Imdex Ltd

L1 Capital Long Short Fund continues to hold its position in Imdex following a 16% increase in share price after the company reported first-half results that exceeded market expectations. Imdex also announced the acquisition of Devico, a leading global mining technology company based in Norway, which L1 Capital views as a strategic and value-accretive move. The $224 million capital raising to fund the acquisition was well-supported by the market. L1 Capital believes Imdex is well-positioned for long-term growth, as it is in the early stages of launching a suite of innovative new products, reinforcing its strong industry position. The acquisition of Devico will further accelerate Imdex’s global growth strategy and enhance its market-leading product offerings.

L1 Capital Long Short Fund continues to hold its position in Imdex, despite a decline in share price of 8% in April. The shares were impacted by a slowdown in exploration activity, as financings for junior miners became more challenging. However, L1 Capital believes that the capital-raising environment will normalize as commodity end markets remain strong. Imdex's recent acquisition of Devico, a global leader in mining technology, is expected to significantly enhance the company’s growth prospects. This acquisition strengthens Imdex's industry-leading portfolio of drilling technology products and supports its global expansion strategy. L1 Capital remains optimistic about Imdex’s long-term outlook, given its solid execution and market-leading products.

L1 Capital Long Short Fund continues to hold Imdex Ltd despite recent share price weakness, driven by subdued exploration activity and reduced earnings expectations for FY23 and FY24. The company’s update highlighted flat market conditions through April and May, prompting a downgrade in consensus earnings. However, L1 Capital remains optimistic about Imdex's long-term prospects, particularly following the acquisition of Devico, a leading global mining technology company. This acquisition is expected to accelerate Imdex’s global growth strategy and enhance its suite of advanced drilling technology products. L1 Capital believes that the recent sell-off presents an attractive opportunity to increase exposure, given Imdex's strong industry position and promising growth trajectory in the mining technology sector.

L1 Capital Long Short Fund continues to hold its position in Imdex, despite a 17% drop in shares following the company’s full-year 2023 results, which were slightly below consensus expectations. The company also guided for subdued conditions in the near term. However, L1 Capital believes Imdex will continue to outperform the broader exploration drilling industry due to its strong execution and the launch of market-leading new products. A key strategic move was the recent acquisition of Devico, a global leader in mining technology, which will enhance Imdex’s global growth strategy and strengthen its industry-leading suite of drilling technology products. Given the positive long-term outlook for Imdex and its solid industry position, L1 Capital used the recent sell-off to increase its stake in the company.

L1 Capital Long Short Fund continues to hold its position in Imdex, despite a recent 18% decline in shares following the company's full-year 2023 results, which were slightly below consensus expectations. While Imdex has guided that market conditions will remain subdued in the near term, L1 Capital remains optimistic about the company's long-term prospects. Imdex's strong execution, coupled with its roll-out of innovative drilling technology products, positions it to outperform the broader exploration drilling industry. The recent acquisition of Devico, a leading global mining technology company, will further accelerate Imdex’s global growth strategy and enhance its market-leading suite of products. L1 Capital used the recent share price decline as an opportunity to add to its position, believing that Imdex's strong industry position and long-term growth potential will drive value over time.

L1 Capital Long Short Fund has updated its investment thesis on Imdex Ltd, highlighting the company’s strengthened global leadership position in mining exploration drilling technology following its recent acquisition of Devico. Despite the sector’s cyclical nature, Imdex has proven its ability to drive enhanced drilling efficiency through superior technology, which has supported a strong growth trajectory. The company has achieved an impressive 24% compound annual growth rate (CAGR) in EBITDA over the last five years. L1 Capital Long Short Fund continues to hold Imdex because it believes the company’s best-in-market portfolio of products positions it well for sustained earnings growth in the future. With a proven track record and a strategic focus on innovation, the Fund is confident in Imdex’s ability to continue outperforming in the coming years.

L1 Capital Long Short Fund has updated its investment thesis on Imdex Ltd, following a stronger-than-expected Q1 FY24 trading update, which improved sentiment and demonstrated the company’s resilience. Despite a weaker market for exploration and junior miner financings, Imdex managed to offset volume declines with higher average pricing. L1 Capital Long Short Fund continues to hold Imdex because it believes the company is well-positioned to benefit from a pickup in market activity, especially in the gold sector. Management has expressed optimism for FY24, expecting steady growth across all regions and an improved business mix that should support better profitability. The Fund remains confident in Imdex’s ability to capitalize on the anticipated increase in exploration activity, particularly among junior miners, which should drive continued growth.

L1 Capital Long Short Fund continues to hold its position in Imdex Ltd. after the company reported strong H1 2024 results that significantly exceeded consensus expectations. This performance demonstrated the resilience of Imdex’s business, particularly in a challenging market where funding availability for junior explorers has been limited. A key driver of this success was the acquisition of Devico in H2 2023, which exceeded expectations and enhanced cross-selling opportunities within Imdex's broader operations. Despite muted exploration activity, L1 Capital believes Imdex is well-positioned to benefit from an eventual recovery in the exploration cycle, as the industry starts to see improved activity levels. The company’s strong operational performance, particularly in a tough market environment, reinforces its ability to capitalize on future growth opportunities.

L1 Capital Long Short Fund continues to hold its position in Imdex Ltd., following a strong performance with shares rising 24%. The company’s H1 2024 results significantly exceeded consensus expectations, showcasing its resilience in a challenging market where funding for junior explorers has been limited. The positive result was largely driven by the strong performance of the Devico business, which Imdex acquired in H2 2023. This acquisition has exceeded expectations and enhanced product cross-selling within Imdex’s broader operations. While exploration activity remains subdued, L1 Capital believes that Imdex is well-positioned to benefit from a recovery in the exploration cycle, allowing the company to capitalize on improving activity in the coming months.

L1 Capital Long Short Fund has updated its investment thesis on Imdex Ltd, reaffirming its position following a strong share price performance and a better-than-expected first half FY25 result. The company outperformed underlying exploration activity, gaining market share and maintaining resilient margins despite a challenging revenue environment. L1 Capital Long Short Fund continues to hold the position, highlighting Imdex’s strong cost discipline, differentiated product offering, and stable revenue streams as key strengths. The fund also notes management’s positive FY26 outlook, which includes expectations for continued growth driven by factors within the company’s control—namely market share gains, margin expansion, and increased digital adoption. While broader exploration activity has been subdued, L1 Capital Long Short Fund observes early signs of recovery that could further support Imdex’s growth trajectory.