IMAGE RESOURCES NL — AGM Information 2023

May 29, 2023

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Focused on Growth and Sustainability

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2023 Annual General
Meeting of Shareholders
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ASX: IMA 1

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) 2023 and beyond, 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, Atlas and/or other projects, or the mineral sands and/or general mining 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”, “potential”, “possible” 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 and aspirations 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 forecast, projected or aspirational 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”) or other documents published by Image or contained in this presentation/document. 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, as well as in the Company’s CY2022 Annual Report, 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 referenced within this presentation/document or presented at the end of this presentation/document. For additional information and details on the content of this presentation/document, please refer to the ASX releases on the Company’s website.

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Outline

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 Building a picture of the future with current limited information

• Growth and sustainability strategy

• Transitioning to Chapter 2

 The changing value proposition

• Transitioning from high HM grade/high zircon to low HM grade/high ilmenite

• Importance of economy-of-scale and value-adding

 The critical value-add opportunity of synthetic rutile

• Where are we on our journey?

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Brief Recap

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 2017 BFS Plans

• Boonanarring and Atlas to be mined in series

• Total mine-life ~8 years (Boon ~5; Atlas ~3)

• Repay debt

• Self-fund relocation of operations to Atlas

 Upside aspirations (outside of plan)

• Organic growth of Ore Reserves and mine-life at Boonanarring

• This did not happen. Mineral Resources identified, but excessively challenged by gas pipelines, the Brand Highway and power lines infrastructure

• Lost some Ore Reserves due to unanticipated trash HM

 Still working the original BFS Plan

• Boonanarring operations continuing successfully; currently at 54 months

• Debt repaid early in Feb 2021

• Cash reserves available to fund relocation to Atlas

• Final Atlas permitting underway, albeit delayed due to unforeseen circumstances

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Brief Recap

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 Challenges/achievements that were not anticipated (no excuses, just facts)

• COVID-19 impacts and restrictions

• Paid $0.02/share dividend in April 2021 and again in April 2022 (~AU$35m cash)

• Purchased two strategic projects in CY2022 (~AU$36m cash)

• Defeated 249-D action against key Board members in CY2022

• Project permitting much more onerous following Juukan Gorge incident (May 2020) and new threatened ecological community (TEC) legislation (2021)

• New Aboriginal Cultural Heritage Act (ACHA) 2021 effective 1 July 2023

• Skilled worker shortages following post-COVID mining industry expansion

• Substantial inflationary pressures following Federal economic stimulation spending

• Funding multiple project studies (from cash reserves) under new Growth & Sustainability strategy

• Share price weakness despite operational economic success

• Believed to be primarily driven by lack of long-term Ore Reserves

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Brief Recap

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• Rapid transition to successful mining company

• 6-month construction; A$52m on-ground spend (2018)

• On-time; on-budget

• Ramped to name-plate capacity in 2[nd] month of operation

• Profitable from first full year of operation

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• Early repayment of A$50m debt (Feb 2021)

• Paid inaugural dividend of 2 cents (unfranked) April 2021

• Paid 2[nd] annual dividend of 2 cents (fully-franked) April 2022

Introduction

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Building the picture of the future

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Sometimes a picture is muddled, even though you might recognise certain aspects in the disorder.

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Introduction

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Sometimes the picture is more recognizable, but it is out of focus or opaque.

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Introduction

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Sometimes the picture is both muddled and out of focus.

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Growth and Sustainability Vision

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2017 BFS fuzzy options
Boonanarring Atlas Hyperion Helene
Chapter 1
Growth - Bidaminna and beyond
+ CY2022
Bidaminna Titan Calypso Strategic
fuzzy options Acquisitions
Chapter 2
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• Chapter 1  Simple business model  Dry mining  1 operation

• 1 product

• 1 market

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Chapter 2
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• More comprehensive business model

• Various mining methods

• Multiple simultaneous long‐life operations

• Multiple products

• Global market

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Growth and Sustainability Vision

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Chapter 2 - Building the future
Durack and Expanded
Yandanooka others in `Blue, Gray or Solar Farm
Turquoise
Eneabba
Hydrogen
Tenements
Green
Hydrogen
McCalls
Synthetic
Mineral
Rutile
Separation Production
Plant
High Grade
Iron
Byproduct
Mindarra Expanded (potential)
Marketing
Springs
Potential feedstock
for Rare Earth‐Free
Permanent
Bidaminna Titan Calypso Magnets
Blue sky
Start by examining the pieces.
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Changing Value Proposition

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Notes: Information in graphs taken from Mineral Resources statement – Table 2, attached to this presentation.

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Changing Value Proposition

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Notes: Information in graphs taken from Mineral Resources statement – Table 2, attached to this presentation.

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Changing Value Proposition

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Notes: Information in graphs taken from Mineral Resources statement – Table 2, attached to this presentation.

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Changing Value Proposition

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 Bar graphs represent rough min and max commodity price over the last 24 months

• Line graphs of mass contribution in HMC added for various Image projects

• Synthetic rutile does not exist naturally in HM assemblage but can be produced by upgrading of ilmenite. It is shown here for relative price comparison to naturally occurring commodities.

Notes: Mineral assemblage information in line graph taken from Mineral Resources statement – Table 2, attached to this presentation.

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Synthetic Rutile (SR)

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 What is SR? What is it used for?

• The titanium dioxide (TiO2) content in ilmenite can range from 45-70% TiO2, with the majority of the balance being iron

• Natural, high-quality Rutile is >95% TiO2

• Removing the iron from ilmenite can increase TiO2 content to 90-95% TiO2 and then it is referred to as ‘synthetic’ rutile or SR

• SR is used as feedstock for the chloride process for making pure TiO2 used in the manufacture of pigment for paint and other products

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Synthetic Rutile

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 What is the forecast demand for SR?

• Australia has been and remains the largest SR manufacturer in the world, with all Australian SR manufactured in WA by Iluka and Tronox

• Australia is the 2[nd] largest consumer of SR in the world, with the vast majority by Tronox to produce TiO2 for pigment, and all in WA

• TZMI market study indicates global supply deficit in SR as feedstock for pigment manufacture from 2027, driven by:

• Forecast declines in SR production by Iluka and Tronox due to lack of ilmenite feed; and

• Robust SR demand from rise of Chinese chloride pigment output and high chlorine prices in North America supporting shift towards consumption of higher-grade chloride feedstocks such as SR.

• Net effect of SR feedstock supply deficit is requirement for new supplies of SR feedstocks

• creating an excellent market opportunity for Image

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Synthetic Rutile

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 So how is the iron removed from ilmenite?

 Iluka and Tronox use the Becher process

• patented in 1961 by Robert Gordon (Bob) Becher

• commercialised in 1969 by RGC (forerunner to Iluka)

• Basics of the Becher process

• high temperature (>1,100 [o] C) roasting of ilmenite in a rotary kiln

  • coal added to kiln to maintain a reducing environment, to convert iron oxide in the ilmenite, to metallic iron

• kiln product then processed through iron ‘rusting’ process using aerated salt solution to remove the iron and subsequent sulphuric acid leaching to remove residual iron and impurities

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• The ilmenite roasting (iron reduction) process emits a considerable amount of CO2 from the burning of coal in the kiln

• Variations to the original process have been adopted through the years but the basics of using coal as the reductant remain unchanged commercially after more than 50 years

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Synthetic Rutile

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 Is there a better way? Short answer is YES ; it was patented in 1999-2000

Production of synthetic rutile by low temperature reduction of ilmenite

• Patent recently expired

• Process not commercialised to-date likely due to:

• Becher process improvements and ongoing success

• New capital requirements

Iluka Resources Limited

• Dr Ian Grey of CSIRO (inventor) referred to this technology as ‘NewGenSR’ process in post-patent paper

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Synthetic Rutile

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 What is NewGenSR process?

• Key differences of NewGenSR compared to Becher process:

• NewGenSR uses fluidized bed reactor instead of rotary kiln

• NewGenSR uses hydrogen gas as reductant instead of coal

NewGenSR benefits:

• General advantages of fluidized bed reactor vs. rotary kiln (next slide)

• Environmentally friendly o lower CO2 emissions

• Hydrogen focus accelerating o including green hydrogen

• Able to treat primary ilmenites

• Any new SR construction likely to commercialise this ‘not so new’ technology

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Rotary Kiln – Capel WA, Iluka Resources

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Fluidized bed schematic

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Fluidized bed processing plant

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Fluidized Bed Reactor versus Rotary Kiln

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Simple standard components Very high gas‐solids contact area No brickwork or refractory to replace Precise temperature control Uniform temperature profile Very fast heat‐up and cool‐down Very good product consistency Low operating costs Less energy intensive Compact construction

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Preliminary Conceptual Plan

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Cautionary statement:

The following conceptual plan should only be read in conjunction with the Disclaimer and Forward-Looking Statements at the beginning of this presentation. The information provided in the following preliminary plan is conceptual and aspirational and should not be relied upon for investment decisions, as appropriate independent studies have not been completed on many of the projects shown in this plan. Several studies are underway and others are planned and the information from each will be when available. information on study published Any potential production levels or mine life are based solely on simplistic forecasts of conceptual processing rates and on potential for future Ore Reserves, which is uncertain and may not materialise.

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Preliminary Conceptual Plan

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For further information

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Image Resources NL

info@imageres.com.au Office: +61 8 9485 2410

Level 2, 7 Ventnor Avenue West Perth, WA 6005 PO Box 469, West Perth, WA 6872 www.imageres.com.au

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Mineral Resources and Ore Reserves Statement

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Table 1 ‐

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Mineral Resources and Ore Reserves Statement

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Table 2 ‐

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Mineral Resources and Ore Reserves Statement

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Mineral Resources and Ore Reserves Statement

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Mineral Resources and Ore Reserves Statement

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Mineral Resources and Ore Reserves Statement

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Mineral Resources and Ore Reserves Statement

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Hydrogen Colour Wheel

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