound annual growth rate of 15 per cent, compared with estimated exploration-budget growth of 6 per cent. Platform revenue increased from 33 per cent to 47 per cent of Group revenue over the same period. Customers are increasingly adopting more of the IMDEX platform, connecting our sensors, our software and our advisory capabilities across their workflows. Equipment, sales and services remain vital to the IMDEX business model. They build out our global customer network and the customer relationships that are an essential advantage. We are growing ahead of the underlying market by delivering greater value to customers. Slide 32 Revenue Performance - Multiple Growth Levers The key point on this slide is that growth is coming from multiple parts of the business. Customers are adopting more platform-enabled hardware, more integrated solutions across the drill site and more of our software and advisory capability. As customers adopt next-generation sensors, we also expect more of the traditional rental fleet to transition towards platform-enabled technologies. Integrated on-site services increased 20 per cent, while product sales, particularly drilling fluids, benefited from customer activity and the reach of our global network. The result is a broader and more diversified revenue base, with more opportunities to deliver value to customers.
Page 41
11 Slide 33 EBITDA Normalised This growth is translating into stronger earnings. Normalised EBITDA increased 29 per cent to $163 million, ahead of revenue growth of 21 per cent. The normalised EBITDA margin expanded to 31 per cent for the year. This demonstrates the operating leverage embedded in our business model. This demonstrates the benefit of scaling the platform through our global network. We continue to invest in research and development because maintaining technology leadership remains critical to our future growth. We are delivering stronger earnings today while continuing to build the capabilities required to drive growth tomorrow. Slide 34 1Q27 Result I will now turn to our first-quarter trading update for FY27. The strong momentum established in FY26 has continued into FY27, supported by organic growth and accelerating platform adoption. Slide 35 1Q27 Revenue Performance This is probably the clearest demonstration of the progress we are making. First-quarter revenue was a record $161 million, up 7 per cent on the fourth quarter and 31 per cent on the prior corresponding period. Organic revenue growth was 21 per cent pcp demonstrating the underlying strength of the business. Platform revenue increased 44 per cent to $82 million and now represents 51 per cent of Group revenue. Importantly, our revenue growth of 31 per cent pcp significantly exceeded the approximately 7 per cent increase in exploration drilling activity. This tells us that customers are increasingly adopting our technologies, software and solutions, and that we continue to gain market share across the industry. IMDEX continues to grow faster than the markets we serve because we are delivering more value to our customers. Slide 36 Revenue by growth lever Growth remained broad-based across the portfolio. Platform-enabled hardware increased 37 per cent as customers continued to adopt connected and next- generation technologies. Software and platform advisory revenue increased, supported by the capabilities added through acquisitions. Product sales increased 25 per cent, led by drilling fluids, while integrated on-site services remained an important part of our broader customer offering. The key point is that growth is coming from product levers in the business.
Page 42
12 Slide 37 Revenue by Segment Equally that annual growth is reflected across multiple regions. In the Americas, revenue increased 24 per cent led by solution selling. In APAC, revenue increased 29 per cent led by strong gold and copper activity. In EMEA, revenue increased 37 per cent led by minerals and infrastructure investment. All regions demonstrated strong growth in technology adoption. Within Digital Earth Knowledge, revenue increased 133 per cent, including contributions from acquired businesses. Integrated workflows, subscription growth and new geoscience solutions provide pathways to further recurring revenue. Across every segment, we can see clear opportunities to grow market share, deepen customer relationships and expand into broader markets. Slide 38 FY27 Strategic Priorities Highlights Looking forward, it is important to state that the IMDEX strategy has not changed, and in Q1 we continue to see it being delivered in key results. Platform adoption continues to increase and for the first time represents more than half of group revenue. At the full year result we called out three essential investments for FY27 being R&D, transformation and integration, I am pleased today that all three initiatives are on track. Our transformation program is an opportunity to improve the scalability of our operations and systems leveraging proven technologies. The opportunity that this presents for IMDEX is to deliver an uplift in EBTIDA margin by the end of FY28, a strong return on investment that will be enduring. Integration of recent acquisitions is progressing well. The foundations are now largely in place and our focus is increasingly shifting towards growing customer adoption and commercial synergies. The opportunity in front of us is significant. Our focus now is on disciplined execution. Slide 39 Executive Leadership Team Ultimately, execution comes down to people. The Executive Leadership Team brings together the commercial, technical, digital, operational, financial, legal and people capabilities required to deliver. I would like to thank the entire IMDEX workforce for their contribution to our record FY26 result and strong start to FY27. I would also like to thank Anthony and the Board for their support and counsel, and our shareholders for their ongoing confidence in IMDEX. We have a clear strategy, a broader platform, strong momentum and a capable global team focused on delivering sustainable value for customers and shareholders alike. Thank you for your attendance. On behalf of the Board I would like to invite you to join us for refreshments and the opportunity to talk informally with your Directors and members of management.