IMDEX LIMITED — AGM Information 2012

Oct 17, 2012

2012 AGM Chairman’s Agenda

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2012 ANNUAL GENERAL MEETING, 18 OCTOBER 2012

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Welcome

Good morning ladies and gentlemen. It gives me great pleasure to welcome you to the 2012 Annual General

Meeting of Imdex Limited.

My name is Ross Kelly. As Chairman of the Board of Directors of Imdex Limited, I will occupy the Chair for this meeting.

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I would like to take this opportunity to introduce my fellow directors, company secretary and other attendees today:

• Bernie Ridgeway is the Managing Director;

• Magnus Lemmel is a Non Executive Director;

• Kevin Dundo is a Non Executive Director;

• Betsy Donaghey, is a Non Executive Director

• Paul Evans is the Company Secretary.

Also attending today are other Imdex staff members and I am sure they would welcome the opportunity to meet with you over tea and coffee after the meeting.

We are also joined today by Mr Tim Richards (Audit Partner) and Mr Andy Carrington (Audit Director) of the Perth firm of Deloitte, the Company’s auditors. Tim will be available to answer relevant questions later in the meeting. Also attending is Mr Nino Odorisio from Q Legal, the Company’s solicitors.

Quorum/Meeting Open

I confirm that a Quorum of members is present and accordingly declare the meeting open.

Notice of Meeting

I advise the meeting that the notice of this Annual General Meeting was mailed to all registered members on 18 September 2012, and consequently as sufficient notice of the meeting has been given to all shareholders, I will take the notice as read.

Minutes of previous meeting

The last meeting of the Company was the 2011 Annual General Meeting held on 20 October 2011. The minutes of

this meeting were approved by the Board and signed by myself as the Chairman of that meeting in accordance with the provisions of Section 251A of the Corporations Law.

The original minutes are tabled and there are copies of the minutes available for inspection should any member wish to see them.

Proxies

I will now ask the Company Secretary to advise the meeting how many proxies have been received.

SECRETARY - Thank you Mr Chairman. I advise that 257 valid proxies have been received representing a total of 104,455,321 shares or 50.16% of the issued capital of the Company. Thank you Mr Chairman.

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Order of business and conduct

The meeting will follow the order of proceedings outlined in the Notice of Meeting.

• I will give a brief report on the year just completed;

• Our Managing Director, Bernie Ridgeway, will then make a presentation covering the significant events of the year;

• We will then consider the Financial Statements and Reports for the year ended 30 June 2012. At this time I will invite questions and comments on the financial statements and the Company generally;

• This will be followed by consideration of a further five resolutions prior to consideration of the final resolution in relation to the Remuneration Report.

• Prior to each resolution, I will advise the meeting of the proxy votes cast for and against that resolution.

• And finally, as this is an Annual General Meeting, may I remind you that only the matters listed in the notice can be considered at this meeting.

When we get to questions and comments, if you wish to speak, could you please raise your hand, and when I call upon you, could you please give us your name.

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The 2012 financial year was a strong one for Imdex, resulting in record performance and continued growth and development.

Our company performed strongly during the 12 months to 30 June 2012, achieving combined revenues of $278.9 million. This represents an increase of 36% on the previous financial year and is a record result for the company. Earnings before interest, taxation and amortisation from continuing operations increased 56% to $75.2 million, also a record achievement.

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These record results can be attributed to four key drivers:

• Strong activity across all our operating regions – Asia-Pacific, Africa, Europe and the Americas;

• Our ability to increase geographical market share;

• Further strategic acquisitions; and

• Continued demand for our advanced suite of products and leading technologies.

The innovation and technical expertise of our employees must also be recognised – their hard-work and commitment to our company has yielded great results and continues to be very much appreciated.

I am also pleased to report a substantial 61% increase in the total dividend paid to shareholders over FY12. An interim dividend of 3.25 cents per share and a final dividend of 4.00 cents per share, both fully franked, were declared by the Board for FY12.

These dividend payments are in line with our policy of balancing the need to reinvest in product development and the long-term growth of Imdex, while maintaining a growing and sustainable dividend stream for our shareholders.

As I have highlighted in previous years, we are committed to a clear and focused strategy for growth, which includes five key areas:

• Maintaining our global product and technology leadership through investment in research and development;

• Growing our global business;

• Expanding into new markets, particularly oil and gas;

• Increasing our rental based revenue; and

• Achieving operational efficiencies.

We adhered to this strategy throughout FY12 and there were a number of noteworthy achievements during the year, including: strategic acquisitions; the development and commercialisation of new products; and record instrumentation revenue – each of which I will briefly summarise.

We have not slowed down in growing our business, both organically and through acquisitions. Strategic acquisitions in FY12 included two complementary drilling fluid companies – Australian Drilling Specialities Pty Ltd and Brazilian based System Mud. The DHS joint venture, of which Imdex has a 30% interest, acquired 100% of the US based oil and gas downhole survey provider, Vaughn Energy Services.

Each of these acquisitions facilitates further global growth and enhances our ability to increase our presence in under-penetrated markets. It is also important to note that the DHS JV’s acquisition of Vaughn will significantly enhance our exposure in the US land based oil and gas market. We are already seeing benefits emerging from our increasing presence in this sector, as evidenced by our Oil and Gas Division’s stronger first quarterly

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results which Bernie will talk to shortly. We have invested in future growth in this sector and we expect this upward trend to continue going forward.

We have also announced this morning the acquisition ioGlobal, a company that supplies cloud based management data solutions for the mining and oil and gas industries. We are really excited about the opportunity for this business – it is a natural fit for Imdex and will both enhance our technical offering to existing customers and expand our customer base. Bernie will talk about this in more detail later.

Our commitment to improving and developing our product range continues to enhance our reputation as a leading innovative global provider of drilling fluids and downhole instrumentation.

During 2012 the commercialisation of our solids removal technology, which has been very well received by our customers and will begin to yield additional revenue as FY13 progresses, was particularly noteworthy. Bernie will provide you with further details about this innovative technology during his address.

Our Reflex rental business has also seen record revenue levels. These excellent results reflect the increasing demand for our advanced range of instrumentation and align with our strategy of growing our rental based income.

At our 2011 AGM I spoke about our decision to implement a revised operational structure that divided our Minerals business into four geographical operating regions to better enable us to provide locally focussed customer service and enhanced cross-selling opportunities. I’m pleased to report further gains in market share have been attributed to this initiative throughout the year, and we expect this trend to continue during FY13.

We are proud of our achievements during FY12. However, we are now focussed on our performance during the new financial year. So ladies and gentlemen – how do we view the year ahead?

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Despite continued global economic concerns, principally brought about by European sovereign debt concerns, a slowdown of growth in the Chinese economy and an uneven US recovery, we delivered another solid performance during the first quarter of FY13. We remain cautiously optimistic about the balance of FY13.

Notwithstanding the cyclical nature of the resources sector, the fundamentals that drive our core markets, present opportunities for our business. This combined with new product releases and growth into new regions continues to present exciting opportunities for FY13.

Importantly, gold and copper prices, which have the greatest impact on our revenues, are above long-term averages. Demand in the oil and gas sector remains strong, buoyed by a deficiency in significant discoveries and diminishing accessible reserves. This is good news for us, as our customers increasingly rely on our fluids and advanced technologies to deliver optimum levels of efficiency in their operations.

Our commitment to the long term strategic development of our company has established a strong organisation with the technological know-how, product range, expertise and global reach necessary to underpin robust financial performance for the continued benefit of our shareholders throughout FY13.

Furthermore, our strong balance sheet enables us to take up growth initiatives as and when they are identified. This ability to respond quickly to opportunities has yielded substantial benefits for our company in the past and, together with significant organic growth, has produced the excellent results achieved in FY12.

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Before I move to the business detailed in the Notice of Meeting, may I thank my fellow Board Members for their expertise, guidance and willingness to make significant contributions to our company throughout the year. It has been a rewarding experience and I look forward to working with you all throughout FY13.

I would also like to take this opportunity to thank, on behalf of all our Board, all of our employees, our executive management team, Bernie, Paul Evans, Gary Weston and Derek Loughlin, our customers and shareholders for your ongoing support.

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Good morning everyone.

I will begin by providing an overview of Imdex’s trading performance for the 2012 financial year and an update on how we have started the current financial year.

I will also briefly cover the operations and divisional performance, comment on the outlook regarding Imdex’s main end markets of mining and oil & gas, and outline Imdex’s strategy and opportunities for growth in FY13 and beyond.

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As our Chairman stated, the 2012 financial year was a record year of which we can be very proud. While the strong result is pleasing, what is important is how we have positioned and continue to position Imdex for future growth.

We are committed to providing the best service to our customers, being market leaders in innovation and technology, and continuing to recruit, develop and up-skill our people. We have also consistently grown our geographic reach to the point now where we operate where our customers are.

Over the 2012 financial year, the Minerals business for our drilling fluids and downhole instrumentation performed well, with robust trading activity in the major mining regions of Asia/Pacific, Africa and the Americas, and continued growth in Europe. As a result, Imdex generated record combined revenue of almost $279 million in FY12; a 36% increase on the prior year.

Our Reflex rental fleet reached new highs by the end of FY12 and our drilling fluids business showed growth in all regions. These factors assisted in generating a record after tax profit of $45.8 million, up 58% on our 2011 performance.

Operating cash flow was also strong, up 29% to $56.9 million. Reflecting the strength of Imdex’s balance sheet and underlying earnings, the Directors increased the company’s FY12 dividend by 61% to 7.25 cents per share fully franked. We are pleased to be able to pay shareholders attractive dividends while at the same time continuing to invest in technologies to drive the future growth of our business.

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Greater than 60% of our global workforce of 543 people at 30 June 2012 live and work outside of Australia.

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As illustrated by the bar charts on this slide, strong revenue growth was achieved in FY11 and FY12, with FY12 at a level more than double that of FY10.

The Minerals division performed very strongly and contributed 87% of total revenue with the Oil & Gas division making up the balance.

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As you can see on this slide, our strategy of expanding outside Australia has been working well with the greatest growth coming from the Americas followed by Africa. These regions combined, attract approximately 40% of non ferrous exploration expenditure and we are confident of growing market share further in these regions in the years ahead.

Whilst expanding internationally, we have not neglected our home market. In fact we grew our business in the Asia Pacific region by 17% during FY12.

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The EBITA trend mirrored the revenue trend over the past three years, and in FY12 we set a new record for EBITA at $75.2 million, up 56% on FY11.

EBITA margins improved to 27% across the business, up from 23.4% in FY11.

FY12 margins were negatively impacted by AMC Oil & Gas. However, we have experienced strong growth in this business in 1Q13 and I will say more on that later.

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As at 30 June 2012, Imdex had $48.2 million in net debt. Gearing, as measured by the percentage of net debt to capital, was a conservative 22.3%.

Cash flow from operations allowed the Group to maintain strong liquidity with EBITA interest cover of 43 times.

As many of you know, Imdex operates two divisions, being Minerals and Oil & Gas.

Let’s now take a look at the performance of each of those divisions.

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Minerals Division revenue, which consists of AMC drilling fluids and Reflex down hole instrumentation, was up 36% on FY11 and this Division contributed 87% of total revenue for the year.

As you can see, this Division performed very strongly with revenue underpinned by the continued support of our global alliances with many global and local drilling contractors.

AMC and Reflex continued to grow market share in all of the major mining regions.

The regional structure established in 2010 has enabled us to deliver operational efficiencies, better customer support, and offer a broader range of solutions and products to our customers. This has delivered real and ongoing benefits to the business, and has been a key driver for the growth experienced over the last two years.

We successfully integrated System Mud in Brazil, Mud Systems in Singapore - where we acquired the rights to the centrifuge technology being utilised in the solids removal technology - and Australian Drilling Specialties in Kwinana, Western Australia.

The Reflex rental fleet continued to grow and this provides a good introduction into the next slide.

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Ongoing product development and innovation has ensured that Reflex remained the number one supplier of downhole instrumentation to the mineral industry globally.

Our rental fleet was at record levels in June 2012 and at the end of the September 2012 quarter was within 14% of the June record. This is an important point as we have only seen a moderate decline primarily reflecting a slowing in expenditure from the junior explorers. It’s worth noting that our exposure to this segment of the market is relatively low.

Imdex has a reputation in the markets in which it operates in of being a leader in product development and innovation. Technology is a key differentiator for us and we spend approximately $5 million per annum on product development to maintain our market leading position. The return on investment in this area is high and we will continue to invest to ensure that our customers have access to the best technology available in the market place.

We have new technology in the Ez-Gyro being introduced to the market in FY13 and the Smart Barrel which looks likely to be introduced to the market in FY14.

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Our solids control technology for the diamond drilling industry in mining is setting new standards and, we believe, is a game changing technology.

The industry is in the early stages of moving away from the traditional method of using drilling fluid sumps to an above ground, closed loop system. The advantages include:

• Small or zero environmental footprint

• Reduced water consumption

• Less wear and tear on drilling components, and

• Increased productivity, reduced set up and remediation time and lowered costs

Our surface unit is in the early stages of rollout to the Australian market and we are on track to have at least 50 units in the field by the end of FY13. They will be introduced to the other global mining regions by the end of December this year. Our underground unit should be available for testing by the end of this calendar year.

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We included this slide for the first time at our FY12 results announcement on 20 August this year. It is important for us to clarify where our Minerals revenue is derived.

• In terms of commodity exposure, approximately 70% is from gold and copper;

• Approximately 70% is from late stage development and production whilst early stage exploration contributes roughly 30%;

• The split between major/intermediate and the juniors is roughly 80%/20%, so our exposure to the juniors is relatively low.

The continued spending by the majors and intermediate companies underpinned our strong results for FY12.

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The Oil & Gas division consists of AMC Oil & Gas, which provides drilling fluids and production and completion chemicals and the DHS joint venture (30% owned by Imdex), which provides down hole survey services.

Revenue from this division was up 36% on FY11 at $37.2 million. This included $9.3 million from our 30% share of revenue from the DHS joint venture.

AMC Oil & Gas had a difficult year in FY12. The main cause of the underperformance was the timing difference between making our investment in the business and generating revenue from those investments. However, I am pleased to report that revenue was significantly stronger in 1Q13 and the business was breakeven for the quarter with further improvement expected for the balance of FY13.

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The DHS Joint Venture acquired 100% of the US based Vaughn Energy Services (Vaughn) on 1 January 2012. This is proving to be a very strategic acquisition that has performed strongly since day one. Vaughn competes in the US land based oil & gas market against Scientific Drilling and Gyrodata and continues to win market share.

One of the highlights during 1Q13 has been the introduction of the Imdex Target INS technology to the US market and the introduction of the Vaughn technology to the oil & gas market in the Middle East.

The Dubai based business that currently represents less than 10% of joint venture revenue performed poorly in FY12. However, following a number of organisational changes and cost cutting initiatives we expect the Dubai based business to be profit making in 2H13.

The DHS Joint Venture was profitable at the EBITA line in 1Q13.

The global market for downhole survey services is estimated at US$400 million to US$500 million dollars annually and growing.

The DHS joint venture is already the number 3 player in this industry and we expect to continue to grow the business to become the leading specialist provider of downhole survey services to the global oil & gas industry over the next 3-5 years.

This will be achieved by way of organic growth and potential bolt-on acquisitions.

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Our focussed strategy of having two distinct operational Divisions - minerals and oil & gas, supplying drilling fluids and downhole instrumentation - remains.

As illustrated by this slide, Imdex continues to concentrate on late stage minerals applications and further penetration of under-developed mining markets globally, while growing our oil and gas business for both Drilling Fluids and Down Hole Instrumentation Services.

Inclusive of the DHSO JV, our objective over the next three to four years is for 30% - 40% of Group revenue to be generated from the oil & gas industry. In 1Q13, revenue from this sector was 22%, up from the 13% in FY12, meaning we are on track to achieving that target. Such diversification is logical and provides a counterbalance to the cyclical minerals business. Also, it is an extension of our existing business into a sector in which we have considerable expertise to which we have been adding over the course of the last 12 months.

In addition to increasing our footprint within the oil and gas sector, we will continue to implement our rental model, where possible, which has proven to be sound and has been an important factor for our continued earnings improvement during FY12.

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In recent years, we have simplified this business and it is good for shareholders to have an understanding as to the key drivers for Imdex.

Mineral exploration and development spending and drilling rig utilisation are critical to our business and these are largely dependent on commodity prices and liquidity. Both were robust during FY12 despite some slowing from the Juniors. The fact that the majority of our business is exposed to the major and intermediate companies has been responsible for continuing demand for drilling fluids and down hole instrumentation as shown by our 1Q13 results which I will cover shortly.

Gold and copper prices remain strong and represent approximately 70% of non ferrous exploration spending. If the gold price continues its upward trend, the Juniors will be able to raise funding to drive further exploration spending. In this regard, we have witnessed a number of junior capital raisings over recent weeks, which is encouraging for this end of the market.

Our Reflex suite of instruments are all manufactured in Australia and our rental fleet remains robust reflecting our technology market leadership, innovation, upselling potential, increased product offering and global presence with marketing and service centres in all of the major mining regions.

Drill rig utilisation by the major drilling contractors remains robust, however, we are seeing an earlier slowdown in the run up to the traditional holiday period in December and January.

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More difficult trading conditions have been evident in 1Q13 where we have seen some weakness from the Juniors. However, continued spending by the major and intermediate miners, which account for the majority of our revenues, has underpinned our results for the quarter. This is evident in the Reflex rental fleet which, at 30 September 2012, was only down 14% on the record high in June 2012.

A highlight for the quarter was the much improved performance of AMC Oil & Gas which increased revenues by 102% on the prior corresponding period. We expect this business will continue to improve in FY13 and beyond.

There is little doubt that we are experiencing a cyclical slowdown in the minerals business which has reduced our margins.

EBITA for 1Q13 was $16.6 million. During the quarter we experienced:

• a change in mix of business towards oil & gas;

• a ramp up in business resources and capability to tackle new initiatives such as SRUs and oil & gas expansion; and

• the reduction in the minerals business driven mostly by the juniors.

We have a number of important initiatives underway to improve EBITA margins going forward:

• increased roll out of the solids removal units globally

• introduction of the Ez-Gyro to the global minerals market

• market share growth in all four major mining regions of Asia Pacific, Africa, the Americas and Europe

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• fixed cost leverage as we grow revenue in AMC, Oil & Gas

• operational and efficiency initiatives, and

• integration of ioGlobal which provides a good lead into the next slide.

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I would like to now spend a couple of minutes talking about the bolt-on acquisition of ioGlobal announced to the ASX this morning. ioGlobal provides innovative cloud-based data management systems for the mining, mineral exploration and oil and gas industries.

ioGlobal was formed in 2000 and is based in Perth with offices in Melbourne and Vancouver.

Their core business is turning analytical and associated data into actionable information. In the centre of this slide you can see the reference to “Field Operations Data”. ioGlobal specialises in acquiring field data, cleaning, validating and analysing it before reporting it back to the customer in an actionable format.

A good example are shift reports for drilling contractors. Traditionally, these are paper based systems which are prone to error, inefficient and require reprocessing. The data is difficult to sort into meaningful decision making format. ioGlobal offers a paperless, cloud based solution which is presented to the customer in actionable format and integrated with their existing ERP system.

This applies to drilling contractors, mining service companies, resource companies and oil & gas companies.

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The acquisition price of $8 million will be funded by a combination of cash and shares.

ioGlobal is an excellent strategic fit for Imdex . The company complements our existing product offering, allows us to expand our customer base and offers excellent growth prospects within the mining and oil and gas sectors. In addition, the ioGlobal business will benefit from our sales and marketing expertise and access to a wider range of customers around the world.

ioGlobal will extend and complement the growth cycle of our downhole instrumentation by enhancing its value proposition.

The value proposition of our Reflex business enables customers to obtain positional data in an accurate, efficient and convenient way. In time, ioGlobal’s technology will take this to another level by providing positional data together with geophysical and geochemical information in a timely and user-friendly format – directly from the rig to the office. Geologists, management and operational personnel will be able to review crucial decision making data in an actionable format at the rig or off-site. This translates into increased drilling time, improved efficiency, reduced operating costs and increased safety for our customers.

Reflex’s long-term growth strategy includes the provision of leading technology that enables customers to obtain additional data and convert that data into actionable information in real time. ioGlobal ’ s unique technology allows Reflex to further differentiate its suite of products and extend its market leadership. This further supports the key elements of our growth strategy and is ready to be implemented on a global scale utilising Imdex’s international operational network.

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Customers include major/intermediate and junior resource and service companies.

The acquisition is immediately earnings accretive, has excellent growth prospects and, importantly, following completion of the transaction, Imdex will continue to be a conservatively geared business with a strong balance sheet.

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So, in summary, I’d like to leave you with the following key points:

• Our FY12 revenue, earnings, operating cash flows and dividends were all record highs as were our Reflex rental fleet levels

• We have a strong balance sheet with conservative gearing

• Our 1Q13 revenue and earnings demonstrate that we have a resilient business model, however, we are starting to see some reduction from the major and intermediate resource companies

• Our strategic move into oil & gas offsets the traditional cyclicality in the minerals market. We have had strong growth in the oil & gas division and we expect that trend to continue in FY13 and beyond

• We will continue to develop and release new technology / products in mining and oil & gas, including solids removal units

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• We expect market share growth across all global regions

• We will pursue strategic, bolt-on acquisitions such as ioGlobal, to complement our existing business and provide growth opportunities for years to come.

That concludes my presentation, however, before closing I would like to echo our Chairman’s words and acknowledge our employees all around the world that make Imdex what it is today. I continue to be amazed by their commitment, inventiveness, dedication and hard work, and we are very privileged to have such talent working in the team.

I would also like to thank our customers, suppliers and consultants for their support throughout the year and trust that will continue for many years to come.

Finally, I would very much like to thank our Board for their guidance and support. We are very fortunate to have such a high quality Board.

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