Thank you for standing by, and welcome to the IMDEX Sustainability conference call. All participants are in a listen-only mode. There will be a presentation, followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Ms. Kiah Grafton, Chief of People and Chief of Sustainability. Please go ahead.
Welcome everyone, to IMDEX's 2024 sustainability presentation. I'm delighted to be joined by Shaun Southwell, our Chief Operating Officer, and Kym Clements, who heads up our investor relations division. Throughout this call, I'll be referring to the investor presentation slides that have been released on the ASX this morning. IMDEX is a global leader in mining tech, setting itself apart from traditional mining services through technical leadership, which is central to its long-term growth strategy. This leadership is driven by a commitment to ongoing investment in R&D, ensuring the company stays ahead in innovation and technological advancement. Unlike many traditional mining service providers, IMDEX operates in a business model that is neither capital-intensive nor labor-intensive. IMDEX operates on a global scale, reducing exposure to contract, commodity, and geographic risks.
The company delivers integrated solutions that not only enhance operational performance, but also contribute to broader sustainability objectives within the mining industry. Historically, customers have had to make substantial investment and mine planning decisions with limited visibility. Today, IMDEX's technologies and geoscience expertise can provide critical insights, providing more complete understanding of ore bodies. The image on slide four illustrates how we turn the lights on inside an ore body and unlock the rich data that it contains. This heightened visibility enables our customers to make better, safer, and more efficient decisions. Through the delivery of real-time ore body knowledge, we can help the mining industry execute with precision, confidence, and speed. Today's presentation agenda is set out on slide five. We'll focus on three key areas. Firstly, an overview of our company and product suite.
Our approach to sustainability, including our performance and targets for FY 2025, and the value our technologies can deliver, highlighted in a number of case studies. Following the presentation, we are happy to take any questions. I would now like to hand over to Shaun for the company and a product overview.
Yes, good morning, everybody. If we could please move to slide seven. All of IMDEX's integrated solutions are part of ore body knowledge, and largely fit into three main categories: drilling optimization products, rock knowledge sensors, and real-time data and analytics. These solutions are designed to work together, delivering greater productivity, enhanced safety, and increased value to our customers. Drilling optimization improves drilling efficiency by boosting productivity, reducing downtime, minimizing the environmental impact, particularly around energy use, water and land disturbance. Rock knowledge sensors originate critical data on key geological variables such as location, grade, mineralogy, and texture, enabling customers to make more informed decisions about the resource extraction. IMDEX's secure cloud platform and market-leading geoscience software enrich this data, enabling customers to make faster decisions upstream, which enhance operational efficiency and sustainability.
The typical sustainability benefits of these in situ solutions include: improved safety, reduced water consumption, increased operational efficiency, and therefore lower fuel consumption and emissions. If we move to slide eight, our disciplined stage gate development is a key process within the IMDEX DNA. Our investment into R&D in all market conditions is to maintain our technology leadership and can continue to deliver value to our customers. As highlighted on the bottom left of the slide, safety and sustainability is considered at the early project planning stage. A project will not progress to a product if either of these stages are not successfully completed. On slide nine, our customer value proposition. Each of our technologies must meet at least two of these criteria: quality, representativity, and time savings.
At ideation phase, the benefit of a new solution are qualified with ESG, a specific focus as a key value provider released with a specific focus on GHG and HSE impacts. We also develop AI solutions to enable faster and more repeatable answers, enabling clients to bring real time into realization. On to slide 10. This is our global network. IMDEX operates in over 100 countries, supported by some 26 facilities, strategically located warehouses, and calibration centers in key mining regions around the world. The successful acquisition and integration of Devico and its related companies in H1 2024, has significantly expanded IMDEX R&D capabilities, particularly through its world-class facility in Trondheim, Norway, further enhancing its operational capabilities as well. This integration strengthens IMDEX's global footprint, particularly in Europe, and positions the company to offer greater value and stronger market presence....
I will now hand back to Kiah to cover organizational values.
Thanks, Shaun. Looking now at the IMDEX values on slide 11. These organizational values underpin the company's culture and guide the actions of all our employees globally. These values go beyond forever curious, global game changers, and together we thrive, are central to IMDEX's identity, shaping the company's commitment to innovation, customer satisfaction, and sustainable practices. These values foster a workplace where employees are encouraged to challenge the status quo, embrace diverse perspectives, and collaborate to drive the company's sustainable growth and success. Looking now at slide 12. At IMDEX, we recognize both the opportunity and responsibility to drive positive change within the global minerals industry and contribute to a net zero future. We are equally committed to enhancing the transparency and accessibility of information related to our economic, environmental, and societal impacts, demonstrating our contribution to sustainable development.
To achieve these goals, we approach ESG from two key perspectives: an internal focus, addressing practices within our business that we can control to ensure we set the right targets and continuously improve for the benefit of our people and the planet, and an external focus, where we leverage our research and development capabilities to enhance the sustainability of our customers' operations and the communities in which they operate. Slide 13 presents an overview of how we govern ESG-related risks and opportunities. IMDEX's Sustainability Board Committee, chaired by Non-Executive Director Sally-Anne Layman, governs all aspects of sustainability, ensuring strategic alignment with ESG goals. The company's sustainability policy guides the organization's commitment to sustainable practices, holding directors, officers of the company, contractors and employees accountable. The Managing Director and CEO is responsible for ensuring that sustainability objectives are met and reported to the Sustainability Board Committee.
Turning now to slide 15, and a brief overview of our material topics. IMDEX's material topics represent the key environmental, social, and governance issues that impact the business and its stakeholders. These topics form the foundation of IMDEX's sustainability reporting and are reviewed annually by the ESG working group and the Sustainability Board Committee to ensure they reflect current priorities and challenges. IMDEX's ESG strategy on slide 16 is structured around five key pillars: people, innovation, environment, society, and governance. FY 2024 highlights include people. We had a strong safety engagement, successful pilots of DE&I measures, and a Gallup employee engagement improvement score of 3.88. Innovation, where we had product enhancements such as lighter OMNI-X running gear, a 21% weight reduction, and a BOLT underground system to reduce safety risks.
Environment, over 95% of packaging for drilling optimization and rock knowledge products is now recyclable or reusable. In terms of society, the establishment of a community engagement policy and the launch of a global volunteering program with strong employee participation, and governance, with the addition of Tracey Horton as a Non-Executive Director, the establishment of a Sustainability Board Committee, expanding modern slavery training, and enhancing our third-party due diligence system. Turning now to slide 17, and our FY 2024 performance and targets for the current financial year. Commencing with our people pillar. Most FY 2024 people targets were achieved. Unfortunately, however, the TRIFR target was missed due to three minor incidents later in the year.
Our FY 2025 priorities include focusing the quality of HSE engagements as a leading safety indicator, refreshing and continuing to mature the diversity, equity, and inclusion strategy to be a three-year strategy, driving an inclusive culture, increase workforce diversity. In line with our culture of care, we're creating the ecosystem to support our DE&I strategy by educating our leaders on inclusive leadership, reviewing our policies and procedures, as well as ensuring increased accountability and transparency of our DE&I goals across our entire organization. We're launching an ESG awareness training module for all employees and increasing female leadership representation. Moving now to slide 18, society. Building on the success of FY 2024, IMDEX will focus on defining its community partnership guidelines and increasing engagement in volunteering initiatives globally.
At IMDEX, we provide support to not-for-profit organizations that align with our community focus areas and company values by providing funding for strategic partnerships and community grants in the regions where we have a presence. Our FY 2025 community focus areas are innovation and STEM, health, well-being, safety, learning, community, and sustainability. I'll now hand back over to Shaun to cover the balance of the presentation.
Thank you, Kiah. In FY 2024, our governance targets were all met. This include key policies and frameworks. FY 2024/ 2025 governance targets include updating the sponsorship policy with a particular focus on enabling we can give back to the communities that we work in. Deploying updated channel partner agreements globally and expanding our compliance training, and conducting a climate-related financial disclosure gap analysis. This analysis will help ensure we are well prepared for mandatory disclosure requirements in this area. On slide 20, we have innovation. Innovation is a key part of IMDEX's culture. Throughout FY 2024, all of our goals were met in innovation, with a focus on safety, enhancing our technologies, and thought leadership in sustainability. Innovation at IMDEX is business as usual. We'll continue to have that focus throughout FY 2025. One of the highlights will be the specific ESG-focused innovation event.
On slide 19, we have our environmental targets. FY 2024 environmental goals were fully met with significant progress in recyclable packaging. We also had a focus on reusable packaging, ensuring that all of our drilling fluids, pails, and cubes have recycled plastics and are fully recyclable, and all of our rock knowledge sensors were sent out in reusable plastic packaging. By FY 2025, IMDEX aims to further enhance the collection of Scope 1 and 2 greenhouse gas emissions. Our emissions for FY 2023 and 2024 are included in the sustainability report. Reduction targets have not been set to date, largely due to the integration of Devico and its related parties, which was a sizable acquisition for IMDEX and required centralization of systems. Our intent is to establish a baseline to implement reduction programs where possible in the future. Can we move to slide 20, please?
Our greenhouse gas reduction. IMDEX has a focus on reducing greenhouse gas in its major facilities. While we do not have a current formal reduction target, we do continue to do what we can to make sure IMDEX, inside and outside, is enhancing its sustainability. The image on this slide is our largest R&D facility in California. We recently implemented a solar program that offset nearly 100% of the facility's emissions. This brings it into line with our Trondheim R&D facility as almost zero GHG emission sites, aligning to our values of making our industry more sustainable. We move to the next slide, please. We have two case studies to share on how our products create benefit for our customers from an ESG perspective. BHS is one of our key products that we've designed to go into the mining production space.
It was designed to solve a multitude of problems that exist and are created by drill and blast drilling. In this case study, the problem the customer was looking to solve was dust creation. They had concerns from the dust creating in that area, contributing to silicosis within the community surrounding the mine, as well as the employees working on the mine. Our client in Chile had an initiative to reduce this dust. Utilizing BHS to reduce the respirable particle matter by excess of 90%, as well as other operational benefits. This exceeded their expectations and create great outcome for the community surrounding the mine. If we move to the last page, please. ACTx is one of our latest technologies released into the market. This is the beginning of the digitization of the core shed for IMDEX.
The introduction of this fully digitized solution and integrated into the IMDEX hub creates significant benefit in quality of core orientation, which is a critical part in assessing the ore body. On a project recently in Ontario, Canada, the resource company has been able to consistently increase successful core orientation by 10%. This result increases the confidence of the knowledge of the ore body and improved hole planning for the next drill hole, or potentially requires less drill holes to achieve the same understanding. As you could imagine, this is significant impact for this project, as well as the reduction of greenhouse gas emissions and reduction of water use for the next part of the project. This concludes the formal part of our presentation. We are now happy to answer any questions.
Thank you.