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Boonanarring Mineral Sands Project 100%-owned; high-grade; zircon-rich 80km north of Perth in Western Australia On-track for positive cashflow end 1[st] QTR 2019

Annual General Meeting of Shareholders 1 May 2019 West Perth, WA

Patrick Mutz Managing Directror Image Resources NL ASX: IMA

Disclaimer and Forward-Looking Statements

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This presentation/document has been prepared by the management of Image Resources NL ("Image”, “IMA“, or “the Company”). The information presented includes an indicative outlook of the business activities of Image for the calendar year (CY) 2019 and is provided to aid investors and potential investors with assessing the value of the Company. Some of the information provided may be based on past performance, however, this information should not be considered a reliable indicator of future performance. The information presented supersedes all previously presented information of its kind unless otherwise noted. This information is based in part on Image’s interpretation of trends in commodity prices, financial markets, economic and macro-economic factors and consequently is subject to variation.

Certain statements in this presentation/document, and in subsequent oral statements made by and on behalf of Image, constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company, the Boonanarring Project or the industry, to be materially different from any forecast results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results as of the date of this presentation/document.

Statements in this presentation/documents that constitute forward-looking statements or information include, but are not limited to statements regarding production statistics, revenue, operating costs and EBITDA. Forward-looking information and statements may also include commodity price assumptions, projected capital and operating costs, metal or mineral recoveries, mine life, production rates and other assumptions used in the 2017 Bankable Feasibility Study (“2017BFS”). Readers are cautioned that actual results may vary from those presented. Certain of the factors and assumptions used to develop the forward-looking information, as well as the risks that could cause the actual results to differ materially, are contained in the 2017BFS and subsequent BFS updates, lodged with the ASX and disclosed on the Company’s website at www.imageres.com.au.

Accessing the information contained in this presentation implies an acknowledgement that you have read and understood the above disclaimer and qualifications regarding forward-looking statements.

Information regarding the calculation of ore reserves and mineral resources in this presentation (if any), and the consents provided by the respective Competent Persons is presented at the end of this presentation. For additional information and details on the content of this presentation, please refer to the ASX releases on the Company’s website.

Investor Snapshot

Company transitioning to profitable miner and realisation of full valuation

Project construction and commissioning completed ‘on-schedule’ and ‘on-budget’
Production commenced 1 Dec 2018
Ramp-up to full production in 2[nd] month of operations
Completed first full quarter of operations (March 2019)
HMC Production 167% of budget
Ore Grade 176% of budget
Project Operating Costs 72% of budget
Operating Margin and EBITDA 400% of budget

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Investor Snapshot

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Company transitioning to profitable miner at a time of supply shortage of zircon

Zircon grade in ore 129% of budget
Zircon = 84% of revenue

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Rough zircon grains

Revenue $24.8 million
Net Profit After Tax $0.94M vs budgeted loss of $4.5M
Share price $0.20[1]
Market capitalisation A$192M[1]

Notes: 1 – as at 29 April 2019

Products and Applications

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Key products are zircon and titanium dioxide

 Zircon sand is processed into zirconium compounds, intermediate products and zirconium metal for a variety of applications;

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Ceramics (tiles); 55% demand
Foundry Sands (castings); 14%

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Refractories (furnace linings); 10%

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Chemicals (gem stones, nuclear reactors); 14%

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 Others; 7%

Speciality uses include fibre optics, glass, paints, catalysts, underarm deodorants, adhesives, cosmetics, paper, dental ceramics plus many research applications.

Source: Zirconium Industry Association www.zircon-association.org

Products and Applications

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Key products are zircon and titanium dioxide

 Titanium dioxide (TiO2) from rutile and ilmenite is processed into titanium based products and titanium metal for a variety of applications;

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Ultra-white pigments (paint, paper, plastic); ~90% demand
Welding rods (flux coating);
Titanium metal (light, strong, corrosion-resistant, biocompatible);
Used in aircraft, spacecraft, motor vehicles and medical implants;

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Speciality uses include sunscreen, adhesives, inks, fabrics, ceramics, cosmetics, toothpaste, catalysts, and pharmaceuticals.

Forward Looking Statement Project Location

 LOCATION

North Perth Basin in Western Australia
80 km north of Perth CBD
Proven mineral sands address
Including majors Iluka and Tronox
Infrastructure rich
paved roads, power, gas pipeline water, telecommunications etc.

 Local communities and landowners experienced with, and accepting of, mineral sands mining.

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Project Types and Locations

 1,000 km [2] tenements portfolio

100% focus on mineral sands
Strandline projects (dry mining)

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Dredge mining prospects

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Multiple opportunities for a second stand-alone mining project within the current 100%-owned tenement package.

Bidaminna is high on priority list.

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Atlas Ore Reserves
Probable: 9.5Mt @ 8.1% HM
Boonanarring Ore Reserves
Proved: 9.3 Mt @ 8.6% HM
Probable: 10.5Mt @ 5.9% HM
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Forward Looking Statement Ore Reserves

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 QUALITY ORE RESERVES

 JORC Code (2012) Compliant

 High HM, VHM and very high zircon at Boonanarring

High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.	High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2 Boonanarring1 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9 Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7 Atlas1 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6 Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4 1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.

High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)
Project/Deposit	Category	Volume	Tonnes	% HM	% Slimes	HM Tonnes	VHM	Ilmenite	Leucoxene	Rutile	Zircon
							(%)	(%)	(%)	(%)	(%)
Boonanarring1	Proved	5,008,000	9,344,000	8.6	14.3	803,771	76.081	48.9	1.8	2.2	23.2
Boonanarring1	Probable	5,565,000	10,514,000	5.9	17.6	622,429	78.653	52.3	1.8	2.7	21.9
Total Boonanarring		10,573,000	19,858,000	7.2	16.1	1,426,200	77.203	50.4	1.8	2.4	22.7
Atlas1	Probable	5,000,000	9,477,000	8.1	15.5	767,637	73.3	50.7	4.5	7.5	10.6
Total Atlas		5,000,000	9,477,000	8.1	15.5	767,637	73.3	50.7	4.5	7.5	10.6

Total Ore Reserves		15,573,000	29,335,000	7.5	15.9	2,193,837	75.8	50.5	2.7	4.2	18.4

1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.

Products and Prices

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Notes: VHM assemblages and commodity prices are estimates based on Boonanarring project heavy mineral concentrate product.

Forward Looking Statement Target Production Rate

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Base Assumptions

Start mining at Boonanarring
Dry, open-cut mining
Production rate - 500 dry tonnes per hour
3.7M dry tonnes per year
Conventional gravity separation using spirals
Product: Heavy Mineral Concentrate (HMC)
Production rate: avg. approx. 240K tonnes/annum
• Truck to Bunbury for bulk shipments to China

Boonanarring – Production Statistics

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Average annual production at Boonanarring (5 yrs)

240k tonnes HMC; containing;
60kt zircon (70kt/year in 2019-20)
130kt ilmenite
6kt rutile
4kt leucoxene
5.5 years mine life with potential to add 3-4 years additional ore reserves

Boonanarring – 2019 Guidance

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2019 CY Production and Profitability Guidance[1,2] 2019 Production Guidance 2020 Forecast Ore processed (million tonnes) 3.4-3.7 3.6-3.8 HMC [3] produced (000 tonnes) 220-240 280-300 HMC sold (000 tonnes) 220-240 280-300 Costs (AU$) Project operating costs [4] (million) $85-95 $85-95 Cost per tonne HMC $385-420 $310-330 8% HM Ore Grade 11% HM Ore Grade Revenue (AU$) Total revenue (million) $125-142 $180-200 Jan-Mar 2019 Project EBITDA[4] (AU$ million) $40-50 $90-110 actual ore grade USD:AUD Fx 0.74 0.74 11.1% HM

Notes: 1. To be read in conjunction with Disclaimer and Forward-Looking Statements.

Information derived from Image 2017 Bankable Feasibility Study (announced to ASX 30 May 2018) and as subsequently updated for commodity prices and foreign exchange rate (announced to ASX 28 June 2018) but with other material assumptions underpinning the 2017 BFS unchanged.
Heavy Mineral Concentrate product.
Non-IFRS Financial Information: This document contains non-IFRS unaudited financial measures including Project operating costs and Project EBITDA. Image management considers these to be key financial performance indicators used to measure underlying operational performance. Project operating costs include costs incurred in producing HMC at the Boonanarring Project plus logistics costs but exclude corporate and exploration costs, depreciation/amortisation, financing costs and income tax. Project EBITDA is calculated as revenue from sale of HMC less Project Operating Costs.

Boonanarring – HM Ore Grade

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Boonanarring – Zircon Grade in Ore HM

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Boonanarring – HMC Production

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Forward Looking Statement Zircon Prices – Actual and Forecast

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Current price for Tronox premium grade zircon

Forward Looking Statement Upside Potential

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Upside potential at and near Boonanarring

Confirmed potential to extend mine life with high grade mineralisation (ASX announcement 13 March & 26 June 2017);
Assuming mineralisation in extension area is identical to known Ore Reserves in all aspects and economics; two years of additional mine life could add AU$60M to project NPV.
Potential to process lower grade overlying layer of mineralisation;
Potential to process ores from several other deposits with high grade mineral resources in the vicinity;
Red Gully, Regans Ford, and Gingin (South and North).

Boonanarring High-Grade Extension

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ASX - 13 March & 26 June 2017

New Drilling Results (Feb 2017)

Confirm 5.6km northern extension of Boonanarring mineralisation
Outstanding high grade intersections:
8m @ 23.8% HM in IX00245
8m @ 21.1% HM in IX00244 and
8m @ 16.3% HM in IX00250

Importantly with high grade zircon:

21.5% Zr in HM in IX00245 & 247
22.1% Zr in HM in IX00243 & 244
16.4% Zr in HM in IX00242, 250, 251

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Projects Pyramid – Strand Deposits Forward Looking Statement

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Mineral Resources – Accessible by Dry Open-Cut Mining Projects ranked by combined Zircon (Zr) plus Rutile (Ru)

BFS assumes mining at Boonanarring followed by mining at Atlas. Other projects can be added after further drilling and studies.

Tonnes-grades are for Mineral Resources; Boonanarring and Atlas per JORC Code (2012); Boonanarring All others historic per JORC Code (2004). 43.8Mt; 5.6%HM; 20.7% Zr+Ru Atlas 18.1Mt; 6.0%HM; 15.8% Zr+Ru

Red Gully 6.0Mt; 7.7% HM; 15.5% Zr+Ru Regans Ford 9.9Mt; 9.6%HM; 14.3% Zr+Ru Cooljarloo North 15.2Mt; 5.3%HM; 14.0% Zr+Ru Gingin South 8.1Mt; 6.1%HM; 13.5% Zr+Ru Gingin North 2.4Mt; 5.5%HM; 9.1% Zr+Ru

Total 103Mt; 6.2%HM; 17% Zr+Ru

Projects Pyramid – Dredge Prospects Forward Looking Statement Mineral Resources – Accessible by Dredge Mining Projects ranked by HM Grade

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Positive attributes

90+%VHM;
<5% slimes;

Tonnes-grades are for historic Mineral Resources per JORC Code (2004).

Bidaminna 45Mt; 3.0%HM; 6.5% Zr+Ru

25-67% Leucoxene;
• 100Mt exploration

target. Potential focus for 2[nd] operating centre.

Titan-Telesto 140Mt; 1.9%HM; 12.8% Zr+Ru

Calypso 51Mt; 1.7% HM; 15.9% Zr+Ru

Total 236Mt; 2.1%HM; 11.5% Zr+Ru

Potential Royalty from Tronox

Royalty agreement in place as of 2014

Small cash payment (already received)
Sliding-scale royalty on production

Avg. HM Grade 2.5% 3.0% 3.5% 4.0%	Royalty
	1.25% 2.50% 3.75% 5.00%

Indefinite production schedule
Potential for future arrangements with Tronox or others based on large area of potential dredge mining mineralisation within Image’s tenements in the vicinity of Tronox’s historic dredge operations.

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Tronox historic mining area Image-Tronox royalty area

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Image Corporate Snapshot

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Diverse and experienced Board and Management

ASX Code: IMA Share Price: A$0.20 12-Month Price Range: A$0.10– 0.21 Shares on Issue: 964m Market Cap: A$192m Cash on hand: A$7.4m Debt: A$65.1m Enterprise Value: A$250m* Top 20 Shareholders: 69%

Board of Directors

Bob Besley – Independent Chairman Patrick Mutz – Managing Director Chaodian Chen - Non-Executive Director Aaron Chong Veoy Soo – Non-Executive Dir George Sakalidis – Executive Director Peter Thomas – Non-Executive Director Fei (Eddy) Wu – Non-Executive Director Huang Cheng Li – Non-Executive Director

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Key Management

Patrick Mutz – CEO

John McEvoy – Chief Financial Officer Todd Colton – Chief Operating Officer George Sakalidis – Exploration Director

- as at 29 April 2019
* - as at 31 March 2019 (includes term deposits) and excludes $10m from HMC shipment #3)
* * - as at 31 March 2019

Use of Solar Energy

Heads of Agreement with Sunrise Energy Group Pty Ltd to provide 3-4 MWAC solar farm to be:

Constructed and operated by Sunrise Energy;
Located on Image owned land adjacent to Boonanarring mine site; and
Providing 25% of total electricity requirements for mine and processing operations.

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Additional information regarding Heads of Agreement announced to ASX on 23 April 2018 .

Contact For further information

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Patrick Mutz Managing Director Image Resources NL [email protected] Office: +61 8 9485 2410 Ground Floor, 23 Ventnor Avenue West Perth, WA 6005 PO Box 469, West Perth, WA 6872 www.imageres.com.au

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AI assistant

IMAGE RESOURCES NL — AGM Information 2019

65117_rns_2019-04-30_0d8066ce-69e3-4c3c-96b3-c5a1f3db0ade.pdf

Disclaimer and Forward-Looking Statements

Investor Snapshot

Company transitioning to profitable miner and realisation of full valuation

Investor Snapshot

Products and Applications

Key products are zircon and titanium dioxide

 Zircon sand is processed into zirconium compounds, intermediate products and zirconium metal for a variety of applications;

 Others; 7%

Products and Applications

Key products are zircon and titanium dioxide

 Titanium dioxide (TiO2) from rutile and ilmenite is processed into titanium based products and titanium metal for a variety of applications;

Forward Looking Statement Project Location

 LOCATION

Project Types and Locations

Forward Looking Statement Ore Reserves

 JORC Code (2012) Compliant

 High HM, VHM and very high zircon at Boonanarring

Products and Prices

Forward Looking Statement Target Production Rate

Base Assumptions

Boonanarring – Production Statistics

Average annual production at Boonanarring (5 yrs)

Boonanarring – 2019 Guidance

Boonanarring – HM Ore Grade

Boonanarring – Zircon Grade in Ore HM

Boonanarring – HMC Production

Forward Looking Statement Zircon Prices – Actual and Forecast

Forward Looking Statement Upside Potential

Upside potential at and near Boonanarring

Boonanarring High-Grade Extension

ASX - 13 March & 26 June 2017

New Drilling Results (Feb 2017)

Projects Pyramid – Strand Deposits Forward Looking Statement

Mineral Resources – Accessible by Dry Open-Cut Mining Projects ranked by combined Zircon (Zr) plus Rutile (Ru)

Projects Pyramid – Dredge Prospects Forward Looking Statement Mineral Resources – Accessible by Dredge Mining Projects ranked by HM Grade

Positive attributes

Potential Royalty from Tronox

Royalty agreement in place as of 2014

Image Corporate Snapshot

Diverse and experienced Board and Management

Board of Directors

Key Management

Use of Solar Energy

Contact For further information

More from IMAGE RESOURCES NL

IMAGE RESOURCES NL AGM Information 2019