IMDEX LIMITED — Investor Presentation 2007

Nov 28, 2007

29 November 2007

Company Announcements Office Australian Stock Exchange Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2001

Dear Sir/Madam

Ord Minnett Mining Services Conference Presentation

Please find attached a copy of the presentation being made to the attendees of the Ord Minnett Mining Services Conference later today.

Yours faithfully

Imdex Limited

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Paul Evans Company Secretary

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Imdex Limited ACN 008 947 813 ABN 78 008 947 813 Level 1 15 Rheola Street, West Perth Western Australia 6005 PO Box 1325 West Perth WA 6872 Phone +61 8 9481 5777 Fax +61 8 9481 5377 E-mail imdex@imdex.com.au Page 1 of 1

Quality Endorsed Company ISO 9002 LIC: QEC 2807 Standards Australia

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Mining Services Conference

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Imdex Limited

29 November 2007

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AGENDA

• Who we are

• Where have we been

• Group Structure

• Our Strengths

• FY07 Results

• Imdex Snapshot

• Imdex Strategy FY08

• � Global Exploration Spend

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WHO WE ARE

� Imdex is a Perth based, ASX listed company (IMD) supplying drilling products and services globally

• The industries serviced include:

• Mineral exploration

• Mining

• Oil and gas

• Water well

• � Civil

• Imdex is a technology market leader

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WHO WE ARE

• Imdex is building on its comprehensive global distribution and supply network - recent agreements with Sandvik (distribution) and Boart Longyear (supply)

• Imdex employs circa 300 employees around the world

• Imdex operates from 10 major locations to service the global mining and oil & gas businesses

• Imdex has representation in all major mining and exploration regions in the world

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WHO WE ARE – Operating Divisions

Fluids and Chemicals

• We manufacture and sell fluids and chemicals

• used in a range of on-shore drilling applications

• These fluids cool and lubricate the drill bit, keep

• the drill hole open and return cuttings to the surface

• Our products and packaging are designed with

• the environment in mind

• Major competitors are M-I, Halliburton (Baroid)

• and Baker Hughes (all primarily focused on oil & gas)

• Major differentiating point is service

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Australian Mud Company products in
characteristic green packaging
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WHO WE ARE – Operating Divisions

Products and Services

• We develop and manufacture our down

• hole instrumentation using the IP we own

• Our instrumentation primarily includes

• down hole survey and core orientation

• Imdex technology provides the leading

• instrumentation for the minerals market worldwide

• Powerful R & D capability for new and

• improved tools

• Competitors are generally small, privately

• owned businesses

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ACT electronic core orientation tool kit

• Differentiating point is leading technology

• and service

WHO WE ARE – GLOBAL REACH

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Major Operational Locations
Other Operations
Europe Germany Sweden
Kazakhstan Switzerland
Mongolia Turkey
UK
Vallentuna (Sweden)
Timmins
Calgary
East Sussex (UK)
Almaty (Kazakhstan)
China
Indonesia
Laos
Malaysia
New Zealand
Congo Papua New Guinea
Ghana Philippines
Guinea Singapore
Mali Thailand
Brisbane
Mauritania Kalgoorlie
South Africa Perth Canada Santiago
Johannesburg
Tanzania Chile
Uganda Mexico
Zambia Peru
Africa Asia Pacific Americas
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WHO WE ARE – WHY IMDEX?

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Employees choose Strong Investors choose
Imdex growth Imdex
Market
Quality of
leading
service
products
Suppliers choose Customers choose
Imdex
Global Imdex
reach
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WHERE HAVE WE BEEN – Financial Results

Revenue by Division

EBITA (normal operations)

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$140.0
$120.0
$100.0
$80.0
$60.0
$40.0
$20.0
$0.0
FY03 FY04 FY05 FY06 FY07
Fluids and Chemicals Products and Services Minerals Processing
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$30.0
$25.0
$20.0
$15.0
$10.0
$5.0
$0.0
FY03 FY04 FY05 FY06 FY07
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WHERE WE HAVE BEEN – Acquisitions and Growth

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FY 2007 FY 2008
1 November 2007
Further
1 May 2007
acquisitions
1 August 2006
and organic
growth
1 July 2007
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GROUP STRUCTURE

IMDEX LIMITED

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Drilling Fluids &
Chemicals Division
Australian
Suay Southern-
Samchem Mud Poly-Drill
Energy * land ^
Company
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Drilling Products &
Services Division
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Surtron [#] Reflex Chardec Flexit
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• • From 1 July 2007

^ - From 1 November 2007

• - Divestment effective 1 November 2007 -

$17.5m plus loan repayment of approx. $2.3m

OUR STRENGTHS

• IP ownership and manufacturing technologically leading products for the drilling industry

• Strong brands in Australia and internationally

• Global distribution and supply network

• Customer focused local management expertise (think global; act local)

• Powerful research & development capability

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FY07 RESULTS – HIGHLIGHTS

up 153%

up 79%

“an outstanding financial year for the Imdex Group” – I F Burston, Chairman up 69%

up 60%

up 44% 2.5 cents

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Fully
EBITA Earnings franked
Operating (normal Net Profit Operating per share dividend
Revenue after Tax cash flow
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FY07 RESULTS – P&L SUMMARY

							2007		2006		2005
		Year ended 30 June					$000’s		$000’s		$000’s
		Revenue					119,340		66,792		40,051
							79%		67%		1%
		EBITDA					30,196		14,414		6,889
				Sales up			109%		109%		630%
		EBIT		by 79%			22,398		11,983		5,499
							87%		118%		272%
		Net Profit after Tax					13,518		7,984		4,172
							69%		91%		213%
		Operating Cash Flow					16,141		10,074		3,155
							60%		91%		213%
		Earning per Share					8.74		6.07		3.66
		Dividendsper Share					2.50		2.00		-

FY07 RESULTS – BALANCE SHEET

Goodwill & intangible assets Other assets Property, plant & equipment Financial assets Inventory Receivables Cash	2007 $000’s	2006 $000’s
	62,779 888 13,207 16,056 13,839 27,806 15,271	3,219 136 9,967 4,500 9,707 18,798 6,421
Total Assets	149,846	52,748
Provisions / Deferred tax liabilities Vendor finance - Chardec Other borrowings Hire purchase borrowings Bank loan Commercial bills Payables	7,141 10,088 502 2,407 15,140 12,300 25,654	1,514 - - 2,894 - - 15,687
Total Equity	76,614	32,653

• Strong cash position

• Significant uplift in total assets due to acquisitions

• Financial assets; investment in SGE. Non core, disposal expected in FY08

• Commercial bills are AUD based

• � Bank loan is SEK based and bears interest at about 4% per annum

• Gearing at 35%

• � Non-interest bearing vendor finance reduced by $5.4m on 31 July 07 (debt to equity reduces to 31%)

IMDEX SNAPSHOT

		Current share price		$2.24
		Number of shares		182.84m
		Market capitalisation		$409.56m
		EBITDA		$30.20m
		Depreciation		($4.37m)
		EBITA		$25.83m
		Amortisation		($3.43m)
		EBIT		$22.40m
		NPAT		$13.52m
		Basic earnings per share		8.74¢
		Earnings per share growth		44%
		Dividend per share		2.50¢
		Dividend payout ratio		28.6%

IMDEX SNAPSHOT

	IMDEX SNAPSHOT
	Top 10 Shareholders
	(as at 27 November 2007)
	Fiberform Vinidic Holding AB	11.4%		Ian Burston	Chairman
	J P Morgan Nominees	7.1%		Ross Kelly Bernie Ridgeway	Non-Exec Director Managing Director
	ANZ Nominees	5.8%		Kevin Dundo	Non-Exec Director
	National Nominees	4.9%
				Magnus Lemmel	Non-Exec Director
	Citicorp Nominees	3.7%
	RBC Dexia Investor Services Australia Nominees PtyLtd(PIIC Account)	3.4%			Contact Details
	Queensland Investment Corporation	3.0%		Level 1, 15 Rheola Street, West Perth
				Western Australia, 6005
	HSBC Custody Nominees	2.7%		Telephone: +61 8 9481 5777
	RBC Dexia Investor Services Australia Nominees Pty Ltd (PIPooled Account) RBC Dexia Investor Services Australia Nominees PtyLtd(BKCust Account)	2.4% 2.6%		Email: imdex@imdexlimited.com Fax: +61 8 9481 5377

IMDEX STRATEGY - FY08 OUTLOOK

• Imdex is becoming the fourth global player in drilling fluids behind M-I (Schlumberger/Smith International), Halliburton and Baker Hughes

• Imdex is supplying market leading technology in down hole instrumentation

• Strong demand for commodities and energy is expected to continue, largely driven by China and other emerging South East Asian economies

• Strong commodity prices are forecast for the medium term

• We expect to increase market penetration with drilling fluids and other products into oil & gas industry (eg MEMS gyro, solids control equipment)

• Significant growth is expected from recent acquisitions of Flexit, Suay, Poly-Drill and Southernland (effective 1 November 2007)

IMDEX STRATEGY - FY08

Our FY08 strategy is to:

• Continue to provide superior customer service

• consolidate the business and make new “bolt-on” acquisitions

• continue to build scale in both drilling fluids and down hole instrumentation

• support existing distribution/supply alliances and form additional supply alliances

• launch new, improved products onto the global market – maintain/extend product leadership

• Board and Management committed to delivery of growth and dividends to fellow

• shareholders

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GLOBAL EXPLORATION SPEND

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Estimated Exploration Spend Worldwide (Non Ferrous)
US$ Billions
$10.0
$9.0
$8.0
$7.0
$6.0
$5.0
$4.0
$3.0
$2.0
$1.0
$0.0
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Data from the Corporate Exploration Strategies report of the Metals Economics Group – 13/11/2007
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• Budgeted mineral exploration expenditure is a record US$10B in 2007 - up 33% on the US$7.5B in 2006

• Exploration by commodity is Gold (41%), Base Metals (36%), Diamonds (10%)

• Junior companies are very active

• Unprecedented demand - China and India

• Deeper and more complicated ore bodies

• Dearth of new world class discoveries

GLOBAL EXPLORATION SPEND

Worldwide Exploration Budgets* by Region 2007 (%)

Worldwide Exploration Budgets* by Stage 2007 (%)

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Pacific /
United
Latin
SE Asia
States America Minesite
Grass
Australia 8% 4% 24% 20% roots
12% 39%
16% 19%
Africa 41%
17%
Canada
Late
Stage
Rest of
World
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• In Latin America, 83% of expenditure is undertaken in Mexico, Peru, Chile, Brazil and Argentina

• In Africa, major exploration destinations include South Africa, DRC, Angola, Tanzania, Botswana and Ghana

• 1,821 companies’ budgets totalling US$9.99B Source: MEG, Nov 2007

• Late stage exploration exceeds grassroots exploration for the third consecutive year

FY08 – SEPT QUARTER & FORECAST

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FY08 Forecast Revenue FY08 Forecast EBITA
$160.0 $ 150m $40.0 $ 37.5m
$140.0 $35.0
$120.0 $30.0
$100.0 $25.0
$80.0 $20.0
$60.0 $15.0
$40.0 $10.0
$20.0 $5.0
$0.0 $0.0
FY04 FY05 FY06 FY07 FY08 FY04 FY05 FY06 FY07 FY08
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FY08 progress to date shows continued strong performance and growth

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IMDEX Limited

Australia’s Global Drilling Products & Services Company - a service provider to the natural resources industries

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