IMAGE RESOURCES NL — Interim / Quarterly Report 2015

Apr 29, 2015

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Quarterly Report – for the quarter ended 31 March 2015

	Image Resources NL ABN 57 063 977 579 ASX Code IMA Contact Details 5 Mumford Place Balcatta WA 6021 T +61 8 9485 2410 E: admin@imageres.com.au W: imageres.com.au Issued Capital Shares – Quoted 157,590,129 Options – Unquoted 2,695,000 (various terms) Cash at end of quarter $421,000 Board & Management John Jones (NED Chairman) Peter Thomas (Non-Executive Director) George Sakalidis (Exploration Director) Collis Thorp (Chief Executive Officer) Jeff Williams (Non-Executive Director)	Highlights Corporate Murray Zircon • A significant corporate MOU has been entered into with Murray Zircon; please refer below for full details. Tronox • The sale of Mullering Tenements has been completed and Image is to receive $50,000 cash and a sliding Royalty payment. Diatreme • Cyclone Extended sale has been completed and Image has received $430,000 and retains 1% Royalty. Murray Zircon MOU Image Resources NL(Image)has signed a non-binding Memorandum of Understanding(MOU)with Murray Zircon Pty Ltd(Murray Zircon) and its parent, Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd(Orient Zirconic)which has a market capitalisation of A$1.6BN. The MOU is directed at fast-tracking the development of Image’s 100%-owned high grade Boonanarring mineral sands deposit in 2016 followed by the Atlas deposit. The MOU outlines an asset purchase transaction subject to Image Shareholders’ approval and independent expert opinion. Key elements include: • The acquisition of a wet plant together with certain ancillary equipment (all of which Murray Zircon operated for 3 years until April 2015); • Orient Zirconic to take 90% of all zircon products at market prices; • Orient Zirconic to provide a US$8M downstream working capital facility; • Murray Zircon to provide, for drawdown following completion of the acquisition, a short term loan in the amount of A$4M. If Image does not get into production within 3 years then this loan, subject to certain exceptions, is not repayable. • Securing Murray Zircon’s key operational and managerial expertise for the purpose of rapidly developing Image’s flagship high grade mineral sands deposits in the North Perth Basin in Western Australia; • Murray Zircon to provide a purchase option for Murray Zircon’s mineral separation plant at its South Australian Mindarie project; • Murray Zircon to receive shares representing 42% of the expanded share capital of Image at completion. Ifa decisiontomineisreached and projectfinance secured

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within 2 years of completion then Murray Zircon will receive a further 5%;

• Image’s board for a period of 2 years to be comprised of 2 nominees of Image and 2 nominees of Murray Zircon plus an independent chairman;

• Various protective mechanisms for minority shareholders such as Murray Zircon not to increase its shareholding in Image other than in terms of the MOU for 2 years, Murray Zircon’s shareholding to be escrowed for 2 years, and Murray Zircon to support non change of control resolutions put to shareholders by the board.

Murray Zircon owns and operates the Mindarie Mineral Sands Project which it redeveloped in 2012. MZ developed positive relations with local landholders, the community and regulatory authority and developed a strong reputation as an innovative and efficient mineral sands producer.

Orient Zirconic , which owns 65% of MZ and is one of China’s largest zircon processing companies, claims to manufacture the most comprehensive range of zirconium products in the world. The company is listed on the Shenzhen Stock Exchange (Code: 002167) with a market capitalisation of approximately RMB 8.15 Billion (exceeding AU$1.6 billion). Orient Zirconic is subject to an investigation by the China Securities Regulatory Commission (CSRC) a Chinese Investigative authority. Image will maintain a watching brief during the period of due diligence.

Preliminary indications are that MZ’s ore processing equipment is of the right capacity and processing capability to accommodate Image’s Boonanarring ore with only minor adjustments. This means the project will benefit by getting access to a complete package of pre-engineered and proven ore processing equipment and infrastructure that is available immediately for transfer to Boonanarring.

MZ equipment to be provided includes an in-pit mine slurry unit; pipelines and booster pump skids; poles and wires; complete Primary Concentration Plant including slimes thickener, associated water tanks and HMC dewatering equipment; maintenance equipment and critical spares; laboratory equipment; rolling stock and miscellaneous office/ablution buildings. Image and MZ estimate the total value of the plant and equipment to be approximately $20M.

Initial production is planned from the Boonanarring deposit, located near the township of Gingin, approximately 65km north of Perth in an area with significant existing infrastructure.

The MOU outlines incentives related to the Boonanarring project being brought quickly into production. Murray Zircon has the right to be issued an additional 5% of Image’s share capital if production is achieved within 2 years. If Image does not get into production within 3 years then the $4M short term loan, subject to certain exceptions, is not repayable.

Tronox-Image Sale/ Royalty Agreement over the Mullering Tenements Tronox have agreed with the terms which include $50,000 cash payment and a sliding royalty concerning the sale of the Mullering tenements (E70/4129 and E70/4130). The sliding royalty will be based on quarterly production figures on minerals which may be found and will be as follows:

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If the average grade is > than 2% but <4% than royalty will be pro rata from 0 to 5%. All + 4% grade receives 5% royalty.

For example: at 2.5% average grade the royalty will be 1.25% at 3.0% average grade the royalty will be 2.50% at 3.5% average grade the royalty will be 3.75% at 4.0% average grade the royalty will be 5.00%

These two tenements are adjacent to Tronox’s dredging operation (Fig1) .Public record shows a number of dredging areas under application for potential mining adjacent to the two Mullering tenements.

New Exploration (Dredge) Target Zone

In addition Image Resources has outlined a new exploration zone which is located only 3 km west of a proposed Tronox dredge development area. This new project is within a 10km long x1.5km wide area. Work to date has utilised historical drilling, ground magnetics, aeromagnetics and topography. The target areas that have been selected have similar properties to the proposed Tronox dredging areas east of Image’s Woolka EL (E70/4244). This interpretation infers an extension of the Tronox proposed dredge area within our Woolka ground which has not been previously drilled.

Separately, Tronox have also previously reviewed and analysed samples from Atlas, Hyperion, Helene and Gingin South Deposits. These deposits are near their existing mining and processing centres and are believed to be of interest for their dry mining potential.

George Sakalidis Director of Exploration commented, “that the above Sale/Royalty transaction is consistent with Image’s Strategy to continue to evaluate all possible development scenarios with all possible Miners that have operating infrastructure and plants in WA or elsewhere”.

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Diatreme

A $435,000 payment has been received by Image which now completes the transaction.

An FOB production royalty of 1% will be retained by Image on all heavy mineral production within the area of the transferred tenements. Diatreme will have the option to acquire the royalty at an agreed value of $435,000 exercisable by 16 February 2017. Should Diatreme choose not to exercise the option, the royalty will remain in place.

Exploration activities

Since November 2014 185 holes totalling 7261 metres have been completed which are mainly testing for the both the northern and south western extension of the Boonanarring deposit and also includes 39 holes totalling 1646m testing for metallurgical/infill drilling within Block B of the Boonanarring Deposit (Fig. 1).

Boonanarring northern extension discovery

The very high grade HM and high grade zircon eastern strand at Boonanarring has now been intersected for the first time some 1.3km north of the northernmost part of the Boonanarring deposit and similar high grade of 14m@17.9% HM from 40m has been intersected on the same RL (Fig. 5 and Table 2). This northern extension is very significant as it potentially links into the Indicated Mineral Resource[1] within the Boonanarring deposit (Block A 210 East strand) which has an average grade of 19.2% HM and 26.4% Zircon. This is very exciting for the company and further infill drilling to the north is currently being planned.

Furthermore, a number of historical drill lines previously completed which are 2.5km and 5km from the northern most part of Boonanarring Resource show high grade zones up to 6m at 6.7% HM in historic drilling (Iluka drill hole RG0045 from 27m) which correlate with the predicted NNW extension of Boonanarring. Some of the previous drilling did not drill to the target RL (65m) and further infill and deeper holes are warranted to ascertain the grade, thickness and potential extension in detail. Note in some cases these planned holes are very close to the Brand Highway and permission for access will be required.

Boonanarring new strand

The East Gingin North strand which is west of Boonanarring strand was delineated by initial drilling over a 1.5km length and has now been extended up to 2.4km in length and further infill drilling and extensional drilling north and south of this 2.4km zone (Fig. 2) is planned.

The aim of the drilling and the drilling north of Boonanarring is to have a long life standalone operation and concurrently expand other projects into potential parallel operations for Image and or other producers (Fig. 1). All holes drilled in this current programme are within the Red Gully-Boonanarring-Gingin North-Gingin SouthChandala region and all assay results are shown in Table 2 and a drilling summary in Table 1.

1 Refer to the 31 May 2013 release http://www.asx.com.au/asxpdf/20130531/pdf/42g6v9v0jxn3hg.pdf for full details of the Boonanarring Mineral Resource/Reserve Estimate for full details of the Boonanarring Mineral Resource/Reserve Estimate.

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Boonanarring Block B metallurgical/infill drilling

Block B drilling of 39 holes totalling 1646 metres have been completed principally for a metallurgical test work currently being carried out by Allied Mineral Laboratory for an interested potential off take and toll treatment partner. These samples have been combined with existing samples from previous drilling and will be representative of the first 3 years of production (Fig. 1).

The metallurgical drilling of 10 infill lines is also relevant to upgrade the resource category within Block B especially over the highest grade eastern strand. The eastern strand within Block B is now covered with 100m spaced lines and will assist in upgrading the resource category in this area. The high grade nature of this eastern strand is shown in sections Figures 6 and 7 and suggest this eastern strand has continuous high grade zones including:

9m @ 25% HM from 43m in hole IX00103

5m @ 21.0% HM from 42m in hole IX00102

12m @ 16.7% HM from 32m in hole IM00036 including 4m @ 37.5% HM from 33m

15m @ 10.0% HM from 25m in hole IM00037

18m @ 12% HM from 22m in hole IM00065 inc. 3m@16.0% HM from 30m & 5m@22.6% HM from 35m

4m @ 55.0% HM from 35m in hole IM00066

Other areas drilled in this campaign include Red Gully, Chandala, Bidaminna and some infill drilling within the Boonanarring Resource. These assay results are listed in Table 2.

The Director of Exploration George Sakalidis commented:

“I am very excited with the success of the drilling programme outlining potential high grade extensions to the north and southwest of Boonanarring which will allow the company to potentially increase the mine life to 10 years production. The ensuing drilling programmes will be predominately concentrating and following up these encouraging results and is due to start in early April 2015.

All the drilling component of the 257 holes planned for this stage 1 programme have been pre payed by a placement to a major WA drilling company. The drilling programme started on the 14[th] November 2014 and is ongoing.

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Figure 1 Drilling programmes completed on Image Resources Gingin to Red Gully region in the North Perth Basin

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Figure 2 Boonanarring to Gingin North Strand Interpretations

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Figure 3 Gingin South Strand Interpretations

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Figure 4 Boonanarring North to Red Gully Strand Interpretations

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Table 1 Drilling Summary Red Gully-Boonanarring-Gingin South Region Nov-Feb 2015

Project	No Holes	**Number of assays **	Metres Drilled
Boonanarring	50	877	2111
BoonanarringNorth	25	294	1109
Boonanarring South	57	848	2045
Chandala	12	138	344
GinginSouth	21	134	812
Red Gully	16	240	622
Bidaminna	4	198	218
Total	185	2729	7261

Table 2 Red Gully-Boonanarring-Gingin South Region

Post January 27[th] 2015 ASX Release New Boonanarring strand Delineated by First Pass Drilling Significant intercepts 2.5%HM over 2m (1m samples) with no internal dilution**

Project	Hole_ID	NORTH*	EAST*	From	To	Width	OS_Lab	SL_Lab	HM_Lab
		MGA	MGA	m	m	m	%	%	%
Boonanarring	IM00022	6548658	387075	31	33	2	4.97	9.63	4.5
Boonanarring	IM00023	6548309	387258	33	37	4	2.3	5.97	5.69
Boonanarring	IM00024	6548338	387324	13	15	2	27.31	12.42	5.44
Boonanarring	IM00024	6548338	387324	29	32	3	12.36	19.75	2.77
Boonanarring	IM00032	6549458	386979	5	7	2	12.63	34.52	4.34
Boonanarring	IM00032	6549458	386979	14	21	7	13.18	30.29	6
Boonanarring	IM00032	6549458	386979	30	37	7	21.74	25.18	15.13
Boonanarring	IM00033	6549464	386949	22	37	15	7.68	20.42	9.13
Boonanarring	IM00034	6549452	386927	19	23	4	2.27	19.44	5.5
Boonanarring	IM00034	6549452	386927	24	28	4	1.18	15.7	9.06
Boonanarring	IM00034	6549452	386927	29	36	7	16.43	20.32	4.05
Boonanarring	IM00035	6549446	386905	9	11	2	18.96	25.19	8.21
Boonanarring	IM00035	6549446	386905	33	35	2	11.6	24.79	4.22
Boonanarring	IM00036	6549614	386902	32	44	12	15.02	19.53	16.7
Boonanarring	IM00037	6549624	386870	25	42	17	11.51	16.01	9.19
Boonanarring	IM00037	6549624	386870	43	45	2	8.84	31.47	5.29
Boonanarring	IM00038	6549615	386847	24	26	2	3.98	13.87	4.46
Boonanarring	IM00038	6549615	386847	28	35	7	9.57	13.84	7.42
Boonanarring	IM00038	6549615	386847	36	39	3	18.11	19	4.87
Boonanarring	IM00040	6549816	386805	30	41	11	6.06	27.03	16.83
Boonanarring	IM00041	6549809	386776	23	28	5	4.32	19.99	7.93
Boonanarring	IM00041	6549809	386776	29	35	6	2.14	15.99	11.82
Boonanarring	IM00041	6549809	386776	36	42	6	14.15	40.8	4.25

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Project	Hole_ID	NORTH	EAST	From	To	Width	OS_Lab	SL_Lab	HM_Lab
		MGA	MGA	m	m	m	%	%	%
Boonanarring	IM00042	6549792	386761	23	32	9	4.16	13.57	6.69
Boonanarring	IM00042	6549792	386761	34	39	5	13.91	20.23	6.47
Boonanarring	IM00043	6549781	386737	14	17	3	13.19	30.71	3.77
Boonanarring	IM00043	6549781	386737	22	24	2	0.38	18.62	6.24
Boonanarring	IM00043	6549781	386737	25	27	2	4.58	19.32	3.9
Boonanarring	IM00043	6549781	386737	34	38	4	15.87	15.28	2.97
Boonanarring	IM00044	6549982	386692	31	40	9	5.81	18.46	19.57
Boonanarring	IM00045	6549971	386670	26	33	7	3.55	16.69	8.52
Boonanarring	IM00045	6549971	386670	35	41	6	12.42	20.45	4.81
Boonanarring	IM00046	6549962	386649	37	40	3	17.02	28.62	9.67
Boonanarring	IM00048	6550170	386625	34	40	6	3.25	23.88	34.3
Boonanarring	IM00049	6550162	386603	22	26	4	6.49	19.59	4.85
Boonanarring	IM00049	6550162	386603	30	35	5	1.57	9.3	9.67
Boonanarring	IM00049	6550162	386603	36	40	4	6.86	32.91	6.53
Boonanarring	IM00050	6550148	386577	24	27	3	3.91	18.42	7.24
Boonanarring	IM00050	6550148	386577	28	31	3	0.12	11.75	4.01
Boonanarring	IM00050	6550148	386577	32	34	2	1.04	11.67	3.96
Boonanarring	IM00050	6550148	386577	36	38	2	16.75	23.99	3.3
Boonanarring	IM00051	6550141	386560	22	25	3	4.04	17.77	4.48
Boonanarring	IM00051	6550141	386560	36	43	7	18.96	23.38	5.16
Boonanarring	IM00052	6550348	386539	31	39	8	7.74	36.55	22.06
Boonanarring	IM00053	6550333	386518	28	37	9	14.04	17.13	9.1
Boonanarring	IM00054	6550329	386493	20	24	4	0.58	16.06	21.12
Boonanarring	IM00054	6550329	386493	27	37	10	7.39	19.16	6.16
Boonanarring	IM00055	6550316	386470	21	25	4	1.49	18.5	5.24
Boonanarring	IM00055	6550316	386470	33	38	5	8.57	33.71	3.02
Boonanarring	IM00056	6550532	386448	30	39	9	6.93	34.4	16.43
Boonanarring	IM00057	6550525	386425	7	11	4	20.5	28.16	5.09
Boonanarring	IM00057	6550525	386425	25	37	12	5.82	17.5	10.97
Boonanarring	IM00058	6550512	386403	31	36	5	9.41	26.4	3.44
Boonanarring	IM00059	6550502	386381	20	22	2	3.1	19.65	10.73
Boonanarring	IM00060	6550706	386347	27	39	12	8.11	25.53	14.33
Boonanarring	IM00061	6550696	386326	26	39	13	4.74	23.85	11.21
Boonanarring	IM00063	6550716	386371	31	38	7	7.58	23.72	23.85
Boonanarring	IM00064	6550878	386245	21	24	3	18.07	25.35	6.27
Boonanarring	IM00064	6550878	386245	30	32	2	0.24	13.1	5.57
Boonanarring	IM00064	6550878	386245	33	42	9	16.36	23.4	9.72
Boonanarring	IM00065	6550888	386268	22	34	12	4.17	22	8.39
Boonanarring	IM00065	6550888	386268	35	40	5	5.98	19.66	22.62
Boonanarring	IM00066	6550901	386292	34	40	6	3.24	36.32	37.67
Boonanarring	IM00067	6551065	386171	29	41	12	10.8	18.83	11.88
Boonanarring	IM00068	6551076	386196	35	40	5	9.29	16.75	41.42
Boonanarring	IM00069	6551051	386152	32	39	7	16.42	16.46	8.08
Boonanarring	IM00069	6551051	386152	41	44	3	9	38.31	3.76
Boonanarring	IM00070	6550865	386224	33	35	2	7.01	13.71	4.63
Boonanarring	IM00070	6550865	386224	36	39	3	13.64	17.61	4.63

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Project	Project	Hole_ID	NORTH	**EAST **	**EAST **	From	From	**To **	**To **	Width	OS_Lab	OS_Lab	**SL_Lab **	**SL_Lab **	HM_Lab
			MGA	MGA		m		m		m	%		%		%
Boonanarring South		IX00069	6540859	390516		4		6		2	2.96		16.43		3.04
Boonanarring South		IX00072	6541500	390185		20		23		3	3.36		16.46		6.48
Boonanarring South		IX00074	6541849	389970		15		18		3	13.33		22.36		4.6
Boonanarring South		IX00075	6541870	390005		15		17		2	12.86		23.16		4.22
Boonanarring South		IX00076	6541894	390078		25		27		2	0.07		14.79		3.5
Boonanarring South		IX00077	6542282	389937		16		20		4	6.68		23.94		2.89
Boonanarring South		IX00105	6542617	389718		25		27		2	0.04		12.51		3.58
Boonanarring South		IX00105	6542617	389718		28		30		2	9.76		10.26		5.01
Boonanarring South		IX00108	6543035	389632		25		27		2	6.13		8.37		3.51
Boonanarring South		IX00110	6543046	389664		24		27		3	2.25		10.35		4.86
Boonanarring South		IX00112	6543404	389476		27		31		4	2.28		14.07		4.53
Project Hole_ID NORTH EAST From To Width OS_Lab SL_Lab HM_Lab MGA MGA m m m % % % Chandala IX00079 6512021 403599 6 8 2 42.16 6.62 5.34 Chandala IX00079 6512021 403599 14 20 6 25.28 20.96 4.55 Chandala IX00079 6512021 403599 23 26 3 31.64 15.5 5.06 Chandala IX00080 6512003 403558 15 17 2 26.87 20.95 4.02 Chandala IX00081 6511812 403656 17 21 4 33.27 17.88 3.57 Chandala IX00082 6511856 403712 19 22 3 28.02 21.72 3.56 Chandala IX00083 6511542 403998 7 9 2 30.9 13.96 3.34 Chandala IX00083 6511542 403998 11 18 7 25.26 21.56 3.74 Chandala IX00084 6511559 404030 11 18 7 25.39 19.75 4.86 Chandala IX00084 6511559 404030 19 21 2 33.36 12.77 5.36 Chandala IX00086 6512566 403335 21 23 2 28.23 19.53 3.17 Chandala IX00087 6512538 403292 25 27 2 17.6 15.64 3.13 Chandala IX00089 6512799 403376 15 19 4 22.19 21.88 4.82 Chandala IX00090 6512965 403253 5 9 4 41.75 14.7 3.09
Project	Hole_ID	NORTH	**EAST **	From	**To **		Width		OS_Lab			SL_Lab		HM_Lab
		MGA	MGA	m	m		m		%			%		%
Chandala	IX00079	6512021	403599	6	8		2		42.16			6.62		5.34
Chandala	IX00079	6512021	403599	14	20		6		25.28			20.96		4.55
Chandala	IX00079	6512021	403599	23	26		3		31.64			15.5		5.06
Chandala	IX00080	6512003	403558	15	17		2		26.87			20.95		4.02
Chandala	IX00081	6511812	403656	17	21		4		33.27			17.88		3.57
Chandala	IX00082	6511856	403712	19	22		3		28.02			21.72		3.56
Chandala	IX00083	6511542	403998	7	9		2		30.9			13.96		3.34
Chandala	IX00083	6511542	403998	11	18		7		25.26			21.56		3.74
Chandala	IX00084	6511559	404030	11	18		7		25.39			19.75		4.86
Chandala	IX00084	6511559	404030	19	21		2		33.36			12.77		5.36
Chandala	IX00086	6512566	403335	21	23		2		28.23			19.53		3.17
Chandala	IX00087	6512538	403292	25	27		2		17.6			15.64		3.13
Chandala	IX00089	6512799	403376	15	19		4		22.19			21.88		4.82
Chandala	IX00090	6512965	403253	5	9		4		41.75			14.7		3.09

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	Project	Hole_ID	NORTH	EAST	From	From	**To **	**To **	Width	Width	OS_Lab	OS_Lab	SL_Lab	SL_Lab	HM_Lab	HM_Lab
			MGA	MGA	m		m		m		%		%		%
	Red Gully	IM00007	6568079	377828	20		22		2		0.13		16.38		2.55
	Red Gully	IM00007	6568079	377828	25		28		3		11.89		16.09		2.82
	Red Gully	IM00008	6567910	377918	22		26		4		1.05		13.85		7.46
	Red Gully	IM00009	6567713	378030	20		22		2		0		16.97		2.99
	Red Gully	IM00010	6567544	378076	18		21		3		0.14		13.66		5.09
	Red Gully	IM00012	6567370	378162	20		24		4		3.51		14.7		5.39
	Red Gully	IM00013	6567312	378192	21		26		5		1.91		12.22		4.98
	Red Gully	IM00014	6567302	378201	20		24		4		0.92		13.03		5.99
	Red Gully	IM00018	6567024	378321	19		28		9		0.68		13.21		8.92
	RedGully	IM00019	6568446	377613	19		21		2		0.01		14.12		3.49
	Project	Hole_ID	NORTH	EAST		From		To		Width		OS_Lab		SL_Lab	HM_Lab
			MGA	MGA		m		m		m		%		%	%
	Bidaminna	IM00001	6558060	366969		16		21		5		0.02		3.54	5.81
	Bidaminna	IM00001	6558060	366969		46		54		8		2.71		2.59	4.14
	Bidaminna	IM00002	6558023	366903		18		28		10		0.02		4.37	4.16
	Bidaminna	IM00002	6558023	366903		30		34		4		0.02		1.83	3.87
	Bidaminna	IM00002	6558023	366903		37		40		3		0.01		0.87	3.58
	Bidaminna	IM00002	6558023	366903		43		45		2		11.11		3.58	4.94
	Bidaminna	IM00002	6558023	366903		46		54		8		1.87		4.89	4.43
	Bidaminna	IM00003	6557997	366831		40		44		4		0.06		1.23	5.83
	Bidaminna	IM00003	6557997	366831		45		53		8		0.63		2.53	4.61
	Bidaminna	IM00004	6557963	366755		45		51		6		5.8		5.56	5.2

Notes *Coordinates are in Datum GDA 94 Projection MGA zone 50

** The data aggregation of reported intercepts is computed using Micromine software algorithms by compositing 1 m sample intervals using criteria of a ≥ 2.5% HM threshold, minimum length of 2m, and internal dilution set to zero

For more information visit imageres.com.au

Please direct enquiries to:

George Sakalidis Exploration Director M: +61 411 640 337 E: george@imageres.com.au

Collis Thorp Chief Executive Officer M: +61 413 705 075 E: cthorp@imageres.com.au

................................................................................................................................. Page 13

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Tenement Schedule in accordance with ASX Listing Rule 5.3.3

Tenements held at the end of the Quarter

Location	Tenement	Nature of Interest	Project	Equity (%) held at start of Quarter	Equity (%) held at end of Quarter
WA	E28/1895	Granted	KING(ERAYINIA JV)	16.1% diluting	16.1% diluting
WA	E28/2071	Granted	TALC LAKE(ERAYNIA JV)	16.1% diluting	16.1% diluting
WA	E70/2636	Granted	COOLJARLOO	100%	100%
WA	E70/2844	Granted	BIDAMINNA NTH	100%	100%
WA	E70/2898	Granted	COOLJARLOO	100%	100%
WA	E70/3032	Granted	GINGIN	100%	100%
WA	E70/3041	Granted	REGANS FORD SOUTH	100%	100%
WA	E70/3100	Granted	QUINNS HILL	100%	100%
WA	E70/3192	Granted	BOOTINE	100%	100%
WA	E70/3298	Granted	BIDAMINNA -PARK	90%	90%
WA	E70/3411	Granted	REGANS FORD	100%	100%
WA	E70/3418	Granted	BELL	100%	100%
WA	E70/3494	Granted	BRYALANA	100%	100%
WA	E70/3720	Granted	BLUE LAKE	100%	100%
WA	E70/3892	Granted	CHAPMAN HILL	100%	100%
WA	E70/3966	Granted	REGANS FORD WEST	100%	100%
WA	E70/3997	Granted	MUNBINIA	100%	100%
WA	E70/4077	Granted	DARLING RANGE	100%	100%
WA	E70/4129	Granted	MULLERING SOUTH	100%	RoyaltyInterest
WA	E70/4130	Granted	MULLERING NORTH	100%	RoyaltyInterest
WA	E70/4244	Granted	WOOLKA	100%	100%
WA	E70/4245	Granted	WINOOKA	100%	100%
WA	M70/0448	Granted	GINGIN SOUTH	100%	100%
WA	M70/1192	Granted	RED GULLY	100%	100%
WA	M70/1193	Granted	GINGIN NORTH	100%	100%
WA	M70/1194	Granted	BOONANARRING	100%	100%
WA	P70/1516	Granted	COOLJARLOO	100%	100%
WA	M70/1311	Granted	BOONANARRING	100%	100%
WA	G70/0250	Granted	BOONANARRING	100%	100%
WA	R70/0051	Granted	COOLJARLOO NORTH	100%	100%
WA	R69/0001	Granted	SERPENTINE LAKES	100%	100%
WA	M70/1305	Application	ATLAS	100%pending grant	100%pending grant
WA	P70/1520	Application	COOLJARLOO	100%pending grant	100%pending grant
WA	E70/4572	Granted	YARDARINO	100%	100%
WA	E70/4631	Granted	MUNBINIA WEST	100%	100%
WA	E70/4656	Granted	WINOOKA NORTH	100%	100%
WA	E70/4663	Granted	BIBBY SPRINGS	100%	100%
WA	E70/4689	Granted	BOONANARRING	100%pending grant	100%
Mining Tenements acquired during the Quarter
MiningTenements disposed during the Quarter
WA	P70/1540	Surrendered	CADDA SPRINGS	100%	-
WA	E70/4549	Surrendered	HARRIS BRIDGE	100%	-

................................................................................................................................. Page 14

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Table 1 – North Perth Basin Resources and Reserves

Reserve Summary	Reserve Summary	Reserve Summary	Reserve Summary	Reserve Summary	Reserve Summary	Reserve Summary
HM Tonnes Project Area Category Volume Tonnes % HM % SLIMES							VHM	Ilmenite Leucoxene Rutile Zircon
							(%)	(%) (%) (%) (%)
Boonanarring Probable 7,160,000 14,420,000 8.3% 17.0% 1,190,000 Atlas Probable 4,760,000 9,600,000 8.1% 15.5% 780,000							80.3% 74.1%	46.9% 5.5% 3.3% 24.5% 55.0% 1.0% 7.0% 11.0%
Total NPB Reserve 11,920,000 24,020,000 8.2% 16.4% 1,970,000							77.8%	50.1% 3.7% 4.8% 19.1%
Mining Inventory (incl Inferred) 13,330,000 26,880,000 8.0% 16.5% 2,135,000							78.3%	50.1% 4.2% 5.1% 19.0%
High Grade Resources @ 2.5% HM Cut-off
Resource	% SLIMES HM TONNES Resource Category BCM TONNES % HM						VHM (%)	Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%)
Atlas Atlas	Measured Indicated	4,810,000 520,000	9,700,000 1,080,000	8.5 3.2	15.3 19.2	820,000 34,000	76 74	52 53	5 8	8 7	11 6
Atlas Total		5,330,000	10,780,000	7.9	15.7	854,000	76	52	5	8	10
Boonanarring Boonanarring	Measured	1,680,000	3,000,000	7.8	10.1	230,000	70	49	1	3	17
	Indicated	7,000,000	14,300,000	9	17.2	1,270,000	80	49	6	3	22
Boonanarring	Inferred	2,100,000	4,200,000	6.5	17.4	270,000	83	51	8	7	18
Boonanarring Total		10,780,000	21,500,000	8.3	16.2	1,770,000	79	49	6	4	21
Gingin Nth	Indicated	680,000	1,320,000	5.7	15.7	80,000	75	57	9	3	5
Gingin Nth	Inferred	580,000	1,090,000	5.2	14	60,000	78	57	11	4	6
Gingin Nth Total		1,260,000	2,410,000	5.5	15	140,000	77	57	10	3	6
Gingin Sth	Measured	870,000	1,530,000	4.4	7.2	67,000	79	51	15	6	8
Gingin Sth	Indicated	3,240,000	5,820,000	6.5	7.1	380,000	91	68	10	5	8
Gingin Sth	Inferred	400,000	730,000	6.5	8.4	48,000	92	67	8	6	11
Gingin Sth Total		4,510,000	8,080,000	6.1	7.3	495,000	89	65	10	5	8
Helene	Indicated	5,600,000	11,500,000	4.6	18.6	520,000	84	70	1	3	11
Hyperion	Indicated	1,800,000	3,700,000	7.8	19.3	290,000	71	56	0	6	9
Cooljarloo Nth Total		7,400,000	15,200,000	5.3	18.7	810,000	79	64	0	4	9
Red Gully	Indicated	1,930,000	3,410,000	7.8	11.5	270,000	90	66	8	3	12
Red Gully	Inferred	1,455,000	2,570,000	7.5	10.7	190,000	90	66	8	3	12
Red Gully Total		3,385,000	5,980,000	7.7	11.2	460,000	90	66	8	3	12
Grand Total	32,665,000 63,950,000 7.1% 13.9% 4,529,000						80	57 6 5 13

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Dredge Resources at 1.0% HM cut-off
Project Area Resource Category	Volume TONNES % HM % Slime HM TONNES VHM % **Ilmenite % **	Leucoxene % Rutile % Zircon % Ilmenite Leucoxene Rutile Zircon VHM Tonnes
Titan Indicated Titan Inferred	10,300,000 21,200,000 1.8 22.1 380,000 84.4 71.9 58,500,000 115,400,000 1.9 18.9 2,210,000 84.3 71.8	2.0 1.0 9.5 270,000 7,000 5,000 36,000 318,000 2.0 1.0 9.5 1,592,000 45,000 22,000 210,000 1,869,000
Titan Total	68,800,000 136,600,000 1.9 19.4 2,590,000 84.4 71.9	2.0 1.0 9.5 1,862,000 52,000 27,000 246,000 2,187,000
Telesto Indicated Calypso Inferred Sub Total Indicated	1,700,000 3,500,000 3.8 18.4 130,000 82.6 67.5 27,100,000 51,500,000 1.7 13.7 850,000 84.6 68.8 12,000,000 24,700,000 2.1 21.6 510,000 86.1 72.5	3.4 2.2 9.5 100,000 5,000 3,000 13,000 121,000 3.5 1.6 10.6 585,000 30,000 14,000 90,000 719,000 2.4 1.6 9.6 370,000 12,000 8,000 49,000 439,000
Sub Total Inferred	85,600,000 166,900,000 1.8 17.3 3,060,000 84.6 71.1	2.5 1.2 9.8 2,177,000 75,000 36,000 300,000 2,588,000
Cooljarloo Total	97,600,000 191,600,000 1.9 17.8 3,570,000 84.8 71.3	2.4 1.2 9.8 2,547,000 87,000 44,000 349,000 3,027,000
Bidaminna Inferred	26,300,000 44,600,000 3.0 3.6 1,350,000 96.0 82.4	7.2 1.0 5.4 1,113,000 97,000 13,000 73,000 1,296,000
Total Dredge	123,900,000 236,200,000 2.1 15.1 4,920,000 84.3 65.6	4.6 2.9 11.3 3,660,000 184,000 57,000 422,000 4,323,000

1 Refer to the 31 May 2013 release http://www.asx.com.au/asxpdf/20130531/pdf/42g6v9v0jxn3hg.pdf for full details of the Boonanarring Mineral Resource/Reserve Estimate for full details of the Boonanarring Mineral Resource/Reserve Estimate

................................................................................................................................. Page 16

SECTION 1 SAMPLING TECHNIQUES AND DATA

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 detailedinformation.	• All drill holes reported in this release are vertically oriented, reverse- circulation air-core (RCAC) 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 RCAC 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.

17

Criteria	JORC Code explanation	Commentary
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. • 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 detailedinformation.	• 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. • Image found that of the 686 samples (that have a grade ≥ 2.5% HM) that are the subject of this release, 610 (89%) have good recovery, 51 have moderately good recovery and 25 have poor recovery. • Image also monitors recovery through the mass of the laboratory sample, which is recorded prior to despatch and again on delivery to the laboratory. The mass variation in the laboratory samples can then be correlated back to the original total sample.
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. • Samples visually estimated by the geologist to contain more than 0.5% HM (by weight) are despatched 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.

18

• Criteria JORC Code explanation Commentary

• Sub-sampling • If core, whether cut or sawn and • All drilling samples are collected over 1 m down hole intervals, with techniques and whether quarter, half or all core taken. sample lengths determined by 1 m marks on the rig mast. sample • If non-core, whether riffled, tube • The sample from the internal RC rods is directed to a cyclone and then preparation sampled, rotary split, etc and whether through a ‘rotating-chute’ custom-built splitting device. This device sampled wet or dry. allows different fraction splits from the cyclone sample stream to be

• • For all sample types, the nature, quality directed to either 25 cm by 35 cm calico bags (as the laboratory and appropriateness of the sample despatch samples) or to large plastic polyweave bags for the sample preparation technique. rejects. The rotary splitter directs ≈10 increments from the stream to

• • Quality control procedures adopted for the laboratory despatch samples, for a 1 m long down hole sampling all sub-sampling stages to maximise interval. representivity of samples. • Two (replicate) 1/8 mass splits (each ≈ 1.25 kg) are collected from the

• • Measures taken to ensure that the rotary splitter into two pre-numbered calico bags for each 1 m down sampling is representative of the in situ hole interval. A selection of the replicate samples are later collected material collected, including for instance and analysed to quantify field sampling precision, or as samples results for field duplicate/second-half contributing to potential future metallurgical composites. sampling. • To monitor sample representation and sample number correctness,

• • Whether sample sizes are appropriate Image weighs the laboratory despatch samples prior to despatch. The to the grain size of the material being laboratory then weighs the received sample and reports the mass to sampled. Image. This quality control ensures no mix up of sample numbers and is also a proxy for sample recovery.

• • 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.

19

Criteria	JORC Code explanation	Commentary
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, reading times, calibrations 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.	• The laboratory despatch samples are prepared by Western Geolabs (in Bellevue Western Australia) by first, wet weighing, then drying the sample for 5 to 8 hrs in an oven at 110°C. The dry weight is then recorded using a laboratory digital scale. • The dried sample is then crushed (using manual pummelling) until all clay and sand materials in the 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 <63µm clays (slimes) are washed from the sample (de-sliming) using a jet wash and 63µm screen. • The <63µm slimes (clays) are discarded and the >63µm sub sample is placed in a metal tray and oven dried. When dry, the >63µm 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 (>63µm & < 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. • 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 despatch (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. • Image is yet select and analyse field-replicate samples from field- sample replicates collected to quantify field sampling precision. This work will be completed at the end of the current field programme along with external laboratory checks. Laboratory replicate sample results are being reviewed. • Blanks samples for testing of cross contamination are not deemed necessary for the style of mineralisation under consideration.

20

Criteria	JORC Code explanation	Commentary
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 programme. • 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 hand held GPS with nominal accuracy of≈±15 m. Elevations have also been determined with hand-held GPS. More accurate locations will be determined in future by a registered surveyor using DGPS equipment. • 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 appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• The drill holes reported in this release are located on≈200 m spaced drill lines along the strike of mineralised strands, and at≈20 m intervals across strike intervals. • No mineral resources have been estimated from the reported drilling but the spacing is commensurate with that used to define Inferred Mineral Resources in Image’s other projects in the region. • 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 despatched and delivered, checking of SRM results, and verification logging of significant intercepts.

21

SECTION 2 REPORTING OF EXPLORATION RESULTS

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 181 drill holes that are the subject of this public report are drilled within following prospect area tenements. Tenure details are given in each case: Boonanarring: 100% Image Resources NL Exploration licences: 57 holes within E70/3041 (expiry 9/6/2018) 25 holes in E70/3720 (expiry 29/12/2015) Mining Leases: 4 holes within M70/1194 (expiry 15/12/2026) 46 holes within M70/1311 (expiry 11/03/2034) Chandala: Image has withdrawn from the JV as of 14th April 2015. Exploration Licence: 12 holes within E70/2742 (expiry 1/05/2015) Gingin South: 100% Image Resources NL Exploration Licence 9 holes within E70/3032 (expiry 14/10/2018) Mining Lease: 12 holes within M70/0448 (expiry 06/05/2032) Red Gully 100% Image Resources NL Mining Lease 16 holes within M70/1192 (expiry 19/05/2030) Bidaminna Park: 90% Image Resources NL Exploration Licence 4 holes within E70/3298 (expiry 25/03/2019) All drilling publicly reported is on freehold land, with no known native title interests, historical sites, wilderness parks or national parks, or environmental settings effected. At the time of this public report, Image has security of tenure for all tenements drilled, and is not aware of any material impediments to obtaining a licence to operate in the area.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	No work has been completed by other parties for this public report.

22

Geology	Deposit type, geological setting and style of mineralisation.	Image is targeting discovery of heavy mineral sands strand deposits that have formed on ancient shore lines on the eastern margin of the Swan Coastal Plain in sediments Pleistocene to Holocene age in the north of the Perth Basin. The Boonanarring deposit occurs in the Yoganup Formation and is interpreted to have formed during periods of sea level stability within a cycle of shoreline regression. The high grade strands in Boonanarring are interpreted to have formed against a notch in the local basement, possibly an ancient sea cliff. The current programme of drilling is targeting possible new strands, and extensions of known strands between the Boonanarring and Gingin Mineral Resources and also north of Boonanarring, to the Red Gully region.
Drill hole Information	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.	In this public report, Image has reported only the drill holes with significant intercepts that confirm the discovery of new strand lines or possible extensions of known strand lines. The Competent Person does not consider a full listing of the barren and low grade mineralisation is material for the drill holes that are the subject of this public report. However, the figures attached to the public report do give the context of the significant intercepts with respect to results reported by Image in previous public reports.
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 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.	Image prepared the lists of significant intercepts in this public report using the data aggregation algorithms available in Micromine software. The criteria for reporting included compositing criteria for 1 m intercepts of: A starting threshold of ≥ 2.5% HM Minimum down hole composite length of ≥ 2 m No internal dilution (no 1 m intervals included if grades are < 2.5% HM). Generally the grades of individual results contributing to significant intercepts are of similar tenor. There are no metal equivalent assumptions relevant to the style of mineralisation under consideration.
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’).	All holes are drilled vertically through a horizontal stratigraphy. There is low risk of grade bias due to the angle of intersection and geometry of the style of mineralisation under consideration.
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 the figures in the public report.
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 to avoid misleading reporting of Exploration Results.	The Competent Person does not consider a full listing of the barren and low grade mineralisation is material for the drill holes that are the subject of this public report. However, the figures attached to the public report do give the context of the significant intercepts with respect to results reported by Image in previous public reports.

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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.	Not applicable for this release.
Further work	The nature and scale of planned further work (eg tests for lateral 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.	At the time of this public report, Image has planned further holes but actual locations may vary depending on results received as the Stage 1 programme progresses. Refer to the maps and diagrams in the ASX release where extents and new targets are identified.

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