IMDEX LIMITED

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15 September 2011

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Company Announcements O f fice ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2001

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Dear Sir/Madam

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September 2011 USA Roadshow

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Please find attached the S e ptember 2011 USA Roadshow presentatio n .

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Yours faithfully Imdex Limited

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Paul Evans

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Company Secretary

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USA R oa d s h ow - S ep em t b er 2011 – Bernie Ridgeway Managing Director

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

Disclaimer

This presentation has been prepared by Imdex Limited (“the Company”). It contains general background information about the Company’s activities current as at the date of the presentation. It is information given in summary form and does not purport to be complete. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions.

This presentation is not (and nothing in it should be construed as) an offer, invitation, solicitation or recommendation with respect to the subscription for , purchase or sale of any security in any jurisdiction , and neither this document nor anything in it shall form the basis of any contract or commitment. The presentation is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

The Company has prepared this presentation based on information available to it, including information derived from publicly available sources that have not been independently verified. No representation or w arrant y, x e press or implied , is made as to the fairness , acc u rac y, completeness , correctness or reliabilit y of the information, opinions and conclusions expressed.

Any statements or assumptions in this presentation as to future matters may prove to be incorrect and differences may be material . To the maximum extent permitted by law , none of the Company , its directors , employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

Overview

ASX listed industrial company (ASX: IMD), head office in Perth, WA
Global operations – presence in all major mining regions , niche Oil & Gas markets
~400 people globally (>50% outside Australia)
Markets:
Mining
Oil & G as
Products:
Drilling Fluids & Chemicals (cool bit , keep hole open , cuttings)
Down Hole Instrumentation (survey, core orientation)
Record revenue and EBITA in FY11
Expectation of further record results in FY12 as global expansion continues for Imdex

Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

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USA Roadshow ‐ September 2011

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Imdex’s global footprint
East Sussex, UK 2006 Rastede, Germany 2011
Calgary, Canada 2007 Riegel, Germany 2008
Timmins, Canada 2006 Aktau, Kazakhstan 2007
Salt Lake City, USA 2011
New Delhi, India 2010
Torreon, Mex co i 2007
Accra, Ghana 2011
Singapore 2001
Jakarta 2001
Lima, Peru 2007 Townsville
Belo Horizonte,
Brisbane
Brazil 2011 Johannesburg, SA 2005
Perth 1987 Mudgee
Santiago, Chile 2007 Kalgoorlie Melbourne
Adelaide
Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World
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USA Roadshow ‐ September 2011

Simple business structure/brands

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Market Minerals Oil & Gas
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Fluids Instruments Fluids Instruments
Brand
Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World
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USA Roadshow ‐ September 2011

Drilling Fluids

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Cools and lubricates the bit and drill rods

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Clears cuttings from the face of the bit and carries them to the surface
Supports the formation through hydrostatic pressure

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Protects the drill rods and reduces excessive wear

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Plasters the whole with a semiim ermeable filter cake p

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

Reflex main product line

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EZ Shot
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EZ Trac
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Single shot magnetic down hole survey instrument Multi shot magnetic down hole survey instrument

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Reflex
Gyro
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ACT II
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Non magnetic down hole survey instrument Digitial, electronic core orientation tool

Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

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USA Roadshow ‐ September 2011

Survey Tools ‐ We straighten things out.....

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A 2˚ variation at surface leads to a 35m discrepancy at 1000m

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2 ˚
•
Reflex survey tools provide accurate
data on borehole path
Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World
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USA Roadshow ‐ September 2011

Core Orientation ‐ We straighten things out.....

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Core orientation provides accurate data on dip and strike of ore bodies
Essential for efficient mine planning

Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

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USA Roadshow ‐ September 2011

Sample of minerals customers

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

Imdex’s competitive advantages

Well positioned
Own our Intellectual Property, do our own research & product development and manufacturing
We have a global presence; sell/rent our products to market
Specialist skill set
Drilling Fluids and Chemicals differentiators
Strong client service philosophy, focused on minerals segment
Drilling fluid engineers spend “face time” with customers, training
Investment in stock points close to customers
C tit ors – S c hl um b waco an d H a llib ur on t aro ocus ompe erger (MI S ) (B id)(O&G f )
Down Hole Instrumentation differentiators
Technology leadership – rental model
Robust product development pipeline
Competitors – small , privately owned family businesses

Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

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USA Roadshow ‐ September 2011

Excellent financial performance

Key indicator FY10 FY11 Change	Key indicator FY10 FY11 Change	Key indicator FY10 FY11 Change	Key indicator FY10 FY11 Change
Key indicator	FY10	FY11	Change

R evenue	$134 3 . m	$205 2 . m	53%
EBITA (excl non‐operational items)	$20.7m	$48.1m	132%

NPAT (excl non‐operational items)	$9.8m	$29.0m	196%
Operating cash flow	$5.7m	$35.9m	530%

Gearing (net debt / capital)	19.6%	13.4%	
Interest cover	27 times	17 times
Total dividend (fully franked)	‐	4.5 cents per share
Numberofemloees(inclarttime)	300	399	33%
py p
*Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World*

USA Roadshow ‐ September 2011

Record revenue

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Revenue
205.2
($m)
•
53% on FY10
•
 44% on pre GFC record revenue of
142.0 137.0 134.3 $142m
•
Minerals
103.8 •
87% of total revenue
•
Strong performance
•
Oil & Gas
52.8
•
13% of total revenue
•
Solid performance given floods impact in
central and north eastern Australia
O&G
FY06 FY07 FY08 FY09 FY10 FY11
Minerals
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excludes other income & discontinued operations

Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

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USA Roadshow ‐ September 2011

Record EBITA

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EBITA
($m)
48.1
•
38.8 132% on FY10
•
Strong minerals performance in all
major mining regions drove EBITA
growth
24.5
22.3 •  24% on pre GFC record of $38.8m
20.7
•
EBITA margins continued to improve
to 23.5%
7.4
O&G
FY06 FY07 FY08 FY09 FY10 FY11
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excludes discontinued operations and non-operational items

Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

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USA Roadshow ‐ September 2011

Minerals Division

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177.7
Revenue
($m) Africa
17%
125.0
Americas
108.9 111.2 26%
96.6
Europe
3%
Asia
Pacific
54%
FY07 FY08 FY09 FY10 FY11
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NB: Regional structure adopted 1 July 10 – Comparatives have been reconstructed using assumptions for illustrative purposes
excludes other income & discontinued operations
 60% on FY10
Record mining Reflex fleet numbers
AMC and Reflex continue to gain market share Americas
AMC brand rolled out globally
Regional structure delivering cross selling advantages – same customer base for fluids and instrumentation
Subject to no deterioration in end Asia Pacific markets , u p ward trend in revenue/ 55% margin expected to continue
Acquisition of ADS – 1 July, 2011
Proposed acquisition of System Mud (Brazil)
Organic growth in all major mining regions

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

Record Reflex rental fleet

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•
94% above previous peak
•
Seasonal slowdowns over December/January - highlighted
•
Further growth expected in FY12 as new products rolled out
Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World
s on Hire
Instrument
Oct‐07 Dec‐07 Feb‐08 Apr‐08 Jun‐08 Aug‐08 Oct‐08 Dec‐08 Feb‐09 Apr‐09 Jun‐09 Aug‐09 Oct‐09 Dec‐09 Feb‐10 Apr‐10 Jun‐10 Aug‐10 Oct‐10 Dec‐10 Feb‐11 Apr‐11 Jun‐11 Aug‐11
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USA Roadshow ‐ September 2011

Proposed acquisition of System Mud (Brazil)

Purchase price ~$9.0m
Will be immediatel EPS accretive y
Effective date 1 August 2011. Completion expected in October, 2011
Forecast CY11 results
Turnover $7.5m
• EBITA $1.4m
Benefits to the Imdex Group
Access to expanding Brazilian market and strengthen position in Latin America
Strategically placed to service global customers
Platform for growth of Reflex brand and cross selling

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

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Solids Control Technology

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Traditional drilling fluid sumps N o sumps – f u ll y enc ose l d sys t em
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Traditional drilling fluid sumps
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Solids removal and fluid property management

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Small environmental site footprint

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Reduced site set up and remediation costs
Reduced water consumption

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No environmental dama g e
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Less wear and tear to drilling components by abrasive fluid
Quicker to mobilise

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

Oil & Gas Division

**Revenue *** •  19% on FY10
($m) • Fluids & chemicals impacted by floods in
28.0 27.5 Australia • Instrumentation services growth via DHS
23.1 JV (oil & gas globally) • Continued product development on existing/new instrumentation
17.0 • Inte ration of Mud-Data into AMC brand g
complete
• Subject to no deterioration in end markets, u ward trend in revenue / mar in p g
7 2. expected to continue • DHSO JV effective 1 July 2011
• Ex p ansion of Mud-Data in Euro p ean market
FY07 FY08 FY09 FY10 FY11 • Drilling fluids and completion/production
- excludes other income & discontinued operations chemicals
Drilling fluids and completion/production chemicals

Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

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USA Roadshow ‐ September 2011

DHS Oil & Gas Services JV

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DHSO (majority owned by Lime Rock), is a 50:50 joint venture based in Dubai
DHSO has exclusive global licence to Imdex technology
Imdex sells instrumentation to the JV at cost + margin
Initial target market the Middle East then expand globally
Main competitors – Scientific Drilling International, Gyrodata
Global onshore and offshore surveying and steering market ~US$500m US$600m
Aggressive growth planned over next 5-7 years

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

AMC Oil & Gas, Europe

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Based in Rastede, northern
Germany (near Bremen)

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Drilling fluids and chemicals and equipment

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Stron g markets – oil & g as , geothermal and civil industries
• Solids control and high quality equipment for oil & gas and geothermal

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World
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USA Roadshow ‐ September 2011

On track with strategy

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Past FY11 Medium Term
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Oil & Gas Minerals 87% Instruments 32% Fluids 68% Services Sa esl 31% Rentals 69% ¹ Based on actual or anticipated EBITA Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World 2 Based on actual or anticipated Revenue

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USA Roadshow ‐ September 2011

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Increasing estimated global exploration spend
22.5
non‐ errous f n
( ) (US$B )
20.8
20.4
19.0 19.3
18.0
17.1
16 0.
13.2
11.5
10.4
7.5 7.7
5.1
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Metals Economics Group (2005-2011); McKinsey analysis (2012-2018)
Reproduced with permission from Boart Longyear
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40% on CY10 to highest level ever
Due to industry capacity constraints, likely flow into subsequent years
Expenditure focused on gold and copper

Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

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USA Roadshow ‐ September 2011

Key business drivers and outlook

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Mineral exploration
spend
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Despite recent volatility in global financial markets,
commodity prices remain robust
Exploration activity levels and spend currently at record
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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

Summary

FY11 – Imdex’s best ever results
Record revenue and earnings
Record Reflex rental numbers
Strong balance sheet
Record operating cash flows
Full year dividend of 4.5 cents per share
Attractive growth opportunities to drive further growth
AMC Oil & Gas Europe drives fluids & equipment growth in the region
DHSO joint venture drives Oil & Gas instrumentation/services growth globally
System Mud acquisition increases representation and presence in expanding Brazilian market
New technolo gy / p roducts in minin g and oil & g as, includin g solids control
Further organic growth across all global regions
FY12 expected to be higher than FY11

Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

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USA Roadshow ‐ September 2011

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Appendix

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Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World

USA Roadshow ‐ September 2011

Profit & loss


($millions)	FY10	FY11	Var %
R ( l i i ) evenue exc nterest ncome	134 3 205 2 53% . . 24.9 53.8 116%
EBITDA
Depreciation	(4.2) (5.7) 37% 20.7 48.1 132% (6.4) (6.8) 7%
EBITA
Amortisation
Net interest expense Tax expense	(0.7) (2.8) 260% (3.8) (9.5) 154% 9.8 29.0 196%
NPATbefore non recurring items
Impairment	(34.0) - - (0.7) - - 3.4 - -
Forex on SEH loan
Tax effect of non recurringitems
Statutory NPAT	(21.5) 29.0 - *(11.05)* *14.69* - 57 359 530%
NPAT / Weighted av shares on issue (cents)
Cash flow from operations
	*World* . .
*Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the*

USA Roadshow ‐ September 2011

Strong balance sheet


($millions) Net cash Receivables	Jun 10	Jun 11
I nventory Investment in SEH Fixed assets	St h iti 28 6 40 6 • rong cas pos on • Invested in working capital to support increased . . 6.8 16.1 13.6 17.3
Intangibles Other assets / Deferred tax	sales/rentals 50 0 55 9 • Investment in SEH remains non core . . 14.2 20.6 163.4 219.1 25.7 32.8
Total Assets
Payables
Commercial bills Bank loan – Canada Bank loan – Sweden	• Deferred tax on unrealised instrumentation profits • Interest cover of 17 times 19.5 25.9 5.7 6.9 2.9 1.0
Vendor finance HP Finance Provisions and current tax	(EBITA over net interest income) • Low gearing - 2.8 3.9 1.3 11.2 23.0 94 5 125 4
Total Euit
qy	• Net Debt of $19.5m . . *1.03* *1.05* *1.58* *1.62* *usingCIBCandWestpac
(CA – Inventory)/CL * CA/CL *
*Gearing* *(net debt / capital)* *19 6%* *13 4%* *Providing Quality Drilling Fluids and Leading Down Hole Instrumentation to the World* . . assumed repayment terms not statutory disclosure

USA Roadshow ‐ September 2011

AI assistant

IMDEX LIMITED Investor Presentation 2011

65119_rns_2011-09-14_0910b539-f399-4cdd-bc6a-b479b81c2f0f.pdf

September 2011 USA Roadshow

Imdex Limited

Disclaimer

Overview

Simple business structure/brands

Drilling Fluids

Reflex main product line

Survey Tools ‐ We straighten things out.....

Core Orientation ‐ We straighten things out.....

Sample of minerals customers

Imdex’s competitive advantages

Excellent financial performance

Record revenue

Record EBITA

Minerals Division

Record Reflex rental fleet

Proposed acquisition of System Mud (Brazil)

Solids Control Technology

Oil & Gas Division

DHS Oil & Gas Services JV

AMC Oil & Gas, Europe

On track with strategy

Key business drivers and outlook

Summary

Appendix

Profit & loss

Strong balance sheet

AI assistant

IMDEX LIMITED — Investor Presentation 2011

65119_rns_2011-09-14_0910b539-f399-4cdd-bc6a-b479b81c2f0f.pdf

September 2011 USA Roadshow

Imdex Limited

Disclaimer

Overview

Simple business structure/brands

Drilling Fluids

Reflex main product line

Survey Tools ‐ We straighten things out.....

Core Orientation ‐ We straighten things out.....

Sample of minerals customers

Imdex’s competitive advantages

Excellent financial performance

Record revenue

Record EBITA

Minerals Division

Record Reflex rental fleet

Proposed acquisition of System Mud (Brazil)

Solids Control Technology

Oil & Gas Division

DHS Oil & Gas Services JV

AMC Oil & Gas, Europe

On track with strategy

Key business drivers and outlook

Summary

Appendix

Profit & loss

Strong balance sheet

More from IMDEX LIMITED

IMDEX LIMITED Investor Presentation 2011