IMAGE RESOURCES NL - Investor Presentation 2013

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ASX IMA

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COMPETENT PERSON STATEMENT

COMPETENT PERSON’S STATEMENT – EXPLORATION RESULTS

The information in this presentation that relates to exploration results is based on information compiled by Paul Leandri BAppSc who is a member of the Australasian Institute of Mining and Metallurgy. Paul Leandri is an employee of Image Resources NL. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Paul Leandri consents to the inclusion of this information in the form and context in which it appears in this presentation.

COMPETENT PERSON’S STATEMENT – RESOURCE ESTIMATES

The information in this presentation that relates to mineral resources is based on information compiled by Lynn Widenbar BSc, MSc, DIC MAIG, MAusIMM employed by Widenbar & Associates who is a consultant to the Company. Lynn Widenbar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Lynn Widenbar consents to the inclusion of this information in the form and context in which it appears in this presentation.

COMPETENT PERSON’S STATEMENT – PROJECT EVALUATION

The information in this presentation that relates to project evaluation and financial analysis is based on information compiled by Mr Ray Cary, BSc., who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Geoscientists. Ray Cary is the Director and Principal of Northwind Resources Pty Ltd, a Perth, Western Australia based minerals industry consultancy. Ray Cary has sufficient experience in the technical and economic evaluation of minerals development projects and mining operations which is relevant to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Ray Cary consents to the inclusion of this information in the form and context in which it appears in this presentation.

FORWARD LOOKING STATEMENT

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.

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1. Investment Case

2. Company Overview

3. Location

4. Resources

5. Plant Concepts

6. Funding Requirement

7. Project Economics

8. Next Steps

9. Development Team

10.Exploration Potential
11.Conclusion

Appendices: Resources, Maps, CVs.

THE MINERAL SANDS BUSINESS

Four Constants

Change markets, economic drivers, investment climate
Quality of resources is the key driver
–
Marketing is critical bulk commodity marketing = bulk commodity pricing
Counter-cyclic investment is essential

1a. INVESTMENT CASE... An >80% IRR project

Project - Low funding requirement (target <A$60M) for 3Mtpa plant producing 180ktpa of finished product in the early years
Economics - 16 month pay back, Pre tax IRR
between 80% and 100%
Timetable - Quick into development. Less than 12
month build
Finance Partners & Off-take - Detailed discussions continuing

1b. INVESTMENT CASE... High grade resources and ideal location

Reserves - One of the highest in ground value per
tonne currently being evaluated globally (8% HM, 6.5% VHM and over 19% Zircon)
Location - 90km from Perth, near existing major road,
power lines and gas pipelines and with adequate water supply on site
Product - In first two years higher priced Zircon/Rutile
generate 75% of the revenue
Upside - Large JORC Resource base and exploration potential beyond initial 10 year mine life Mineral Sands Project Checklist

2. COMPANY OVERVIEW

Focus of Operations: Mineral Sands in Western Australia

Liquid Assets :

A$3.0M (at 30 September 2013)

Market Cap: Shares: Options: Top 20 Shareholders:

A$20M (at A$0.145 per share) 140.2M

8.8M (held by directors, all well above current share price) Holding 46%

Board and Management:

Peter Thomas – Chairman Peter Davies – MD/ Project Manager George Sakalidis – Director Exploration Graeme Scott – CFO Paul Leandri – Exploration Manager

3. LOCATION

Home - Centre of WA’s Mineral Sands “province” for over 35 years

Industry - Company making deposits nearby for Iluka and Tronox (Tiwest)

In Place - Excellent road, rail, power, gas and ports

Team - Locally available experienced technical staff and plant operators

Mineralogy - Known characteristics Government - Low sovereign risk

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4a. BOONANARRING RESOURCES

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“Boonanarring is a world class combination of HM, VHM and Zircon”

Strike Length - 12km

Resource 21.5Mt @ 8.3% HM containing 1.4Mt VHM (79% of HM) Contains 370kt Zircon – Sweet Spot East Strand 8.4Mt @11.7% HM with 25% of HM as Zircon (includes higher grade sections)

Extension - Potential to North

– 4b. ATLAS RESOURCES Shallow and high grade

Location - 90 km from Boonanarring – mined in years 6 to 10 Resource - 10.7Mt @ 7.8%HM containing 0.64Mt VHM (all Measured and Indicated) - Assemblage 53.4% Ilmenite, 5.3% Leucoxene, 7.8% Rutile, 10.6% Zircon Strip ratio - 1:1

Extensions - Atlas South drilled Mining Lease - Application in progress

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5a. PLANT CONCEPTS “Mine to finished products on one site”

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NPB DEVELOPMENT PROJECT SCHEMATIC FLOWSHEET

5b. PLANT CONCEPTS

“State of the art plants. Easy to build and relocate”

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NPB DEVELOPMENT PROJECT SITE LAYOUT

6. FUNDING REQUIREMENT


Item	Conservative Capex A$M		Modular plant costs ~ $34M
Wet Plant Cost		13.6
Dry Mill Cost		15.0
Zircon Plant Cost		5.0
Infrastructure		21
		.	Mining contracted out
Indirects, EPCM and Contingency		7.9
Sub‐total(incl. Contingency)		43.6
Other Pre‐production Costs		12.9
Mining Contractor and Pre‐strip		12.3
TOTALldi ki itl		688
(excung worng capa)		.
Working Capital		2.2
Maximum Negative Cashflow		71.0

7a. PROJECT ECONOMICS

FUNDING Pre‐Tax Pre ‐Tax Pre‐Tax CASE A$M NVP@8% IRR PAYBACK BCFS = TOLL TREATMENT 64.1 $145 M 57.4% 22 months STAND‐ALONE 71.0 $239 M 82% 16 months STAND‐ALONE TARGET <62.2 $247 M 97% 14 months

Capital: Includes pre‐production costs and working capital Assumptions:

Exchange rate: 2015 A$1 = US$0.85 2016 on A$1 = US$0.80
Chloride/SR Ilmenite price = US$ 275/t
Premium Zircon price = US$ 1500/t

7b. SENSITIVITIES

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7c. ZIRCON PRICE - PAST, PRESENT AND FUTURE

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US$/t
2500 JP Morgans
Weighted Average
2080 Zircon Inducement
2000 1880 Price $1807
March 2013
1500 1500
1450 At Long Term
1500
1275 $1500/t the
NPV would be
1000 900 880 A$240M and IRR
750 >80%
IMA Zircon
500
Inducement Price
$600
0
2008 2009 2010 2011 2012 2013 2014 2015 Long Term
17
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7d. ZIRCON INDUCEMENT PRICE - THE STRESS TEST

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“Zircon prices
would have to
fall to 50% of
current levels
for project to
only generate
15% IRR”
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Zircon Inducement Price ‐ is defined as the price at which the project has an IRR of 15% and is cash positive in each year of operation.

8a.NEXT STEPS

Final submissions lodged mid Nov 2013 Studies in progress Off-take and debt progressing 6 month build From mining to product in 2-3 months 19

8b. NEXT STEPS – DELIVERY DRIVES VALUE

Base Case Feasibility Study
Updated Economic Case
Environment Submissions Lodged
Boonanarring JORC Resource Upgrade
Sales Off-take Agreements progressing
Detailed Design (Q1 2014)
Conclude Debt and Finance Negotiations (Q2 2014)
Construct (2H 2014)

8c. NEXT STEPS – POTENTIAL FOR RE-RATING

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9. DEVELOPMENT TEAM

Key members of the project development team have all worked for many years in other local mineral sands operations
The combined list of recent mineral sands experience amongst the team includes Tiwest/Tronox, Iluka, Gunson, Tormin, Base and Bemax
MD with 40 years industry experience in project evaluation and operations, including mineral sands and pigment plant senior management roles
No initial requirement for Fly in-Fly out or camp accommodation

10. EXPLORATION

Extensive new finds and extensions within the known NPB mineral sands province achieved over the last 13 years
Large resource base of both high grade and large scale resources, in addition to Boonanarring and Atlas
Potential northern resource extension between Boonanarring and Red Gully
Potential for further major finds at Bidaminna and between Atlas and Bidaminna currently being tested
Positive additions to medium term news stream at low cost – historical costs are $0.15/t JORC Resources
Longer term potential in the Eucla basin.

11. INVESTMENT CASE

-
Low funding required A$60M to A$70M
Product Mix - high proportion of high value Zircon/Rutile
Good Margins A$350 per tonne product
Fast Pay back 16 months from first production
Timetable - Quick into development. 12 month build
Economics - NPV over A$240M, IRR of 80% to 100%
–
Upside Product pricing and exploration for large scale deposits
Risk – Low infrastructure, technical and sovereign risks

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APPENDICES

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HEAVY MINERALS RESOURCES Note #1

JORC RESOURCES HM GRADE CONTAINED HM CUT‐OFF GRADE Area Mt %HM kt %HM BoonanarringNote #2 21.5 8.3% 1,770 2.5 Total North Perth Basin	JORC RESOURCES HM GRADE CONTAINED HM CUT‐OFF GRADE Area Mt %HM kt %HM BoonanarringNote #2 21.5 8.3% 1,770 2.5 Total North Perth Basin	JORC RESOURCES HM GRADE CONTAINED HM CUT‐OFF GRADE Area Mt %HM kt %HM BoonanarringNote #2 21.5 8.3% 1,770 2.5 Total North Perth Basin	JORC RESOURCES HM GRADE CONTAINED HM CUT‐OFF GRADE Area Mt %HM kt %HM BoonanarringNote #2 21.5 8.3% 1,770 2.5 Total North Perth Basin	JORC RESOURCES HM GRADE CONTAINED HM CUT‐OFF GRADE Area Mt %HM kt %HM BoonanarringNote #2 21.5 8.3% 1,770 2.5 Total North Perth Basin
JORC RESOURCES		HM GRADE	CONTAINED HM	CUT‐OFF GRADE
Area	Mt	%HM	kt	%HM
BoonanarringNote #2	21.5	8.3%	1,770	2.5
Total North Perth Basin
(Dry Mining)	64.0	7.1%	4,530	2.5
Cyclone Extended	86.3	1.9%	1,640	1.0
Bidaminna (Dredge)	44.6	3.0%	1,300	1.0
Cooljarloo (Dredge)	191.6	1.9%	3,600	1.0
TOTAL IMA
	386.5	2.9%	11,070

Note #1 Refer to Annual Reports and ASX Releases for details

Note #2 Also included in the North Perth Basin JORC Resources. Includes Block E as of 30/5/13

HEAVY MINERALS RESERVES

PROBABLE RESERVES RESERVE HM GRADE ZIRCON IN HM CONTAINED HM Area Mt %HM % Zircon kt Boonanarring 14.4 8.3% 24.5% 1,200 Atlas 9.7 8.1% 11.0% 800	PROBABLE RESERVES RESERVE HM GRADE ZIRCON IN HM CONTAINED HM Area Mt %HM % Zircon kt Boonanarring 14.4 8.3% 24.5% 1,200 Atlas 9.7 8.1% 11.0% 800	PROBABLE RESERVES RESERVE HM GRADE ZIRCON IN HM CONTAINED HM Area Mt %HM % Zircon kt Boonanarring 14.4 8.3% 24.5% 1,200 Atlas 9.7 8.1% 11.0% 800	PROBABLE RESERVES RESERVE HM GRADE ZIRCON IN HM CONTAINED HM Area Mt %HM % Zircon kt Boonanarring 14.4 8.3% 24.5% 1,200 Atlas 9.7 8.1% 11.0% 800	PROBABLE RESERVES RESERVE HM GRADE ZIRCON IN HM CONTAINED HM Area Mt %HM % Zircon kt Boonanarring 14.4 8.3% 24.5% 1,200 Atlas 9.7 8.1% 11.0% 800
PROBABLE RESERVES	RESERVE	HM GRADE	ZIRCON IN HM	CONTAINED HM
Area	Mt	%HM	% Zircon	kt
Boonanarring	14.4	8.3%	24.5%	1,200
Atlas	9.7	8.1%	11.0%	800

TOTAL JORC RESERVES	24.1	8.2%	19.1%	2,000
Excluded Resources
Boonanarring Inferred*	2.8	5.8%	17.3%	160

* Infill drilling to JORC Indicated category has been completed

NPB DETAILED RESOURCE STATEMENT

High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18	High Grade Resources @ 2.5% HMCut‐off Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM (%) Ilmenite (%) Leucoxene (%) Rutile (%) Zircon (%) Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6 Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11 Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10 Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18

Boonanarring	Indicated	7,000,000	14,300,000	9.0	17.2	1,270,000	80	49	6	3	22
Boonanarring	Measured	1,680,000	3,000,000	7.8	10.1	230,000	70	49	1	3	17
Boonanarring Total		10,780,000	21,500,000	8.3	16.2	1,770,000	79	49	6	4	21
Gingin Nth	Indicated	680,000	1,320,000	5.7	15.7	80,000	75	57	9	3	5
Gingin Nth	Inferred	580,000	1,090,000	5.2	14	60,000	78	57	11	4	6
Gingin Nth Total		1,260,000	2,410,000	5.5	15.0	140,000	77	57	10	3	6
Gingin Sth	Inferred	400,000	730,000	6.5	8.4	48,000	92	67	8	6	11
Gingin Sth	Indicated	3,240,000	5,820,000	6.5	7.1	380,000	91	68	10	5	8
Gingin Sth	Measured	870,000	1,530,000	4.4	7.2	67,000	79	51	15	6	8
Gingin Sth Total		4,510,000	8,080,000	6.1	7.3	495,000	89	65	10	5	8

NPB DETAILED RESOURCE STATEMENT (CONT)

High Grade Resources	High Grade Resources
Helene	Indicated	5,600,000	11,500,000	4.6	18.6	520,000	84	70	1	3	11
Hyperion	Indicated	1,800,000	3,700,000	7.8	19.3	290,000	71	56	0	6	9
Red Gully	Indicated	1,930,000	3,410,000	7.8	11.5	270,000	90	66	8	3	12
Red Gully	Inferred	1,455,000	2,570,000	7.5	10.7	190,000	90	66	8	3	12
Red Gully Total		3,385,000	5,980,000	7.7	11.2	460,000	90	66	8	3	12
Grand Total		32,665,000	63,950,000	7.1	13.9	4,529,000	80	57	6	5	13

EUCLA BASIN – CYCLONE EXTENDED

Cyclone Extended Resources

HM Cut‐off	Resource Category	BCM	TONNES	% HM	% SLIMES	HM TONNES	VHM	Ilmenite	Hi Ti Oxide*	Leucoxene	Rutile	Zircon
							(%)	(%)	(%)	(%)	(%)	(%)
1.00	Indicated	44,500,000	77,300,000	2.0	5.6	1,500,000	75	23	21	1	9	21
1.00	Indicated	5,400,000	9,000,000	1.2	3.3	100,000	86	31	29	1	4	21
1.00	Total	49,900,000	86,300,000	1.9	5.3	1,600,000	76	24	22	1	8	21

MINE PLANNING

Potential for Grade Scheduling and High Grading

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MINING APPROACH

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31
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HIGH QUALITY PRODUCTS COMMANDING PREMIUM PRICING

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Boonanarring Ilmenite is a sought after premium product:

•54.5% and 60% TiO2 (range of world deposits is between 40% and 63% TiO2)

•Coarse Grained (D50 150 – 200 micron)
•Low U+Th (80 – 130 ppm)

•Suitable as feed to SR plants, pigment plants and slag production

PRODUCTION -VALUABLE HEAVY MINERALS

AREA ZIRCON ILMENITE LEUCOXENE RUTILE kt kt kt kt Boonanarring 268 525 49 44	AREA ZIRCON ILMENITE LEUCOXENE RUTILE kt kt kt kt Boonanarring 268 525 49 44	AREA ZIRCON ILMENITE LEUCOXENE RUTILE kt kt kt kt Boonanarring 268 525 49 44	AREA ZIRCON ILMENITE LEUCOXENE RUTILE kt kt kt kt Boonanarring 268 525 49 44	AREA ZIRCON ILMENITE LEUCOXENE RUTILE kt kt kt kt Boonanarring 268 525 49 44
AREA	ZIRCON	ILMENITE	LEUCOXENE	RUTILE
	kt	kt	kt	kt
Boonanarring	268	525	49	44
Atlas	75	368	5	46
TOTAL	343	893	54	89
Average Annual Production	34*	89**	5	9

Up to 55 ktpa ZIRCON

** up to130 ktpa ILMENITE

PROVEN EXPLORATION

Historical exploration costs of 15 cents per tonne of Resources

Dry Mining Resources

Boonanarring (existing ML – most)
Atlas and Atlas South (part MLA)
Red Gully (existing ML)
Gingin North (existing ML)
Gingin South (existing ML - part)
Hyperion
Helene

Larger Tonnage Dredge Mining Projects

Bidaminna
Cooljarloo

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THE TEAM

Peter Davies – Image Managing Director/Project Manager

Peter Davies, appointed as Managing Director in May 2012, is a mining engineer with 39 years of global experience in project evaluation and management of mining, chemicals and mineral sands operations.

From 1995 to 2000 he was Manager/General Manager of the Tiwest Chandala mineral sands and Synthetic Rutile processing facilities north of Perth. In 2000 he was transferred by Kerr-McGee Chemicals (later Tronox) to manage the TiO2 pigment plant at Antwerp and from 2001 to 2006 was Director of European Operations, in charge of the pigment plants at Uerdingen (Germany), and Botlek (The Netherlands). Peter joined Image in February 2012.

George Sakalidis– Image Technical Director (MD until May 2012)

George Sakalidis is an exploration geophysicist with over 25 years’ industry experience, during which time his career has included extensive gold, diamond, base metals and mineral sands exploration. Mr Sakalidis has been involved in a number of significant mineral discoveries,. He was also instrumental in the design of the magnetic surveys and exploration drilling program that led to the discovery of the large mineral sands resources at Magnetic Minerals Limited's Dongara Project. Magnetic Minerals were taken over by Ticor in early 2003.

The geophysical techniques used by Image and George Sakalidis’ proven ability to interpret the results in order to find economic mineralisation which has been missed by other companies, gives Image a significant competitive advantage in this field.

THE TEAM

Paul Leandri – Image Exploration Manager

Over 25 years experience in mining and exploration geology, including 8 years working for RGC Mineral Sands consisting of 5 years mine planning at Capel operations and 3 years exploration around Eneabba and the Murray Basin. Past 12 years working on mine planning, development and exploration projects for various mineral sands companies, including 6 years on the Coburn Mineral Sands project and 1.5 years in Project Generation for Iluka Resources. Paul joined Image as Exploration Manager in August 2010.

Lynn Widenbar – Widenbar and Associates

Consultant resource geologist with over 40 years experience in the exploration, evaluation and mining of mineral resources in Australia, Asia, Africa, North, Central and South America and Europe; this includes more than 10 years involvement in resource estimation mineral sands, mainly in Western Australia, for companies such as Image Resources, Magnetic Minerals and Diatreme Resources.

Per Scrimshaw – Creative Mined

Consultant mining engineer with 14 years experience in technical support for mining operations within Australia and abroad. Over 10 Years of this has been servicing Mineral Sands clients in the key areas of optimisation, design, scheduling and economic evaluation. Supported operations have included North Capel Extended, Stratham West, Gingin, Cataby, Eneabba South Mine, Dardanup / Burekup, Kwale.

THE TEAM

Eugene Dardengo – Processing Manager

Eugene is an accomplished Metallurgist and Operations Manager with over 27 years’ experience in the Australian mining and mineral industry. Eugene has held a number of other diverse roles and was held accountable for Logistics Services, Technical Support Services and Safety, Health and Environment Advice for Tiwest Northern Operations. Has worked as a Metallurgist, with Hamersley Iron (Rio), and Allied Mineral Laboratories and the Readings Group of Companies, and has had exposure to the planning, prioritising and implementation of various metallurgical test work programs for iron ore projects and a wide range of industrial minerals.

Steve Benson – Allmineral

Over 33 years experience in Mineral Sands at Allied Eneabba (RGC) and Tiwest Chandala and Cooljarloo operations. Steve has worked at all levels in Wet Plant and Dry Mill operations up to Plant Manager and has provided technical support both as an in house specialist and as a specialist with equipment suppliers. He has strong knowledge of and experience in physical separation techniques and some unique skills in the assessment of heavy minerals mineralogy.

Todd Colton – Broad Reach Pty Ltd

Mining professional with over 23 years experience in the mining industry, predominately in mineral sands operations with WSL/Iluka, providing operational, technical and management support for project development and mining operations in Australia and overseas. Todd has held operational and senior management roles through feasibility studies, operations planning and design, construction and commercial production.

THE TEAM

Peter McSweeney - MSP Engineering

Peter has over 25 years experience in delivering industrial minerals projects throughout Australia and overseas. He has been the Managing Director of MSP Engineering for the past 16 years and during this period the company has delivered over $AUD 500M in capital projects including:

ISK Mineral Sands – Wet and dry mineral sands processing facility at Waroona and Picton WA
MBT (now Bemax) – MBT wet and dry mineral sands processing facility in the Murray Basin
Bemax – Relocation of the Jangardup wet plant floating concentrator to Murray Basin
Rocla – Design and construction of their 1.6mtpa high purity silica sands plant in South Australia
– Sons of Gwalia / GAM – Numerous expansions of the Wodgina and Greenbushes tantalum gravity/grind concentrators valued in excess of $200M.

Jackie Boyer – JASS (Aust) Pty Ltd

Jackie has over 27 years’ experience in statutory approvals management, environmental impact assessment, environmental planning, environmental management and environmental policy matters. Her experience has been gained working with a wide range of interests from State and local government, construction, industry and academic institutions to landowners, community groups and the general public.

Felicity Donaldson - 360 Environmental

Ten years of experience in the resources sector undertaking baseline environmental studies, impact assessments and State/ Federal approvals under environmental and mining legislation. Recent mining projects have included iron ore, gold and uranium.

Contact Us

PRINCIPAL OFFICE Suite 4a 5 Mumford Place BALCATTA WA 6021

POSTAL ADDRESS P.O. Box 644 West Perth, W.A. 6872

TELEPHONE (08) 9485 2410

FACSIMILE (08) 9240 7845

AI assistant

IMAGE RESOURCES NL — Investor Presentation 2013

65117_rns_2013-11-18_d33c70d6-1db1-49a9-8bb9-f04c7dbfd6a9.pdf

COMPETENT PERSON STATEMENT

COMPETENT PERSON’S STATEMENT – EXPLORATION RESULTS

COMPETENT PERSON’S STATEMENT – RESOURCE ESTIMATES

COMPETENT PERSON’S STATEMENT – PROJECT EVALUATION

FORWARD LOOKING STATEMENT

FORWARD LOOKING STATEMENTS

CONTENTS

THE MINERAL SANDS BUSINESS

Four Constants

1a. INVESTMENT CASE... An >80% IRR project

2. COMPANY OVERVIEW

3. LOCATION

4a. BOONANARRING RESOURCES

– 4b. ATLAS RESOURCES Shallow and high grade

5b. PLANT CONCEPTS

6. FUNDING REQUIREMENT

7a. PROJECT ECONOMICS

7b. SENSITIVITIES

7c. ZIRCON PRICE - PAST, PRESENT AND FUTURE

7d. ZIRCON INDUCEMENT PRICE - THE STRESS TEST

8a.NEXT STEPS

8b. NEXT STEPS – DELIVERY DRIVES VALUE

8c. NEXT STEPS – POTENTIAL FOR RE-RATING

9. DEVELOPMENT TEAM

10. EXPLORATION

11. INVESTMENT CASE

APPENDICES

HEAVY MINERALS RESOURCES Note #1

HEAVY MINERALS RESERVES

* Infill drilling to JORC Indicated category has been completed

NPB DETAILED RESOURCE STATEMENT

NPB DETAILED RESOURCE STATEMENT (CONT)

EUCLA BASIN – CYCLONE EXTENDED

Cyclone Extended Resources

MINE PLANNING

Potential for Grade Scheduling and High Grading

MINING APPROACH

HIGH QUALITY PRODUCTS COMMANDING PREMIUM PRICING

PRODUCTION -VALUABLE HEAVY MINERALS

PROVEN EXPLORATION

Dry Mining Resources

Larger Tonnage Dredge Mining Projects

THE TEAM

Peter Davies – Image Managing Director/Project Manager

George Sakalidis– Image Technical Director (MD until May 2012)

THE TEAM

Paul Leandri – Image Exploration Manager

Lynn Widenbar – Widenbar and Associates

Per Scrimshaw – Creative Mined

THE TEAM

Eugene Dardengo – Processing Manager

Steve Benson – Allmineral

Todd Colton – Broad Reach Pty Ltd

THE TEAM

Peter McSweeney - MSP Engineering

Jackie Boyer – JASS (Aust) Pty Ltd

Felicity Donaldson - 360 Environmental

Contact Us

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IMAGE RESOURCES NL Investor Presentation 2013