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The shipment was arranged under the umbrella of BP8’s Sales Cooperation Agreement with PT. Kebula Raya Bestari, which will see the latter handle logistics and supply arrangements for the product.

MSC plans to use the product – to be delivered as 60 metric tonnes of Indonesian seaweed biomass – to make carrageenan, an additive used to thicken and stabilise food products.

BP8’s managing director, Matthew Leonard, said achieving the first shipment indicated the partnership with PT. Kebula Raya Bestari was on the right track.

“We are pleased to announce our first shipment under the Sales Cooperation Agreement with Kebula, which demonstrates the practical progress of our strategic partnership,” BP8’s boss explained in a market release today.

“Kebula’s role in managing logistics is enabling BP8 to efficiently connect Indonesian seaweed supply with international customers like MSC.”

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Mr Leonard added: “We look forward to building on this initial transaction as we continue to expand our supply network.”

BP8 rose 25% after the news and is now trading around 0.2cps.

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Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

The first shipment – which contained 10,000 wet tonnes of HMC – left Geraldton Port on April 10, only two months after the start of project commissioning at Atlas.

The Image Resources sale – to longstanding offtake partner Shantou Natfort Zirconium and Titanium Co. – was organised through a continuing life-of-mine offtake agreement which mirrors the offtake arrangements previously used for HMC sales from the company’s Boonanarring project.

The shipment’s material will also allow Atlas to repay Natford according to a US$10 million HMC Offtake Prepayment Facility executed in October 2024.

Around 25% of the market value of the shipment was applied to this.

Managing director and CEO Daniel Mutz said this was a milestone in financial and development terms. “The first sale of product from any new development project is always a milestone worthy of recognition.”

He added: “Completing a first shipment just two months after commencement of commissioning is truly a notable accomplishment, particularly as this shipment marks Image’s return to revenue after a 16-month hiatus.”

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“On behalf of the board, I thank the entire Image team as well as our dedicated support contractors for making this accomplishment possible.”

IMA has been trading at 9 cents.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.