IMDEX LIMITED — Investor Presentation 2011

Feb 27, 2011

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28 February 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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ASX Small to Mid Caps New York

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Please find attached a co p y of the presentation being made at the A S X Small to Mid Caps Conference in New Y ork this week.

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Yours faithfully

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Imdex Limited

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Paul Evans Company Secretary

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Imdex Limited

ASX Small to Mid Caps New York M arc h 2011

Bernie Ridgeway – Managing Director

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 p rofessional advice , when decidin g if an investment is a pp ro p riate.

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 warranty, express or implied, is made as to the fairness, accuracy, completeness, correctness or reliability 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.

Overview

• ASX listed industrial company (ASX: IMD), head office in Perth, WA

• Global operations – presence in all major mining regions, niche Oil & Gas markets

• ~320 people globally (>50% outside Australia)

• Markets:

• Mining

• Oil & Gas

• Products:

• Drilling Fluids & Chemicals (cool bit, keep hole open, cuttings)

• Down Hole Instrumentation (survey, core orientation)

• Record revenue and EBITA in 1H11

• Expectation of further record results in 2H11as global growth continues

Structured to meet client needs

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Fluids Instruments

Fluids Instruments

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Brand
ASX Small to Mid Caps New York - March 2011 4
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Mineral customers

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ASX Small to Mid Caps New York - March 2011 5
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Oil & Gas customers

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ASX Small to Mid Caps New York - March 2011 6
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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

• Competitors – Schlumberger and Halliburton (O&G focus)

• Down Hole Instrumentation differentiators

• Technology leadership – rental model

• Robust product development pipeline

• Competitors – small, privately owned family businesses

Strong financial performance

Key indicator	1H11	1H10	Change
Revenue	$95.9m	$58.4m	�64%
EBITA (excl non-operational items)	$21.2m	$7.5m	�182%
NPAT (excl non-operational items)	$12.1m	$2.9m	�323%
Operational cash flow	$13 9m .	$4 6m .	�202%
Gearing (net debt / capital)	18.4%	19.6%	-
Interest cover	16 times	9 times	-
Interim dividend (fully franked)	1.75 cents / share	-	-

Record revenue level achieved

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120
Revenue
($m)
100 95.9
80.3
80 75.9
72.9
69.1
60 57.9 56.7 58.4
45.9
40
20
0
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11
excludes other income & discontinued operations
ASX Small to Mid Caps New York - March 2011 9
Minerals
O&G
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Record EBITA level achieved

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EBITA
25
($m)
20.7
19.8 20.0 20.0
20
15
13.2
12.2
10 1.
10
7.5
5 4.5
0
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11
excludes discontinued operations and non-operational items
ASX Small to Mid Caps New York - March 2011 10
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Operational achievements

• Strong global uptake of Reflex mining down hole instrumentation

• Rental tool fleet numbers reach historic highs in1H11 with new record at end Jan 11

• Significant impact globally (DFC & DHI) from regional business model - mining

• Strategic acquisition of Fluidstar, effective 1 September, 2010

• R e oca l ti on o f I m d ex ec T h no ogy, we l S d en o us ra t A t li a & G ermany

• � Agreement for DHSO (Lime Rock) joint venture – down hole survey services - oil & gas – major competitors are Scientific Drilling, Gyrodata

• Proposed acquisition of Mud-Data in Germany – drilling fluids and equipment – geothermal, environmental and oil & gas, Europe

• Winner - WA Innovator of the Year Award - Solids Control technology

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Africa
Minerals Division
Americas
Revenue
90 ($m) Europe 81.5
Asia Pacific
80
68.4 15%
64.7
70 63.5
61.4
26%
60 54.0
46.4
50
42.6 2%
40.5
40 57%
30
20
10
0
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11
NB: Regional structure adopted 1 July 10 – Comparatives have been
reconstructed using certain assumptions for illustrative purposes
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• excludes other income & discontinued operations

Minerals Division

• �� 26% on 2H10 revenue

• �� 75% on 1H10 revenue

• 85% of Imdex Group revenue

• Record tool fleet numbers achieved. Further records created early 2H11

• Strong uptake of Reflex tools with increased market share

• AMC drilling fluids brand rolled out globally

• Regional structure delivering cross selling advantages

• Seamless integration of Fluidstar (Queensland) into AMC

• Solids control commercial - early stages of market introduction

• Strong relationships with global and local customers

• Upward trend in revenue and margin expected to continue

Record mining tool rental fleet

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Tools on Hire
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
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• Significant growth from April 09 low point

• Seasonal slowdown over December - highlighted

• New records being set in 2H11

Oil & Gas Division

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Revenue
18
($m)
16.2
16
14.4
14
11.8 11.9
12
11.1
10
9.3
8 7 7.
6
3.9
4
3.3
2
0
1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11
excludes other income & discontinued operations
ASX Small to Mid Caps New York - March 2011 15
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Oil & Gas Division

• �� 21% on 2H10 revenue

• �� 21% on 1H10 revenue

• 15% of Imdex Group revenue – drilling delays experienced due to persistent wet weather in eastern Australia

• Adjusted Flexit path to market strategy from products to services – DHSO (Lime Rock) joint venture , based in Dubai

• Continued product development on existing/new tools

• Growth expected in fluids, completion and production chemicals

• Proposed Mud-Data acquisition to contribute mainly from FY12

• Upward trend in revenue and margin expected to continue

On track with strategy

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15%
Oil & Gas
Minerals
85%
Instruments
33%
Fluids
67%
Services
Sales 29%
Rentals
71%
¹ Based on actual or anticipated EBITA
2
End market
1
Profit
2
mix
Rent / Sell
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¹ Based on actual or anticipated EBITA
2 Based on actual or anticipated Revenue
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Key business drivers and outlook

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Client rig utilisation % Current high utilisation levels expected to continue
Level of tool rentals New tool records set in 1H11
Already exceeded in 2H11
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Development of new R&D investment spending continued on both
instrumentation mining and oil & gas tools
Further tool releases expected in 2H11 and beyond
Key growth strategy Increasing # of preferred supplier agreements
Revenue and cost 3 global brands (AMC, Reflex, Flexit)
synergies Regional structure = more effective cross selling
ASX Small to Mid Caps New York - March 2011 18
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Estimated Global Exploration Spend (non-ferrous) (US$Bn)

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22.5
20.8
20.4
19.3
19.0
18.0
17.1
14.0
13.2
11.4
10.4
7.5 7.7
5.1
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: Mckinsey analysis; Metals Economics Group; Boart Longyear
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• Levels expected to be maintained above previous peak

• Exploration spend by commodity (2009): � gold 48%

• base metals 36%

Summary

• Strong financial results delivered

• 1H11 record revenue and profit levels

• 1.75 cents per share fully franked interim dividend

• Record mining tool rental numbers

• Strong balance sheet with comfortable gearing

• Growth initiatives

• Mud Data acquisition drives Oil & Gas fluids growth in Europe

• � DHSO joint venture drives Oil & Gas instrumentation/services market growth globally

• Further market share gains from new/improved instrumentation

• Organic growth in DFC and DHI, primarily Africa and Americas

• Proven solids control technology in FY12 and beyond

• Record FY11 forecast. Growth drivers should ensure new record results in FY12 and beyond