IMAGE RESOURCES NL — Capital/Financing Update 2007

Oct 31, 2007

ASX Code: IMA

1 November 2007

Company Announcements Office Australian Stock Exchange Limited 4[th] Floor, 20 Bridge Street SYDNEY NSW 2000

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2[nd] Floor, 35 Outram St West Perth WA 6005 PO Box 644 West Perth WA 6872 Telephone 08 9485 2410 Facsimile 08 9485 2840 info@imageres.com.au www.imageres.com.au

ABN 57 063 977 579

Dear Sir/Madam,

– RECORD DATE 19 November 2007

NOTICE IS HEREBY GIVEN that the record date for the purposes of determining entitlements to participate in the bonus issue of shares in Emu Nickel Pty Ltd ( Emu Nickel ) is close of business Monday 19 November 2007.

The ex-entitlement date is close of business Wednesday 14 November 2007.

This means that any dealings in Image Resources NL ( Image ) securities between close of business 14 November and 19 November will not appear on the register of members as at the record date and will not therefore participate in the bonus issue.

Shareholders of Image at the record date will be issued with free shares in Emu Nickel on a 1 for 2 basis (i.e. one share in Emu Nickel for every two shares held in Image) as a prelude to the expected (but not guaranteed) listing of Emu Nickel on ASX.

Image shareholders as at the same record date will also be given a priority to participate in the expected Initial Public Offer ( IPO ) by subscribing for shares on a special green application form attached to the prospectus (which is yet to be lodged) for one share in Emu Nickel for every four shares held in Emu Nickel as a result of the 1:2 bonus issue.

Potential purchasers of Image shares wanting to participate in the bonus issue and the priority offer should consult their broker for advice before proceeding.

Emu Nickel has appointed Bell Potter Securities Limited to act as lead manager to the IPO and contractual agreements are being finalised before the company lodges its prospectus. Any enquiries in relation to applications for shares in the proposed IPO should be directed to either Verity Barritt at Bell Potter Securities Limited (02) 9255 7205 or George Sakalidis at Image (08) 9485 2410.

Yours faithfully MANAGING DIRECTOR George Sakalidis