IMAGE RESOURCES NL — Interim / Quarterly Report 2024

Jul 30, 2024

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QUARTERLY ACTIVITIES REPORT – for quarter ended 30 June 2024

Image Resources NL ABN 57 063 977 579

ASX Code: IMA

Contact Details

Level 2, 1 Walker Avenue, West Perth WA 6005

T : +61 8 9485 2410 E: info@imageres.com.au W: imageres.com.au

During the quarter, Image Resources NL (“ Image ” or “ the Company ”) maintained its focus on securing necessary permits for construction/operation of its 100%-owned Atlas project. Permitting commenced in Q3 2021, however the process has been delayed by regulatory departments’ inability to meet guideline timelines. Following completion of mining and processing activities at Boonanarring and final shipment of HMC in Q4 2023, the Company closed out CY2023 with cash reserves of A$46 million, with plans to self-fund the relocation of mining and processing equipment from Boonanarring to Atlas once Atlas permitting is finalised, and assuming minimal further permitting delays. Q1 2024 saw limited progress on Atlas permitting, however significant progress was made during the June quarter which when finalised is expected to lead to the commencement of construction at Atlas in Q3 2024 and commencement of commissioning in late Q4 2024 or early Q1 2025.

Outside of Atlas, a pre-feasibility study ( “PFS ”) was completed on the Company’s Yandanooka project, and limited work was completed on a bankable feasibility study (“ BFS ”) on Yandanooka, a BFS on Bidaminna, a scoping study on synthetic rutile (“SR”) production and concept study on the McCalls project.

HIGHLIGHTS

Issued Capital Shares – Quoted 1,122,087,386 As at 30 June 2024

Board Members

Robert Besley (Non-Executive Chair) Patrick Mutz (Managing Director) Aaron Chong Veoy Soo (Non-Executive Director) Peter Thomas (Non-Executive Director) Ran Xu (Non-Executive Director) Winston Lee (Non-Executive Director)

Atlas Permitting

• ➢ On 8 April 2024, Image announced that no appeals had been filed regarding the March 2024 recommendation from the EPA to implement the Atlas development proposal (subject to conditions).

• ➢ On 23 May 2024, the Company announced that it had received Ministerial approval under Part IV of the Environmental Protection Act 1986 for the proposed development of Atlas.

• ➢ On 10 June 2024, Image announced commencement of preliminary works activities at Atlas regarding construction of the mining camp on private land and planned deconstruction of the Boonanarring wet concentration plant (“WCP”) in preparation for relocation to Atlas.

• ➢ Subsequent to the end of the quarter on 19 July, Image received approval of the Atlas Mining Proposal from the Department of Energy, Mines, Industry Regulation and Safety (“ DEMIRS ”).

• ➢ On 18 July, Image received notice from the Commonwealth on its proposed conditions for approval of Atlas under the EPBC Act.

• ➢ Outstanding approvals include the groundwater operating strategy (“GOS”) , Banksia Woodlands Rehabilitation Environmental Management Plan (“BWREMP”) , Offset Environmental Management Plan (“OEMP”) and final Commonwealth EPBC approval, all anticipated in the coming weeks.

Yandanooka PFS

• ➢ On 19 April 2024, the results of the Yandanooka PFS were announced with the following highlights:

• Pre-tax NPV8: A$151 million

• Pre-tax IRR8: 72%

• Initial Development Capital: A$50.3 million

• EBITDA: A$277 million

• 8-year mine life

• PFS based on simple business model of selling heavy mineral concentrate (“ HMC ”)

• ➢ Based on the positive PFS results, Image has proceeded to a BFS.

Cash Position & Expenditures

• ➢ Closing cash at 30 June 2024 was A$34.2 million.

• ➢ Quarterly expenditure included Boonanarring care and maintenance of A$0.9 million and Atlas early works (plant and equipment) of A$1.2 million. Expenditure classified as exploration totalled A$1.4 million with the majority being related to advancing the Yandanooka project.

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ACTIVITIES REPORT

Atlas Development

The Atlas mineral sands project is 100%-owned and was included as part of Image’s Boonanarring/Atlas BFS published in 2017 and was contemplated to be mined after all available Ore Reserves at Boonanarring were mined out and ore processing was completed. Final ore processing at Boonanarring was completed in August 2023 and the final shipment of HMC was completed in November 2023. The Company closed out CY2023 with cash reserves of A$46 million, with plans to self-fund the relocation of mining and processing equipment from Boonanarring to Atlas once Atlas permitting is finalised, and assuming minimal further delays.

The permitting process for Atlas commenced back in Q3 2021. However, as a result of regulatory departments’ inability to meet guideline timelines, the permitting process has been delayed by more than a year. Q1 2024 saw limited progress on Atlas permitting, however significant progress has been made during Q2 which is forecast to lead to the commencement of construction at Atlas in Q3 2024 and a stretch goal of commencing commissioning before the end of December 2024 and first HMC production in Q1 2025.

On 8 April 2024, Image announced that the independent Office of the Appeals Convenor advised no appeals had been filed regarding the March 2024 recommendation from the EPA to implement the Atlas development proposal (subject to conditions). On 23 May 2024, the Company announced that it had received Ministerial approval under Part IV of the Environmental Protection Act 1986 for the proposed development of its Atlas Mineral Sands Project. On 10 June 2024, Image announced commencement of preliminary works activities at Atlas regarding the construction of the mining camp located on private land outside of the mining lease, and planned deconstruction of relevant plant and equipment from the Boonanarring WCP in preparation of relocation to Atlas.

In addition, subsequent to the end of the quarter on 19 July, Image received approval of the Atlas Mining Proposal from the Department of Energy, Mines, Industry Regulation and Safety (“ DEMIRS ”) which encompasses project construction and operation. On 18 July, Image received notice from the Commonwealth on its proposed conditions for approval of the Atlas development under the EPBC Act. As the Company quickly responded to the notice of proposed conditions by the Commonwealth, final approval is anticipated late July or early August.

Remaining approvals for Atlas include the groundwater operating strategy (“GOS”), Banksia Woodlands Rehabilitation Environmental Management Plan (“BWREMP”) and Offset Environmental Management Plan (“OEMP”). Approvals of the GOS (which leads to a water abstraction licence), the BWREMP and OEMP are anticipated in the coming weeks are expected to facilitate commencement of on-ground construction at Atlas in Q3 2024.

Atlas is located approximately 170km north of Perth (80km north of Boonanarring) and has Ore Reserves of 5.5Mt at 9.2% heavy minerals ( “HM” ) (see Table 4 and ASX: 21 December 2022: Revised Announcement – Atlas Project Ore Reserve Update ).

Key highlights of the updated Ore Reserve estimate and key feasibility statistics, announced in December 2022, are as follows:

• 5.5 million tonnes of Ore Reserves at 9.2% total HM

• 11.9% zircon, 7.9% rutile, 4.9% leucoxene, 53% Ilmenite and 1.1% monazite in total HM

• Forecast processing rate of 2.6 million tonnes ore per annum

• Total HMC production of 446kt

• Net pre-tax project cash flow of A$62 million

Following receipt of long-lead items, including the innovative CT1 mineral separation spirals and flex plant by Mineral Technologies and camp accommodation facilities, the updated remaining capital spend for Atlas as at 30 June 2024 is estimated at A$35 million (including 15% contingency).

The Company is committed to the development of the Atlas project, followed by the planned development of Yandanooka, with funding for Yandanooka being potentially being sourced from internally generated cashflows from Atlas supplemented as necessary with debt and/or equity.

The Company is currently investigating options for working capital funding with a focus on debt including potential for HMC Offtake Prepayment Facility.

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Yandanooka PFS

During the Quarter, in addition to advancing permitting and development planning for the Atlas project, the Company completed a PFS for its 100%-owned Yandanooka mineral sands project. Yandanooka has a shorter development timeline than the Company’s other projects, including Bidaminna, McCalls and Mindarra Springs, due to lower-level environmental sensitivities and minimal heritage considerations as it is located on private farmland.

On 19 April 2024, the Company announced results of the PFS, along with an updated Mineral Resource estimate ( “MRE” ) and maiden Ore Reserve estimate for Yandanooka which is located approximately 300 km north of Perth in the infrastructure-rich North Perth Basin in Western Australia (see Tables 2 and 3 and ASX: 19 April 2024: Strong Feasibility Results Yandanooka Project ).

Project economics are based on an initial 8-year mine life at a processing rate of 420 tph rougher head feed. The throughput rate was determined based on the existing Boonanarring WCP capability (using the available spirals and quantities for each spiral stage).

Yandanooka PFS Highlights:

• Pre-tax NPV8: A$151 million

• Pre-tax IRR8: 72%

• Initial Development Capital: A$50.3 million

• Capital payback (post first revenue): 15 months

• Project EBITDA: A$277 million

• Forecast mine-life: 8.2 years

• Total HMC production: 1.04 Mt

• Mineralisation from surface and amenable to low-cost loader mining

• Average LOM forecast ore processing rate: 3.8 Mt per annum

• Average LOM forecast HMC production rate: 130 kt per annum

• PFS based on simple business model of selling HMC

Yandanooka Ore Reserve Estimate Highlights:

• 30 million tonnes of Probable Ore Reserves at 3.9% total HM

• Mineralisation from the surface with an average waste-to-ore strip ratio of 0.1:1

• 90.5% valuable heavy minerals ("VHM") in HM

• High-value mineral assemblage with 14% zircon, 3.3% rutile, 27% leucoxene, 46% ilmenite, and 0.19% monazite in HM

Managing Director and CEO Mr Patrick Mutz commented: “The robust economics for the Yandanooka deposit, based on producing and selling an HMC product, means that Yandanooka is being fast tracked to follow on the heels of the Atlas development and could be operational in parallel with Atlas for a time, fulfilling a portion of the Company’s Chapter 2 ambitions of multiple mines, multiple products and global marketing. Yandanooka’s projected longer mine life will also serve to advance the potential for future HMC separation and conversion of ilmenite to synthetic rutile (“ SR ”) using Image’s proposed novel SR production technology.”

Based on the positive results of the PFS, the study is being upgraded to BFS standard based on the same development methodology as used for the successful Boonanarring project. However, given components of the Boonanarring plant are now committed for use at Atlas, the initial Yandanooka development capital in the PFS is expected to increase by approximately A$22 million, for replacement equipment, and will be captured in the BFS now planned to be completed in Q4 2024.

Bidaminna BFS

To conserve cash for the development of Atlas, work on the Bidaminna BFS was temporarily curtailed. Results on the Bidaminna PFS were announced in June 2023 (ASX: 27 June 2023: PFS Results - Bidaminna Mineral Sands Project). The PFS was based on inaugural Ore Reserves of 123Mt at 1.8% HM with 4% slimes, 4% oversize, 93% VHM and 85% of the HM as high-quality ilmenite and leucoxene suitable as SR feedstock (refer Table 2). Results of the PFS

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were positive, with select highlights of pre-tax NPV8 of A$192 million, pre-tax IRR8 of 28%, project EBITDA of A$379 million for a 10.5-year project life and 3.8-year capital payback period. Project revenue in the Bidaminna PFS was based on producing and using a simple business model of selling an HMC product.

The BFS will be based on a number of optimisation steps as well as an updated Mineral Resources estimate (MRE) which will build on the latest MRE announced in February 2023 (ASX: 28 February 2023: Mineral Resources Update Bidaminna Project) with total Mineral Resources of 109 million tonnes at 2.5% HM.

Value-Adding SR Innovation

Positive test results on upgrading Bidaminna ilmenite to SR have opened the door to the significant value-adding opportunity of upgrading ilmenite from Yandanooka, McCalls and Mindarra Springs. Importantly, the potential for multidecade operating life from these projects could serve to support justification for capital expenditure for SR production in the event future feasibility studies and proposed demonstration plant operating results are determined to be positive.

The concept study for a potential SR production facility, with a significantly reduced carbon footprint compared to existing SR production technology, continued to progress during the Quarter. Post the filing of an initial patent in Q4 2023 on a novel SR production process, further evaluation of the process has resulted in the drafting of a second patent application. A specialist, innovative technology development consultant has also been engaged to conduct an SR production scoping study. Initial work based on first principles, indicates the process is feasible both technically and economically and that the process could add significant economic benefits to Image’s future projects with HMC production.

During the Quarter, the Company submitted an application for a dollar-for-dollar matching grant through the WA Investment Attraction Fund – New Energies Industries for the construction and operation of an SR production demonstration plant to verify Image’s provisionally patented innovative SR production technology.

Environmental, Social & Governance (“ESG”)

Environment – Rehabilitation

Image is a significant landholder in the Boonanarring area and recognises its duty and responsibility to rehabilitate mined areas to a high standard and continue to work at improving the local environment outside of the mining lease where possible and practicable to do so.

A total of 85ha has been rehabilitated for the Boonanarring project to-date. There was limited seeding of rehabilitated land in Q1 and Q2 2024 due to the need to conserve cash for the development of the Atlas project.

Safety

There were no lost-time injuries (“LTIs”) recorded during the current quarter and no LTIs recorded since prior to 1 January 2023.

The Company remains vigilant with respect to COVID and influenza symptoms and maintains adherence to the modifications of its daily work practices and procedures when necessary to minimise potential negative impacts.

Image is committed to the promotion of a positive work, health and safety (WHS) culture, including safety programs and procedures that encourage job safety analysis and planning as well as active incident reporting for the purpose of continual improvement of the health, safety and well-being of all employees, contractors, visitors and members of the community.

The Company tracks and reports its total recordable incident frequency rate (“TRIFR”) , reported as the number of recordable incidents per 200k hours of work, to more closely align with actual work hours per year. The 12-month rolling average TRIFR on 30 June 2024 was 1.6, down from 2.1 at 31 March 2024.

Community

Image continues to proudly contribute to the local communities in which it operates, including through local employment and support for local community events. Notable programs occurring or ongoing during this reporting period include the following:

• Leasing of Image’s unused land to the Gingin Recreation Group with profits collected by the group going back to a variety of local Shire community programs.

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• Periodically providing certain stockpiled clayey materials to a local landowner to assist in demonstration testing to assess carbon sequestration enhancement techniques for local soils;

• Sponsoring of Happiness Co Foundation in support of mental health within the Image workforce and in local communities and regional areas;

• Support of various Gingin and Cervantes community groups and local area programmes through in-kind contributions and Social Investment funding;

• Investigation of additional uses for Image landholdings for the potential generation of other renewable energy generation sources, such as wind turbines or small-scale pumped hydro.

Modern Slavery Statement

Image continues to implement initiatives under the Modern Slavery Act. While the Company’s principal suppliers (Tier 1) are largely long-standing Australian-based companies, questionnaires continue to be rolled out to all Tier 1 suppliers to gauge each supplier’s potential to potentially harbour modern slavery practices. Fit-for-purpose software is also being used to help automate questionnaires mailings to Tier 2 and Tier 3 suppliers. This is a challenging area to manage, and results have been mixed. None-the-less, the process is continuing.

Image completed and lodged its 3[rd] annual Modern Slavery Statement for CY2023 in June 2024.The report can be viewed at https://modernslaveryregister.gov.au/statements/18076/ once published by the Australian Attorney-General’s Department on the public register or it can be viewed on Image’s website at www.imageres.com.au/about/governance/.

ESG & Sustainability Reporting

During Q3 2023, Image finalised its Inaugural Sustainability Report. Importantly, this report includes operational data and information for four full years of operation (CY2019 through CY2022) at the Company’s Boonanarring mineral sands project. The report was published on 2 October 2023 ( ASX: 2 October 2023: Inaugural Sustainability Report ).

The Company advanced data compilation and drafting of its second annual Sustainability Report for CY2023 during the quarter. The report is scheduled to be published in Q3 2024.

Cashflows

Net Cash outflow was A$4.6 million for Q2 2024, including A$1.2 million for plant and equipment, mainly Atlas related. Other expenditure during the quarter included A$0.9 million on Boonanarring rehabilitation (care and maintenance), A$1.4 million on exploration (mostly Yandanooka pre-development related ) and A$1.5 million on corporate costs. Closing cash at 30 June 2024 was A$34.2 million. There was no significant expenditure on mining production and development activities.

Figure 1: Quarterly Cashflow Waterfall Chart

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Corporate

On 14 March 2024 the Company announced that the EPA had recommended the Atlas development proposal subject to certain conditions (ASX: 14 March 2024: EPA Recommends Atlas Project Development Proposal) . The publication of EPA’s assessment report triggered a three-week public review period and on 8 April 2024, Image announced that no appeals had been filed regarding the March 2024 recommendation from the EPA to implement the Atlas development proposal (subject to conditions).

On 23 May 2024, the Company announced that it had received Ministerial approval under Part IV of the Environmental Protection Act 1986 for the proposed development of Atlas.

On 10 June 2024, Image announced commencement of preliminary works activities at Atlas regarding construction of the mining camp and planned deconstruction of the Boonanarring WCP in preparation for relocation to Atlas.

On 28 May 2024, the Company held its Annual General Meeting and the Company subsequently announced that all resolutions had been passed.

Subsequent to the end of the quarter, on 18 July, Image received notice from the Commonwealth on its proposed conditions for approval of Atlas under the EPBC Act and on 19 July, Image received approval of the Atlas Mining Proposal from DEMIRS.

Corporate costs for Q2 2024 included A$296,000 of related party transactions (all director salary or fee related).

Exploration

The Company’s exploration portfolio is focused on mineral sands, except for two exploration licences and two prospecting licences focused on gold which are located southeast of Kalgoorlie, and which make up the Erayinia/King Gold Project. All tenements are located in Western Australia, and all mineral sands related tenements are located in the North Perth and Perth Basins, across a total combined area of 1,496 square kilometres (see Table 1 – Tenement Schedule).

With the expansion of the Company’s minerals sands portfolio through the strategic acquisitions of the Eneabba Tenements and McCalls Project in CY2022, the North Perth and Perth Basin tenements now consist of 24 named project areas, each with identified Ore Reserves and/or Mineral Resources as presented in Tables 2 through 5.

Drilling Programs

No exploration or development drilling was carried out during Q2 2024, with expenditures being curtailed where practicable to conserve cash for the development/construction of the Atlas project.

The Company has several drilling programs planned, in both green-fields exploration and Mineral Resources development. Planned drilling includes the following, however all programs are on-hold pending positive cash flow from the Atlas project development:

• 290 holes for approximately 20,000m at the Bidaminna project to upgrade all material inside the dredge pond limits to Measured Resources as defined by the JORC code 2012;

• exploration drilling west of Yandanooka on the recently granted E70/6549 to test for potential mineralisation extensions as suggested based on ground magnetics;

• phase two exploration at the south end of Woolka on E70/4244; and

• deeper target drilling at Erayinia/King Gold project in the Eastern Goldfields.

Yandanooka

The exploration team continues to support the fast-track development of the Yandanooka project. Recent work has focused on upgrading the MRE. The final assay data, from drilling carried out in Q4 2023, was received during the Quarter. This data was used to update the MRE and provided a higher level of confidence for mine planning purposes. Results of the MRE update were announced on 19 April 2024 as part of the Yandanooka PFS (ASX: 19 April 2024: Strong Feasibility Results Yandanooka Project) .

Both during the quarter, and previously, a considerable amount of work was carried out regarding the mineral assemblage of the Yandanooka deposit. The slightly finer-grained nature of the zircon and the presence of significant leucoxene required several iterations of the QEMSCAN technique to ensure appropriate particle classification. The work

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on zircon resulted in a small upgrade to the zircon content in total HM. Investigations into the appropriate classification of rutile and leucoxene continue and will be included as part of the Yandanooka BFS.

Several costeans were excavated across the southern end of the deposit during March 2024. The primary purpose of the costeans was to test mining and metallurgical properties of the mineralised profile. The open costeans were also used to collect in situ density samples to validate Mineral Resources modelling assumptions, with results received during the current quarter. Information gained from costean sampling will be used to inform the Yandanooka BFS.

Additional ground magnetic data on E70/6549 located south and west of, and proximal to the Yandanooka deposit, was collected during the quarter, with preliminary analysis indicating potential target areas for follow-on drill testing in Q2 2025.

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Table 1: 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	ERAYINIA	100%	100%
WA	E28/2742	Granted	MADOONIA DOWNS	100%	100%
WA	P28/1320	Granted	KING	100%	100%
WA	P28/1321	Granted	KING	100%	100%
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	E70/3298	Granted	BIDAMINNA -PARK	100%	100%
WA	E70/3720	Granted	BLUE LAKE	100%	100%
WA	E70/3762	Granted	DOOKANOOKA	100%	100%
WA	E70/3813	Granted	YANDANOOKA	100%	100%
WA	E70/3814	Granted	ARROWSMITH	100%	100%
WA	E70/3929	Granted	MCCALLS	100%	100%
WA	E70/3967	Granted	MCCALLSNORTH	100%	100%
WA	E70/3997	Granted	MUNBINIA	100%	100%
WA	E70/4190	Granted	ENEABBA EAST	100%	100%
WA	E70/4244	Granted	WOOLKA	100%	100%
WA	E70/4584	Granted	MINDARRASPRINGS	100%	100%
WA	E70/4656	Granted	WINOOKA NORTH	100%	100%
WA	E70/4663	Granted	BIBBY SPRINGS	100%	100%
WA	E70/4689	Granted	BOONANARRING WEST	100%	100%
WA	E70/4719	Granted	TARRA TARRA	100%	100%
WA	E70/4747	Granted	UPCREEK	100%	100%
WA	E70/4779	Granted	MIMEGARRA	100%	100%
WA	E70/4794	Granted	REGANS FORD NORTH	100%	100%
WA	E70/4795	Application	BIDAMINNA SOUTH	100%pending grant	100%pending grant
WA	E70/4919	Granted	ORANGE SPRINGS	100%	100%
WA	E70/4922	Granted	CAPITELA	100%	100%
WA	E70/4946	Granted	RED GULLY NORTH	100%	100%
WA	E70/5034	Granted	SADDLE HILL	100%	100%
WA	E70/5192	Application	WINOOKA SOUTH	100%pending grant	100%pending grant
WA	E70/5213	Granted	GINGINUP HILL	100%	100%
WA	E70/5268	Granted	WOOLKA SOUTH	100%	100%
WA	E70/5306	Granted	BOONANARRING HILL	100%	100%
WA	E70/5552	Granted	COOLJARLOO EAST	100%	100%
WA	E70/5646	Granted	BLUE LAKE WEST	100%	100%
WA	E70/5661	Application	COONABIDGEE	100%pending grant	100%pending grant
WA	E70/5763	Granted	CARO	100%	100%
WA	E70/5776	Granted	BIDAMINNA WEST	100%	100%
WA	E70/5777	Granted	DURINGEN	100%	100%
WA	E70/6275	Application	OLD ARROW	100%pending grant	100%pending grant
WA	E70/6276	Application	WINOOKA SOUTH	100%pending grant	100%pending grant
WA	E70/6277	Application	COONABIDGEE	100%pending grant	100%pending grant

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Location	Tenement	Nature of Interest	Project	Equity (%) held at start of Quarter	Equity (%) held at end of Quarter
WA	E70/6293	Application	BIDAMINNA SOUTH	100%pending grant	100%pending grant
WA	E70/6549	Granted	YANDANOOKA WEST	100%	100%
WA	G70/0250	Granted	BOONANARRING	100%	100%
WA	L70/242	Granted	ATLAS	100%	100%
WA	L70/243	Granted	ATLAS	100%	100%
WA	M70/0448	Granted	GINGIN SOUTH	100%	100%
WA	M70/0872	Granted	LOGUE AREA	100%	100%
WA	M70/0965	Granted	ENEABBA WEST	100%	100%
WA	M70/1153	Granted	ENEABBA	100%	100%
WA	M70/1192	Granted	RED GULLY	100%	100%
WA	M70/1194	Granted	BOONANARRING	100%	100%
WA	M70/1305	Granted	ATLAS	100%	100%
WA	M70/1311	Granted	BOONANARRING NORTH	100%	100%
WA	M70/1419	Granted	TWIN HILLS	100%pendingtransfer	100%pendingtransfer
WA	P70/1756	Granted	COOLJARLOO EAST	100%pending grant	100%
WA	R70/0035	Granted	ENEABBA	100%	100%
WA	R70/0051	Granted	COOLJARLOO NORTH	100%	100%
WA	R70/0062	Granted	NAMBUNG	100%	100%
WA	M70/1413	Granted	MULLERING	1% Royalty payable in all minerals	1% Royalty payable in all minerals
WA	E52/3917	Granted	WILTHORPE	1% Royalty payable in all minerals	1% Royalty payable in all minerals
WA	M52/1067	Granted	WILTHORPE	1% Royalty payable in all minerals	1% Royalty payable in all minerals
WA	R69/0001	Granted	SERPENTINE LAKES	1% Royalty payable in all minerals	1% Royalty payable in all minerals
Mining Tenements acquired during the Quarter
WA	P70/1756	Granted	COOLJARLOO EAST	100%pending grant	100%

Mining Tenements disposed during the Quarter

Summary of Tenement Activity Q2 2024

Tenement Applications

• Nil

Tenements Granted

• P28/1320 & P28/1321, 3rd tranche transfers granted by DEMIRS. Image now owns 100% of these two tenements.

• P70/1756 Cooljarloo East on 8 March 2024. (This was applied for in 2021 and was second in time, the competing application was recently rejected by DEMIRS resulting in Image’s application being granted)

Tenements Surrendered

• 6 February 2023 Voluntary Partial Surrender for L70/243 (Miscellaneous License at Atlas) excluding the camp (White property Lot 4113). Status: Pending

Tenement Transfers

• Nil

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Figure 2: North Perth Basin Tenements as at end of Q2 2024

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Figure 3: Eneabba Tenements as at end of Q2 2024

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Figure 4: Erayinia Tenements as at end of Q2 2024

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This document is authorised for release to the market by the Managing Director. For further information, please contact:

Patrick Mutz

Managing Director +61 8 9485 2410 info@imageres.com.au www.imageres.com.au

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.

Mineral Resources & Ore Reserves Statement

Table 2 – Ore Reserves – Yandanooka Deposit; in accordance with the JORC Code (2012) as at March 2024

Ore Reserve category	Tonnes Million	Total HM %		HM Assemblage (% of total HM)	HM Assemblage (% of total HM)	HM Assemblage (% of total HM)	HM Assemblage (% of total HM)	Slimes %	Oversize %
			Ilmenite	Leucoxene	Rutile	**Zircon **	Monazite
Probable	30	3.9	46	27	3.3	14	0.19	15	14
**Total **	30	3.9	46	27	3.3	14	0.19	15	14

Notes:

• All tonnages and grades have been rounded to reflect the relative uncertainty of the estimate, thus the sums of columns may not equal.

• Ore Reserves are inclusive of all Indicated Mineral Resources inside the pit design surface.

• Indicated Mineral Resources below the reported Mineral Resource cut-off grade (1.4% HM) are included in the Ore Reserve as a planned dilution.

Table 3 – Mineral Resources – Yandanooka Deposit; in accordance with the JORC Code (2012) as at March 2024

Mineral Resources Category	Cut-off (total HM%)	Tonnes Million	Total HM %	In-situ HM Tonnes Millions	HM Assemblage (% of total HM)	HM Assemblage (% of total HM)	HM Assemblage (% of total HM)	HM Assemblage (% of total HM)	HM Assemblage (% of total HM)	Slimes %	Oversize %
					Ilmenite	Leuc.	Rutile	Zircon	Monazite
Indicated	1.4	50	3.3	1.65	46	27	3.3	14	0.17	15	14
Inferred	1.4	7	1.8	0.13	33	44	4.0	15	0.11	11	9
Total	1.4	57	3.1	1.77	45	28	3.4	14	0.17	14	14

Notes:

• The total HM % was assayed within the -710µm/+53µm fraction by Iluka (4% of the assay data), within the -1mm/+53µm fraction by Sheffield (27% of the assay data) and within the -1mm/+63µm fraction by Image (69% of the assay data).

• Slimes are measured from the -53 µm fraction by Iluka & Sheffield (31% of the input data) and the -63 µm fraction by Image (69% of the input data), and oversize is measured as the +1 mm fraction.

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• All tonnages and grades have been rounded to reflect the relative uncertainty of the estimate, thus the sums of columns may not equal.

• Estimates of the mineral assemblage are presented as percentages of the HM component of the deposit, as determined by QEMSCAN™ and XRF analysis. For the TiO2 minerals, specific breakpoints are used to distinguish between rutile (>95% TiO2), leucoxene (70–95% TiO2), and ilmenite (<55–70% TiO2).

This report includes information that relates to Mineral Resources, Ore Reserves, production targets and forecast financial information derived from production targets for the Yandanooka deposit which were prepared and first disclosed under JORC Code 2012. The information was extracted from the Company’s previous ASX announcement dated 19 April 2024 (Strong Feasibility Results Yandanooka Project), which is available to view on the Company’s website at www.imageres.com.au. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcement and 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.

Atlas Ore Reserves were updated on 21 December 2022. As at 31 March 2024 mining has not commenced at Atlas.

Table 4 – Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) as at 31 December 2023

Project/Deposit Ore Reserves Category Tonnes (million) In-situ HM Tonnes (millions)	Total HM grade (%)	HM Assemblage (% of total HM)	Slimes (%) Oversize (%) Monazite
		Zircon Rutile Leuc. Ilmenite
Bidaminna Probable 123 2.20	1.8	5.0 4.1 12.6 72	0.3 4.0 4.0
Sub-Total 123 2.20	1.8	5.0 4.1 12.6 72	0.3 4.0 4.0
Atlas Proved 4.5 0.48 Probable 0.9 0.02	10.6 2.1	12.0 8.0 4.9 54 8.1 5.2 4.7 29	1.1 15 4.6 0.8 15 8.1
Sub-Total 5.5 0.50	9.2	11.9 7.9 4.9 53	1.1 15 5.2
Total Ore Reserves 129 2.70	2.1	6.3 4.8 11.2 68	0.4 4.5 4.1

Notes:

• Bidaminna Ore Reserves refer to the 27 June 2023 announcement “Pre-Feasibility Study Results – Bidaminna Mineral Sands Project”

• Atlas Ore Reserves refer to the 21 December 2022 announcement “Revised Announcement Atlas Project Ore Reserve Update”

Table 5 - Mineral Resources – Dry and Dredge Mining, Strand/Dune Deposits; in accordance with JORC Code 2012 as at 31 December 2023

	Deposit	Mineral Resources Category Cut-off (total HM%) Tonnes (million)	In-situ HM Tonnes (millions) Total HM grade (%)	HM Assemblag	e (% of total HM) Slimes (%) Leuc. Ilmenite Monazite	Oversize (%)
				Zircon Rutile
Dry Mining	**Atlas ***	Measured 2.0 7.1 Indicated 2.0 5.0 Inferred 2.0 5.2 Meas Ind and Inf 2.0 17.3	0.6 9.0 0.2 3.5 0.2 3.3 1.0 5.7	10.7 7.5 7.0 4.7 9.1 4.4 9.8 6.5	5.1 51 0.9 15 5.1 42 1.0 16 4.8 54 1.6 14 5.1 49 1.1 15	4.6 4.6 2.7 4.0
	Boonanarring North West	Indicated 2.0 3.1 Inferred 2.0 1.2 Ind and Inf 2.0 4.3	0.2 5.1 0.1 5.0 0.2 5.1	9.6 6.8 8.3 7.4 9.2 6.9	30 35 11 36 27 10 32 33 11	1.2 0.8 1.1
	Boonanarring North Extension	Indicated 2.0 2.5 Inferred 2.0 0.2 Ind and Inf 2.0 2.7	0.3 11.8 0.0 4.7 0.3 11.2	16.4 2.7 16.0 2.5 16.4 2.7	11.5 41 17 10.7 39 17 11.5 41 17	7.1 8.4 7.2
	Gingin South	Measured 2.5 1.5 Indicated 2.5 5.8 Inferred 2.5 0.7 Meas Ind and Inf 2.5 8.1	0.1 4.4 0.4 6.5 0.0 6.5 0.5 6.1	7.8 5.6 8.1 5.1 10.9 5.8 8.3 5.2	15.3 51 7 9.8 68 7 7.5 67 8 10.3 65 7	0.0 11.0 8.7 8.7
	Regans Ford	Indicated 4.0 9.0 Inferred 4.0 0.9 Ind and Inf 4.0 9.9	0.9 9.9 0.1 6.5 1.0 9.6	10.0 4.3 10.1 4.4 10.0 4.3	10.0 70 17 7.7 68 19 9.8 70 17	0.0 0.0 0.0
	Red Gully	Indicated 2.5 3.4 Inferred 2.5 2.6 Ind and Inf 2.5 6.0	0.3 7.8 0.2 7.5 0.5 7.7	12.4 3.1 12.4 3.1 12.4 3.1	8.3 66 12 8.3 66 11 8.3 66 11	1.1 1.1 1.1
	Gingin North	Indicated 2.0 6.6 Inferred 2.0 2.0 Ind and Inf 2.0 8.7	0.3 4.7 0.1 4.7 0.4 4.7	7.2 4.5 5.5 5.4 6.8 4.7	14.8 50 16 23.2 41 13 16.8 48 15	4.5 5.3 4.7
	Helene	Indicated 2.0 12.1 Inferred 2.0 1.0 Ind and Inf 2.0 13.1	0.6 4.9 0.0 4.0 0.6 4.8	7.4 5.1 7.5 5.7 7.4 5.2	14.4 47 18 16.1 45 15 14.5 47 18	1.4 1.1 1.4

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	Deposit	Mineral Resources Category Cut-off (total HM%) Tonnes (million)	In-situ HM Tonnes (millions) Total HM grade (%)	HM Assemblag	e (% of total HM) Slimes (%) Leuc. Ilmenite Monazite	Oversize (%)
				Zircon Rutile
	Hyperion	Indicated 2.0 3.6 Inferred 2.0 0.0 Ind and Inf 2.0 3.6	0.3 8.3 0.0 5.9 0.3 8.3	8.0 6.7 7.3 5.0 8.0 6.7	8.1 36 19 4.9 31 17 8.1 36 19	2.6 4.3 2.6
	Drummond Crossing	Indicated 1.4 35.5 Inferred 1.4 3.3 Ind and Inf 1.4 38.8	0.8 2.4 0.1 2.3 0.9 2.4	14.1 10.3 11.2 9.0 13.9 10.2	3.4 53 14 2.7 56 12 3.4 54 14	7.7 7.2 7.7
	Durack	Indicated 1.4 20.7 Inferred 1.4 5.6 Ind and Inf 1.4 26.3	0.6 2.9 0.1 2.6 0.7 2.8	13.7 2.9 14.2 2.6 13.8 2.9	3.7 71 14 7.4 64 16 4.4 70 14	14.7 18.3 15.5
	Ellengail	Indicated 2.0 6.5 Inferred 2.0 5.3 Ind and Inf 2.0 11.8	0.3 5.3 0.2 4.1 0.6 4.8	10.0 8.0 9.9 8.2 9.9 8.1	10.4 66 15 8.4 62 15 9.6 64 15	3.2 2.5 2.9
	Robbs Cross	Indicated 1.4 14.0 Inferred 1.4 3.8 Ind and Inf 1.4 17.8	0.3 1.9 0.1 2.0 0.3 1.9	14.7 12.7 14.5 10.9 14.7 12.3	5.0 47 6 4.1 50 6 4.8 48 6	6.2 8.1 6.6
	Thomson	Inferred 1.4 25.7 Inf 1.4 25.7	0.5 2.0 0.5 2.0	18.8 13.8 18.8 13.8	5.4 42 18 5.4 42 18	6.9 6.9
	Yandanooka**	Measured 1.4 2.6 Indicated 1.4 57.7 Inferred 1.4 0.4 Meas Ind and Inf 1.4 60.8	0.1 4.3 1.7 3.0 0.0 1.5 1.8 3.0	10.3 2.1 12.3 3.6 10.9 3.0 12.1 3.5	2.3 72 15 3.7 69 15 4.4 68 20 3.6 70 15	11.3 11.4 21.9 11.5
	Corridor	Inferred 2.0 18.1 Inf 2.0 18.1	0.6 3.1 0.6 3.1	6.7 5.5 6.7 5.5	0.4 47 14 0.4 47 14	4.8 4.8
	West Mine North	Indicated 2.0 10.2 Inferred 2.0 1.8 Ind and Inf 2.0 12.0	0.7 7.3 0.0 2.7 0.8 6.6	5.8 6.5 9.4 8.6 6.0 6.6	1.8 48 11 2.1 50 17 1.8 48 12	2.3 3.0 2.4
	McCalls	Indicated 1.1 1,630 Inferred 1.1 1,980 Ind and Inf 1.1 3,610	23 1.4 24 1.2 48 1.3	5.2 3.3 5.0 3.8 5.1 3.6	2.8 77 21 3.2 81 26 3.0 79 24	1.1 1.1 1.1
	Mindarra Springs	Inferred 1.1 2,200 Inf 1.1 2,200	36 1.6 36 1.6	4.2 0.9 4.2 0.9	3.1 80 20 3.1 80 20	5.1 5.1
		Total Measured Dry 11	1 7.2	10.4 6.6	5.6 54 13	5.6
	l ii	Total Indicated Dry 1,826	31 1.7	6.6 3.9	3.9 72 20	1.8
	Tota Dry Mnng	Total Inferred Dry 4,258	63 1.4	4.8 2.3	3.3 79 23	3.3
		Sub Total Dry 6,095	95 1.5	5.4 2.8	3.5 77 22	2.8
Dredge Mining	**Bidaminna ***	Measured 0.5 86.0 Indicated 0.5 13.0 Inferred 0.5 10.0 Meas Ind and Inf 0.5 109.0	2.4 2.8 0.3 2.1 0.1 0.7 2.7 2.5	4.9 4.0 4.9 4.2 4.6 5.6 4.9 4.0	12.0 72 0.3 4 13.0 71 0.3 5 17.0 66 0.2 3 12.2 72 0.3 4	3.2 2.3 1.8 3.0
	Titan	Indicated 1.0 21.2 Inferred 1.0 115.4 Ind and Inf 1.0 136.6	0.4 1.8 2.2 1.9 2.6 1.9	9.5 3.1 9.5 3.1 9.5 3.1	1.5 72 22 1.5 72 19 1.5 72 19	- - -
	Telesto	Indicated 1.0 3.5 Ind 1.0 3.5	0.1 3.8 0.1 3.8	9.5 5.6 9.5 5.6	0.7 67 17 0.7 67 17	- -
	Calypso	Inferred 1.0 51.5 Inf 1.0 51.5	0.9 1.7 0.9 1.7	10.8 5.1 10.8 5.1	1.6 68 14 1.6 68 14	- -
		Total Measured Dredge 86	2.4 2.8	4.9 4.0	12.0 72 4
	l d	Total Indicated Dredge 38	0.8 2.1	7.9 3.9	5.4 71 16
	Tota Drege Mining	Total Inferred Dredge 177	3.1 1.8	9.7 3.7	1.9 71 17
		Sub Total Dredge 301	6.3 2.1	7.7 3.8	6.1 71 13
		Total Measured 97	3 7.2	10.4 6.6	5.6 54 13	5.6
To	tal Combined Mineral	Total Indicated 1,863	32 1.7	6.9 4.0	4.1 76 20	1.7
	Resources	Total Inferred 4,435	66 1.5	5.0 2.3	3.2 79 22	3.1
		Grand Total 6,396	101 1.6	5.8 3.0	3.6 77 22	2.8

*Includes Reserve under JORC 2012 reported separately in Table 4.

• ** Resources updated on 19 April 2024 – refer Table 3.

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Previously reported information

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

• Bidaminna Ore Reserve: 27 June 2023 “Pre-Feasibility Study Results – Bidaminna Mineral Sands Project”

• Atlas Ore Reserves: 21 December 2022 “Revised Announcement – Atlas Project Ore Reserve Update”

• Atlas Mineral Resources: 15 December 2022 “Mineral Resources Update – Atlas Deposit”

• Bidaminna Mineral Resource: 28 February 2023 – “Mineral Resources Update - Bidaminna Project”

• Gingin North Mineral Resource: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Boonanarring North Extension Mineral Resource: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Boonanarring North West Mineral Resource: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Helene Mineral Resources: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Hyperion Mineral Resources: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Titan Mineral Resources: 31 October 2019

• Telesto South Mineral Resources: 31 October 2019

• Calypso Mineral Resources: 31 October 2019.

• Drummond Crossing, Durack, Ellengail, Robbs Cross, Thomson, Yandanooka, Corridor: 11 March 2022 “Mineral Resource Update – Eneabba Tenements”

• McCalls and Mindarra Springs: 20 May 2022 “Mineral Resource Update McCalls Mineral Sands Project”

• West Mine North: 29 July 2022 “Mineral Resource Update – West Mine North”

• Gingin South: 14 December 2023 “Mineral Resource Updates Gingin South, Red Gully, and Regans Ford”

• Red Gully: 14 December 2023 “Mineral Resource Updates Gingin South, Red Gully, and Regans Ford

• Regans Ford: 14 December 2023 “Mineral Resource Updates Gingin South, Red Gully, and Regans Ford

All of the above announcements are available on the Company’s website at www.imageres.com.au. Other than the updated MRE for Yandanooka as reported in Table 3 above, 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 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.

.

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APPENDIX 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

IMAGE RESOURCES NL

Quarter ended (“current quarter”)

ABN 57 063 977 579	Quarter ended (“current quarter”)
57 063 977 579	30/06/2024

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs (f) care and maintenance – closed site 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- (329) (54) - (767) (660) (861) 543 (1) - 18	- (820) (146) (1,704) (1,654) (1,448) (2,409) 769 (327) - 51
	(2,111)	(7,688)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- (1,173) (1,050) (206)	- (1,642) (2,995) (206)

Page 17

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 5B M INING EXPLORATION ENTITY OR OIL AND GAS EXPLORATION ENTITY QUARTERLY CASH FLOW REPORT

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) financial derivatives 2.4 Dividends received (see note 3) 2.5 Other – Purchase of hedges 2.6 Net cash from / (used in) investing activities	- - - - - - -	- - - - - - -
	(2,429)	(4,843)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.6 Repayment of borrowings 3.8 Dividends paid 3.9 Other – Employee share plan loan repayment 3.10 Net cash from / (used in) financing activities	- - - - - - -	- - - - - - -
	-	-
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	38,767 (2,111) (2,429) - (18)	46,197 (7,688) (4,843) - 543
	34,209	34,209

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 18

Appendix 5B

M INING EXPLORATION ENTITY OR OIL AND GAS EXPLORATION ENTITY QUARTERLY CASH FLOW REPORT

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	3,935 30,274 - -	6,656 32,111 - -
	34,209	38,767

6. Payments to related parties of the entity and their associates	Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 – Directors Fees 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an	296
	-
	explanation for, such payments.

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities Credit standby arrangements 346 346 Other (please specify) - - Total financing facilities 346 346 Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		346	346
		-	-
		346	346
	7.2 - Bank guarantees provided to Lessors for office leases held. These bank guarantees are supported by matching term deposits held by the bank.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 19

Appendix 5B

M INING EXPLORATION ENTITY OR OIL AND GAS EXPLORATION ENTITY QUARTERLY CASH FLOW REPORT

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from operating activities (item 1.9) (2,111) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (1,050) Total relevant outgoings (item 8.1 + item 8.2) (3,161) Cash and cash equivalents at quarter end (item 4.6) 34,209 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 34,209 Estimated quarters of funding available (item 8.6 divided by item 8.3) 10.8 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(2,111) (1,050) (3,161) 34,209 -
		34,209
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A.
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: N/A.
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 July 2024

Authorised by: The Board........................................................................

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

ASX Listing Rules Appendix 5B (17/07/20)

Page 20

• See chapter 19 of the ASX Listing Rules for defined terms.

Appendix 5B

M INING EXPLORATION ENTITY OR OIL AND GAS EXPLORATION ENTITY QUARTERLY CASH FLOW REPORT

1. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

2. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

3. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

4. By the Company lodging this Appendix 5B, the Managing Director and CFO declare that the Appendix 5B for the relevant quarter:

5. presents a true and fair view, in all material respects, of the cashflows of the Company for the relevant quarter and is in accordance with relevant accounting standards;

6. the statement given above is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board; and

7. the Company’s financial records have been properly maintained and the Company’s risk management and internal compliance and control system is operating efficiently and effectively in all material respects.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 21