IMAGE RESOURCES NL — Capital/Financing Update 2026

Jan 11, 2026

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----- Start of picture text ----- ASX:IMAASX ANNOUNCEMENT | 12 January 2026GOLD ASSETS STRATEGY REVIEW----- End of picture text -----

HIGHLIGHTS

• ➢ Commercialisation strategy for gold assets under consideration following maiden Mineral Resources Estimate of 139k ounces Au at 2.1 g/t

• ➢ Argonaut Corporate Finance engaged as financial advisor

Image Resources NL (ASX:IMA) (“Image” or “the Company”) advises it is conducting a comprehensive review of its go-forward strategy regarding the Company’s gold tenements located 140km southeast of Kalgoorlie in Western Australia.

Argonaut Corporate Finance has been engaged to act as financial advisor to assist Image to assess opportunities to unlock the value of the Erayinia / King Gold Project.

The strategy review will include potential divestiture or other commercialisation options for Image’s entire gold tenement package which contains a recently announced maiden Mineral Resources Estimate of 2.0 Mt at 2.1 g/t Au for 139k ounces Au in the inferred category (see 7 January 2026 ASX announcement - MAIDEN MINERAL RESOURCE ESTIMATE ERAYINIA / KING GOLD PROJECT).

Managing Director and CEO Patrick Mutz commented:

“The time is right to assess our options for extracting the best value from our gold tenements. We have been and remain focused on mineral sands mining and processing as our principal business. However, given the continuing buoyant gold price, it is appropriate to determine if any value can be unlocked from these gold assets in the shorter term.

“If this strategy review results in Image being able to extract appropriate value from these tenements in the form of cash, those funds would be used to either repay remaining debt or for project development capital for our next minerals sands development project.

“We will also be evaluating the potential for Image to setup and control a contract mining, ore hauling, and toll-processing model with minimum capital requirements for the Erayinia / King project, to take advantage of the potential operating margins supported by the buoyant gold price.”

Background information

Image’s gold tenement package is comprised of the following contiguous tenements as shown in Figures 1 and 2 below:

• E28/1895 – Erayinia (~59 km[2] )

• E28/2742 – Madoonia Downs (~34 km[2] )

• P28/1320 & P28/1321 – King (~3.6 km[2] )

Image Resources NL | ABN 57 063 977 579 Level 2, 1 Walker Avenue West Perth WA 6005 PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

ASX:IMA

Figure 1 – Location of Image’s Erayinia / King Gold Project Tenements

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Image Resources NL | ABN 57 063 977 579 Level 2, 1 Walker Avenue West Perth WA 6005 PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

ASX:IMA

Figure 2 – Breakdown of Erayinia / King Gold Project Tenements

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- ENDS –

This announcement is approved for release by the Board of Directors.

For further information, please contact:

INVESTORS

MEDIA

Patrick Mutz

MANAGING DIRECTOR & CEO

Helena Bogle

SENIOR MEDIA ADVISER – SPOKE

• E. info@imageres.com.au

E. helena@hellospoke.com.au

Image Resources NL | ABN 57 063 977 579 Level 2, 1 Walker Avenue West Perth WA 6005 PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au

ASX:IMA

ABOUT IMAGE RESOURCES

Image Resources NL is a mineral sands focused miner and supplier of critical minerals titanium dioxide, zircon and monazite containing rare earth elements for sale into global markets. The Company has a demonstrated track record of successful project development and operations at its Boonanarring project located 80km north of Perth in the infrastructure rich North Perth Basin.

Boonanarring was a high-grade, high-zircon, low capital cost mine development that was constructed on-time and on-budget in CY2018 and then ramped up to name plate capacity in the second month of operation and went on to operate profitably through Q3 2023. Debt for the project was paid off early in February 2021 and the Company paid dividends to shareholders in April 2021 and April 2022.

Image completed construction of the Atlas project in January 2025 and finalised commissioning, which included first HMC production, in February 2025. Operations officially commenced 1 April 2025 and production ramped up to nameplate capacity in June 2025. Successful operations continue in CY2026.

Chapter 1 operating strategy for Image involved the transition from advanced explorer to active miner in CY2018, operating a single mine and producing a single product (HMC) sold into a single jurisdiction (China). Chapter 2 strategy (post Atlas) will focus on the Company’s growth and sustainability ambitions which includes the operation of multiple mines in parallel, producing multiple products (separating HMC), and selling into a global market.

The Company is also investigating a significant value adding step of upgrading its ilmenite to synthetic rutile using a lower GHG emissions, innovative process which Image has provisionally patented, and aims to demonstrate the technical and economic feasibility of this novel process in CY2026.

FORWARD LOOKING STATEMENTS

Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, Mineral Resources, Ore Reserves, or potential growth of Image Resources, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

No New Information or Data

This announcement contains references to Mineral Resource estimates, all of which have been previously reported. Image Resources confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed.

Image Resources NL | ABN 57 063 977 579 Level 2, 1 Walker Avenue West Perth WA 6005 PO Box 469 West Perth WA 6872 T: 08 9485 2410 www.imageres.com.au