IMAGE RESOURCES NL — AGM Information 2024

May 27, 2024

Chapter 2: Growth and Sustainability

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Annual General Meeting of Shareholders 28 May 2024 Patrick Mutz Managing Director 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) 2024 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 Company’s exploration and/or operational 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, to 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 streams, operating costs and EBITDA. Forward-looking information and statements may also include commodity price assumptions, projected capital and operating costs, metal or mineral metallurgical recoveries, mine life, production rates and other assumptions used in the variety of feasibility studies from time to time on any of Image’s projects or proposed endeavours, or other documents published by Image or contained in this presentation/document or in the Company’s ASX announcements and published by Image on its website. 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 Company’s Quarterly Reports, Annual Reports, feasibility study reports and other documents and announcements 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 JORC 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 respective ASX announcements on the Company’s website.

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Company Description

• Producer and Supplier of Critical Minerals Concentrate

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• Titanium, Zirconium and Rare Earths Elements

• Feedstocks for Pigments, Ceramics, Critical Metals, Electronics…

• Mining and Processing in Australia

• Successful Project Development

• Transitioned from advanced explorer to active miner in 2018

• On-time and on-budget construction

• Ramped to nameplate capacity in only 2[nd] month of operation

• Successful Project Operations

• Profitable in 1[st] year of operation (CY2019)

• Repaid all debt early (Feb 2021)

• Paid dividends to shareholders in 2021 and 2022

• Completed 5 years continuous operations (inc. commissioning)

Zircon sand

• A$20 million NPAT/year average for CY2019-2022 selling HMC

• A$46 million cash at 31 Dec 2023

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Project Area Location Map

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Project Location – Initial Portfolio 2016

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ATLAS - planned mining to commence FY2024

Ore Reserves (Dec 2022) 5.5 million tonnes 9.2% THM

20% zircon + rutile in THM 59-61% TiO2 in ilmenite Dry mining; 1:1 strip ratio

BIDAMINNA – PFS complete; DFS underway

Ore Reserves (Jun 2023) 123 million tonnes 1.8% THM

9% zircon + rutile in THM 63-67% TiO2 in ilmenite Dredge mining; 1:1 strip ratio

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Initial Tenement Portfolio (2017) 1,232 km[2]

12 Project Areas; 100%-owned 29Mt Ore Reserves

93Mt dry mining Mineral Resources 236Mt dredge mining Mineral Resources

BOONANARRING - Successful mining since Dec 2018 (mined out as of August 2023)

Initial Ore Reserves (May 2017) 6.3% THM

20+% zircon in THM 54-56% TiO2 in ilmenite Dry mining; 7:1 strip ratio

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Transition to Active Miner

• Active miner – Chapter 1

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• Simple business model: One mine, one product, one customer

• 2017 BFS plan; mine and process ore at Boonanarring then self-fund relocation of equipment and mine and process ore at Atlas (series operations)

• Still working 2017 plan; completed ore processing at Boonanarring Sep 2023; awaiting final permitting at Atlas

• Chapter 1 will end with the completion of mining at Atlas

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HMC
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Chapter 1 – Active Miner

 Chapter 1 Projects; operated in series

Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series
Project	Million Tonnes		THM %		Slimes %	Oversize %		Zircon %*	Rutile %*	Leucoxene %*	Ilmenite %*	VHM %*		Strip Ratio	Ilmenite %TiO2
Boonanarring (actual)	15.8		8.0		15	4		28	2.5	2.0	47	80		7:1	55
Atlas (Ore Reserves)	5.5		9.2		15	5		12	8	5	53	79		1:1	60

 Chapter 1 Philosophy (one mine, one product, one customer)

 Adequate for transition from explorer to miner

 Not optimum for growth and sustainable operations

Notes: * - as percent of THM

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Project Location Map – Expanded Portfolio

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Eneabba
Tenements
Acquisition
232 km [2]
Initial Portfolio
of Tenements
1,232 km [2]
McCalls
Project
Acquisition
224 km [2]
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Transitioning to Chapter 2

 Strategic Acquisitions

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• Two acquisitions of mineral sands projects in Western Australia in 1H 2022

• Eneabba Tenements added ~200mt of Mineral Resources resulting in 3-fold increase in dry mining Mineral Resources portfolio

• McCalls Project added 5.8 billion tonnes of Mineral Resources resulting in 10-fold increase in total Mineral Resources portfolio

 New Growth & Sustainability Strategy – Chapter 2

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Growth & Sustainability Strategy

• Chapter 2 Philosophy and Ambitions

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 Multiple mines, multiple products, global market + value-add

• Develop multiple projects to be operated simultaneously

• Separate HMC into multiple products (zircon, ilmenite, rutile, leucoxene, monazite etc.) for sale into global markets

• Convert ilmenite to high-value synthetic rutile (SR) using novel pyroprocessing technology with green hydrogen as the iron reductant to produce SR with lower CO2 emissions

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Growth & Sustainability Strategy

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 Chapter 2 Projects

Project	Million Tonnes		THM %		Slimes %	Oversize %	Zircon %*	Rutile %*	Leucoxene %*	Ilmenite %*		VHM %*		Strip Ratio	Ilmenite %TiO2
Bidaminna (Ore Reserves)	123		1.8		4	4	5	4.1	13	72		94		1:1	65
Yandanooka (Mineral Resources)	61		3.0		15	11	12	3.5	3.6	70		89		<1:1	62
McCalls (Mineral Resources)	3,610		1.3		24	1	5	3.6	3.0	79		91		<1:1	63
Mindarra Springs (Mineral Resources	2,200		1.6		20	5	4.2	0.9	3.1	80		89		<1:1	63

Notes: * - as percent of THM

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Chapter 2 Projects and Value-Adding Steps

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• Diverse 100%-Owned Development Pipeline in Western Australia (JORC 2012)

• Bidaminna – 123mt Ore Reserves[1] at 1.8% HM

 Yandanooka [2] – 30mt Ore Reserves[1] at 3.9% HM (DFS underway)

8 yrs.**

• McCalls [2] – 3,610mt Mineral Resources [1] at 1.3% HM (concept study) 40+ yrs.***

• Mindarra Springs [2] – 2,200mt Mineral Resources [1] at 1.6% HM (concept study) 25+ yrs.***

• Construct Mineral Separation Plant[3] (PFS underway)

 Synthetic Rutile Production Facility[3] (testing and PFS underway)

• Notes: * - estimated mine life; refer to 27 June 2023 ASX announcement “PFS Results – Bidaminna Mineral Sands Project” ** - estimated mine life; refer to 18 April 2024 ASX announcement “Strong Feasibility Results – Yandanooka Project” *** - potential mine life if only 30% of Mineral Resources convert to Ore Reserves (which is not certain) 1 – see attached tables of Ore Reserves and Mineral Resources for details

• 2 – Part of strategic acquisitions in 1H 2022

• 3 - Planned to be located at current Boonanarring site to take advantage of installed infrastructure on owned land

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Synthetic Rutile Value Proposition

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highest
mass
Convert ilmenite
to synthetic
rutile
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(CY2021-22 relative pricing)
lowest
price
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 Line graphs of mass contribution in HMC added for various Image projects

 Bar graphs represent rough min and max commodity prices across CY2021-22 (for relative comparison only). Source: FerroAlloyNet.com

Notes: Mineral assemblage information in line graph taken from Mineral Resources statement – Table 2, attached to this presentation. Synthetic rutile (SR) does not occur naturally in HM assemblage but can be produced by upgrading of ilmenite. It is included in assemblage graph for relative price positioning compared to naturally occurring commodities. Upgrading of ilmenite to SR results in a mass loss of approximately 40% from removal of the iron and adds substantial operating costs for thermal conversion and iron removal.

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Ilmenite Conversion to Synthetic Rutile (SR)

Initial bench-scale test results – ASX announcement 9 August 2023

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SR Production Process Patent(s)

• Initial ilmenite conversion testing conducted using fluidised bed reactor

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• New process formulated using different furnace with numerous advantages:

• Accepts variable feedstock moisture content

• Lower energy consumption

• Substantially less material short-circuiting

• Potential to conduct oxidation and reduction in same furnace

• Capable of handling substantially finer grain size feedstocks

• Lower flowrate of gases and lower dust emissions (which can be returned to furnace)

• Can use multiple liquid or gaseous fuels including hydrogen

• Provisional patent of novel process filed November 2023

• Second patent in draft mode for wider application of feedstocks

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Preliminary, Conceptual Project Development Plan

Cautionary statement:

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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 study will be published when available. Any information on 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 Project Development Plan

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Chapter 1

• One operation (at a time)

• One product (HMC concentrate)

• One customer (offtake into China)

• • Limited project life

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Chapter 1

Preliminary, Conceptual Project Development Plan

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Chapter 2

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Bidaminna Pre-Feasibility Study – June 2023

PFS Highlights:

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• Pre-tax NPV[8] : A$192 million

• Pre-tax IRR[8] : 28%

• Capital estimate: A$194 million

• Capital payback (post first revenue): 3.8 years

• EBITDA: A$379 million

• Forecast mine-life: 10.5 years

• Total Heavy Mineral Concentrate (“HMC”) production: 2.1 Mt

Ore Reserve Highlights:

• 123 million tonnes Probable Ore Reserves at 1.8% total heavy minerals (“HM”)

• • 2.2 million tonnes total contained HM

• High-value mineral assemblage with 93% valuable heavy minerals ("VHM") in HM o 12% leucoxene, 72% ilmenite, 5% zircon, 4% rutile and 0.3% monazite

• High-grade ilmenite suitable feedstock for upgrading to synthetic rutile

• Predominantly medium-grained free-flowing sand with 4% slimes and 4% oversize

• Amenable to low-cost dredge mining

• Forecast ore processing rate: 11.8 Mt per annum

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Yandanooka Pre-Feasibility Study – April 2024

PFS Highlights:

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• Pre-tax NPV[8] : A$151 million

• Pre-tax IRR[8] : 72%

• Capital estimate: A$50.3 million

• Capital payback (post first revenue): 15 months

• EBITDA: A$277 million

• Forecast mine-life: 8.2 years

• Total Heavy Mineral Concentrate (“HMC”) production: 1.0 Mt

Ore Reserve Highlights:

• 30 million tonnes Probable Ore Reserves at 3.9% total heavy minerals (“HM”)

• Mineralisation from surface with average strip ratio of 0.1:1

• High-value mineral assemblage with 90.5% valuable heavy minerals ("VHM") in HM o 14% zircon, 3.3% rutile, 27% leucoxene, 46% ilmenite% zircon, and 0.2% monazite in HM

• High-grade ilmenite suitable feedstock for upgrading to synthetic rutile

• Predominantly medium-grained free-flowing sand with 15% slimes and 14% oversize amenable to simple dry mining and classic wet concentration plant mineral recovery

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ESG & Sustainability

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FOCUSED ON SUSTAINABILE PERFORMANCE

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Corporate Snapshot

ASX Code

IMA

Share Price A$0.081 (24 May 2024)

Share on Issue 1,070M Market Cap A$91M

Cash on hand A$39M (31 Mar 2024) Debt A$0M (since Feb 2021) Enterprise Value A$52M

Top Five Shareholders

Murray Zircon PL 16.0% Vestpro International Limited 13.2% HSBC Custody Nominees 7.8% Orient Zirconic Res. Aus. PL 5.2% Citicorp Nominees PL 3.5%

Top 20 72.5% (31 Mar 2024)

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Board of Directors

Bob Besley – Chair (Ind.) Patrick Mutz – Managing Director Aaron Chong Veoy Soo – NED (Ind.) Peter Thomas – NED (Ind.) Ms Ran Xu – NED Winston Lee – NED

Management

Patrick Mutz – CEO

John McEvoy – Chief Financial Officer Todd Colton – Chief Operating Officer

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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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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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