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IMAGE RESOURCES NL Interim / Quarterly Report 2026
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Interim / Quarterly Report
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IMAGE RESOURCES
ASX: IMA
QUARTERLY REPORT
21 March 2026
ASX: IMA
IMAGE
HIGHLIGHTS
Atlas Project
- Heavy Mineral Concentrate (“HMC”) production for Q1 2026 totalling 69k dry metric tonnes (“DMT”) (73k DMT in Q4 2025) from 617k ore tonnes processed (726kt Q4 2025).
- HMC sales totalling 68,575 DMT (70,206 DMT in Q4 2025) compared to forecast shipments of 60-70k DMT for Q1 2026.
- C1 Operating Costs A$277/DMT HMC produced (Q4 2025: A$270/DMT) (Guidance CY2026: A$300-360/DMT).
- AISC A$331/DMT HMC produced (Q4 2025: A$317/DMT) (Guidance CY2026: A$370-430/DMT).
- Prepayment Facilities were being repaid through delivery of a notional 20% of HMC shipments at zero cost through to end of February 2026. Six-month Facility repayment holiday announced 19 March 2026 for the period March through August 2026.
- CY2026 Q1 actuals vs CY2026 Guidance:
- HMC Production 68.6k DMT CY2026 Guidance 170-190k DMT
- HMC Shipped (sold) 68.6k DMT Guidance 180-200k DMT
- C1 Cash Cost/t HMC Produced A$277 Guidance A$300-360
- AISC/t HMC Produced A$331 Guidance A$370-430
- One shipment of HMC completed in April (nominal 20kt) and 20kt is planned for May.
Corporate/Other Activity
- Closing cash of A$10 million at 31 March 2026.
- Maiden Mineral Resources estimate for Erayinia King gold project announced 7 January 2026 totalling 2.1mt @ 2.1gpt for 139k oz gold.
- Follow-on drilling program for Erayinia King designed during the quarter and drilling commenced in April 2026.
- Sales of two parcels of land completed in Q1 2026 with net receipts of $6.9M.
- Pre-development activities on potential mine life extensions at Atlas as well as post-Atlas project development options at Durack and Yandanooka continue to be a key focus.
Board Members
| Winston Lee, Non-Executive Chair |
|---|
| Patrick Mutz, Managing Director |
| Aaron Soo, Non-Executive Director (Ind.) |
| Peter Thomas, Non-Executive Director (Ind.) |
| Ran Xu, Non-Executive Director |
Market Position
| Shares on Issue | 1,106,887,910 |
|---|---|
| Share Price | A$0.04 |
| Market Capitalisation | A$44.3M |
| Cash | A$10M |
| Debt | A$13.2M |
| Enterprise Value | A$47.5M |
ASX: IMA | Image Resources NL | ABN 57 063 977 579
Level 2, 1 Walker Avenue West Perth WA 6085
+61 8 9485 2410 [email protected] www.imageres.com.au
ASX: IMA
IMAGE
Image Resources NL (ASX: IMA) ("Image" or "the Company") is pleased to provide an update on its activities for the quarter ending 31 March 2026.
CEO Patrick Mutz commented:
"Our team started CY2026 with another strong quarter at Atlas. HMC produced and sold in the quarter represented over 35% of the mid-range of guidance for the full year CY2026. As importantly, C1 cash costs and AISC were both well below the lower end of guidance.
"During Q1 2026 we negotiated a Prepayment Facility debt repayment holiday with no repayments required between 1 March and 31 August 2026. The Facilities are now due to be fully repaid in December 2026.
"Beyond operations at Atlas, our Development Team continues to focus on post-Atlas project development options at the Company's 100%-owned mineral sands deposits including Yandanooka and Durack in the Eneabba Tenements, as well as those further into the future at Bidaminna and the multi-decade potential McCalls project.
"Results of the PFS on Durack are expected to be announced in the coming weeks and results from the drilling program designed to support a BFS are anticipated by the end of Q2 2026.
"In Q4 2025, Image applied for a grant through the WA Investment Attraction Fund – New Energy Industries Round 2 for grant funds to support demonstration scale testing of the Company's novel synthetic rutile (SR) production process currently under final patent application. If successful in securing grant funds, a demonstration SR plant is proposed to be constructed at the Boonanarring site in 2H CY2026.
"In early January 2026 we announced a maiden Mineral Resources estimate for our 100%-owned Erayinia King gold project of 2.1mt @ 2.1gpt Au containing 139k ounces of gold, and a separate announcement regarding the Company's plans to investigate options to unlock value from this project for shareholders. While we did receive interest from third parties to acquire the project and associated tenements, the Board decided that further drilling and metallurgical testwork would increase the overall value of the project. A drilling and prefeasibility study program were designed during the quarter and drilling commenced in late April."
Activities Report
Atlas
The Atlas project is located approximately 170km north of Perth in the Dandaragan Shire.
Q1 2026 saw a strong start to the financial year with HMC production matching sales at 68.6Kt representing over 35% of the middle of the range of full year CY2026 guidance. As a result of the solid operating performance and ongoing cost control measures, C1 Operating Costs of A$277/T HMC produced (Guidance: $300-360/T) and AISC of $331/T HMC produced (Guidance: $370-430/T) were both below the lower end of the CY2026 Guidance range.
Table 1: Key Operating Statistics
| Metric | CY2026 Q1 | CY2026 Guidance | |
|---|---|---|---|
| Mining - Ore Mined | Kt | 786 | N/A |
| Processing - Ore Processed | Kt | 617 | N/A |
| HMC Produced | Kt | 68.6 | 170-190 |
| HMC Shipped (Sold) | Kt | 68.6 | 180-200 |
| Revenue (A$/t HMC Sold) | A$/t HMC | 389 | N/A |
| Unit Costs (A$/t HMC Produced) | |||
| C1 Operating Costs¹ | A$/t HMC | 277 | 300-360 |
| AISC² | A$/t HMC | 331 | 370-430 |
Notes: 1 - C1 cash costs include mining, processing, general and admin and HMC transport costs (unaudited)
2 - All-in sustaining costs (AISC) include C1 plus royalties, sustaining capital & corporate overheads (unaudited)
ASX: IMA | Image Resources NL | ABN 57 063 977 579
Level 2, 1 Walker Avenue
West Perth WA 6085
+61 8 9485 2410
www.imageres.com.au
ASX: IMA
IMAGE
Although costs for Q1 2026 were below the lower end of the Guidance range, lower forecast average monthly HMC production for 2H 2026, combined with fuel related cost pressures, means that CY2026 Guidance on costs for both C1 and AISC are maintained.
Average revenue per tonne sold was $389/T, down almost 17% from Q4 2025 ($467/T), due to a combination of lower average mineral sands commodity prices and lower average grades of ZrO2 and TiO2 produced.
To reduce shipping costs and improve zircon and titanium average grades in HMC, the Company is investigating screening of the HMC to remove larger non-valuable heavy mineral (principally garnet concentrate). This HMC screening should increase the valuable heavy minerals (VHM) concentration as well as average zircon and titanium grades in the HMC and will reduce total HMC to be shipped. As a result, revenue per tonne HMC sold should increase and total logistics costs (trucking and shipping) should decrease (assuming the same underlying mineral assemblage, commodity prices and FX rates). Reducing fuel usage is becoming increasingly important with greater diesel price volatility and the possibility of supply disruptions. The garnet concentrate produced, will be market tested for potential by-product value.
With current plans for mining at Atlas to be completed as early as Q3 2027, the Company is actively pursuing prospects for the next project development opportunity from within its Eneabba Tenements portfolio, with the most likely candidates, subject to securing land access arrangements, being at the Yandanooka and Durack projects. Estimated Mineral Resources for Yandanooka, Durack, and the other Eneabba Tenements projects are presented in Table 4 below.
Figure 1: Atlas WCP
Level 2, 1 Walker Avenue West Perth WA 6085
+61 8 9485 2410
[email protected]
www.imageres.com.au
ASX: IMA
IMAGE
Figure 2: Mining Operations at Atlas
Figure 3 Atlas HMC Stacker & Stockpiles Q1 2026
Level 2, 1 Walker Avenue
West Perth WA 6085
+61 8 9485 2410
www.imageres.com.au
IMAGE
Figure 4 Seed Collecting at Atlas Feb 2026
Atlas Market Guidance
After a strong start to CY2026, the Company is pleased to confirm that Market Guidance is maintained:
- HMC Production 170-190k DMT
- HMC Shipped (Sold) 180-200k DMT
- Cash Cost/t HMC Produced A$300-360
- AISC/t HMC Produced A$370-430
Potential Future Development Projects
Future project development options include one or more projects within the Eneabba Tenements package such as Yandanooka and Durack which are located on private agricultural land and believed to have shorter development timelines than the Company's other projects (located on crown land) due to lower environmental and heritage sensitivities. However, all projects in the Eneabba package of tenements require access agreements with the respective landowners and granted mining leases.
Future development options could also include other projects in the Eneabba Tenements package such as Ellengail, Drummond Crossing, West Mine North or Corridor, as well as Image's other 100%-owned projects outside of the Eneabba Tenements such as Bidaminna, McCalls, and Mindarra Springs. A key goal of the Development Team is to identify the best option for development in the near to medium term and achieve development readiness at around the same time as the completion of mining and processing at Atlas.
Yandanooka
Yandanooka is 100%-owned and is located approximately 300 km north of Perth in the infrastructure-rich North Perth Basin in Western Australia. Access for mining is contingent on securing a land access agreement, the grant of a mining lease, and the completion of a bankable feasibility study ("BFS").
A pre-feasibility study ("PFS") was published on Yandanooka in April 2024 (ASX announcement dated 19 April 2024 "Strong Feasibility Results Yandanooka Project"). Project economics are based on an initial eight-year mine life at a processing rate of 420 tph rougher head feed. The throughput rate was determined based on the design and capacity of WCP used at the successful Boonanarring project.
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
Yandanooka Ore Reserves 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
Based on the positive results, the PFS is being progressively upgraded to a BFS using the same development methodology applied to the successful Boonanarring project. However, given components of the Boonanarring plant were utilised for the Atlas project (not anticipated at the time the PFS was published), the initial Yandanooka development capital outlined in the PFS is expected to increase by approximately A$22 million (to ~A$72 million) to account for replacement equipment. Adjustments to capital costs will be reflected in the BFS, which can only be completed post finalisation of a land access agreement and grant of a mining lease.
Durack
Durack is 100%-owned and is located approximately 280 km north of Perth in the infrastructure-rich North Perth Basin in Western Australia. During the quarter, the Durack PFS was nearing completion. PFS results are anticipated to be announced in Q2 CY2026. Negotiations with the two landowners are progressing positively and an application for a mining lease will be filed in Q2 CY2026.
In January 2026, a major drilling program at Durack was completed. The objective of the program was to upgrade Mineral Resources and provide metallurgical composite samples which will be used to support a BFS and maiden Ore Reserve. Results from the drill program are anticipated to be received in Q2 CY2026.
Bidaminna
Bidaminna is 100%-owned and is located approximately 100 km north of Perth in the infrastructure-rich North Perth Basin. Results from a PFS on Bidaminna were announced in June 2023 (refer to ASX announcement dated 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 synthetic rutile ("SR") feedstock (refer Table 2).
The PFS results were positive, with key highlights including a pre-tax NPV₈ of A$192 million, pre-tax IRR₈ of 28%, project EBITDA of A$379 million over a 10.5-year mine life and a 3.8-year capital payback period. Project revenue in the Bidaminna PFS was based on the simple business model of selling an HMC product, and therefore excluding any potential value-added from mineral separation and upgrading of ilmenite to SR.
Given positive PFS results a BFS was commenced. The BFS will incorporate several optimisation steps, as well as an updated MRE which will build on the latest MRE announced in February 2023 (refer to ASX announcement dated 28 February 2023: "Mineral Resources Update Bidaminna Project") with total MRE of 109 million tonnes at 2.5% HM.
To conserve cash for the development of Atlas and to facilitate the repayment of working capital debt for Atlas, work on the Bidaminna BFS has been curtailed pending replenishment of cash reserves from operations.
Value-adding SR Innovation
Positive test results on upgrading Bidaminna ilmenite to SR (refer ASX announcement dated 9 August 2023: "Synthetic Rutile Production Test Results") opened the door to the potential significant value-adding opportunity of upgrading future production of ilmenite from Yandanooka, Bidaminna, McCalls, and Mindarra Springs to SR. Following these test results, the Company developed a novel SR production process which is currently under international patent review. The process involves the use of hydrogen instead of coal as the iron reductant which will substantially reduce carbon dioxide emissions.
In September 2025, the WA Investment Attraction Fund – New Energy Industries opened Round 2 of grant funding for innovative process regarding critical minerals. The Company was invited to submit a new application for Round 2 funding. Successful applicants are scheduled to be notified in Q2 CY2026. If the application leads to a grant, an SR demonstration scale plant is planned to be constructed in 2H CY2026 at the Boonanarring site.
Environmental, Social & Governance ("ESG")
Environment – Rehabilitation
A total of 85ha has been rehabilitated at the Boonanarring project to-date.
As part of the rehabilitation programme a mobile conveyor system has been purchased to test the potential of using conveyors to return a large portion of the Boonanarring stockpiled overburden material back into the pits at a significantly lower unit cost than conventional truck and shovel operations. Initial trials are expected to be carried out in Q2 2026.
Safety
No lost-time injuries were recorded during the quarter.
Image is committed to the promotion of a positive work, health and safety 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") as the number of recordable incidents per 1 million hours of work. There were no recordable injuries during the quarter. The 12-month rolling average TRIFR on 31 March 2026 was 22.9 (down from 28.2 as at 31 December 2025).
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:
- Peppercorn leasing of Image's unused land at Boonanarring to the Gingin Recreation Group with profits supporting community programs;
- Periodically providing certain stockpiled clayey materials to a local Boonanarring area landowner to assist in demonstration testing to assess carbon sequestration enhancement techniques;
- Support of Happiness Co Foundation and associated mental health programmes provided to the Image workforce, and select groups within local communities and regional areas;
- Support of various Gingin and Dandaragan Shire community groups and local area programs;
Modern Slavery Statement
Image continues to implement initiatives under the Modern Slavery Act. While the Company's principally Tier 1 suppliers are predominantly long-standing Australian-based businesses, questionnaires are being issued
progressively to all Tier 1 suppliers to assess potential risk of modern slavery within their operations and supply chains.
Image completed and lodged its 4th annual Modern Slavery Statement for CY2024 in June 2025. The report can be viewed at https://modernslaveryregister.gov.au/statements/ or it can be viewed on Image's website at Image-Resources-Modern-Slavery-Statement-CY2024.pdf.
ESG & Sustainability Reporting
Image published its third annual Sustainability Report for CY2024 on 24 September 2025 (refer to ASX announcement dated 24 September 2025 "Sustainability Report CY2024").
Cash flows
Gross revenue from Atlas operations for the quarter was A$26.7 million, with approximately A$3.5 million (US$2.4M) being applied to HMC Prepayment Facility repayments.
After balance sheet adjustments (repayment of borrowings and other movements) Atlas actual net revenue received was $21.7 million less Atlas operating costs paid of A$21.9 million for net cash flow from Atlas operations of A$(0.2) million (Figure 5). Other cash outflows for the quarter included A$0.8 million for plant and equipment (mainly sustaining capital at Atlas), A$0.4 million on Boonanarring care and maintenance, A$1.9 million on exploration and A$1.6 million on corporate costs. During the quarter the Company received net sales proceeds of $6.9 million from the sale of two properties.
Closing cash at 31 March 2026 was A$10.0 million (up from $7.7 million as at 31 December 2025).
Figure 5: Total Cash Flow Waterfall
Corporate
On 7 January 2026, the Company released a maiden Mineral Resource Estimate for Erayinia and on 12 January 2026 the Company confirmed that it was undertaking a Gold Asset Strategy Review.
On 16 March 2026, the Company announced CY2025 Accounting Adjustments including an exceptional non-cash impairment of $53 million.
On 19 March, the Company announced an extension of the HMC Prepayment facilities term to December 2026 and a six-month debt repayment holiday starting in March 2026.
On 31 March 2026, the Company released the 2025 Annual Financial Report.
+61 8 9485 2410 [email protected] www.imageres.com.au
During Q1 2026, the Company completed the sale of two properties and received net sales proceeds of $6.9 million.
Corporate costs for Q1 2026 included $620,000 of related party transactions (all director salary or director fee related, including salaries held-over from CY2024 and CY2025).
As at 31 March 2026, the Company had the following USD/AUD exchange rate hedges in place:
Volume FX Rate Maturity
US$12.0M 0.66458 December 2026
EXPLORATION
The Company's exploration portfolio is primarily focused on mineral sands, with the exception of two exploration licences and two prospecting licences, located southeast of Kalgoorlie, which make up the Erayinia King Gold Project. (see Table 2 – Tenement Schedule). All tenements are located in Western Australia, and all mineral sands related tenements are located in the North Perth Basin, across a combined area of 1,236.6 square kilometres.
The Company's minerals sands portfolio within the North Perth Basin tenements now consists of 23 named project areas, each with identified Mineral Resources as presented in Table 10.
Drilling Programs
Resource drilling at the Company's Durack deposit was completed in January 2026. 172 holes totalling 5,756m were drilled during the quarter. The drilling will be used to upgrade Mineral Resources to the Measured category as defined by the JORC Code 2012.
Twenty-five mineral assemblage composites were compiled across the deposit for QEMSCAN analysis. Results have confirmed the previously modelled high-value mineral assemblage.
The updated Mineral Resources model should be completed in Q2 CY2026.
Tenements held at the end of the Quarter
Table 2. Tenement Schedule in accordance with ASX Listing Rule 5.3.3
| 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 | 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 | MCCALLS NORTH | 100% | 100% |
| WA | E70/3997 | Granted | MUNBINIA | 100% | 100% |
[email protected] www.imageres.com.au
ASX: IMA
IMAGE
| WA | E70/4190 | Granted | ENEABBA EAST | 100% | 100% |
|---|---|---|---|---|---|
| WA | E70/4244 | Granted | WOOLKA | 100% | 100% |
| WA | E70/4584 | Granted | MINDARRA SPRINGS | 100% | 100% |
| WA | E70/4663 | Granted | BIBBY SPRINGS | 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 | E70/4919 | 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 | E70/5646 | Granted | BLUE LAKE WEST | 100% | 100% |
| WA | E70/5763 | Granted | CARO | 100% | 100% |
| WA | E70/5776 | Granted | BIDAMINNA WEST | 100% | 100% |
| WA | E70/5777 | Granted | DURINGEN | 100% | 100% |
| WA | E70/6549 | Granted | YANDANOOKA WEST | 100% | 100% |
| WA | E70/6631 | Granted | CHALK HILL | 100% | 100% |
| WA | E70/6688 | Granted | BIDAMINNA EXTENSION | 100% | 100% |
| WA | E70/6768 | Granted | WONGABURRA | 0% | 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% pending transfer | 100% pending transfer |
| WA | P70/1756 | Granted | COOLJARLOO EAST | 100% | 100% |
| WA | P70/1780 | Granted | WONGABURRA | 0% | 100% |
| WA | P28/1320 | Granted | KING | 100% | 100% |
| WA | P28/1321 | Granted | KING | 100% | 100% |
| WA | R70/0035 | Granted | ENEABBA | 100% | 100% |
| WA | R70/0051 | Granted | COOLJARLOO NORTH | 100% | 100% |
| WA | R70/0062 | Granted | NAMBUNG | 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 |
ASX: IMA | Image Resources NL | ABN 57 063 977 579
Level 2, 1 Walker Avenue
West Perth WA 6085
+61 8 9485 2410
[email protected]
www.imageres.com.au
| WA | E70/6293 | Application | BIDAMINNA SOUTH | 100% pending grant | 100% pending grant |
|---|---|---|---|---|---|
| WA | E52/3917 | Granted | ERIVILLA | 1% Royalty payable¹ in all minerals | 1% Royalty payable¹ in all minerals |
| WA | M52/1067 | Granted | WILTHORPE | 1% Royalty payable¹ in all minerals | 1% Royalty payable¹ in all minerals |
| WA | R69/0001 | Granted | SERPENTINE LAKES | 1% Royalty payable¹ in all minerals | 1% Royalty payable¹ in all minerals |
| WA | M70/1413 | Granted | MULLERING | 1% Royalty payable¹ in all minerals | 1% Royalty payable¹ in all minerals |
Notes: 1 – payable to Image Resources.
Mining Tenements acquired during the Quarter
| WA | E70/6768 | Granted | WONGABURRA | 0% | 100% |
|---|---|---|---|---|---|
| WA | P70/1780 | Granted | WONGABURRA | 0% | 100% |
Mining Tenements disposed during the Quarter
| WA | E70/2636 | Granted | COOLJARLOO | 100% | 0% |
|---|---|---|---|---|---|
| WA | E70/5552 | Granted | COOLJARLOO EAST | 100% | 0% |
Summary of Tenement Activity Q1 2026
Tenement Applications
- Nil
Tenements Granted
- E70/6768 Wongaburra, 4SB applied for 7 October 2025 (Titon)
- P70/1780 Wongaburra, 122 Ha applied on 7 October 2025 (Titon)
Tenements Surrendered
- E70/2636 Cooljarloo expired 19 February 2026 and was not renewed.
- E70/5552 Cooljarloo East expired 4 March 2026 and was not renewed.
- E70/4244 Woolka Partial Surrender of 25 blocks 11 March 2026 leaving 6 blocks.
Tenement Transfers
- Nil
Figure 6: North Perth Basin Tenements as at Q1, 2026
Figure 7: Eneabba Tenements as at Q1, 2026
Figure 8: Yandanooka Tenements as at Q1, 2026
Figure 9: Erayinia Tenements as at Q1, 2026
Forward looking statements
Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the mining industry, expectations regarding prices, exploration or development costs and other operating results, growth prospects and the outlook of Image's operations contain or comprise certain forward-looking statements regarding Image's operations, economic performance and financial condition. Although Image believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes that could result from future acquisitions of new exploration properties, the risks and hazards inherent in the mining business (including industrial accidents, environmental hazards or geologically related conditions), changes in the regulatory environment and other government actions, risks inherent in the ownership, exploration and operation of or investment in mining properties, fluctuations in prices and exchange rates and business and operations risks management, as well as generally those additional factors set forth in our periodic filings with ASX. Image undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events.
Mineral Resources & Ore Reserves Statement
Table 3 – Ore Reserves – Strand/Dune Deposits; in accordance with the JORC Code (2012) as at 31 Dec 2025
| Project/Deposit | Ore Reserves Category | Tonnes (million) | In-situ HM Tonnes (millions) | Total HM grade (%) | HM Assemblage (% of total HM) | Slimes (%) | Oversize (%) | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Zircon | Rutile | Leuc. | Ilmenite | Monazite | |||||||
| 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 | 3.4 | 0.32 | 9.3 | 10.1 | 8.0 | 5.5 | 49 | 0.8 | 15 | 5.3 |
| Sub-Total | 3.4 | 0.32 | 9.3 | 10.1 | 8.0 | 5.5 | 49 | 0.8 | 15.0 | 5.3 | |
| Yandanooka | Probable | 30.0 | 1.17 | 3.9 | 14.0 | 3.3 | 27.0 | 46 | 0.2 | 15 | 14 |
| Sub-Total | 30.0 | 1.17 | 3.9 | 14.0 | 3.3 | 27.0 | 46 | 0.2 | 15 | 14 | |
| Total Ore Reserves | 156 | 3.69 | 2.4 | 8.3 | 4.2 | 16.6 | 62 | 0.3 | 6.3 | 5.9 |
1 Bidaminna Ore Reserves refer to the 27 June 2023 release "Pre-Feasibility Study Results – Bidaminna Mineral Sands Project"
2 Atlas Ore Reserves refer to the 21 December 2022 release "Revised Announcement Atlas Project Ore Reserve Update"
3 Yandanooka Ore Reserves refer to the 19 April 2024 release "Strong Feasibility Results – Yandanooka Project"
Table 4 – Comparative Ore Reserves – in accordance with the JORC Code (2012) as at 31 Dec 2025
| Project/Deposit | Tonnes (million) | In-situ HM Tonnes (millions) | Total HM grade (%) | HM Assemblage (% of total HM) | Slimes (%) | Oversize (%) | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Zircon | Rutile | Leuc. | Ilmenite | Monazite | ||||||
| As at 31 Dec 2024 | ||||||||||
| Yandanooka | 30.0 | 1.17 | 3.9 | 14.0 | 3.3 | 27.0 | 46 | 0.2 | 15 | 14.0 |
| Bidaminna | 123.0 | 2.20 | 1.8 | 5.0 | 4.1 | 12.6 | 72 | 0.3 | 4 | 4.0 |
| Atlas | 5.5 | 0.50 | 9.2 | 11.9 | 7.9 | 4.9 | 53 | 1.1 | 15 | 5.2 |
| Total Ore Reserves | 159 | 3.87 | 2.5 | 8.6 | 4.3 | 16.0 | 62 | 0.4 | 6.5 | 5.9 |
| As at 31 Dec 2025 | ||||||||||
| Yandanooka | 30.0 | 1.2 | 3.9 | 14.0 | 3.3 | 27.0 | 46 | 0.2 | 15.0 | 14.0 |
| Bidaminna | 123 | 2.20 | 1.8 | 5.0 | 4.1 | 12.6 | 72 | 0.3 | 4.0 | 4.0 |
| Atlas | 3.4 | 0.32 | 9.3 | 10.1 | 8.0 | 5.5 | 49 | 0.8 | 15 | 5.2 |
| Total Ore Reserves | 156 | 3.69 | 2.4 | 8.3 | 4.2 | 16.6 | 62 | 0.3 | 8.4 | 5.9 |
Table 5- Mineral Resources – Dry and Dredge Mining, Strand/Dune Deposits; in accordance with JORC Code 2012 as at 31 Dec 2025
| Deposit | Mineral Resources Category | Cut-off (total HM%) | Tonnes (million) | In-situ HM Tonnes (millions) | Total HM grade (%) | HM Assemblage (% of total HM) | Slimes (%) | Oversize (%) | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Zircon | Rutile | Leuc. | Ilmenite | Monazite | |||||||||
| Dry Mining | Atlas * | Measured | 2.0 | 5.7 | 0.5 | 8.2 | 8.6 | 7.4 | 5.8 | 48 | 0.9 | 14 | 4.4 |
| Indicated | 2.0 | 4.5 | 0.2 | 3.5 | 7.3 | 4.6 | 4.9 | 45 | 1.0 | 16 | 4.0 | ||
| Inferred | 2.0 | 5.1 | 0.2 | 3.3 | 8.9 | 4.3 | 4.9 | 54 | 1.6 | 14 | 2.3 | ||
| Meas Ind and Inf | 2.0 | 15.2 | 0.8 | 5.2 | 8.4 | 6.2 | 5.5 | 49 | 1.1 | 14 | 3.6 | ||
| Boonanarring North West | Indicated | 2.0 | 3.1 | 0.2 | 5.1 | 9.6 | 6.8 | 30 | 35 | 11 | 1.2 | ||
| Inferred | 2.0 | 1.2 | 0.1 | 5.0 | 8.3 | 7.4 | 36 | 27 | 10 | 0.8 | |||
| Ind and Inf | 2.0 | 4.3 | 0.2 | 5.1 | 9.2 | 6.9 | 32 | 33 | 11 | 1.1 | |||
| Boonanarring North Extension | Indicated | 2.0 | 2.5 | 0.3 | 11.8 | 16.4 | 2.7 | 11.5 | 41 | 17 | 7.1 | ||
| Inferred | 2.0 | 0.2 | 0.0 | 4.7 | 16.0 | 2.5 | 10.7 | 39 | 17 | 8.4 | |||
| Ind and Inf | 2.0 | 2.7 | 0.3 | 11.2 | 16.4 | 2.7 | 11.5 | 41 | 17 | 7.2 | |||
| Gingin South | Measured | 2.5 | 1.5 | 0.1 | 4.4 | 7.8 | 5.6 | 15.3 | 51 | 7 | 0.0 | ||
| Indicated | 2.5 | 5.8 | 0.4 | 6.5 | 8.1 | 5.1 | 9.8 | 68 | 7 | 11.0 | |||
| Inferred | 2.5 | 0.7 | 0.0 | 6.5 | 10.9 | 5.8 | 7.5 | 67 | 8 | 8.7 | |||
| Meas Ind and Inf | 2.5 | 8.1 | 0.5 | 6.1 | 8.3 | 5.2 | 10.3 | 65 | 7 | 8.7 | |||
| Regans Ford | Indicated | 4.0 | 9.0 | 0.9 | 9.9 | 10.0 | 4.3 | 10.0 | 70 | 17 | 0.0 | ||
| Inferred | 4.0 | 0.9 | 0.1 | 6.5 | 10.1 | 4.4 | 7.7 | 68 | 19 | 0.0 | |||
| Ind and Inf | 4.0 | 9.9 | 1.0 | 9.6 | 10.0 | 4.3 | 9.8 | 70 | 17 | 0.0 | |||
| Red Gully | Indicated | 2.5 | 3.4 | 0.3 | 7.8 | 12.4 | 3.1 | 8.3 | 66 | 12 | 1.1 | ||
| Inferred | 2.5 | 2.6 | 0.2 | 7.5 | 12.4 | 3.1 | 8.3 | 66 | 11 | 1.1 | |||
| Ind and Inf | 2.5 | 6.0 | 0.5 | 7.7 | 12.4 | 3.1 | 8.3 | 66 | 11 | 1.1 | |||
| Gingin North | Indicated | 2.0 | 6.6 | 0.3 | 4.7 | 7.2 | 4.5 | 14.8 | 50 | 16 | 4.5 | ||
| Inferred | 2.0 | 2.0 | 0.1 | 4.7 | 5.5 | 5.4 | 23.2 | 41 | 13 | 5.3 | |||
| Ind and Inf | 2.0 | 8.7 | 0.4 | 4.7 | 6.8 | 4.7 | 16.8 | 48 | 15 | 4.7 | |||
| Helene | Indicated | 2.0 | 12.1 | 0.6 | 4.9 | 7.4 | 5.1 | 14.4 | 47 | 18 | 1.4 | ||
| Inferred | 2.0 | 1.0 | 0.0 | 4.0 | 7.5 | 5.7 | 16.1 | 45 | 15 | 1.1 | |||
| Ind and Inf | 2.0 | 13.1 | 0.6 | 4.8 | 7.4 | 5.2 | 14.5 | 47 | 18 | 1.4 | |||
| Hyperion | Indicated | 2.0 | 3.6 | 0.3 | 8.3 | 8.0 | 6.7 | 8.1 | 36 | 19 | 2.6 | ||
| Inferred | 2.0 | 0.0 | 0.0 | 5.9 | 7.3 | 5.0 | 4.9 | 31 | 17 | 4.3 | |||
| Ind and Inf | 2.0 | 3.6 | 0.3 | 8.3 | 8.0 | 6.7 | 8.1 | 36 | 19 | 2.6 | |||
| Drummond Crossing | Indicated | 1.4 | 35.5 | 0.8 | 2.4 | 14.1 | 10.3 | 3.4 | 53 | 14 | 7.7 | ||
| Inferred | 1.4 | 3.3 | 0.1 | 2.3 | 11.2 | 9.0 | 2.7 | 56 | 12 | 7.2 | |||
| Ind and Inf | 1.4 | 38.8 | 0.9 | 2.4 | 13.9 | 10.2 | 3.4 | 54 | 14 | 7.7 | |||
| Durack | Indicated | 1.4 | 20.7 | 0.6 | 2.9 | 13.7 | 2.9 | 3.7 | 71 | 14 | 14.7 | ||
| Inferred | 1.4 | 5.6 | 0.1 | 2.6 | 14.2 | 2.6 | 7.4 | 64 | 16 | 18.3 | |||
| Ind and Inf | 1.4 | 26.3 | 0.7 | 2.8 | 13.8 | 2.9 | 4.4 | 70 | 14 | 15.5 | |||
| Ellengail | Indicated | 2.0 | 6.5 | 0.3 | 5.3 | 10.0 | 8.0 | 10.4 | 66 | 15 | 3.2 | ||
| Inferred | 2.0 | 5.3 | 0.2 | 4.1 | 9.9 | 8.2 | 8.4 | 62 | 15 | 2.5 | |||
| Ind and Inf | 2.0 | 11.8 | 0.6 | 4.8 | 9.9 | 8.1 | 9.6 | 64 | 15 | 2.9 | |||
| Robbs Cross | Indicated | 1.4 | 14.0 | 0.3 | 1.9 | 14.7 | 12.7 | 5.0 | 47 | 6 | 6.2 | ||
| Inferred | 1.4 | 3.8 | 0.1 | 2.0 | 14.5 | 10.9 | 4.1 | 50 | 6 | 8.1 | |||
| Ind and Inf | 1.4 | 17.8 | 0.3 | 1.9 | 14.7 | 12.3 | 4.8 | 48 | 6 | 6.6 | |||
| Thomson | Inferred | 1.4 | 25.7 | 0.5 | 2.0 | 18.8 | 13.8 | 5.4 | 42 | 18 | 6.9 | ||
| Inf | 1.4 | 25.7 | 0.5 | 2.0 | 18.8 | 13.8 | 5.4 | 42 | 18 | 6.9 | |||
| Yandanooka * | Indicated | 1.4 | 50.0 | 1.7 | 3.3 | 14.0 | 3.3 | 27.0 | 46 | 15 | 14.0 | ||
| Inferred | 1.4 | 7.0 | 0.1 | 1.8 | 15.0 | 4.0 | 44.0 | 33 | 11 | 9.0 | |||
| Ind and Inf | 1.4 | 57.0 | 1.8 | 3.1 | 14.0 | 3.4 | 28.0 | 45 | 14 | 14.0 | |||
| Corridor | Inferred | 2.0 | 18.1 | 0.6 | 3.1 | 6.7 | 5.5 | 0.4 | 47 | 14 | 4.8 | ||
| Inf | 2.0 | 18.1 | 0.6 | 3.1 | 6.7 | 5.5 | 0.4 | 47 | 14 | 4.8 | |||
| West Mine North | Indicated | 2.0 | 10.2 | 0.7 | 7.3 | 5.8 | 6.5 | 1.8 | 48 | 11 | 2.3 | ||
| Inferred | 2.0 | 1.8 | 0.0 | 2.7 | 9.4 | 8.6 | 2.1 | 50 | 17 | 3.0 | |||
| Ind and Inf | 2.0 | 12.0 | 0.8 | 6.6 | 6.0 | 6.6 | 1.8 | 48 | 12 | 2.4 | |||
| McCalls | Indicated | 1.1 | 1,630 | 23 | 1.4 | 5.2 | 3.3 | 2.8 | 77 | 21 | 1.1 | ||
| Inferred | 1.1 | 1,980 | 24 | 1.2 | 5.0 | 3.8 | 3.2 | 81 | 26 | 1.1 | |||
| Ind and Inf | 1.1 | 3,610 | 48 | 1.3 | 5.1 | 3.6 | 3.0 | 79 | 24 | 1.1 | |||
| Mindarra Springs | Inferred | 1.1 | 2,200 | 36 | 1.6 | 4.2 | 0.9 | 3.1 | 80 | 20 | 5.1 | ||
| Inf | 1.1 | 2,200 | 36 | 1.6 | 4.2 | 0.9 | 3.1 | 80 | 20 | 5.1 | |||
| Total Dry Mining | Total Measured Dry | 9 | 1 | 8.1 | 10.4 | 7.3 | 6.1 | 51 | 12 | 3.8 | |||
| Total Indicated Dry | 1,818 | 31 | 1.7 | 6.7 | 3.8 | 5.2 | 71 | 20 | 1.8 | ||||
| Total Inferred Dry | 4,265 | 63 | 1.4 | 4.8 | 2.3 | 3.3 | 79 | 23 | 3.3 | ||||
| Sub Total Dry | 6,089 | 95 | 1.5 | 5.5 | 2.8 | 4.0 | 76 | 22 | 2.8 | ||||
| Dredge Mining | Measured | 0.5 | 86.0 | 2.4 | 2.8 | 4.9 | 4.0 | 12.0 | 72 | 0.3 | 4 | 3.2 | |
| Indicated | 0.5 | 13.0 | 0.3 | 2.1 | 4.9 | 4.2 | 13.0 | 71 | 0.3 | 5 | 2.3 | ||
| Inferred | 0.5 | 10.0 | 0.1 | 0.7 | 4.6 | 5.6 | 17.0 | 66 | 0.2 | 3 | 1.8 | ||
| Meas Ind and Inf | 0.5 | 109.0 | 2.7 | 2.5 | 4.9 | 4.0 | 12.2 | 72 | 0.3 | 4 | 3.0 | ||
| Indicated | 1.0 | 21.2 | 0.4 | 1.8 | 9.5 | 3.1 | 1.5 | 72 | 22 | - | |||
| Inferred | 1.0 | 115.4 | 2.2 | 1.9 | 9.5 | 3.1 | 1.5 | 72 | 19 | - | |||
| Ind and Inf | 1.0 | 136.6 | 2.6 | 1.9 | 9.5 | 3.1 | 1.5 | 72 | 19 | - | |||
| Telesto | Indicated | 1.0 | 3.5 | 0.1 | 3.8 | 9.5 | 5.6 | 0.7 | 67 | 17 |
| Ind | 1.0 | 3.5 | 0.1 | 3.8 | 9.5 | 5.6 | 0.7 | 67 | 17 | - | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Inferred | 1.0 | 51.5 | 0.9 | 1.7 | 10.8 | 5.1 | 1.6 | 68 | 14 | - | |
| Calypso | Inf | 1.0 | 51.5 | 0.9 | 1.7 | 10.8 | 5.1 | 1.6 | 68 | 14 | - |
| Total Message Dredge | 96 | 2.4 | 2.8 | 4.9 | 4.0 | 12.0 | 72 | 4 | |||
| Total Dredge Mining | Total Indicated Dredge | 38 | 0.8 | 2.1 | 7.9 | 3.9 | 5.4 | 71 | 16 | ||
| 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 Combined Mineral Resources | Total Measured | 95 | 3 | 8.1 | 10.4 | 7.3 | 6.1 | 51 | 12 | 3.8 | |
| Total Indicated | 1,856 | 32 | 1.7 | 6.7 | 3.8 | 5.2 | 71 | 20 | 1.8 | ||
| Total Inferred | 4,441 | 66 | 1.5 | 5.0 | 2.3 | 3.3 | 79 | 22 | 3.1 | ||
| Grand Total | 6,390 | 101 | 1.6 | 5.7 | 3.0 | 4.0 | 75 | 22 | 2.7 |
Table 6 – Comparative Mineral Resources Summary
| Project/Deposit | Cut-off (total HM%) | Tonnes (million) | In-situ HM Tonnes (millions) | Total HM grade (%) | HM Assemblage (% of total HM) | Slimes (%) | Oversize (%) | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Zircon | Rutile | Leuc. | Ilmenite | Monazite | ||||||||
| As at 31 Dec 2024 | ||||||||||||
| Atlas | Meas Ind and Inf | 2.0 | 17.3 | 1.0 | 5.7 | 9.8 | 6.5 | 5.1 | 49.5 | 1.1 | 14.7 | 4.0 |
| Sub Total | 17.3 | 1.0 | 5.7 | 9.8 | 6.5 | 5.1 | 49.5 | 1.1 | 14.7 | 4.0 | ||
| As at 31 Dec 2025 | ||||||||||||
| Atlas | Meas Ind and Inf | 2.0 | 15.2 | 0.8 | 5.2 | 8.4 | 6.2 | 5.5 | 48.8 | 1.1 | 14.5 | 3.6 |
| Total Mineral Resources | 15.2 | 0.8 | 5.2 | 8.4 | 6.2 | 5.5 | 48.8 | 1.1 | 14.5 | 3.6 |
Maiden Gold Mineral Resource Estimate
In January 2026 the Company completed a maiden Mineral Resource estimate (MRE) of the Erayinia King deposit located approximately 140km southeast of Kalgoorlie in Western Australia (approximately 50km south of the Trans Access road). The Mineral Resource is estimated to contain 2 Mt @ 2.1 g/t Au for 139 k ounces Au. The deposit is relatively shallow, comprising mostly oxide and transitional material making it amenable to open pit mining. Recent technical work has dramatically improved understanding of the structures controlling the mineralisation, increasing confidence in the MRE. The deposit remains relatively untested at depth.
Table 7- Mineral Resources – Open Pit Mining, Gold Deposits; in accordance with JORC Code 2012 as at 31 Mar 2026
| Deposit | Mineral Resources Category | Cut-off (g/t Au) | Tonnes (million) | grade (g/t Au) | Ounces AU (thousand) |
|---|---|---|---|---|---|
| Erayinia/King | Inferred | 0.5 | 2 | 2.1 | 139 |
| Total | 0.5 | 2 | 2.1 | 139 |
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:
- Yandanooka Mineral Resource: 19 April 2024 "Strong Feasibility Result Yandanooka Project"
- Yandanooka Ore Reserve: 19 April 2024 "Strong Feasibility Result Yandanooka Project"
- Boonanarring Mineral Resources and Ore Reserves: 29 March 2023 "Boonanarring Annual Ore Reserve Update"
- 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, 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”
- Erayinia/King: 7 January 2026 “Maiden Mineral Resource Estimate Erayinia/King Gold Project”
All of the above announcements are available 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 announcements and, in the case of reporting of Ore Reserves and Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which any Competent Person’s findings are presented have not been materially modified from the original market announcement.
Level 2, 1 Walker Avenue
West Perth WA 6085
+61 8 9485 2410
[email protected]
www.imageres.com.au
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
IMAGE RESOURCES NL
ABN
57 063 977 579
Quarter ended ("current quarter")
31/03/2026
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (3 months) $A'000 |
|---|---|---|
| 1. Cash flows from operating activities | ||
| 1.1 Receipts from customers | 21,745 | 21,745 |
| 1.2 Payments for | ||
| (a) exploration & evaluation | (553) | (553) |
| (b) development | - | - |
| (c) production | (21,914) | (21,914) |
| (d) staff costs | (1,247) | (1,247) |
| (e) administration and corporate costs | (341) | (341) |
| (f) care and maintenance – closed site | (425) | (425) |
| 1.4 Interest received | 2 | 2 |
| 1.5 Interest and other costs of finance paid | (254) | (254) |
| 1.6 Income tax refunds | - | - |
| 1.7 Government grants and tax incentives | ||
| 1.8 Other (provide details if material) | 7 | 7 |
| 1.9 Net cash from / (used in) operating activities | (2,980) | (2,980) |
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
-
-
- (820) (820) (1,368) (1,368)
-
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (3 months) $A'000 | |
|---|---|---|---|
| (f) other non-current assets - | - | - | |
| 2.2 | Proceeds from the disposal of: | ||
| (a) entities | - | - | |
| (b) tenements | - | - | |
| (c) property, plant and equipment | 6,863 | 6,863 | |
| (d) investments | - | - | |
| (e) financial derivatives | - | - | |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other – | - | - |
| 2.6 | Net cash from / (used in) investing activities | 4,675 | 4,675 |
| 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 | - | - |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | (44) | (44) |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other – Employee share plan loan repayment | - | - |
| 3.10 | Net cash from / (used in) financing activities | (44) | (44) |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| --- | --- | --- | --- |
| 4.1 | Cash and cash equivalents at beginning of period | 7,687 | 7,687 |
| 4.2 | Net cash from operating activities (item 1.9 above) | (2,980) | (2,980) |
| 4.3 | Net cash used in investing activities (item 2.6 above) | 4,675 | 4,675 |
| 4.4 | Net cash from financing activities (item 3.10 above) | (44) | (44) |
| 4.5 | Effect of movement in exchange rates on cash held | 645 | 645 |
| 4.6 | Cash and cash equivalents at end of period | 9,983 | 9,983 |
| 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 | 9,983 | 7,687 |
| 5.2 | Call deposit | - | - |
| 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) | 9,983 | 7,687 |
| 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 | 620 | |
| 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 explanation for, such payments. | |||
| 7. | 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 |
| --- | --- | --- | --- |
| 7.1 | Loan facilities | 13,189 | 13,189 |
| 7.2 | Credit standby arrangements | 266 | 266 |
| 7.3 | Other – Insurance Premium Funding | 427 | 427 |
| 7.4 | Total financing facilities | 13,882 | 13,882 |
| 7.5 | Unused financing facilities available at quarter end | - | |
| 7.6 | 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. | ||
| 7.1 – Unsecured US$20M Offtake HMC Prepayment Facility of which US$5M was drawn down before 31/12/2024 and the balance of US$15M was drawn down during January 2025. Repayment of the facility will be made by the delivery of approximately 25% of each bulk shipment of HMC at no cost, while 75% of each shipment will be sold at market prices. The parties to the facility are Shantou Natfort Zirconium and Titanium Co., Ltd and Billion Sunny Investment Limited. The term of the facility has been extended to December 2026, the interest rate is 10% and compounds monthly. Repayments of US$10.55M have been made to date. The balance at 31/03/2026 was US$9M. | |||
| 7.2 – Bank guarantees provided to Lessors for office leases held. These bank guarantees are supported by matching term deposits held by the bank. | |||
| 7.3 - Insurance premiums of $0.7M were financed. Of this $0.28M has been repaid. The balance will be repaid over the next 7 months. |
| 8. | Estimated cash available for future operating activities | $A'000 |
|---|---|---|
| 8.1 | Net cash from operating activities (item 1.9) | (2,980) |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | (1,368) |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (4,238) |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 9,983 |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 9,983 |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 2.30 |
| 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. | ||
| 8.8 | 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? | ||
| 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
- This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- This statement gives a true and fair view of the matters disclosed.
Date: 29 April 2026
Authorised by: The Board
(Name of body or officer authorising release – see note 4)
Notes
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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.
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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.
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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.
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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".
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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.
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By the Company lodging this Appendix 5B, the Managing Director and CFO declare that the Appendix 5B for the relevant quarter:
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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;
- 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
- 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.