IMDEX LIMITED — Investor Presentation 2012

May 1, 2012

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2 May 2012

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Company Announcements Offic e ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2001

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Dear Sir/Madam

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Macquarie Australia Conference Presentation

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Please find attached the Ma c quarie Australia Conference Presentation rel e ase to be presented in Sydney today.

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Yours faithfully

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Imdex Limited

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Paul Evans

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Company Secretary

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Imdex Limited

Macquarie Australia Conference Sydney – 2 May 2012

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

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Macquarie Conference – 2 May 2012

Disclaimer

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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 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.

Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

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Overview

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

• Market cap over $500 million; included in S&P/ASX 200 Index

• Global operations – presence in all major mining regions, niche oil & gas markets (fluids), global oil & gas (instrumentation/services)

• ~500 people globally (>60% outside Australia)

• Products:

Drilling fluids & chemicals (cool bit, keep hole open, cuttings to surface) Down hole instrumentation (survey, core orientation)

• Markets:

Mining

Oil & Gas

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Structured to meet client needs

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Providing Innovative Drilling Fluids and Advanced Down Hole Instrumentation Worldwide

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Key points

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• Record result for nine months to 31 March 2012

• Combined revenue of $206.5 million, up 42% on pcp of $145.1m

• Combined EBITA of $54.1 million, up 63% on pcp of $33.2m

• Investing in organic expansion of drilling fluids business globally

• Regionalised structure/cross selling delivering benefits in minerals business

• Market leading technology and exciting new product pipeline

• Growth in FY12 and beyond driven by:

• Acquisitions (e.g. DHS/Vaughn) – O&G, global

• O&G drilling fluids, niche onshore markets

• Product innovation: Solids Removal Units & new Ez-Gyro, Smart Barrel – mining, global

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Revenue

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Combined revenue * ($m)

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205.2 206.5
142.0
137.0
134.3
FY08 FY09 FY10 FY11 9 mths to Mar 12
(Unaudited)
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*Combined revenue includes Imdex share of DHS JV revenues (excludes other income and discounted operations)

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EBITA

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EBITA * ($m)

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54.1
48.1
38.8
24.5
20.7
FY08 FY09 FY10 FY11 9 mths to Mar 12
(Unaudited)
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*Combined revenue includes Imdex share of DHS JV revenues (excludes other income and discounted operations)

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Macquarie Conference – 2 May 2012

Minerals division

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Revenue * ($m)

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
9 months to 31
177.7 180.3
March 12 - up
44% on pcp

9 months
125.0 revenue > FY11
108.8 111.3 
Further growth
expected
Europe
Asia Pacific
Americas
Africa
FY08 FY09 FY10 FY11 9 mths to Mar 12
(Unaudited) (Unaudited)
(Unaudited)
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*Combined revenue includes Imdex share of DHS JV revenues (excludes other income and discounted operations)

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Macquarie Conference – 2 May 2012

Reflex rental fleet

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JUN 08 SEP 08 DEC 08 MAR 09 JUN 09 SEP 09 DEC 09 MAR 10 JUN 10 SEP 10 DEC 10 MAR 11 JUN 11 SEP 11 DEC 11 MAR 12

• Seasonal low in Dec 11 above pre GFC peak

• Strong bounce back followed

• Reflex rental fleet should continue to win market share with the release of new products

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Oil & Gas division

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Combined revenue * ($m)

• 9 months to 31 March 12 up 30% on pcp

• Includes $4.4m from DHS JV. US business performing strongly; international „start up‟ expanding into Latin America

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28.0
27.5
26.3
23.0

17.0

FY08 FY09 FY10 FY11 9 mths to Mar 12
(Unaudited)
(Unaudited)
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AMC impacted by rig delays, weather conditions and costs associated with positioning for expansion (circa $1.8m 3Q12 EBITA loss)

Outlook for remainder of FY12

• Vaughn acquisition to support growth, positive contribution in FY12

• continued development of instrumentation

*Combined revenue includes Imdex share of DHS JV revenues

• (excludes other income and discounted operations)

• opportunities for growth of AMC in niche onshore markets

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Macquarie Conference – 2 May 2012

Solids Removal technology

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No sumps – fully enclosed system
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Traditional drilling fluid sumps

• Solids removal and fluid property management

• Small environmental site footprint

• Reduced site set up and remediation costs. Quicker to mobilise

• Reduced water consumption

• Less wear & tear to drilling components by abrasive fluid

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• Estimating 20 units in the field in Australia by end FY12

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11

Macquarie Conference – 2 May 2012

Reflex EZ-Gyro[TM]

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• State of the art north seeking gyro

• Underground operations, inside drill rods and casing

• Transfers data to simple hand held device – no need for laptops

• Eliminates the need for service provider or technician onsite

• Aiming to release to the market in 1Q13

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12

Macquarie Conference – 2 May 2012

Reflex Smart Barrel recovers core through deviated section

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Ore body
Corrected Uncorrected
Main Ore
Path Path
body
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Current practice using
down hole motor
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Ore body
Main Ore Corrected
Uncorrected
body Path
Path
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Reflex Smart Barrel
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13

Macquarie Conference – 2 May 2012

DHS Energy Services (incl.Vaughn)

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• Third largest global provider in the US$400m-US$500m O&G down hole survey market

• Strongly performing business in US onshore O&G market, representing approximately one third of the global market

• Building international business, based in the Middle East and expanding into Latin America

• Major competition – Scientific Drilling International and Gyrodata

• Expected revenues circa US$60m–US$70m for CY12

• Co-ordinated technology development

• Imdex share of DHS JV is 30% (as at 1 Jan 12)

• Supports Imdex strategy to generate 30 - 40% of revenues from the O&G market within the next 3 - 4 years

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14

Macquarie Conference – 2 May 2012

Key business drivers & outlook

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Mineral exploration
spend
Client rig utilisation %
Level of tool rentals
Development of new
instrumentation
Revenue and cost
synergies
Key growth strategy
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Robust commodity prices. Exploration activity &
estimated spend at unprecedented levels
Full drill rig utilisation levels in some regions –
Central/West Africa, Latin America
New tool records likely pre 30 June 2012
Product development spending ongoing on both
mining and O&G tools
3 global brands (AMC, Reflex, DHS Energy)
Regional structure = more effective cross selling
Underpenetrated mining markets, O&G industry
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Macquarie Conference – 2 May 2012

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Estimated global exploration spend (non-ferrous) (US$Bn)

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22.5
20.8
(non-ferrous) (US$Bn)
20.0 [20.4]
19.3
18.2 18.0
17.1
13.2
11.5
10.4
7.5 7.7
5.2 5.1
4.6
3.5 3.7 3.5
2.5 2.9 2.8 2.6 2.2 2.4
1.9
93 94 95 96 97 98 99 2000 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
Source: Metals Economics Group (1993-2011); Mckinsey analysis (2012-2018). Reproduced with permission from Boart Longyear
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• CY11  58% on CY10 to highest level ever. CY12 est. to be 5%-15%  on CY11

• Circa 70%-75% related to gold and copper

• Does not include iron ore – estimated at $2.5 billion for 2012

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Macquarie Conference – 2 May 2012

Gold discoveries v spending

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90 91 92 93 94 95 96 97 98 99 ‘00 01 02 03 04 05 06 07 08 09 10 11
(US $ m)
(Number of discoveries)
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 Despite spending increase, # of world class discoveries (>2m ozs) declined markedly

 10-14 years from discovery to production for the average gold project

Source: MineSearch and Gold Reserves Replacement Strategies. Reproduced with permission from Metals Economics Group

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17

Macquarie Conference – 2 May 2012

Copper discoveries v spending

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90 91 92 93 94 95 96 97 98 99 ‘00 01 02 03 04 05 06 07 08 09 10 11
(Number of discoveries)
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(US $ m)
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 # of world class copper discoveries (>0.5m tonnes) declined markedly in recent years despite massive increases in expenditure

 Discovery to production for the average copper project is 20 years

Source: MineSearch and Copper Reserves Replacement Strategies. Reproduced with permission from Metals Economics Group

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Macquarie Conference – 2 May 2012

Oil & Gas supply & demand

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
Explosion in E&P
capex from $130bn to
$545bn between
140 600
2000 to 2011
550
120
500 
Up to $600bn in 2012
450
100 
400 Driven by:
350
80  high prices
300
60 250  the need to
200 rapidly increase
40
150 supply
100
20
50
0 0
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
(E&P expenditure in $billions)
Oil production (million bbl/d). Oil price $/bbl
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Source: BP Statistical Review, IEA World Energy Outlook, Monthly Oil Market Report, Medium Term Oil Market Report, Lehman/Barclays, IFP. Reproduced with permission from Schlumberger

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19

Macquarie Conference – 2 May 2012

Summary

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Financial results:

• Record revenue and profit levels; 9 months to March 12 > FY11

• Minerals business performing well and delivering strong margins

• Robust mining tool rental numbers to March 12 and further increases expected in 4Q12

• Strong balance sheet with comfortable gearing

• On track to deliver record FY12

Growth initiatives:

• Roll out of Solids Removal Units – unique for diamond drilling industry

• Introduction of Ez-Gyro and Smart Barrel to the minerals industry during FY13

• DHS JV drives O&G instrumentation/services market growth

• Organic growth in minerals business, primarily in Africa and the Americas

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20

Macquarie Conference – 2 May 2012