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IMAGE RESOURCES NL Capital/Financing Update 2020

Apr 29, 2020

65117_rns_2020-04-29_194e9cad-0a4d-433a-880b-097c8ab10397.pdf

Capital/Financing Update

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30 April 2020

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BOONANARRING EXPLORATION UPDATE

Image Resources NL (ASX: IMA) (“Image” or “the Company”) is pleased to advise the Company has continued its strategic focus of exploration to identify new Mineral Resources and potential Ore Reserves at its fully operational Boonanarring Mineral Sands Project, and provides the following update on exploration results.

Drilling Programs

Under the banner of Project ‘MORE’ to identify new Mineral Resources and Ore Reserves within a 10km radius of the current Boonanarring wet concentration plant, a number of drilling programs were completed during the March Quarter. The main areas drilled this Quarter include the Northern Extension Area of Boonanarring, the Southern Extension and the Blue Lake 50mRL area (Figure 1). A total of 504 holes for 15,825 metres were drilled in this area (Tables 1 and 3) and additional drilling is planned for the June and September quarters with 916 holes for 30,036m planned (Table 1).

Table 1: North Perth Basin Projects Drilling Programs Completed in 2020 March Quarter and Planned for June and September Quarters 2020

Project # Holes
Complete		 Metres
Complete		 # Holes
Remaining
Metres
Remaining
Holes
Total		 Metres
Total
E70/3720 & E70/3100 Central Stockcare 89 2,322 89 2,322
E70/3720 & E70/3100 Roadside Drilling 129 5,160 129 5,160
E70/3720 & E70/3192 Blue Lake 50mRL 72 2,016 97 2,910 169 5,160
E70/3041 & E70/4689 Boonanarring West 9 248 84 2,724 93 2,972
E70/1131 & M70/1194 Boonanarring Blocks
A, B, C & D		 169 6,689 117 5,160 286 11,849
E70/3041 Boonanarring South
BlocksE&F		 254 6,872 56 1,977 310 8,849
E70/3041 Gingin North 76 1,878 76 1,878
E70/3298, 2844, 4794 &
4779
Bidaminna		 76 3,794 76 3,794
E70/4244 Woolka 47 1,880 47 1,880
E70/2898, 3997 &
P70/1516		 Atlas 65 631 65 631
E70/3997 Munbinia 80 1,600 80 1,600
Total: 504 15,825 916 30,036 1420 45,861

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 1 of 40

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Figure 1: Boonanarring Area Locator Map.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 2 of 40

Boonanarring Northern Extension Area & Northwestern Extension

A 108-hole 2,952m program was completed in the December Quarter at the Boonanarring Northwestern extension (Central Stockcare) targets, and due to the promising results, which outlined two strands being 1.2km in length each, and totalling 250m in width, a further 38-hole infill drilling program totalling 951m is planned to be finished in April (Figure 2).

The western strand in the Northwestern extension area has several high-grade intersections including 4m at 10.9% HM from 11m in IM01000, 3m at 18.3% HM from 13m in IM01145, and the eastern strand has high-grade intersections including 4m at 23.8% HM from 10m in IM01015, 4m at 27.1% HM from 8m in IM01010 (Table 3).

The northern 500m of the 950m strike length drilled to-date has elevated visual zircon values with the background 10% zircon levels being up to 15m thick with some local levels generally averaging around 20% zircon (Figure 3). The composites are scheduled to be prepared for quantitative Qemscan analyses, which will allow the mineralogy to be defined, prior to a maiden Mineral Resources estimate being completed for these two strands.

Further upside in mineralisation is expected from additional drill testing mainly on the western and northern sides of the two strands where permission to test within the water retention areas is being sought from the Mines Dept. Substantial progress has been made to gain access to drill test mineralised extensions to the north on the adjacent Atlit property. Access to the Atlit property could add a further 1.0km of potential mineralisation based on the extent of the ground magnetic targets outlined (shown in pink in Figure 2).

An extensive roadside drilling program of 129 holes totaling 5,160m will test a strike length of 6km to help outline the full extent of the eastern strand high-grade zone extension of the Boonanarring Northern Extension Area (NEA). Approval of the program of work (PoW) is expected shortly so drilling can commence.

At this stage, access to the ground just east of the Brand Highway has not been finalized. Two stages of drilling contemplated in this area. Stage 1 drilling of 86 holes totaling 3,440m and Stage 2 drilling of 43 holes totaling 1,720m which will complete currently planned drilling in the NEA.

Boonanarring Southern Extension

The continuity south of the Boonanarring Deposit into Block E and F over a 3.5km distance is currently being investigated with extensive drilling programs. The Piggery strand is showing promise with some laboratory intersections including 2m at 16% HM from 17m, 3m at 14% HM from 16m, 2m at 26% from 17m (Figure 5 and Table 3). This area has now had 276 holes totalling 8,762m drilled to date. These high-grade zones are scattered over a 1km distance mainly within Block F. Further infill and extension drilling to the north of this 1km zone has been planned to see whether it extends further.

There are two parallel high-grade strands in the Piggery strand and to fully test this area 76 holes totalling 2,848m are planned. Approximately 55% of the Piggery samples drilled to date have been assayed and preliminary microscope examination of these samples has estimated zircon levels up to 35% of HM, with typical ranges between 10% to 15%, being part of a 200m wide zone (Figure 4). Composite work and Qemscan analysis will now begin to define the zircon assays in detail. In addition, a Mineral Resources estimate will begin shortly.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 3 of 40

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Figure 2: Metal Factors for the two Boonanarring Northwestern strands and the Boonanarring Northern Extension Area strand, highlighted intersections, and proposed holes.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 4 of 40

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Figure 3: Perspective plot Boonanarring Northwestern strands showing elevated visual zircon estimates in green over thickened 15 to 20M zones and HM in red.

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Figure 4: Perspective Plot Boonanarring Southern extension showing visual Zircon zones in green vs HM in red. Note elevated Zircon areas correlate with high HM zones.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 5 of 40

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Figure 5: Metal Factors for the Piggery, 65mRL and 75mRL strands with best drill intersections for the Piggery Strand

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 6 of 40

Boonanarring Blocks A, B, C & D

Two areas within the Boonanarring Deposit are being reassessed with infill drilling to see whether they will be potentially mined in the future.

Firstly, a one line 23-hole totalling 1,053m program on the Wannamal West Road is testing a 300m zone at the southern end of Block C. The drilling has confirmed that the high-grade mineralisation does join up linking Blocks B and C under Wannamal Road West and some of the very high grades include 3m at 31.3% HM from 40m in IX00614, 12m at 15.7% HM from 32m in IOX00615 (Table 3). Further Resource/Reserve studies and meetings with the relevant road authorities are expected to begin shortly (Figure 6).

Secondly, a 74-hole 3,395m infill program is planned to start in April to try to optimise a 500m section between Blocks C and D which did not optimise previously into Ore Reserves (Figure 7 and 8).

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Figure 6: Cross-Section southern end of Block B showing consistent high grade in both the Eastern and Western Boonanarring Strand and both being 40 to 45m wide.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 7 of 40

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Figure 7: Metal Factors for Blocks A, B, and D, showing holes completed in December 2019 and January 2020 and planned drilling

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 8 of 40

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Figure 8: Metal Factors for Blocks D, E, and F, showing holes completed holes and planned drilling

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 9 of 40

Boonanarring West 50m RL Strandline (40km length)

The 48-55m RL strand is shown and has good drill intersections over at least 6 separate areas along a 40km length including from the north to the south. Central Stockcare, Blue Lake, Boonanarring West, Gingin North and Gingin South. A new Access agreement has been signed at Blue Lake and a PoW has been approved (Figures 1 & 10 and Table 2).

Ground magnetics has now been completed at Blue Lake and Regans Ford South. This will help focus the drilling on potential higher-grade areas outlined by the ground magnetics. Some initial drilling comprising 72 holes for 2,016m has been completed on the Blue Lake area and the 50m RL mineralisation has been outlined (Table 3) and further infill lines and drilling comprising 97 holes for 2,910m is being planned. Laboratory assay results are also awaited.

Some of the better, older and historical intersections are shown on Figure 1 and the drill programs for 2020 are shown in yellow and in Table 2 and are designed to identify extensions of these intersections.

Table 2: Drilling planned for the 50mRL Projects

Tenement Project DHs Metres Date
E70/3041,4689 Boonarring West 37 2,183 2020
E70/3041 Boonarring West Farrell 50 800 2020
E70/3041 Regans Ford South
Trandos		 140 2,800 2020
E70/3041 Regans Ford South
Dewa		 36 1,296 2020
E70/3041 Blue Lake
Trandos/Gnangara		 153 4,131 2020
Totals 416 11,210 2020

The Gingin North area even though it lies just outside the initially proposed 10km economic pumping distance from the Boonanarring wet concentration plant has been drill tested over the last two years and is emerging as a priority area mainly because of the proliferation of the Boonanarring Piggery overlaying layer and the adjacent 48-55m RL strand (Figure 10). Composite work and Qemscan analysis will begin shortly.

Further upside is expected from an additional 42 holes for 729m mainly on the western side covering the 50m RL and further infill over a location which contains the southern extension of the Piggery strand and is directly north of Gingin North.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 10 of 40

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Figure 10: Metal Factors for Gingin North showing holes completed and some planned drilling.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 11 of 40

Table 3: Drill-hole Locations and Significant Intersections >5%HM

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
BN West IM01236 389280 6542398 73.1 27 -90 5 E70/3041
BN West IM01237 389237 6542398 71.2 27 -90 6 E70/3041
BN West IM01238 389192 6542395 69.5 27 -90 6 E70/3041
BN West IM01255 389052 6542392 65.2 27 -90 7 E70/3041
BN West IM01256 389093 6542393 66.1 27 -90 5 E70/3041
BN West IM01257 389134 6542403 67.6 27 -90 7 E70/3041
BN West IM01360 389587 6541630 72.6 27 -90 10 E70/3041
BN West IM01361 389548 6541626 71.4 26 -90 E70/3041
BN West IM01362 389508 6541620 70 27 -90 E70/3041
BN West IM01715 386699 6547515 72.9 24 -90 M70/1311
BN West IM01716 386678 6547514 72.4 27 -90 M70/1311
Block A IM01675 385596 6552285 124.8 60 -90 M70/1311
Block A IM01676 385588 6552281 124.1 60 -90 M70/1311
Block A IM01677 385578 6552276 123.4 60 -90 M70/1311
Block A IM01678 385569 6552272 122.6 60 -90 M70/1311
Block A IM01679 385622 6552187 122.1 57 -90 M70/1311
Block A IM01680 385860 6551746 116.8 54 -90 M70/1311
Block A IM01681 385851 6551742 115.9 54 -90 M70/1311
Block A IX00594 385648 6551865 109.9 51 -90 3 1 5.43 21 M70/1311
Block A IX00595 385635 6551859 109 51 -90 11 M70/1311
Block A IX00596 385622 6551852 108 51 -90 11 M70/1311
Block A IX00597 385609 6551846 107 48 -90 12 M70/1311
Block A IX00598 385596 6551839 106.1 48 -90 10 M70/1311
Block A IX00599 385583 6551833 105.2 48 -90 12 2 9.57 34 M70/1311
Block A IX00600 385570 6551827 104.2 45 -90 9 M70/1311
Block A IX00601 385557 6551821 103.3 45 -90 M70/1311
Block A IX00602 385544 6551814 102.2 45 -90 M70/1311
Block A IX00603 385677 6551768 106.5 36 -90 6 M70/1311
Block A IX00604 385668 6551764 105.8 36 -90 12 2 6.73 32 M70/1311
Block A IX00605 385711 6551673 103.4 48 -90 8 M70/1311
Block A IX00606 385698 6551667 102.5 45 -90 M70/1311
Block A IX00607 385685 6551660 101.5 45 -90 M70/1311
Block A IX00608 385672 6551654 100.5 45 -90 7 3 11.17 30 M70/1311
Block A IX00609 385658 6551648 99.7 45 -90 9 1 5.7 30 M70/1311
Block A IX00610 385645 6551641 98.8 42 -90 4 M70/1311
Block A IX00611 385632 6551635 98 42 -90 6 M70/1311
Block B IM01363 386866 6549406 100.1 39 -90 4 M70/1311
Block B IM01364 386851 6549392 99.7 39 -90 9 3 7.81 26 M70/1311
Block B IM01365 386831 6549385 99.2 42 -90 17 2 8.17 28 M70/1311
Block B IM01366 386812 6549376 98.7 42 -90 19 2 5.9 33 M70/1311

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 12 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block B IM01367 386795 6549367 98.3 42 -90 24 1 5.69 27 M70/1311
Block B IM01368 386778 6549358 97.9 39 -90 17 6 12.95 27 M70/1311
Block B IM01369 386760 6549349 97.4 39 -90 22 1 5.14 25 M70/1311
Block B IM01370 386742 6549341 96.9 42 -90 16 M70/1311
Block B IM01371 386857 6549284 99.1 39 -90 13 2 6.72 28 M70/1311
Block B IM01372 386847 6549503 101.9 36 -90 M70/1311
Block B IM01373 386824 6549492 101 36 -90 M70/1311
Block B IM01374 386753 6549457 98.7 36 -90 11 4 13.3 26 M70/1311
Block B IM01375 386859 6549619 105.5 48 -90 32 1 5.6 44 M70/1311
Block B IM01376 386836 6549608 104.9 45 -90 17 M70/1311
Block B IM01377 386805 6549592 103.8 45 -90 11 1 5.84 38 M70/1311
Block B IM01378 386749 6549565 101.6 45 -90 18 1 6.79 33 M70/1311
Block B IM01379 386735 6549560 101.1 42 -90 14 2 6.36 31 M70/1311
Block B IM01380 386795 6549699 104.6 42 -90 21 1 5.69 28 M70/1311
Block B IM01381 386725 6549665 102.1 39 -90 M70/1311
Block B IM01382 386699 6549652 101 39 -90 14 3 15.53 29 M70/1311
Block B IM01383 386714 6549770 102.9 39 -90 M70/1311
Block B IM01384 386670 6549749 101.1 39 -90 9 1 5.51 34 M70/1311
Block B IM01385 386656 6549743 100.7 42 -90 17 2 11.2 30 M70/1311
Block B IM01386 386672 6549866 103.9 42 -90 7 M70/1311
Block B IM01387 386654 6549858 102.8 42 -90 M70/1311
Block B IM01388 386659 6549967 105.9 42 -90 20 1 7.3 38 M70/1311
Block B IM01389 386582 6549929 101.1 39 -90 10 M70/1311
Block B IM01390 386573 6549925 100.6 39 -90 11 2 6.75 29 M70/1311
Block B IM01391 386543 6550021 101 39 -90 M70/1311
Block B IM01392 386529 6550015 100 41 -90 7 2 6.15 28 M70/1311
Block B IM01393 386494 6549997 97.9 39 -90 M70/1311
Block B IM01394 386399 6550217 96.9 36 -90 12 M70/1311
Block B IM01395 386390 6550213 96.5 36 -90 17 M70/1311
Block B IM01396 386411 6550291 98.9 36 -90 M70/1311
Block B IM01397 386397 6550284 98.2 36 -90 M70/1311
Block B IM01682 386843 6549133 100.5 39 -90 M70/1311
Block B IM01683 386825 6549125 99.6 39 -90 M70/1311
Block B IM01717 386659 6550078 72.8 99 -90 M70/1311
Block B IM01718 386628 6550119 72.2 99 -90 M70/1311
Block B IM01719 386615 6550112 71.7 99 -90 M70/1311
Block B IM01720 386630 6550070 72.9 99 -90 M70/1311
Block B IX00583 386384 6550277 97 36 -90 5 M70/1311
Block B IX00584 386327 6550473 97.5 36 -90 M70/1311
Block B IX00585 386314 6550466 96.8 36 -90 M70/1311
Block B IX00586 386300 6550459 96 36 -90 12 M70/1311
Block B IX00587 386250 6550546 95.6 36 -90 14 M70/1311
Block B IX00588 386226 6550645 96.7 36 -90 5 2 5.86 18 M70/1311

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 13 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block B IX00589 386212 6550639 96 36 -90 4 M70/1311
Block B IX00590 386199 6550632 95 36 -90 10 4 8.29 22 M70/1311
Block B IX00591 386683 6549756 101.7 42 -90 10 1 6.53 30 M70/1311
Block B IX00592 386787 6549362 98.2 39 -90 15 1 5.13 33 M70/1311
Block B IX00593 386769 6549353 97.6 39 -90 19 1 8.31 31 M70/1311
Block B IX00612 387095 6549256 114.5 51 -90 M70/1311
Block B IX00613 387086 6549252 114 51 -90 6 2 5.39 35 M70/1311
Block B IX00614 387077 6549248 113.5 51 -90 21 6 19.08 37 M70/1311
Block B IX00615 387068 6549243 113 51 -90 21 12 15.17 33 M70/1311
Block B IX00616 387059 6549239 112.5 51 -90 15 1 11.14 43 M70/1311
Block B IX00617 387050 6549234 112 51 -90 22 1 6.16 42 M70/1311
Block B IX00618 387041 6549230 111.4 48 -90 16 5 10.25 38 M70/1311
Block B IX00619 387032 6549226 110.9 48 -90 16 4 8.58 39 M70/1311
Block B IX00620 387014 6549217 109.9 48 -90 14 3 7.34 40 M70/1311
Block B IX00621 386996 6549208 108.8 48 -90 6 M70/1311
Block B IX00622 386978 6549199 107.8 48 -90 M70/1311
Block B IX00623 386960 6549190 106.8 45 -90 5 M70/1311
Block B IX00624 386951 6549186 106.3 45 -90 M70/1311
Block B IX00625 386942 6549182 105.8 42 -90 5 M70/1311
Block B IX00626 386933 6549177 105.2 42 -90 9 2 7.69 34 M70/1311
Block B IX00627 386924 6549173 104.7 39 -90 13 1 5.1 38 M70/1311
Block B IX00628 386915 6549168 104.1 42 -90 13 1 11.06 38 M70/1311
Block B IX00629 386906 6549164 103.6 42 -90 8 M70/1311
Block B IX00630 386897 6549160 103.1 42 -90 10 2 5.6 37 M70/1311
Block B IX00631 386888 6549155 102.7 42 -90 13 2 9.01 37 M70/1311
Block B IX00632 386879 6549151 102.2 42 -90 15 1 5.45 37 M70/1311
Block B IX00633 386870 6549146 101.8 42 -90 14 1 18.36 33 M70/1311
Block B IX00634 386861 6549142 101.3 42 -90 18 2 9.7 31 M70/1311
Block C IM01649 388483 6546351 114.5 45 -90 M70/1311
Block C IM01650 388492 6546356 114.9 45 -90 M70/1311
Block C IM01651 388501 6546360 115.4 45 -90 M70/1311
Block C IM01652 388510 6546365 115.9 42 -90 M70/1311
Block C IM01653 388518 6546369 116.4 39 -90 M70/1311
Block C IM01654 388527 6546373 116.9 39 -90 M70/1311
Block C IM01655 388474 6546347 114 45 -90 M70/1311
Block C IM01656 388465 6546343 113.4 39 -90 M70/1311
Block C IM01657 388456 6546338 113 45 -90 M70/1311
Block C IM01658 388447 6546334 112.8 42 -90 M70/1311
Block C IM01659 388438 6546330 112.4 46 -90 M70/1311
Block C IM01660 388429 6546325 111.9 48 -90 M70/1311
Block C IM01661 388422 6546333 111.4 48 -90 M70/1311
Block C IM01662 388417 6546333 111.1 99 -90 M70/1311
Block C IM01663 388396 6546323 110 99 -90 M70/1311

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 14 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block C IM01665 388385 6546325 109.3 99 -90 M70/1311
Block C IM01666 388378 6546322 108.9 99 -90 M70/1311
Block C IM01667 388363 6546316 108.1 99 -90 M70/1311
Block C IM01669 388357 6546309 107.8 46 -90 M70/1311
Block C IM01670 388339 6546304 106.9 45 -90 M70/1311
Block C IM01671 388332 6546307 106.4 45 -90 M70/1311
Block C IM01672 388326 6546297 106.2 47 -90 M70/1311
Block C IM01673 388317 6546293 105.9 42 -90 M70/1311
Block C IM01674 388311 6546290 105.5 41 -90 M70/1311
Block C IM01684 388297 6546292 104.8 45 -90 M70/1311
Block C IM01685 388296 6546482 106 45 -90 M70/1311
Block C IM01686 388288 6546479 105.8 45 -90 M70/1311
Block C IM01687 388278 6546473 105 45 -90 M70/1311
Block C IM01688 388269 6546469 104.4 45 -90 M70/1311
Block C IM01690 388249 6546460 103.1 42 -90 M70/1311
Block C IM01691 388242 6546457 102.7 42 -90 M70/1311
Block C IM01692 388233 6546452 102.1 42 -90 M70/1311
Block C IM01693 388225 6546446 101.6 42 -90 M70/1311
Block C IM01694 388216 6546442 101.1 42 -90 M70/1311
Block C IM01695 388179 6546650 104.9 45 -90 M70/1311
Block C IM01696 388168 6546647 104.4 45 -90 M70/1311
Block C IM01697 388163 6546645 104.1 45 -90 M70/1311
Block C IM01698 388154 6546639 103.5 45 -90 M70/1311
Block C IM01699 388144 6546635 103 42 -90 M70/1311
Block C IM01700 388136 6546628 102.5 42 -90 M70/1311
Block C IM01701 388128 6546622 102 42 -90 M70/1311
Block C IM01702 388119 6546617 101.6 42 -90 M70/1311
Block C IM01703 387863 6547351 91.1 41 -90 M70/1311
Block C IM01704 387856 6547343 90.5 42 -90 M70/1311
Block C IM01705 387846 6547335 90 43 -90 M70/1311
Block C IM01706 387843 6547326 90.3 42 -90 M70/1311
Block C IM01707 387831 6547320 89.8 41 -90 M70/1311
Block C IM01708 387912 6547282 94 42 -90 M70/1311
Block C IM01709 387900 6547277 93.6 42 -90 M70/1311
Block C IM01710 387872 6547266 92.2 42 -90 M70/1311
Block C IM01711 387859 6547256 91.7 42 -90 M70/1311
Block C IM01712 387901 6547184 94.2 42 -90 M70/1311
Block C IM01713 387892 6547179 94.1 42 -90 M70/1311
Block C IM01714 387882 6547171 93.8 42 -90 M70/1311
Block C IX00635 387733 6547543 91.5 30 -90 M70/1311
Block C IX00636 387724 6547538 91.3 31 -90 M70/1311
Block C IX00637 387742 6547547 91.8 30 -90 M70/1311
Block C IX00638 387751 6547552 92 30 -90 M70/1311

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 15 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block C IX00639 387760 6547556 92.3 30 -90 M70/1311
Block C IX00640 387808 6547480 92 33 -90 M70/1311
Block C IX00641 387795 6547473 91.7 30 -90 M70/1311
Block C IX00642 387772 6547462 91.2 30 -90 M70/1311
Block C IX00643 387762 6547457 91 30 -90 M70/1311
Block D IM01242 389094 6544102 90 33 -90 7 M70/1194
Block D IM01243 389070 6544088 88.5 33 -90 M70/1194
Block D IM01244 389057 6544327 88.9 27 -90 M70/1194
Block D IM01245 389042 6544320 88.2 29 -90 3 M70/1194
Block D IM01246 389024 6544311 87.1 27 -90 M70/1194
Block D IM01247 389004 6544300 86.2 27 -90 6 M70/1194
Block D IM01248 388987 6544290 85.3 27 -90 6 M70/1194
Block D IM01249 388970 6544281 84.3 30 -90 8 M70/1194
Block D IM01250 388954 6544472 84.6 27 -90 16 2 6.03 18 M70/1194
Block D IM01251 388919 6544456 82.9 24 -90 11 M70/1194
Block D IM01252 388888 6544440 81.4 27 -90 17 M70/1194
Block D IM01253 388836 6544632 83.8 27 -90 15 M70/1194
Block D IM01254 388813 6544621 83 27 -90 15 M70/1194
Block D IM01258 388222 6545922 92.5 30 -90 17 M70/1194
Block D IM01259 388241 6545922 93.2 33 -90 21 M70/1194
Block D IM01260 388260 6545922 94 33 -90 13 M70/1194
Block D IM01261 388280 6545923 94.9 33 -90 14 M70/1194
Block D IM01262 388302 6545923 95.7 33 -90 19 M70/1194
Block D IM01263 388321 6545924 96.4 33 -90 21 M70/1194
Block D IM01264 388339 6545924 97.1 36 -90 19 M70/1194
Block D IM01265 388790 6545854 113.4 39 -90 M70/1194
Block D IM01266 388767 6545843 112.4 39 -90 M70/1194
Block D IM01267 388747 6545823 111.3 45 -90 M70/1194
Block D IM01268 388727 6545796 110 45 -90 M70/1194
Block D IM01269 388698 6545792 109.4 48 -90 M70/1194
Block D IM01270 388828 6545753 111.3 42 -90 M70/1194
Block D IM01271 388788 6545725 108.7 42 -90 12 4 5.97 32 M70/1194
Block D IM01272 388472 6545620 96.6 36 -90 7 M70/1194
Block D IM01273 388451 6545617 95.5 36 -90 7 M70/1194
Block D IM01274 388431 6545617 94.8 36 -90 7 M70/1194
Block D IM01275 388412 6545617 94.1 33 -90 8 M70/1194
Block D IM01276 388392 6545617 93.3 36 -90 8 M70/1194
Block D IM01277 388373 6545617 92.5 42 -90 20 M70/1194
Block D IM01278 388354 6545617 91.8 33 -90 14 M70/1194
Block D IM01279 388333 6545608 90.8 33 -90 5 M70/1194
Block D IM01280 388608 6545326 90.6 30 -90 4 M70/1194
Block D IM01281 388589 6545326 90.1 33 -90 7 M70/1194
Block D IM01282 388567 6545326 89.3 30 -90 5 M70/1194

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 16 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block D IM01283 388548 6545326 88.7 27 -90 10 M70/1194
Block D IM01284 388531 6545326 88.3 27 -90 12 M70/1194
Block D IM01285 388508 6545325 87.7 30 -90 13 M70/1194
Block D IM01286 388489 6545325 87.1 30 -90 16 M70/1194
Block D IM01287 388470 6545325 86.6 27 -90 9 M70/1194
Block D IM01288 388448 6545325 86.1 27 -90 10 M70/1194
Block D IM01289 388651 6545036 82.9 27 -90 9 1 5.76 18 M70/1194
Block D IM01605 389298 6544302 103.1 45 -90 M70/1194
Block D IM01606 389307 6544306 103.7 45 -90 M70/1194
Block D IM01607 389316 6544311 104.3 42 -90 M70/1194
Block D IM01608 389325 6544315 104.9 42 -90 M70/1194
Block D IM01609 389334 6544320 105.4 42 -90 M70/1194
Block D IM01610 389343 6544324 106 44 -90 M70/1194
Block D IM01611 389352 6544328 106.6 44 -90 M70/1194
Block D IM01612 389361 6544333 107.2 48 -90 M70/1194
Block D IM01613 389370 6544337 107.9 51 -90 M70/1194
Block D IM01614 389379 6544342 108.5 51 -90 M70/1194
Block D IM01615 389355 6544218 105.6 51 -90 M70/1194
Block D IM01616 389427 6544251 110.3 45 -90 M70/1194
Block D IM01617 389378 6544118 104.7 45 -90 M70/1194
Block D IM01618 389387 6544123 105.3 45 -90 M70/1194
Block D IM01619 389396 6544127 105.9 42 -90 M70/1194
Block D IM01620 389405 6544132 106.5 45 -90 M70/1194
Block D IM01621 389414 6544136 107.1 44 -90 M70/1194
Block D IM01622 389423 6544140 107.7 42 -90 M70/1194
Block D IM01623 389432 6544145 108.3 42 -90 M70/1194
Block D IM01624 389441 6544149 108.9 48 -90 M70/1194
Block D IM01625 389450 6544154 109.5 45 -90 M70/1194
Block D IM01626 389459 6544158 110.1 45 -90 M70/1194
Block D IM01627 388600 6546186 117.1 45 -90 M70/1194
Block D IM01628 388427 6546102 107.2 48 -90 M70/1194
Block D IM01629 388410 6546093 106.2 45 -90 M70/1194
Block D IM01630 388445 6546110 108.3 47 -90 M70/1194
Block D IM01631 388365 6546183 106.9 47 -90 M70/1194
Block D IM01632 388384 6546192 108 48 -90 M70/1194
Block D IM01633 388453 6546003 104.4 51 -90 M70/1194
Block D IM01634 388472 6546012 105.4 45 -90 M70/1194
Block D IM01635 388516 6545923 104.1 48 -90 M70/1194
Block D IM01636 388533 6545931 104.9 48 -90 M70/1194
Block D IM01637 388550 6545939 105.7 42 -90 M70/1194
Block D IM01638 388754 6545705 107.3 42 -90 M70/1194
Block D IM01639 388682 6545670 104.7 42 -90 M70/1194
Block D IM01640 388664 6545661 103.9 42 -90 M70/1194

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 17 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block D IM01641 388646 6545652 103.2 42 -90 M70/1194
Block D IM01642 388585 6545734 103.7 48 -90 M70/1194
Block D IM01643 388603 6545742 104.6 42 -90 M70/1194
Block D IM01644 388620 6545751 105.5 45 -90 M70/1194
Block D IM01645 388638 6545760 106.4 45 -90 M70/1194
Block D IM01646 388559 6545833 105.3 47 -90 M70/1194
Block D IM01647 388577 6545841 106.1 42 -90 M70/1194
Block D IM01648 388594 6545850 107.1 45 -90 M70/1194
Block D IM01664 388500 6546000 999 99 -90 M70/1311
Block D IM01668 388500 6546000 999 99 -90 M70/1311
Block E IM01190 390087 6542810 115.7 48 -90 25 1 6.44 30 E70/3041
Block E IM01191 390028 6542775 111.8 57 -90 26 2 8.13 45 E70/3041
Block E IM01192 390011 6542766 110.7 55 -90 21 1 8.06 43 E70/3041
Block E IM01193 390187 6542667 116.9 54 -90 20 E70/3041
Block E IM01194 390169 6542660 115.9 54 -90 25 E70/3041
Block E IM01195 390155 6542652 115.1 54 -90 27 E70/3041
Block E IM01196 390069 6542600 110.9 51 -90 13 1 6.39 43 E70/3041
Block E IM01197 390304 6542404 114.6 48 -90 6 E70/3041
Block E IM01198 390389 6542411 119.5 51 -90 E70/3041
Block E IM01199 389949 6542528 104.3 45 -90 21 E70/3041
Block E IM01200 389920 6542519 102.7 45 -90 13 E70/3041
Block E IM01201 389912 6542510 102.2 45 -90 22 1 7.08 33 E70/3041
Block E IM01202 389903 6542508 101.6 45 -90 21 E70/3041
Block E IM01203 389889 6542499 100.9 38.2 -90 6 2 5.82 15 E70/3041
Block E IM01204 389877 6542496 100.2 45 -90 24 E70/3041
Block E IM01205 389859 6542484 99.1 45 -90 23 1 6.14 36 E70/3041
Block E IM01206 389835 6542477 97.7 42 -90 19 1 5.62 30 E70/3041
Block E IM01207 389822 6542469 97 42 -90 16 1 6.47 30 E70/3041
Block E IM01208 389805 6542455 96 42 -90 17 1 8.56 29 E70/3041
Block E IM01209 389786 6542448 95 42 -90 28 E70/3041
Block E IM01210 389767 6542440 93.9 45 -90 22 E70/3041
Block E IM01211 389751 6542431 93 45 -90 11 E70/3041
Block E IM01212 389729 6542424 92 45 -90 13 E70/3041
Block E IM01213 389716 6542407 91.1 48 -90 4 E70/3041
Block E IM01214 389699 6542407 90.4 42 -90 E70/3041
Block E IM01215 389925 6542730 105.4 48 -90 19 E70/3041
Block E IM01216 389897 6542716 103.8 48 -90 13 E70/3041
Block E IM01217 389846 6542690 100.5 42 -90 10 E70/3041
Block E IM01218 389813 6542672 98.3 42 -90 12 1 6.52 33 E70/3041
Block E IM01219 389669 6542595 90.8 45 -90 4 E70/3041
Block E IM01220 389652 6542586 89.9 45 -90 E70/3041
Block E IM01221 389638 6542581 89.3 42 -90 E70/3041
Block E IM01222 389611 6543021 91.9 47 -90 22 E70/3041

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 18 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block E IM01223 389506 6542959 87.3 45 -90 4 E70/3041
Block E IM01224 389484 6542951 86.1 48 -90 7 E70/3041
Block E IM01225 389458 6542939 85 42 -90 5 E70/3041
Block E IM01226 389482 6543180 89.7 45 -90 10 1 6.58 25 E70/3041
Block E IM01227 389504 6543199 91.1 42 -90 9 E70/3041
Block E IM01228 389519 6543200 91.5 45 -90 9 E70/3041
Block E IM01229 389734 6543206 100.7 42 -90 5 E70/3041
Block E IM01230 389523 6543429 98.5 42 -90 2 E70/3041
Block E IM01231 389396 6543651 95.5 42 -90 5 E70/3041
Block E IM01232 389332 6543727 92.9 42 -90 12 1 6.73 25 E70/3041
Block E IM01233 389227 6543933 91.7 39 -90 3 E70/3041
Block E IM01234 389204 6543928 90.5 33 -90 E70/3041
Block E IM01235 389187 6543920 89.5 36 -90 5 E70/3041
Block E IM01239 389170 6543908 88.5 27 -90 4 E70/3041
Block E IM01240 389157 6543902 87.8 30 -90 5 E70/3041
Block E IM01241 389141 6543893 86.9 27 -90 8 E70/3041
Block E IM01581 389892 6542590 101.8 42 -90 E70/3041
Block E IM01582 389879 6542583 101 39 -90 E70/3041
Block E IM01583 389866 6542576 100.3 42 -90 E70/3041
Block E IM01584 389814 6542462 96.5 39 -90 E70/3041
Block E IM01585 389992 6542865 111.7 48 -90 E70/3041
Block E IM01586 389938 6542946 109.8 45 -90 E70/3041
Block E IM01587 389953 6542953 110.8 49 -90 E70/3041
Block E IM01588 389968 6542960 111.8 42 -90 E70/3041
Block E IM01589 389909 6543043 109.2 36 -90 E70/3041
Block E IM01590 389937 6543065 111.1 39 -90 E70/3041
Block E IM01591 389847 6543155 106.5 49 -90 E70/3041
Block E IM01592 389862 6543162 107.5 45 -90 E70/3041
Block E IM01593 389877 6543170 108.5 51 -90 E70/3041
Block E IM01594 389892 6543177 109.6 51 -90 E70/3041
Block E IM01595 389817 6543270 107.3 49 -90 E70/3041
Block E IM01596 389835 6543284 108.8 41 -90 E70/3041
Block E IM01597 389753 6543349 105.9 49 -90 E70/3041
Block E IM01598 389769 6543357 106.8 45 -90 E70/3041
Block E IM01599 389783 6543364 107.5 43 -90 E70/3041
Block E IM01600 389795 6543370 108.2 36 -90 E70/3041
Block E IM01601 389718 6543403 106.5 48 -90 E70/3041
Block E IM01602 389744 6543420 108.1 54 -90 E70/3041
Block E IM01603 389557 6543759 107.8 51 -90 E70/3041
Block E IM01604 389483 6543944 106.8 42 -90 E70/3041
Block E IM01689 389781 6543368 107.6 42 -90 M70/1311
Block F IM01290 389996 6542319 99.2 24 -90 12 1 5.67 14 E70/3041
Block F IM01291 389970 6542299 97.9 24 -90 12 E70/3041

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 19 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block F IM01292 389917 6542268 95.6 33 -90 23 E70/3041
Block F IM01293 389879 6542249 93.2 42 -90 27 1 10.19 28 E70/3041
Block F IM01294 389849 6542234 91.2 39 -90 12 E70/3041
Block F IM01295 389802 6542212 88.7 36 -90 3 E70/3041
Block F IM01296 389891 6542033 88.6 30 -90 17 E70/3041
Block F IM01297 389908 6542041 89.4 30 -90 18 E70/3041
Block F IM01298 389925 6542048 90.2 30 -90 18 E70/3041
Block F IM01299 389944 6542055 91.2 39 -90 23 2 8.77 26 E70/3041
Block F IM01300 389964 6542062 92.1 36 -90 22 E70/3041
Block F IM01301 389977 6542068 92.7 36 -90 22 E70/3041
Block F IM01302 389998 6542075 93.7 39 -90 26 1 5.04 27 E70/3041
Block F IM01303 390015 6542096 94.7 42 -90 25 E70/3041
Block F IM01304 390048 6542110 96.3 45 -90 27 E70/3041
Block F IM01305 390085 6542128 98.2 42 -90 27 2 5.17 28 E70/3041
Block F IM01306 390123 6542145 100.1 39 -90 19 E70/3041
Block F IM01307 390156 6542164 102 42 -90 17 E70/3041
Block F IM01308 390192 6542181 103.9 40.5 -90 13 E70/3041
Block F IM01309 390228 6542199 105.9 41 -90 9 1 6.09 40 E70/3041
Block F IM01310 390247 6542208 107.1 48 -90 E70/3041
Block F IM01311 390265 6542218 108 45 -90 7 E70/3041
Block F IM01312 390233 6541975 99.1 42 -90 27 1 5.22 13 E70/3041
Block F IM01313 390197 6541970 98.1 39 -90 20 1 5.98 12 E70/3041
Block F IM01314 390124 6541925 94.7 36 -90 18 2 6.13 10 E70/3041
Block F IM01315 390089 6541915 93.7 36 -90 23 E70/3041
Block F IM01316 390057 6541882 91.8 36 -90 17 E70/3041
Block F IM01317 390024 6541865 90.4 36 -90 18 3 5.25 24 E70/3041
Block F IM01318 389992 6541847 89 36 -90 16 E70/3041
Block F IM01319 390074 6541702 85.9 33 -90 18 E70/3041
Block F IM01320 390091 6541704 86.4 33 -90 20 2 9.72 22 E70/3041
Block F IM01321 390112 6541707 87.1 33 -90 18 1 6.99 21 E70/3041
Block F IM01322 390129 6541713 87.8 33 -90 11 E70/3041
Block F IM01323 390146 6541719 88.4 33 -90 13 E70/3041
Block F IM01324 390166 6541729 89.4 36 -90 9 E70/3041
Block F IM01325 390202 6541747 91 36 -90 11 E70/3041
Block F IM01326 390236 6541765 92.7 36 -90 12 E70/3041
Block F IM01327 390272 6541782 94.5 36 -90 8 E70/3041
Block F IM01328 390315 6541797 96.6 32 -90 15 E70/3041
Block F IM01329 390345 6541819 98.2 39 -90 16 E70/3041
Block F IM01330 390380 6541835 100.1 39 -90 11 E70/3041
Block F IM01331 390399 6541845 101.3 39 -90 12 E70/3041
Block F IM01332 390417 6541851 102.4 45 -90 6 E70/3041
Block F IM01333 390434 6541859 103.4 39 -90 17 E70/3041
Block F IM01334 390505 6541417 91.5 33 -90 5 E70/3041

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 20 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block F IM01335 390469 6541410 90.8 30 -90 4 E70/3041
Block F IM01336 390435 6541383 89.2 33 -90 4 E70/3041
Block F IM01337 390399 6541369 87.9 30 -90 12 1 10.2 20 E70/3041
Block F IM01338 390365 6541350 86.3 27 -90 15 E70/3041
Block F IM01339 390327 6541329 84.5 27 -90 19 E70/3041
Block F IM01340 390312 6541321 83.9 27 -90 16 E70/3041
Block F IM01341 390291 6541318 83.1 31 -90 19 2 15.86 17 E70/3041
Block F IM01342 390270 6541308 82.4 27 -90 22 3 14.53 16 E70/3041
Block F IM01343 390254 6541300 81.7 24 -90 19 E70/3041
Block F IM01344 390232 6541293 80.9 21 -90 13 E70/3041
Block F IM01345 390170 6541507 85.4 27 -90 18 2 7.98 20 E70/3041
Block F IM01346 390192 6541508 86.1 30 -90 19 3 17.75 21 E70/3041
Block F IM01347 390542 6541442 92.8 33 -90 14 E70/3041
Block F IM01348 390559 6541451 93.6 30 -90 13 E70/3041
Block F IM01349 390574 6541458 94.3 30 -90 6 E70/3041
Block F IM01350 390588 6541477 95.3 30 -90 7 E70/3041
Block F IM01351 390365 6541149 83.5 24 -90 14 2 8.31 18 E70/3041
Block F IM01352 390335 6541134 82 30 -90 18 1 5.03 22 E70/3041
Block F IM01353 390310 6541126 80.8 27 -90 21 E70/3041
Block F IM01354 390448 6540941 83.1 27 -90 15 2 25.76 16 E70/3041
Block F IM01355 390434 6540936 82.7 30 -90 27 1 5.66 21 E70/3041
Block F IM01356 390418 6540927 82.3 30 -90 21 1 5.16 17 E70/3041
Block F IM01357 390658 6540865 87.6 27 -90 19 E70/3041
Block F IM01358 390620 6540868 86.6 27 -90 24 E70/3041
Block F IM01359 390561 6540863 85.1 27 -90 21 E70/3041
Block F IM01470 390831 6540938 91.6 27 -90 7 E70/3041
Block F IM01471 390656 6540886 87.1 27 -90 16 E70/3041
Block F IM01472 390647 6540882 86.9 27 -90 18 E70/3041
Block F IM01473 390638 6540877 86.8 27 -90 15 1 12.08 17 E70/3041
Block F IM01474 390629 6540873 86.6 27 -90 16 1 5.73 17 E70/3041
Block F IM01475 390499 6540868 83.8 24 -90 4 E70/3041
Block F IM01476 390490 6540864 83.6 24 -90 8 E70/3041
Block F IM01477 390481 6540859 83.5 24 -90 8 E70/3041
Block F IM01478 390472 6540855 83.2 24 -90 12 2 9.87 17 E70/3041
Block F IM01479 390575 6541002 85.5 24 -90 9 1 17.13 17 E70/3041
Block F IM01480 390587 6541008 85.8 24 -90 14 2 16.83 16 E70/3041
Block F IM01481 390562 6540996 85.1 24 -90 12 E70/3041
Block F IM01482 390551 6540991 85 24 -90 9 E70/3041
Block F IM01483 390534 6541117 88.2 27 -90 9 E70/3041
Block F IM01484 390516 6541108 87.5 27 -90 8 1 7 20 E70/3041
Block F IM01485 390498 6541099 86.8 27 -90 9 E70/3041
Block F IM01486 390426 6541064 84.1 24 -90 5 2 5.76 15 E70/3041
Block F IM01487 390407 6541067 83.6 24 -90 8 2 10.29 16 E70/3041

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 21 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block F IM01488 390399 6541051 82.9 24 -90 10 3 12.1 17 E70/3041
Block F IM01489 390387 6541044 82.4 24 -90 18 2 8.28 21 E70/3041
Block F IM01490 390376 6541039 81.9 30 -90 23 4 8.33 17 E70/3041
Block F IM01491 390363 6541033 81.3 24 -90 18 E70/3041
Block F IM01492 390374 6541155 83.7 27 -90 8 E70/3041
Block F IM01493 390343 6541140 82.3 24 -90 15 5 12.88 15 E70/3041
Block F IM01494 390431 6541295 87.6 30 -90 12 1 14.31 21 E70/3041
Block F IM01495 390414 6541288 86.9 27 -90 15 E70/3041
Block F IM01496 390338 6541249 83.2 24 -90 4 E70/3041
Block F IM01497 390324 6541242 82.5 24 -90 16 1 8.73 17 E70/3041
Block F IM01498 390311 6541236 81.8 24 -90 14 3 19.71 16 E70/3041
Block F IM01499 390298 6541229 81.2 27 -90 17 3 9.25 16 E70/3041
Block F IM01500 390284 6541223 80.5 24 -90 16 E70/3041
Block F IM01501 390410 6541374 88.2 27 -90 6 1 6.52 20 E70/3041
Block F IM01502 390389 6541363 87.3 24 -90 8 E70/3041
Block F IM01503 390301 6541320 83.4 24 -90 11 E70/3041
Block F IM01504 390282 6541311 82.6 24 -90 16 3 11.76 16 E70/3041
Block F IM01505 390263 6541302 81.8 24 -90 16 3 8.24 16 E70/3041
Block F IM01506 390376 6541490 91.3 30 -90 7 1 6.83 22 E70/3041
Block F IM01507 390361 6541483 90.7 30 -90 7 E70/3041
Block F IM01508 390348 6541476 90.1 30 -90 10 1 5.43 23 E70/3041
Block F IM01509 390244 6541426 85.9 24 -90 12 2 11.1 19 E70/3041
Block F IM01510 390228 6541418 85.3 24 -90 11 2 14.1 19 E70/3041
Block F IM01511 390213 6541410 84.7 27 -90 9 E70/3041
Block F IM01512 390199 6541404 84.1 27 -90 10 E70/3041
Block F IM01513 390198 6541515 86.2 30 -90 17 2 8.59 21 E70/3041
Block F IM01514 390164 6541498 85.2 30 -90 13 1 5.18 22 E70/3041
Block F IM01515 390156 6541494 85 27 -90 3 E70/3041
Block F IM01516 390298 6541675 93.4 33 -90 11 2 5.73 21 E70/3041
Block F IM01517 390286 6541668 92.8 33 -90 6 E70/3041
Block F IM01518 390271 6541661 92.1 33 -90 8 E70/3041
Block F IM01519 390155 6541605 87.1 30 -90 18 1 11.92 22 E70/3041
Block F IM01520 390139 6541597 86.4 30 -90 9 2 8.97 22 E70/3041
Block F IM01521 390112 6541612 85.5 30 -90 11 E70/3041
Block F IM01522 390109 6541582 85.2 30 -90 6 E70/3041
Block F IM01523 390120 6541711 87.3 27 -90 5 1 9.4 21 E70/3041
Block F IM01524 390101 6541705 86.6 27 -90 12 2 15.56 21 E70/3041
Block F IM01525 390083 6541703 86.1 27 -90 10 1 11.59 22 E70/3041
Block F IM01526 390085 6541793 89 30 -90 6 2 6.43 22 E70/3041
Block F IM01527 390071 6541787 88.5 30 -90 8 3 11.79 22 E70/3041
Block F IM01528 390058 6541780 88 30 -90 11 2 8.85 23 E70/3041
Block F IM01529 390045 6541773 87.5 30 -90 6 E70/3041
Block F IM01530 390031 6541767 87.1 27 -90 11 E70/3041

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Page 22 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block F IM01531 390221 6541859 94.8 36 -90 7 E70/3041
Block F IM01532 390207 6541852 94.1 33 -90 13 1 10.76 26 E70/3041
Block F IM01533 390193 6541846 93.4 33 -90 11 2 7.53 25 E70/3041
Block F IM01534 390162 6541942 96.1 36 -90 6 1 6.22 12 E70/3041
Block F IM01535 390031 6541878 90.8 30 -90 E70/3041
Block F IM01536 390153 6542049 99.3 36 -90 E70/3041
Block F IM01537 390139 6542043 98.7 39 -90 E70/3041
Block F IM01538 390126 6542036 98 39 -90 E70/3041
Block F IM01539 390111 6542029 97.4 37 -90 E70/3041
Block F IM01540 390009 6541979 92.6 33 -90 E70/3041
Block F IM01541 389996 6541973 92 33 -90 E70/3041
Block F IM01542 389984 6541966 91.5 33 -90 E70/3041
Block F IM01543 389971 6541960 90.8 30 -90 E70/3041
Block F IM01544 389958 6541954 90.3 30 -90 E70/3041
Block F IM01545 390021 6541985 93.2 33 -90 E70/3041
Block F IM01546 390104 6542136 99.1 36 -90 E70/3041
Block F IM01547 390066 6542118 97.1 36 -90 E70/3041
Block F IM01548 390035 6542214 96.9 36 -90 E70/3041
Block F IM01549 390023 6542208 96.4 36 -90 E70/3041
Block F IM01550 390011 6542202 95.8 33 -90 E70/3041
Block F IM01551 389952 6542062 91.7 33 -90 E70/3041
Block F IM01552 389934 6542053 90.7 33 -90 E70/3041
Block F IM01553 389936 6542166 92.6 33 -90 E70/3041
Block F IM01554 389920 6542158 92.1 33 -90 E70/3041
Block F IM01555 389906 6542150 91.6 33 -90 E70/3041
Block F IM01556 389891 6542144 91 33 -90 E70/3041
Block F IM01557 389999 6542196 95.3 33 -90 E70/3041
Block F IM01558 389984 6542306 98.4 36 -90 E70/3041
Block F IM01559 389953 6542291 97.2 39 -90 E70/3041
Block F IM01560 389888 6542253 93.8 39 -90 E70/3041
Block F IM01561 389857 6542238 91.8 36 -90 E70/3041
Block F IM01562 389944 6542392 100.4 39 -90 E70/3041
Block F IM01563 389931 6542385 99.7 39 -90 E70/3041
Block F IM01564 389917 6542379 98.9 39 -90 E70/3041
Block F IM01565 389868 6542355 96 36 -90 E70/3041
Block F IM01566 389853 6542347 95.1 36 -90 E70/3041
Block F IM01567 389838 6542340 94.4 39 -90 E70/3041
Block F IM01568 389823 6542333 93.6 36 -90 E70/3041
Block F IM01569 390171 6541612 87.8 30 -90 E70/3041
Block F IM01570 390335 6541471 89.6 30 -90 E70/3041
Block F IM01571 390258 6541433 86.5 27 -90 E70/3041
Block F IM01572 390421 6541381 88.6 27 -90 E70/3041
Block F IM01573 390376 6541357 86.7 27 -90 E70/3041

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Page 23 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%) From(m)
Block F IM01574 390438 6541072 84.6 24 -90 E70/3041
Block F IM01575 390440 6541300 88 27 -90 E70/3041
Block F IM01576 390482 6541204 88.3 30 -90 E70/3041
Block F IM01577 390598 6541017 86.1 24 -90 E70/3041
Block F IM01578 390452 6541190 87 27 -90 E70/3041
Block F IM01579 391332 6541289 108.3 15 -90 E70/3041
Block F IM01580 391173 6541236 103.2 15 -90 E70/3041
Blue Lk IM01398 383982 6552561 66.4 24 -90 E70/3720
Blue Lk IM01399 383940 6552564 65.6 21 -90 E70/3720
Blue Lk IM01400 383900 6552560 65 21 -90 E70/3720
Blue Lk IM01401 383860 6552556 64.4 27 -90 5 E70/3720
Blue Lk IM01402 383820 6552552 63.8 27 -90 8 E70/3720
Blue Lk IM01403 383780 6552548 63.5 24 -90 3 E70/3720
Blue Lk IM01404 383741 6552544 63.4 24 -90 6 E70/3720
Blue Lk IM01405 383701 6552540 62.9 24 -90 11 E70/3720
Blue Lk IM01406 383661 6552536 62.5 21 -90 12 E70/3720
Blue Lk IM01407 383621 6552532 62.2 21 -90 15 1 6.59 17 E70/3720
Blue Lk IM01408 384521 6552065 69 24 -90 E70/3720
Blue Lk IM01409 384481 6552059 67.8 21 -90 6 1 5.95 10 E70/3720
Blue Lk IM01410 384442 6552053 66.4 21 -90 14 2 5.86 10 E70/3720
Blue Lk IM01411 384402 6552047 65.1 18 -90 11 E70/3720
Blue Lk IM01412 385005 6553048 106.9 48 -90 7 1 5.04 43 E70/3720
Blue Lk IM01413 384965 6553043 104.9 45 -90 6 E70/3720
Blue Lk IM01414 384926 6553038 102.9 42 -90 13 E70/3720
Blue Lk IM01415 384886 6553033 101.1 39 -90 3 E70/3720
Blue Lk IM01416 384846 6553028 99.3 39 -90 3 E70/3720
Blue Lk IM01417 384807 6553023 97.6 36 -90 5 E70/3720
Blue Lk IM01418 384767 6553018 96 39 -90 10 E70/3720
Blue Lk IM01419 385036 6552828 100.1 39 -90 7 E70/3720
Blue Lk IM01420 384996 6552823 99.1 39 -90 5 E70/3720
Blue Lk IM01421 384956 6552818 98.2 39 -90 6 E70/3720
Blue Lk IM01422 384916 6552814 97 39 -90 12 E70/3720
Blue Lk IM01423 384877 6552809 95.8 36 -90 15 E70/3720
Blue Lk IM01424 384837 6552804 94.5 36 -90 9 E70/3720
Blue Lk IM01425 384797 6552799 93.1 36 -90 3 E70/3720
Blue Lk IM01426 385068 6552596 95.9 39 -90 19 E70/3720
Blue Lk IM01427 385028 6552589 94.1 33 -90 5 E70/3720
Blue Lk IM01428 384989 6552583 92.4 36 -90 9 E70/3720
Blue Lk IM01429 384949 6552577 90.9 33 -90 4 E70/3720
Blue Lk IM01430 384910 6552571 89.3 30 -90 12 E70/3720
Blue Lk IM01431 384870 6552564 88 30 -90 8 E70/3720
Blue Lk IM01432 385171 6551697 80 24 -90 E70/3720
Blue Lk IM01433 385132 6551693 78.1 24 -90 E70/3720

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Page 24 of 40

Area hole_id MGA_East
m		 MGA_North
m		 RL
m		 EOH
m		 dip
degrees		 Assayed
m		 Significant intersections (>5%) Significant intersections (>5%) Significant intersections (>5%) Tenement
Width(m) HM Lab(%)
From(m)
Blue Lk IM01434 385092 6551688 76.3 21 -90 E70/3720
Blue Lk IM01435 385054 6551681 74.7 21 -90 E70/3720
Blue Lk IM01436 385014 6551677 73.3 18 -90 E70/3720
Blue Lk IM01437 384974 6551673 72.1 18 -90 E70/3720
Blue Lk IM01438 384934 6551668 71.1 18 -90 E70/3720
Blue Lk IM01439 385258 6551190 78.4 24 -90 E70/3192
Blue Lk IM01440 385218 6551186 77.1 20 -90 E70/3192
Blue Lk IM01441 385178 6551183 75.7 19 -90 E70/3192
Blue Lk IM01442 385138 6551179 74.4 27 -90 E70/3192
Blue Lk IM01443 385098 6551176 73.3 30 -90 E70/3192
Blue Lk IM01444 385058 6551173 72.4 24 -90 E70/3192
Blue Lk IM01445 385018 6551169 71.3 21 -90 3 E70/3192
Blue Lk IM01446 384979 6551166 70.1 24 -90 E70/3192
Blue Lk IM01447 385391 6550422 73.4 24 -90 E70/3192
Blue Lk IM01448 385351 6550421 72.6 24 -90 E70/3192
Blue Lk IM01449 385311 6550420 71.9 21 -90 3 E70/3192
Blue Lk IM01450 385271 6550420 71 24 -90 5 E70/3192
Blue Lk IM01451 384855 6550675 64.9 27 -90 5 E70/3192
Blue Lk IM01452 384815 6550674 64.1 24 -90 7 E70/3192
Blue Lk IM01453 384775 6550674 61.5 24 -90 4 E70/3192
Blue Lk IM01454 384733 6550746 60.8 24 -90 6 E70/3192
Blue Lk IM01455 384463 6552057 67.1 24 -90 12 1 5.81 10 E70/3720
Blue Lk IM01456 384381 6552495 71.5 33 -90 E70/3720
Blue Lk IM01457 384346 6552490 70.6 33 -90 E70/3720
Blue Lk IM01458 384306 6552486 69.5 21 -90 E70/3720
Blue Lk IM01459 384272 6552481 68.7 30 -90 13 E70/3720
Blue Lk IM01460 384233 6552477 67.9 30 -90 16 2 5.23 12 E70/3720
Blue Lk IM01461 384192 6552473 67 30 -90 6 E70/3720
Blue Lk IM01462 384153 6552469 66.7 27 -90 10 E70/3720
Blue Lk IM01463 384113 6552465 66 27 -90 E70/3720
Blue Lk IM01464 384073 6552460 65.5 27 -90 E70/3720
Blue Lk IM01465 383961 6552562 65.4 27 -90 4 E70/3720
Blue Lk IM01466 383921 6552562 65.3 27 -90 5 E70/3720
Blue Lk IM01467 383841 6552554 64.1 27 -90 6 E70/3720
Blue Lk IM01468 383979 6552561 66.4 27 -90 8 E70/3720
Blue Lk IM01469 383937 6552564 65.6 30 -90 5 E70/3720

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Page 25 of 40

JORC Code, 2012 Edition – Table 4

Section 1 Sam lin Techni ues and Data p g q

Criteria JORC Code explanation Commentary
Sampling
techniques		 •
Nature and quality of sampling (eg cut
channels, random chips, or specific
specialised
industry
standard
measurement tools appropriate to the
minerals under investigation, such as
down
hole
gamma
sondes,
or
handheld XRF instruments, etc.).
These examples should not be taken
as limiting the broad meaning of
sampling.
•
Include reference to measures taken
to ensure sample representivity and
the appropriate calibration of any
measurement tools or systems used.
•
Aspects of the determination of
mineralisation that are Material to the
Public Report.
•
In cases where ‘industry standard’
work has been done this would be
relatively
simple
(eg
‘reverse
circulation drilling was used to obtain
1 m samples from which 3 kg was
pulverised to produce a 30 g charge
for fire assay’). In other cases, more
explanation may be required, such as
where there is coarse gold that has
inherent sampling problems. Unusual
commodities or mineralisation types
(eg submarine nodules) may warrant
disclosure of detailed information.		 •
All drill holes reported in this
release are vertically oriented, air-
core (AC) drill holes.
Drilling
techniques		 •
Drill type (eg core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details
(eg core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether
core is oriented and if so, by what
method, etc.).		 •
All AC drill holes are drilled
vertically using an NQ-sized (63.5
mm diameter) drill bit.
•
Water injection is used to convert
the sample to a slurry so it can be
incrementally sampled by a rotary
splitter.
Drill sample
recovery		 •
Nature and quality of sampling (eg cut
channels, random chips, or specific
specialised
industry
standard
measurement tools appropriate to the
minerals under investigation, such as
down
hole
gamma
sondes,
or
handheld XRF instruments, etc.).
These examples should not be taken
as limiting the broad meaning of
sampling.		 •
At the drill site, Image’s geologist
estimates
sample
recovery
qualitatively (as good, moderate or
poor) for each 1 m down hole
sampling interval. Specifically, the
supervising
geologist
visually
estimates the volume recovered to
sample and reject bags based on
prior
experience
as
to
what
constitutes good recovery.

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Page 26 of 40

JORC Code, 2012 Edition – Table 4

Section 1 Sam lin Techni ues and Data p g q

Criteria JORC Code explanation Commentary
•
Include reference to measures taken
to ensure sample representivity and
the appropriate calibration of any
measurement tools or systems used.
•
Aspects of the determination of
mineralisation that are Material to the
Public Report.
•
In cases where ‘industry standard’
work has been done this would be
relatively
simple
(eg
‘reverse
circulation drilling was used to obtain
1 m samples from which 3 kg was
pulverised to produce a 30 g charge
for fire assay’). In other cases, more
explanation may be required, such as
where there is coarse gold that has
inherent sampling problems. Unusual
commodities or mineralisation types
(eg submarine nodules) may warrant
disclosure of detailed information.		 •
Image found that of the 342
samples that have a grade ≥ 5%
HM that are the subject of this
release, all 342 (100%) have good
recovery.
Logging •
Whether core and chip samples have
been geologically and geotechnically
logged to a level of detail to support
appropriate
Mineral
Resource
estimation,
mining
studies
and
metallurgical studies.
•
Whether logging is qualitative or
quantitative in nature. Core
(or
costean, channel, etc.) photography.
•
The total length and percentage of the
relevant intersections logged.		 •
Image’s supervising geologist logs
the sample reject material at the rig
and pans a small sub sample of the
reject, to visually estimate the
proportions
of
sands,
heavy
mineral sands, ‘slimes’ (clays), and
oversize (rock chips) in each
sample, in a semi-quantitative
manner.
•
The geologist also logs colour,
grainsize, an estimate of induration
(a hardness estimate) and sample
‘washability’ (ease of separation of
slimes from sands by manual
attrition).
•
To
preclude
data
entry
and
transcription errors, the logging
data is captured into a digital data
logger at the rig, which contains
pre-set
logging
codes.
No
photographs of samples are taken.
•
The digital logs are downloaded
daily and emailed to Image’s head
office
for
data
security
and
compilation into the main database
server.

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Page 27 of 40

JORC Code, 2012 Edition – Table 4

Section 1 Sam lin Techni ues and Data p g q

Criteria JORC Code explanation Commentary
•
Samples visually estimated by the
geologist to contain more than
0.5%
HM
(by
weight)
are
dispatched for analysis along with
the 1 m intervals above and below
the mineralised interval.
•
The level and detail of logging is of
sufficient quality to support any
potential future Mineral Resource
Estimates.
•
All (100%) of the drilling is logged.
•
Geotechnical
logging
is
not
possible for the style of drilling
used; however, the logging is
acceptable for metallurgical sample
selection if required.
Sub-sampling
techniques
and sample
preparation		 •
If core, whether cut or sawn and
whether quarter, half or all core taken.
•
If non-core, whether riffled, tube
sampled, rotary split, etc. and whether
sampled wet or dry.
•
For all sample types, the nature,
quality and appropriateness of the
sample preparation technique.
•
Quality control procedures adopted for
all sub-sampling stages to maximise
representivity of samples.
•
Measures taken to ensure that the
sampling is representative of the in-
situ material collected, including for
instance
results
for
field
duplicate/second-half sampling.
•
Whether sample sizes are appropriate
to the grain size of the material being
sampled.		 •
All drilling samples are collected
over 1 m down hole intervals, with
sample lengths determined by 1 m
marks on the rig mast.
•
For exploration style drilling, two
(replicate) 1/8 mass splits (each
1.25 kg) are collected from the
rotary
splitter
into
two
pre-
numbered calico bags for each 1 m
down hole interval. A selection of
the replicate samples is later
collected and analysed to quantify
field sampling precision, or as
samples contributing to potential
future metallurgical composites.
•
Image considers the nature, quality
and size of the sub samples
collected are consistent with best
industry practices of mineral sands
explorers in the Perth Basin region.
Quality
of
assay data
and
laboratory
tests		 •
The
nature,
quality
and
appropriateness of the assaying and
laboratory
procedures
used
and
whether the technique is considered
partial or total.
•
For geophysical tools, spectrometers,
handheld XRF instruments, etc., the
parameters used in determining the
analysis including instrument make
and model,readingtimes,calibrations		 •
The laboratory despatch samples
are prepared by Western Geolabs
(in Bellevue Western Australia) by
drying the sample for 5 to 8 hrs in
an oven at 110C. The dry weight
is recorded using a laboratory
digital scale.
•
The dried sample is then crushed
(using manual pummelling) until all
clay and sandmaterialsinthe

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Page 28 of 40

JORC Code, 2012 Edition – Table 4

Section 1 Sam lin Techni ues and Data p g q

Criteria JORC Code explanation Commentary
factors applied and their derivation,
etc.
•
Nature of quality control procedures
adopted
(eg
standards,
blanks,
duplicates,
external
laboratory
checks) and whether acceptable
levels of accuracy (ie lack of bias) and
precision have been established.		 sample pass through a 3.3 mm
screen. In samples where (>3.3
mm) rock fragments are found after
pummelling and screening, the
mass of the fragments is recorded,
and the material discarded.
•
The <3.3 mm sample is then hand
mixed prior to splitting through a
single tier riffle splitter (16 chutes
each with 8 mm aperture), as many
times as required to prepare a 100
g ± 5 g sub sample. The actual
mass retained is recorded using a
laboratory digital scale.
•
The riffle splitter sub sample is then
wetted, undergoes further manual
attrition to break up clays, before
the <63m clays (slimes) are
washed from the sample (de-
sliming) using a jet wash and 63m
screen.
•
The <63m slimes (clays) are
discarded and the >63m sub
sample is placed in a metal tray and
oven dried. When dry, the >63m
sub sample is put through a 1 mm
sieve and the mass of the screen
oversize (>1 mm) is recorded on a
digital balance. The oversize is
then discarded.
•
The de-slimed sand fraction (>63
m & < 1mm) sub sample is then
weighed on a digital scale before
being separated into two fractions
by mixing the sample in a glass
separation funnel with a heavy
liquid (TBE) of density 2.95 g/cm3.
•
Once sufficient time has passed to
allow the sample to separate and
settle, the <2.95 g/cm3, ‘floats’
fraction is collected and discarded.
•
The <2.95 g/cm3, ‘sinks’ fraction is
collected from the funnel into a filter
paper, then washed with acetone to
remove the TBE. The sinks are
then dried, and the mass recorded
on a digital scale.

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Page 29 of 40

JORC Code, 2012 Edition – Table 4

Section 1 Sam lin Techni ues and Data p g q

Criteria JORC Code explanation Commentary
•
From the process above the
laboratory reports the wet mass
received, dry received mass, the
mass of (>3.3 mm) rock fragments
or coarse oversize (if any), the
mass of the 100 g± 5 g, sub
sample, and the mass of the (HM)
sink fraction.
•
The procedure can be considered a
total
analysis
for
mass
concentration of heavy minerals in
each sample. The method is also
consistent
with
best
industry
practices employed by mineral
sands explorers in the Perth Basin
region.
•
For quality control the laboratory:
•
Uses certified masses to verify
daily the accuracy of all laboratory
mass scales.
•
Prepares a replicate sample at a
frequency of 2 for every 25 routine
samples analysed.
•
Uses a hydrometer to test daily the
density of the TBE used for HM
separation
•
For
each
laboratory
dispatch
(ranging
from
150
to
350
samples) Image includes blind
standard
reference
samples
(SRMs) that contain known (to
Image) concentrations of heavy
and
valuable
heavy
minerals.
Image inserts the SRMs, at a
frequency of 1 in 30 sample
submitted to the laboratory for
resource
style
drilling.
Image
submitted 3 SRM’s for the resource
style drilling subject to this release.
•
Image selected and submitted for
analysis 7 field-replicate samples
from
field-sample
replicates
collected to quantify field sampling
precision.
•
Blanks samples for testing of cross
contaminationarenot deemed

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Page 30 of 40

JORC Code, 2012 Edition – Table 4

Section 1 Sam lin Techni ues and Data p g q

Criteria JORC Code explanation Commentary
necessary
for
the
style
of
mineralisation under consideration
Verification of
sampling and
assaying		 •
The
verification
of
significant
intersections by either independent or
alternative company personnel.
•
The use of twinned holes.
•
Documentation of primary data, data
entry procedures, data verification,
data storage (physical and electronic)
protocols.
•
Discuss any adjustment to assay data.		 •
The
logging
of
significant
intersections
reported
in
this
release has been verified by
alternative company personnel.
•
No twin holes have been drilled in
the current program.
•
Logging is captured at the rig using
a data recorder, downloaded daily
and emailed to head office data
services for incorporation into the
main database.
•
Assay results from the laboratory
are received by email in standard
spreadsheet
templates
and
merged with logging results in-
house.
•
There are no adjustments to
original laboratory results.
Location of
data points		 •
Accuracy and quality of surveys used
to locate drill holes (collar and down-
hole
surveys),
trenches,
mine
workings and other locations used in
Mineral Resource estimation.
•
Specification of the grid system used.
•
Quality and adequacy of topographic
control.		 •
The drill hole collar locations are
captured by one of Image’s rig
team following the completion of
each drill hole, using a handheld
GPS with nominal accuracy of
±15 m. Elevations have also been
determined with hand-held GPS
and this adjusted post drilling using
DEM
data.
More
accurate
locations will be determined in
future by a registered surveyor
using DGPS equipment where
necessary.
•
The grid system for reporting
results is the MGA Zone 50
projection
and
the
GDA94
elevation datum.
•
No topographic control has been
considered at this time.
Data spacing
and
distribution		 •
Data
spacing
for
reporting
of
Exploration Results.
•
Whether the data spacing, and
distribution is sufficient to establish the
degree of geological and grade
continuity appropriatefortheMineral		 •
The drill holes reported in this
release are located at several
prospects on varied spaced drill
lines (between 100 m and 200 m)
along the strike of mineralised
strands.

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Page 31 of 40

JORC Code, 2012 Edition – Table 4

Section 1 Sam lin Techni ues and Data p g q

Criteria JORC Code explanation Commentary
Resource and Ore Reserve estimation
procedure(s)
and
classifications
applied.
•
Whether sample compositing has
been applied.		 •
No sample compositing has been
applied – all results are from 1 m
long down hole sample intervals.
Orientation of
data in
relation to
geological
structure		 •
Whether the orientation of sampling
achieves
unbiased
sampling
of
possible structures and the extent to
which this is known, considering the
deposit type.
•
If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered
to have introduced a sampling bias,
this should be assessed and reported
if material.		 •
All drill holes are vertical and
intersect sub-horizontal strata. As
such Image considers that it is
highly unlikely that the orientation
of drilling relative to the well
understood structure of minerals
sands strands, would result in a
sampling bias.
Sample
security		 •
The measures taken to ensure sample
security.		 •
All samples are collected from site
by Image’s staff as soon as
practicable
once
drilling
is
completed and then delivered to
Image’s locked storage sheds.
•
Image’s staff also deliver samples
to the laboratory and collect heavy
mineral floats from the laboratory,
which are also stored in Images
locked storage.
•
Image considers there is negligible
risk of deliberate or accidental
contamination
of
samples.
Occasional sample mix-ups are
usually corrected using Images
checking
and
quality
control
procedures.
Audits or
reviews		 •
The results of any audits or reviews of
sampling techniques and data.		 •
The results and logging have been
reviewed internally by Images
senior
exploration
personnel
including
checking
of
masses
dispatched and delivered, checking
of SRM results, and verification
logging of significant intercepts.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 32 of 40

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral
tenement and
land
tenure
status		 •
•		 Type, reference name/number,
location and ownership including
agreements or material issues
with third parties such as joint
ventures, partnerships, overriding
royalties, native title interests,
historical sites, wilderness or
national park and environmental
settings.
The security of the tenure held at
the time of reporting along with
any
known
impediments
to
obtaining a licence to operate in
the area.		 •
The Boonanarring Northern
and
Northwestern Extension is within
exploration licenses E70/3720 (expiry
29/12/2020) and E70/3100 (expiry
03/05/2020).
•
The
Boonanarring
Southern
Extension is within mining lease
M70/1194 (expiry 15/12/2026) and
exploration license E70/3041 (expiry
09/06/2020).
•
The Boonanarring Blue Lake drilling
is
within
exploration
licences
E70/3720 ( expiry 29/12/2020) and
E70/3192 (expiry date 20/05/2021)
•
Image has a 100% interest in each of
these licences.
Exploration
done by other
parties		 • Acknowledgment and appraisal
of exploration by other parties.		 •
The Boonanarring deposit is within
mining leases M70/1194 (expiry
15/12/2026) and M70/1311 (expiry
11/03/2034), and general-purpose
licence G70/250 (expiry 7/05/2034).
The
southern
1km
of
the
Boonanarring deposit (Block D) was
discovered by Iluka, who drilled out
this area to a Measured Resource
status. The work is well documented
in reports from Iluka, prior Mineral
Resource
estimators
McDonald
Speijers (2005) and Widenbar and
Associates (2013), and Harlequin
Consulting Pty Ltd (2014 and 2015).
Geology • Deposit type, geological setting
and style of mineralisation.		 •
Boonanarring is hosted in the Perth
Basin, in the Pleistocene Yoganup
Formation on the eastern margin of
the Swan Coastal Plain.
•
The Yoganup Formation is a buried
pro-graded shoreline deposit, with
dunes, beach ridge and deltaic facies.
This formation lies unconformably
over
the
Lower
Cretaceous
Leederville Formation and is overlain
by
the
Pleistocene
Guildford
Formation
and
the
Quaternary
Bassendean Sand.
•
The Yoganup Formation consists of
unconsolidated poorly sorted sands
and gravels, with local interstitial clay
and heavy
minerals that occur
sporadically along the Gingin Scarp,
which isinterpreted to be anancient

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Page 33 of 40

Criteria JORC Code explanation Commentary
shoreline that was stable during a
period of marine regression.
•
Boonanarring
has
two
major
strandlines of heavy minerals, which
are
interpreted
to
have
been
deposited during the Pleistocene in a
notch in the local basement rock that
may represent an ancient sea cliff.
Lower grade mineralisation is present
in the sands overlying the higher-
grade strandlines.
•
The basement to the strandline
mineralisation is identified by the
increased slimes content of the
Leederville Formation or at the base
of the Yoganup Formation.
•
Mineralisation within this has high
zircon concentrations.
Drill
hole
Information		 •
o
o
o
o
o
•		 A summary of all information
material to the understanding of
the exploration results including a
tabulation
of
the
following
information for all Material drill
holes:
easting and northing of the drill
hole collar
elevation or RL (Reduced Level –
elevation above sea level in
metres) of the drill hole collar
dip and azimuth of the hole
down hole length and interception
depth
hole length.
If the exclusion of this information
is justified on the basis that the
information is not Material and
this exclusion does not detract
from the understanding of the
report, the Competent Person
should clearly explain why this is
the case.		 •
Refer to Tables and Figures in the text
of this release.
Data
aggregation
methods		 •
•		 In reporting Exploration Results,
weighting averaging techniques,
maximum and/or minimum grade
truncations (eg cutting of high
grades) and cut-off grades are
usually Material and should be
stated.
Where
aggregate
intercepts
incorporate short lengths of high-
grade results and longer lengths
of
low-
grade
results,
the		 •
No weighting or cutting of HM values,
other than averaging of duplicate and
repeat analyses.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 34 of 40

Criteria JORC Code explanation
Commentary		 JORC Code explanation
Commentary
•
•		 procedure
used
for
such
aggregation should be stated and
some typical examples of such
aggregations should be shown in
detail.
The assumptions used for any
reporting of metal equivalent
values should be clearly stated.
Relationship
between
mineralisation
widths
and
intercept
lengths		 •
•
•		 These
relationships
are
particularly
important
in
the
reporting of Exploration Results.
If
the
geometry
of
the
mineralisation with respect to the
drill hole angle is known, its
nature should be reported.
If it is not known and only the
down hole lengths are reported,
there should be a clear statement
to this effect (eg ‘down hole
length, true width not known’).		 •
The geometry of the Boonanarring
mineralisation is effectively horizontal
and the vertical drillholes give the
approximate true
thicknesses of
mineralisation.
Diagrams • Appropriate maps and sections
(with scales) and tabulations of
intercepts should be included for
any significant discovery being
reported These should include,
but not be limited to a plan view of
drill hole collar locations and
appropriate sectional views.		 •
Refer to text.
Balanced
reporting		 • Where comprehensive reporting
of all Exploration Results is not
practicable,
representative
reporting of both low and high
grades and/or widths should be
practiced
avoiding
misleading
reporting of Exploration Results.		 •
Plus 5% HM intersections from the
AC drilling have been reported in this
release
outlining
the
high-grade
Boonanarring
Northwestern
Extension, Boonanarring Southern
Extension,
Blocks
A,
B,
C&D,
Boonanarring Blue Lake
Other
substantive
exploration
data		 • Other
exploration
data,
if
meaningful and material, should
be reported including (but not
limited
to):
geological
observations; geophysical survey
results;
geochemical
survey
results; bulk samples – size and
method
of
treatment;
metallurgical test results; bulk
density,
groundwater,
geotechnical
and
rock
characteristics;
potential
deleterious
or
contaminating
substances.		 •
Feasibility Study results for the
Boonanarring
Deposit
were
announced on the 30thMay 2017 and
a 60% increase in Ore Tonnes in
“Proved” Category Ore Reserves at
Boonanarring was announced on 21st
August 2017. Boonanarring Ore
Reserve Update announced on the
20 December 2019 showed a 24%
higher ore grade, a 50% increase in
the in-situ zircon grade and a 33%
reduction in the tonnes.
Further work • The nature and scale of planned
further work (e.g. tests for lateral		 •
Recent drilling for the Boonanarring
West is summarised in this report with
71% of the assays received to date.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 35 of 40

Criteria JORC Code explanation
Commentary		 JORC Code explanation
Commentary
• extensions or depth extensions or
large-scale step-out drilling).
Diagrams clearly highlighting the
areas of possible extensions,
including the main geological
interpretations and future drilling
areas, provided this information is
not commercially sensitive.		 For
the
Boonanarring
Southern
extension 71% have been received.
For Blocks A, B, C& D 56% have been
received, For Boonanarring Blue
Lake 99% have been received.
•
Future drilling for northern and
southern extensions and the drilling
within the newly identified 48-55m RL
shoreline are summarised in this
release.

This announcement has been authorised for release by Managing Director Patrick Mutz.

For further information, please contact:

George Sakalidis Exploration Director M: +61 411 640 337 [email protected]

Patrick Mutz Managing Director +61 8 9485 2410 [email protected] www.imageres.com.au

The Information in this report that relates to:

  1. New Potentially 40km Long Mineralised Shoreline Identified Adjacent to Boonanarring IMA ASX Release 11 December 2019.

  2. Quarterly Activities and Cashflow Report IMA ASX Release 31October 2019

  3. Drilling Enhances Potential for Additional Ore Reserves

4. Quarterly Activities and Cashflow Report IMA ASX Release 31 December 2019

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 36 of 40

COMPETENT PERSON’S STATEMENTS – EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES

Information in this report that relates to Exploration Results is based on, and fairly reflects, information and supporting documentation prepared by George Sakalidis BSc (Hons) who is a member of the Australasian Institute of Mining and Metallurgy. Mr Sakalidis is a full-time executive director of Image Resources NL. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. George Sakalidis has given his prior written consent to the inclusion of this information in the form and context in which it appears in this report.

FORWARD LOOKING STATEMENTS

Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the mining industry, expectations regarding prices, exploration or development costs and other operating results, growth prospects and the outlook of Image’s operations contain or comprise certain forward-looking statements regarding Image’s operations, economic performance and financial condition. Although Image believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

Accordingly, results could differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes that could result from future acquisitions of new exploration properties, the risks and hazards inherent in the mining business (including industrial accidents, environmental hazards or geologically related conditions), changes in the regulatory environment and other government actions, risks inherent in the ownership, exploration and operation of or investment in mining properties, fluctuations in prices and exchange rates and business and operations risks management, as well as generally those additional factors set forth in our periodic filings with ASX. Image undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events.

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

Page 37 of 40

Table 5: Mineral Resources and Ore Reserves Statements as at 1 October 2019

==> picture [492 x 127] intentionally omitted <==

----- Start of picture text -----

High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)
Project/Deposit Category Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (%) (%) (%) (%) (%)
Boonanarring1 Proved 3.5 13.9 16.0 0.5 82.7 44 4.6 2.2 31.9
Boonanarring1 Probable 7.1 6.4 16.0 0.5 76.6 49 1.7 2.8 23.1
Total Boonanarring 10.7 8.9 16.0 0.9 79.6 46 3.2 2.5 27.5
Atlas2 Probable 9.5 8.1 15.5 0.8 73.3 50.7 4.5 7.5 10.6
Total Atlas 9.5 8.1 15.5 0.8 73.3 50.7 4.5 7.5 10.6
Total Ore Reserves 20.2 8.5 15.8 1.7 76.8 48.3 3.8 4.7 19.9
----- End of picture text -----

1 Refer to Boonanarring Ore Reserves Release 20 December 2019

http://www.imageres.com.au/images/joomd/157680627920191220OreReserveUpdateHigherOreGrad eandIn-SituZircon.pdf

2 Atlas Reserves refer to the 30 May 2017 release “Ore Reserves Update for 100% Owned Atlas Project” http://www.imageres.com.au/images/joomd/149611340720170530ORERESERVESUPDATEFOR 100OWNEDATLASPROJECT.pdf

==> picture [483 x 217] intentionally omitted <==

----- Start of picture text -----

High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off
Project/Deposit Category Tonnes % % HM VHM Ilmenite Leucoxene Rutile Zircon
HM Slimes Tonnes
(million) (million) (%) (%) (%) (%) (%)
Boonanarring Measured 8.8 10.3 14 0.9 78.1 46 3.8 2.3 26.0
Boonanarring Indicated 14.6 4.6 17 0.7 71.2 48 2.6 2.7 17.9
Boonanarring Inferred 6.9 3.5 20 0.2 59.4 45 4.9 3.9 5.6
Boonanarring Total 30.3 6.0 17.0 1.8 72.7 46 3.6 2.7 20.4
Atlas Measured 9.9 7.9 16.1 0.8 71.0 49.1 4.2 7.2 10.5
Atlas Indicated 6.4 3.7 17.3 0.2 56.5 41.6 3.4 4.7 6.8
Atlas Inferred 1.8 4.0 19.9 0.1 41.5 29.0 3.3 4.4 4.8
Atlas Total 18.1 6.0 16.9 1.1 65.9 46.1 4.0 6.5 9.3
Sub-Total
48.4 2.9 70.1
Atlas/Boonanarring 6.0 17.0 46.1 3.7 4.1 16.2
----- End of picture text -----

Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off
Project/Deposit Category Volume Tonnes % HM %
Slimes		 HM
Tonnes		 VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (million) (%) (%) (%) (%) (%)
Helene Indicated 6.4 13.2 4.3 18.6 0.57 88.7 74.6 0.0 3.6 10.5
Hyperion Indicated 2.4 5.0 6.3 19.0 0.32 69.4 55.8 0.0 6.3 7.3
Cooljarloo Nth
Total		 8.8 18.2 4.8 18.7 0.88 81.8 67.9 0.0 4.6 9.4

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Page 38 of 40

Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off
Project/Deposit Category Volume Tonnes % HM %
Slimes		 HM
Tonnes		 VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (million) (%) (%) (%) (%) (%)
Gingin Nth
Indicated
Gingin Nth
Inferred
Gingin Nth Total		 0.7
1.3
5.7
0.6
1.1
5.2
1.3
2.4
5.5		 15.7
0.1
75.4
14.0
0.1
78.4
15.0
0.1
76.7		 57.4
9.3
3.2
57.3
11.3
3.7
57.3
10.2
3.4		 5.5
6.0
5.7
Gingin Sth
Measured
Gingin Sth
Indicated
Gingin Sth
Inferred
Gingin Sth Total		 0.9
1.5
4.4
3.2
5.8
6.5
0.4
0.7
6.5
4.5
8.1
6.1		 7.2
0.1
79.4
7.1
0.4
90.6
8.4
0.0
91.6
7.3
0.5
89.2		 50.7
15.3
5.6
67.6
9.8
5.1
67.4
7.5
5.8
65.3
10.3
5.2		 7.8
8.1
10.9
8.3
Red Gully Indicated 1.9 3.4 7.8 11.5 0.3 89.7 66.0 8.3 3.1 12.4
Red Gully Inferred 1.5 2.6 7.5 10.7 0.2 89.0 65.4 8.2 3.0 12.3
Red Gully Total 3.4 6.0 7.7 11.2 0.5 89.4 65.7 8.2 3.1 12.4
Sub-Total Gingin & Red Gully 9.2
16.5
6.6		 9.8
1.1
87.8		 64.5
9.4
4.1		 9.7
Historic Deposit Mineral Resources - Strand deposit; in accordance with JORC Code (2004) @ 2.5% HM Cut-off
Project/Deposit Category Volume Tonnes % HM %
Slimes		 HM
Tonnes		 VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (million) (%) (%) (%) (%) (%)
Regans Ford
Regans Ford		 Indicated 4.5 9.0 9.9 16.8 0.9 94.3 70.0 10.0 4.3 10.0
Inferred 0.5 0.9 6.5 18.5 0.1 90.5 68.3 7.7 4.4 10.1
Regans Ford Total 5.0 9.9 9.6 17.0 1.0 94.1 69.9
9.9
4.3		 10.0
Grand Totals 49.1
93.0
6.3		 16.0
5.8
79.1		 56.7
5.2
4.2		 13.0
Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off
Project/Deposit Category Volume BCM Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (million) (%) (%) (%) (%) (%)
Titan Indicated 10.3 21.2 1.8 22.1 0.38 86.0 71.9 1.5 3.1 9.5
Titan Inferred 58.5 115.4 1.9 18.9 2.2 85.9 71.8 1.5 3.1 9.5
Total Titan Total 68.8 136.6 1.9 19.4 2.6 85.9 71.8 1.5 3.1 9.5
Telesto Indicated 1.7 3.5 3.8 18.4 0.13 83.3 67.5 0.7 5.6 9.5
Calypso Inferred 27.1 51.5 1.7 13.7 0.85 85.6 68.1 1.6 5.1 10.8
Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off
Project/Deposit Category Volume BCM Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (million) (%) (%) (%) (%) (%)
Bidaminna Inferred 26.3 44.6 3.0 3.6 1.3 96.8 83.1 7.2 1.0 5.5
Total Dredge 123.9 236.2 2.1 15.2 4.9 87.8 73.1 2.6 3.2 9.0

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Page 39 of 40

COMPETENT PERSON’S STATEMENTS – EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES

Information in this report that relates to Exploration Results, Mineral Resources and Ore Reserves (other than Boonanarring and Atlas Mineral Resources and Ore Reserves) is based on information compiled by George Sakalidis BSc (Hons) who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results, Mineral Resources and Ore Reserves were compiled, George Sakalidis was a director of Image Resources NL. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.

This report includes information that relates to Ore Reserves and Mineral Resources which were prepared and first disclosed under JORC Code 2012. The information was extracted from the Company’s previous ASX announcements as follows:

  • Boonanarring Mineral Resources and Ore Reserves: 20 December 2019

  • Atlas Ore Reserves: 30 May 2017

  • Atlas Mineral Resources: 8 May 2017

  • Helene Mineral Resources: 31 Oct 2019

  • Hyperion Mineral Resources: 31 Oct 2019

  • Titan Mineral Resources: 31 Oct 2019

  • Telesto South Mineral Resources: 31 Oct 2019

  • Calypso Mineral Resources: 31 Oct 2019

The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of reporting of Ore Reserves and Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which any Competent Person’s findings are presented have not been materially modified from the original market announcement.

This report includes information that relates to Ore Reserves and Mineral Resources for nonmaterial mining projects of the Company which were prepared and first disclosed under JORC Code 2004. The information was extracted from the Company’s previous ASX announcements as follows:

  • Gingin North Mineral Resources: 31 Mar 2011

  • • Gingin South Mineral Resources: 21 Jul 2011

  • Red Gully Mineral Resources: 9 Mar 2011

  • Bidaminna Mineral Resources: 23 Jun 2008

The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of reporting of Ore Reserves and Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which any Competent Person’s findings are presented have not been materially modified from the original market announcement. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported

Image Resources NL | ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

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