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IMAGE RESOURCES NL Investor Presentation 2009

May 13, 2009

65117_rns_2009-05-13_05252d54-9887-447b-8d0a-d440d1deb9ea.pdf

Investor Presentation

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15 May 2009

2nd Floor, 35 Outram St West Perth WA 6005 PO Box 644 West Perth WA 6872 Telephone 08 9485 2410 Facsimile 08 9485 2840 [email protected] www.imageres.com.au ABN 57 063 977 579

RUI CONFERENCE PRESENTATION

The Company is pleased to make available the printable version (see attached) of a slideshow which was used in a presentation made by Mr George Sakalidis, Managing Director, at the RUI Conference held in Sydney on 13 and 14 May.

For more information on the company visit www.imageres.com.au

Please direct enquiries to: George Sakalidis Roger Thomson Managing Director Executive Director Phone (08) 9485 2410 Phone (08) 9485 2410 Mob 0411 640 337 Mob 0419 969 183

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May 2009
Managing Director
George Sakalidis
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DIRECTORS

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  • George Sakalidis Managing Director Geophysicist, 30 yrs exp

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  • Roger Thomson Executive Director, Geologist, +30 yrs exp. Formerly – Delta Gold

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  • Peter Thomas Non Executive Chairman Mining Lawyer, +20 yrs exp.

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FORWARD LOOKING STATEMENTS

This presentation contains forecasts and forward looking statements which are made in good faith and are believed to have reasonable basis.

However, such forward looking statements are subject to risks, uncertainties and other factors which could cause the actual results to differ materially from the future results expressed, projected or implied by forward looking statements.

COMPANY STRUCTURE

  • IMA: ASX code

  • 79.6M: shares

  • 8.9M: options

  • $47M: market cap. 20/04/09

  • Top 10 shareholders hold 46%

  • $4.7M: cash

  • $1-1.5M: annual spend rate

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RESOURCES

  • Current: 261Mt @ 2.4% HM (6.4Mt contained HM) - May’08

  • Target: 10-15Mt contained HM - (short term)

  • Target: +20Mt contained HM (long term)

  • Grade: 5.5% (dry) -11% of resource tonnes or 25% of contained HM

  • Grade: 1.8% (dredge) - 89% of tonnes or 75% of HM

  • Location: principally at Cooljarloo (north of Tiwest ops.)

SCOPING STUDY-DEC 2008

Stand Alone Case – Atlas, Hyperion and Helene Resources

Incremental Case
Case
800 tph dry mining
800 tph dredge		 NPV $M NPV $M NPV $M NPV $M NPV $M IRR % IRR % IRR % IRR % IRR % IRR %
US70¢ US60¢ US70¢ US60¢
16 46 41 81
47 87 73 105
Case NPV $M IRR % with SR Premium
NPV $M IRR %
US70
¢		 US60
¢		 US70
¢		 US60
¢		 US70
¢		 US60
¢		 US70
¢		 US60
¢
800 tph dry mining 56 89 446 543 80 121 584 685
800 tph dredge 63 102 88 118 109 148 116 147
2,000 tph dredge & 800tph dry
mining *		 106 180 241 294 195 298 359 411

Incremental Case – Atlas, Hyperion and Helene Resources

  • incl. Titan, Calypso, Telesto and Bidaminna resources

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RESOURCES - MAY 2008

Cooljarloo
(dry
mining)		 Cooljarloo
(dredge
mining)		 Bidaminna
(dredge
mining)		 Total
(dredge &
dry mining)
Ownership % 70-100% 70-100% 100% 70-100%
Tonnes Mt 29 188 45 261
HM % 5.5% 1.8% 3.0% 2.4%
Total HM Mt 1.6 3.4 1.3 6.4
Ilmenite % 65% 72% 83% 73%
Zircon % 9% 10% 5% 9%
Rutile/Leucoxene % 7% 4% 8% 5%
Valuable HM % 81% 86% 97% 87%
Slimes % 18-19% 12-20% 3-4% 3-20%

Source: S Carruthers of Image Resources NL and L Widenbar of Widenbar & Associates who are Competent Persons and consent to the inclusion of this information in this presentation

SCOPING STUDY Highlights

  • Image has several options: Stand alone dry mining Stand alone dredging Dredging/dry mining by a third party

  • Substantially increased NPVs for incremental $180M-$298M

  • Stand alone NPVs significant $87M

  • SR ilmenite upgrade NPVs dramatically for all cases

  • Only 20% of targets currently tested. Remaining Resources values are potentially greater due to sunken capital

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ATLAS RESOURCE

  • The existing Atlas Resource pays for the plant and equipment of approximately $38M for the Atlas, Hyperion and Helene resources

  • Open ended +20% 900m high grade zone near surface

  • Likelihood of significant increase of size and grade of resource after latest high grade drilling results, an increase in base NPV. Highlights include:

  • 7m @ 27.5% HM from 3m, including 5m @ 37.3% HM from 4m

  • 4m @ 47.4% HM from 3m, including 1m @ 78.7% HM from 6m

  • 6m @ 27.8% HM from 3m, including 1m @ 67.%HM from 6m

  • 6m @ 26.4% HM from surface, including 4m @ 37.0% HM from 1m

  • 7m @ 20.9% HM from surface, including 3m @ 44.7% HM from 3m

ATLAS RESOURCE HIGH-GRADE SECTIONS

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ATLAS RESOURCE

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  • High grade zone averaging >20% HM has strike length of 1.4 km

  • Continuous envelope > 5% HM exceeds 4 km in length, up to 250 m wide

  • 900 m strike length of >20% HM lies outside of May 2008 resource

  • Resource update expected by June 30

  • Detailed mineral assemblage work to commence this quarter

KEY ASSETS - MINERAL SANDS

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  • Image - largest tenement holder

  • Tiwest - adjoining leases

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  • Iluka - truck past Image.

  • Exploration - 45% complete.

  • Drilling - 10% of holdings.

  • Upside - material

  • Strengths - ground position

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  • geophysics

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COOLJARLOO

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Current Resources

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BIDAMINNA
Resources and Targets
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COOLJARLOO NORTH Current Resources and Targets

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GINGIN TENEMENTS

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PERSPECTIVE

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  • $0.75B sales WA 2007-8

  • 2 Pigment Plants

  • 4 Synthetic Rutile Plants

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  • 5 Mineral Separation Plants

  • Reserves - depleting

  • Image - growing

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TIWEST

  • •“The principal assumptions adopted (in the valuation) are……..reserves at the North dry mine are exhausted in 2009…” Independent Experts Report (Sept. 2005).

  • “Cooljarloo….21Mtpa….using a combination of dredging (16Mtpa) and dry mining (5Mtpa)...”

  • Image: 29Mt @ 5.5% HM, already defined for dry mining at Cooljarloo (and growing) – represents +5 year life for Tiwest.

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RESERVE COMPARISONS - HM (Mt)

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Reserve & Resource data as disclosed within the 2007 Annual Reports of the selected companies, with exception of Ticor/Tiwest where the data is as per that last publicly disclosed in the August 2005 Scheme Documents.

ILUKA

  • Image resource – may be attractive to Iluka

  • Trucking ore - 260km to Geraldton

  • Growing focus - Northern Province over Southern operations

  • Synthetic Rutile Plant - seeking supplement feed

  • Strip ratios – low Image strip ratio

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CRISTAL / BEMAX

  • “

  • • If the offer is successful, Cristal will also seek to

  • identify:” Target Statement (June 2008)

  • “Business opportunities and areas of revenue

  • generation which may provide overall strategic and operational benefits.”

  • “Opportunities that might occur to acquire further complementary assets that might fit within Cristal’s overall strategic plan.”

MEMORANDA OF UNDERSTANDING

  • 2 MOU’s signed with local WA producers

  • 1 MOU signed with Chinese Hainan Provincial Bureau of Geological Exploration

  • 1 MOU signed with Chinese Fibonacci Group

  • Objective to facilitate exchange of Image’s data and samples (for metallurgical testing) to explore potential synergies with existing infrastructure and/or corporate activity

  • Confidentiality and stand still provisions protect Image’s position

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CORPORATE ACTIVITY Mineral Sands Sector

  • Basin Minerals takeover 2002 130M

  • Magnetic Minerals takeover 2003 26M

  • Ticor takeover 2005 460M

  • Millenium Chemicals takeover 2007 1.3B

  • • Bemax takeover 2008 300M

  • • Consolidated Rutile takeover 2009 160M

  • Mergers/Takeovers common in sector

EUCLA HM

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SERPENTINE LAKES

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  • High value assemblage up to 45% zircon and 39% leucoxene

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  • Four strands at least 2.7km, 1.6km and 2.0km

  • Coastline untested in southern tenement

  • Slime content very low in deposit (approx 3%)

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  • Zircon market strong with zircon price up to US$900/t

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  • Strands up to 700m in width

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SERPENTINE LAKES
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SERPENTINE LAKES

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BRONCO PLAINS - Au

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BRONCO PLAINS - Au

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CONTACT DETAILS

Level 2, 35 Outram Street, West Perth WA 6005

PO Box 644, West Perth WA 6872 Ph: 9485 2410 Fax: 9485 2840

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CONCLUSIONS

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  • Ground position: strategic

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  • Strengths: geophysics + low finding costs

  • Potential: significant resource increases North Perth Basin and also likely in Eucla Basin

  • Differentiator: Image finding it...others consuming it and depleting reserves.

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  • Upside: Both corporate (MOU’s) + stand alone

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  • Re-rating: mineral sand prices holding firm, outlook positive

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