IMAGE RESOURCES NL — Investor Presentation 2013

Feb 13, 2013

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ASX Code: IMA 14 February 2013

Image Resources NL Level 2, 16 Ord St West Perth WA 6005 PO Box 644 West Perth WA 6872 Telephone +61 8 9485 2410 Facsimile +61 8 9485 2840 info@imageres.com.au www.imageres.com.au ABN 57 063 977 579

BOONANARRING DRILL SAMPLE ASSAYS CONFIRM HIGH GRADES OVER MORE THAN 7km STRIKE LENGTH

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• Drill sample assays from Block C confirm high grade VHM strand joining Block B to Block D over a strike length of 7.9 km.

• Visual estimates of mineralogy indicate that the very high Zircon content is also continuous along strike.

• Drilling with two rigs of the 2.2 km northern extension in Block A currently in progress.

In September 2012, Image completed a drill program consisting of 198 aircore drill holes at 200m line spacing on Block C of the Boonanarring Project (refer Figure 1) with assay results for this drilling now to hand. These results have confirmed the previous field estimates that a high grade Valuable Heavy Mineral ( VHM ) strand extends over the full 3.3 km of Block C between Block B and Block D. The Block B JORC Indicated Resource was announced on 4 October 2012. The Block D JORC Measured Resource was defined by Iluka on M70/1194 and acquired by Image in March 2011.

The mineralisation on Block C occurs in two strands, with the eastern strand drilled to sufficient density to enable a JORC Indicated Resource to be estimated. The tenor of mineralisation in the western strand has increased in comparison with Block B. Image plans to infill drill this strand to 200m spacing during March 2013 to support a JORC indicated Resource estimate.

Visual estimates of the mineral content, undertaken by experienced mineral observers, confirm the unusually high Zircon content of the mineralisation continues from Block B into Block C. Full mineral assemblage work is being commissioned to quantify the mineralogy and will be used in a maiden JORC Resource for this block to be published by the end of February.

ASX Release 14 February 2013

Table 1 shows the 10 best intersections at a 2.5% HM cut-off. Appendix C details all intersections greater than 3m thickness at a 2.5% HM cut-off. Typical sections are shown in Figures 2, 3 and 4.

Table 1: Best intersection >3m at 2.5% HM cut-off

Hole ID	East	North	From	To	Thickness	HM%	Slimes %
GG1260	387210	6548954	38.00	52.00	14.00	27.62	15.44
GG1248	387460	6548408	45.00	53.00	8.00	32.35	15.50
GG1235	387131	6549126	34.00	48.00	14.00	17.59	23.94
GG1240	387291	6548769	43.00	51.00	8.00	20.63	23.29
GG1244	387381	6548588	47.00	51.00	4.00	35.91	15.38
GG1186	387365	6548580	44.00	51.00	7.00	20.01	9.83
GG1315	388241	6546791	36.00	43.00	7.00	18.70	13.46
GG1174	387191	6548947	42.00	49.00	7.00	18.18	11.30
GG1256	388148	6546947	36.00	42.00	6.00	15.92	17.92

Notes: 1. HM determined by TBE heavy liquid separation at a nominal SG 2.96 2. Slimes is the fraction less than 63 microns in size

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Figure 1 Boonanarring Resource Blocks

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Figure 2 Line 31200N

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Figure 3 Line 30200N

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Figure 4 Line 31200N

ASX Release 14 February 2013

Managing Director Peter Davies stated “We are very encouraged to see the earlier visual estimates from the drilling carried out last year confirmed in these assay results. These results reinforce our earlier confidence derived from the ground magnetometer results, that the unusually high grade strandlines at Boonanarring are continuous over the full 12 km strike length”.

Image is targeting the end of this month to release the maiden JORC Indicated Resource for Block C. Drilling on Block A continues.

All aspects of the Feasibility and environmental studies are on schedule for completion before end July 2013.

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

Please direct enquiries to:
Peter Davies	George Sakalidis
Managing Director	Executive Exploration Director
Phone +61 8 9485 2410	Phone +61 8 9485 2410
Mob +61 409 296 676	Mob +61 411 640 337

COMPETENT PERSON’S STATEMENT – EXPLORATION RESULTS

The information in this presentation 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 announcement.

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 announcement.

COMPETENT PERSON’S STATEMENT – PROJECT EVALUATION

The information in this presentation that relates to project evaluation is based on information compiled by Peter Davies BSc Eng (Hons) ARSM, C.Eng. MIMMM, FAusIMM FRSA, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Peter Davies is Managing Director/Project Manager of Image Resources NL. Peter Davies 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’. Peter Davies consents to the inclusion of this information in the form and context in which it appears in this announcement.

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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ASX Release 14 February 2013

Appendix A: General Resource Information

Image has a 10.5 Mt JORC Measured and Indicated Resource at Boonanarring as part of 52.9 Mt overall in the North Perth Basin (refer to resource table below). Resource upgrades are expected to bring the Boonanarring deposit alone to 15-25 Mt depending on the cut-off grade used. The North Perth Basin project contains a high grade resource, with the majority on cleared freehold farmland. Infrastructure in the area is excellent with the Brand Highway, power and gas lines all crossing the project area. Image plans to construct a 3.3 Mt per annum single mine and wet plant operation at Boonanarring with production to commence in 2014. Image holds a number of other major deposits in the North Perth Basin project with significant upside potential including at Atlas, Red Gully and Gingin South.

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ASX Release 14 February 2013

Appendix B :: Resource Statement at North Perth Basin Project

High Grade Resources
Resource	Resource	BCM	TONNES	% HM	% SLIMES	HM TONNES	VHM	Ilmenite	Leucoxene	Rutile	Zircon
	Category						(%)	(%)	(%)	(%)	(%)
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	822,000	76	52	5	8	11
Atlas Total		5,330,000	10,780,000	7.9	15.7	856,000	76	52	5	8	10
Boonanarring	Indicated	3,740,000	7,450,000	7.0	14.9	520,000	80	48	11	3	17
Boonanarring	Measured	1,680,000	3,060,000	7.2	9.9	220,000	67	49	1	3	15
Boonanarring
Total		5,420,000	10,510,000	7.1	13.4	740,000	76	48	8	3	17
Gingin Nth	Indicated	680,000	1,320,000	5.7	15.7	75,000	75	57	9	3	5
Gingin Nth	Inferred	580,000	1,090,000	5.2	14	57,000	78	57	11	4	6
Gingin Nth
Total		1,260,000	2,410,000	5.5	15.0	132,000	77	57	10	3	6
Gingin Sth	Indicated	3,240,000	5,820,000	6.5	7.1	377,000	91	68	10	5	8
Gingin Sth	Inferred	400,000	730,000	6.5	8.4	48,000	92	67	8	6	11
Gingin Sth	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	492,000	89	65	10	5	8

ASX Release 14 February 2013

High Grade Resources
Resource	Resource	BCM	TONNES	% HM	% SLIMES	HM TONNES	VHM	Ilmenite	Leucoxene	Rutile	Zircon
	Category						(%)	(%)	(%)	(%)	(%)
Helene	Indicated	5,600,000	11,500,000	4.6	18.6	523,000	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	267,000	90	66	8	3	12
Red Gully	Inferred	1,455,000	2,570,000	7.5	10.7	192,000	90	66	8	3	12
Red Gully
Total		3,385,000	5,980,000	7.7	11.2	459,000	90	66	8	3	12
Grand Total		27,305,000	52,960,000	6.6	14.3	3,492,000	80.4	58.3	6.0	4.7	11.4

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ASX Release 14 February 2013

APPENDIX C: All intersections >2.5%HM and 3m thickness

Hole ID	East	North	From	To	Thickness	HM%	Slimes %
GG1260	387210	6548954	38.00	52.00	14.00	27.62	15.44
GG1355	387516	6548212	54.00	75.00	21.00	15.29	45.24
GG1248	387460	6548408	45.00	53.00	8.00	32.35	15.50
GG1235	387131	6549126	34.00	48.00	14.00	17.59	23.94
GG1240	387291	6548769	43.00	51.00	8.00	20.63	23.29
GG1244	387381	6548588	47.00	51.00	4.00	35.91	15.38
GG1186	387365	6548580	44.00	51.00	7.00	20.01	9.83
GG1315	388241	6546791	36.00	43.00	7.00	18.70	13.46
GG1174	387191	6548947	42.00	49.00	7.00	18.18	11.30
GG1256	388148	6546947	36.00	42.00	6.00	15.92	17.92
GG1326	388073	6547150	32.00	36.00	4.00	23.79	14.69
GG1216	388161	6546954	36.00	43.00	7.00	13.25	19.53
GG1212	387991	6547323	23.00	31.00	8.00	11.32	20.52
GG1316	388259	6546793	39.00	43.00	4.00	22.20	19.04
GG1178	387115	6549117	41.00	48.00	7.00	12.63	17.47
GG1252	387809	6547682	24.00	30.00	6.00	14.43	18.07
GG1183	387315	6548781	36.00	44.00	8.00	10.78	8.25
GG1189	387403	6548599	40.00	46.00	6.00	13.13	22.22
GG1277	387509	6547985	29.00	38.00	9.00	8.66	13.83
GG1302	388392	6546412	36.00	43.00	7.00	10.67	20.61
GG1270	387306	6548330	31.00	41.00	10.00	7.46	12.83
GG1355	387516	6548212	42.00	50.00	8.00	9.17	18.92
GG1231	386999	6549076	34.00	39.00	5.00	14.14	21.95
GG1173	387230	6548961	39.00	43.00	4.00	17.61	21.63
GG1278	387543	6548002	34.00	39.00	5.00	13.46	13.35
GG1193	387441	6548397	45.00	53.00	8.00	8.30	15.24
GG1366	387326	6548126	21.00	22.00	1.00	66.11	27.98
GG1182	387272	6548759	41.00	49.00	8.00	8.23	15.56
GG1325	388051	6547143	29.00	35.00	6.00	10.58	19.83
GG1337	387680	6547839	15.00	25.00	10.00	6.34	24.20
GG1269	387270	6548315	29.00	37.00	8.00	7.84	13.63
GG1258	388313	6546586	36.00	41.00	5.00	12.23	15.89
GG1257	388178	6546964	38.00	41.00	3.00	20.30	23.47
GG1353	387436	6548177	35.00	42.00	7.00	8.67	16.92
GG1336	387694	6547856	14.00	23.00	9.00	6.50	23.91
GG1365	387363	6548144	27.00	36.00	9.00	6.45	16.64
GG1362	387233	6548519	36.00	41.00	5.00	11.06	14.04
GG1314	388223	6546781	36.00	40.00	4.00	13.41	16.88
GG1265	387137	6548699	29.00	37.00	8.00	6.66	17.63
GG1266	387173	6548713	33.00	40.00	7.00	7.60	12.51
GG1283	387711	6547633	22.00	29.00	7.00	6.92	12.10
GG1229	386933	6549032	29.00	38.00	9.00	5.33	16.93
GG1220	388331	6546594	39.00	42.00	3.00	15.24	21.96

ASX Release 14 February 2013

Hole ID	East	North	From	To	Thickness	HM%	Slimes %
GG1232	386984	6549069	36.00	40.00	4.00	11.12	14.62
GG1206	387821	6547688	27.00	30.00	3.00	14.76	39.48
GG1331	387903	6547510	20.00	24.00	4.00	10.98	21.59
GG1317	388281	6546807	34.00	37.00	3.00	14.57	13.92
GG1234	387095	6549114	40.00	48.00	8.00	5.13	20.28
GG1306	388463	6546451	35.00	36.00	1.00	39.20	24.14
GG1288	387921	6547290	24.00	26.00	2.00	18.40	14.09
GG1255	388008	6547329	28.00	31.00	3.00	12.06	25.51
GG1299	388300	6546372	34.00	40.00	6.00	5.79	16.59
GG1308	388096	6546716	32.00	38.00	6.00	5.65	22.59
GG1286	387846	6547256	18.00	25.00	7.00	4.84	12.49
GG1329	387885	6547499	19.00	25.00	6.00	5.58	25.71
GG1281	387641	6547600	18.00	25.00	7.00	4.65	21.10
GG1251	387772	6547683	12.00	19.00	7.00	4.20	27.10
GG1352	387399	6548159	34.00	39.00	5.00	5.79	10.79
GG1215	388129	6546939	36.00	39.00	3.00	9.46	10.74
GG1217	388196	6546975	32.00	36.00	4.00	7.07	22.07
GG1194	387488	6548418	43.00	46.00	3.00	9.32	16.68
GG1296	388221	6546542	35.00	37.00	2.00	13.54	16.94
GG1210	387796	6547677	24.00	28.00	4.00	6.75	21.46
GG1276	387475	6547966	26.00	33.00	7.00	3.85	9.47
GG1254	387974	6547315	23.00	25.00	2.00	13.30	14.80
GG1287	387881	6547272	23.00	26.00	3.00	8.85	12.77
GG1237	387173	6548937	41.00	46.00	5.00	5.19	17.07
GG1295	388184	6546525	29.00	34.00	5.00	5.18	17.31
GG1282	387679	6547619	24.00	27.00	3.00	8.33	12.62
GG1191	387407	6548379	27.00	31.00	4.00	6.13	22.39
GG1207	387857	6547702	6.00	11.00	5.00	4.86	31.20
GG1203	387653	6548053	40.00	44.00	4.00	5.99	10.96
GG1206	387821	6547688	7.00	12.00	5.00	4.79	30.90
GG1243	387342	6548568	46.00	50.00	4.00	5.82	14.64
GG1252	387809	6547682	7.00	11.00	4.00	5.58	26.20
GG1213	388032	6547340	21.00	24.00	3.00	7.30	22.41
GG1264	387100	6548675	28.00	33.00	5.00	4.30	19.66
GG1230	386966	6549055	35.00	38.00	3.00	7.13	15.66
GG1271	387343	6548346	35.00	39.00	4.00	5.29	18.47
GG1221	388372	6546617	34.00	37.00	3.00	6.82	21.35
GG1290	388017	6546885	32.00	37.00	5.00	4.09	16.35
GG1313	388200	6546777	36.00	40.00	4.00	5.08	16.26
GG1350	387668	6548060	42.00	45.00	3.00	6.67	23.03
GG1187	387331	6548563	46.00	49.00	3.00	6.66	14.54
GG1336	387694	6547856	34.00	39.00	5.00	3.80	17.59
GG1300	388337	6546389	25.00	31.00	6.00	3.10	20.23
GG1305	388448	6546437	34.00	37.00	3.00	6.20	17.86

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ASX Release 14 February 2013

Hole ID	East	North	From	To	Thickness	HM%	Slimes %
GG1244	387381	6548588	40.00	42.00	2.00	9.27	22.98
GG1228	386895	6549023	32.00	37.00	5.00	3.35	10.25
GG1285	387811	6547241	21.00	24.00	3.00	5.12	15.81
GG1239	387257	6548750	46.00	49.00	3.00	4.64	34.26
GG1361	387194	6548502	30.00	34.00	4.00	3.42	21.22
GG1335	387875	6547709	6.00	9.00	3.00	4.10	33.70
GG1253	387842	6547696	20.00	23.00	3.00	3.68	24.68
GG1338	387661	6547831	17.00	21.00	4.00	2.72	22.22
GG1210	387796	6547677	11.00	14.00	3.00	3.47	26.99
GG1201	387641	6548266	18.00	21.00	3.00	3.19	13.46
GG1204	387689	6548071	24.00	27.00	3.00	3.18	12.30
GG1360	387160	6548488	33.00	36.00	3.00	2.91	10.53
GG1338	387661	6547831	30.00	33.00	3.00	2.80	9.79

HM determined by TBE heavy liquid separation nominal 2.96 SG Slimes is fraction less than 63 microns

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