Thanarru Members,

It is my great pleasure to advise, that after a period of intensive due diligence, IBN Group has approved an investment into our IMS Business to facilitate the purchase of Customer First Contracting Pty Ltd (CFC) a locally owned and operated facilities management company based in Newman.

IBN’s investment will be paid back, by way of dividends, from IMS, over a period of four years commencing in 2026.

The purchase of CFC was identified as a sound investment opportunity that could generate an expected achievable return rate of significantly higher than other investment opportunities, including those of property and term deposits.

This investment aligns clearly with our strategic plan of growing income streams outside of mining and to make investments in the acquisition of businesses that can generate surpluses, and fits within the authority of IBN under the trust deed.

No stone was left unturned in undertaking a complete investment analysis including a detailed due diligence; an Investment Management Committee was established to independently assess the opportunity, identify and mitigate risks and ultimately recommend the opportunity based on market attractiveness, financial return and people capability.

The purchase of CFC allows IMS to diversify its service offering and customer base, whilst leveraging CFC’s core strengths and relationships and will in time provide further employment opportunities for IBN members as the business grows.

Whilst IMS will now own CFC, it will continue to operate on a business as usual basis; management and staff continuity is critical to the ongoing operational success. We are pleased that the current owners of CFC, Dawna Price and Scott Morgan will continue to lead the business into the future.

Thank you to the Investment Management Committee, IBN and IMS Board and all team members who were involved in the lengthy and detailed assessment process. I look forward to seeing CFC continue to grow under IMS management.