IMAGE RESOURCES NL — Investor Presentation 2017

Oct 15, 2017

Boonanarring Mineral Sands Project: The next cab off the mineral sands rank

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121 Mining Investment 17-18 October 2017 Grand Hyatt Hotel Hong Kong Patrick Mutz Managing Director Image Resources NL ASX: IMA

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2

Forward Looking Statement

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Certain statements made 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 be 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 tenements, 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 future events or circumstances or to reflect the occurrence of unanticipated events.

3

Forward Looking Statement Company Description and Focus

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Image Resources NL

ASX: IMA

Emerging mineral sands producer

Actively focused on fast-tracking the development of its 100%-owned, high-grade and high-zircon flagship Boonanarring mineral sands project in the North Perth Basin in Western Australia. First production targeted for 2[nd] QTR 2018.

CONVENTIONAL, CONVENTIONAL, CONVENTIONAL Dry open cut mining Coarse grained mineralisation Standard suite of products

4

Forward Looking Statement Project Location

 LOCATION

• North Perth Basin in Western Australia

• 80 km north of Perth CBD

• Proven mineral sands address

• Including majors Iluka and Tronox

• Infrastructure rich

• paved roads, power, gas pipeline water, telecommunications etc.

• Local communities and landowners experienced with, and accepting of, mineral sands mining.

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5

Projects Types and Locations

• 1,000 km [2] tenements portfolio

• 100% focus on mineral sands

• Strandline (dry open cut mining) projects

• Dredge mining projects

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6 Forward Looking Statement Projects Pyramid - Dredgeable Mineral Resources – Accessible by Dredge Mining Projects ranked by HM Grade 25-67% Leucoxene; 90+%VHM; Bidaminna <5% slimes; 45Mt; 3.0%HM; 100Mt exploration 6.5% Zr+Ru target Titan-Telesto 140Mt; 1.9%HM; 12.8% Zr+Ru

Calypso 51Mt; 1.7% HM; 15.9% Zr+Ru

Total 236Mt; 2.1%HM; 11.5% Zr+Ru

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Forward Looking Statement Projects Pyramid – Strand Deposits

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Mineral Resources – Accessible by Dry Open-Cut Mining Projects ranked by combined Zircon plus Rutile Boonanarring Focus 43.8Mt; 5.6%HM; of BFS 20.7% Zr+Ru Atlas 18.1Mt; 6.0%HM; 15.8% Zr+Ru Red Gully 6.0Mt; 7.7% HM; 15.5% Zr+Ru Regans Ford 9.9Mt; 9.6%HM; 14.3% Zr+Ru (ELA) Cooljarloo North 15.2Mt; 5.3%HM; 14.0% Zr+Ru Gingin South 8.1Mt; 6.1%HM; 13.5% Zr+Ru Gingin North 2.4Mt; 5.5%HM; 9.1% Zr+Ru Total 103Mt; 6.2%HM; 17% Zr+Ru

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Boonanarring Project Comparison

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High HM, VHM and Zircon grades relative to peers

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HM grade Zircon grade VHM
HM Grade (%) Zircon (%)
14.0% 25%
Image Resources (IMA) VHM Grade Zircon %
Boonanarring project
12.0%
21.5Mt @ 8.3% HM
and up to 24.5% Zircon 20%
10.0%
15%
8.0%
6.0%
10%
H
4.0%
5%
2.0%
0.0% 0%
SFX IMA WTR MRC BSE AZC MZI MDL
IMAGE Tronox (Jurien) ILU (Perth Basin) Murray Zircon Tronox (Dongara) Tronox (Cooljarloo)
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Source: Released on 4[th] May 2015 – Morgan’s Research Note. VHM added by Image.

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Forward Looking Statement Ore Reserves

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 QUALITY ORE RESERVES

 JORC Code (2012) Compliant

 High HM, VHM and very high zircon at Boonanarring

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High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)
Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
(%) (%) (%) (%) (%)
Boonanarring [2] Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2
Boonanarring [2] Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9
Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7
Atlas [2] Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6
Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6
Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4
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2.COMPLIANCE STATEMENT Boonanarring/Atlas Reserve

The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and fulltime employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.

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Forward Looking Statement Ore Reserves Comparison

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IMAGE
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Source: TZMI; May 2017

11

Forward Looking Statement Bankable Feasibility Study

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Base Assumptions

• Start mining at Boonanarring

• Dry, open-cut mining

• Production rate - 500 dry tonnes per hour

• 3.7M dry tonnes per year

• Conventional gravity separation using spirals

• Product: Heavy Mineral Concentrate (HMC)

• Production rate: avg. approx. 220K tonnes/annum

• • Truck to Bunbury for bulk shipments to China

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Forward Looking Statement Bankable Feasibility Study

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Key Financial Metrics

• Pre-Tax NPV A$135M (8% discount rate)

• Pre-Tax IRR 64%

• Mine life 8+ years

• Project capital cost A$52M

• includes ~$8M for land

• Payback period 22 months

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Forward Looking Statement Project Capital Comparison

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Source: TZMI; May 2017

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Forward Looking Statement Start-up Capital / Revenue Ratio

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Source: TZMI; May 2017

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Forward Looking Statement Bankable Feasibility Study

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Sensitivity Analysis

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16 Forward Looking Statement Actual Commodity Prices Rising

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17 Forward Looking Statement Actual Commodity Prices Rising

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18 Forward Looking Statement Actual Commodity Prices Rising

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19 Forward Looking Statement Actual Commodity Prices Rising

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20

Forward Looking Statement Bankable Feasibility Study

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Other Key Project Metrics

• Binding offtake contract for heavy mineral

• concentrate (HMC)

• 100% of HMC production for life of project

• Market-based pricing model

• Full credit for TiO2 products

• No minimum product specifications

• Capital equipment already acquired

 From run-of-mine ore feed through to HMC product

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Plant and Equipment (select examples)

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Wet Concentration Plant

Mineral Separation Plant (Option)

Slurry Booster Stations & pipelines

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Power poles, wires & transformers

HMC Stackers

Mine Slurry Unit

Plus much, much more.

22 Forward Looking Statement Image Wet Concentration Plant

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23

Forward Looking Statement Upside Potential

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Upside potential at and near Boonanarring

• Confirmed potential to extend mine life with high grade mineralisation (ASX announcement 13 March & 26 June 2017);

• Assuming mineralisation in extension area is identical to known Ore Reserves in all aspects and economics; two years of additional mine life could add AU$60M to project NPV.

• Potential to process lower grade overlying layer of mineralisation;

• Potential to process ores from several other deposits with high grade mineral resources in the vicinity;

• Red Gully, Regans Ford, and Gingin (South and North).

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Boonanarring Deposit Extensions

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ASX - 13 March & 26 June 2017

New Drilling Results (Feb 2017)

• Confirm 5.6km northern extension of Boonanarring mineralisation

• Outstanding high grade intersections:

• 8m @ 23.8% HM in IX00245

• 8m @ 21.1% HM in IX00244 and

• 8m @ 16.3% HM in IX00250

• Importantly with high grade zircon:  21.5% Zr in HM in IX00245 & 247

• 22.1% Zr in HM in IX00243 & 244

• 16.4% Zr in HM in IX00242, 250 & 251

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25

Potential Royalty from Tronox

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Royalty agreement in place as of

• A$50,000 cash received

• Sliding-scale royalty on production

Avg. HM Grade 2.5% 3.0% 3.5% 4.0%	Royalty
	1.25% 2.50% 3.75% 5.00%

• Potential for future arrangements with Tronox or others based on large area of potential dredge mining mineralisation within Image’s tenements in the vicinity of Tronox’s historic dredge operations.

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26

Forward Looking Statement Project Approvals

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 PROJECT APPROVALS

• Mining Lease & General Purpose Lease

• Part IV, Environmental Protection Act (WA) – PER

• EPBC Act (Commonwealth)

• Land acquisition for processing plant siting and start of mining

• Groundwater Abstraction Licence (DWER)

• Interim groundwater licence – site establishment (DWER)

• Mining Proposal – incl. MCP (DMIRS)





• Project & Radiation Management Plans (DMIRS)

• Atlas Project Gap Analysis – Environmental Studies & Approvals Works Approval (DWER) Submissions complete; final approval imminent

Project Development Schedule 27

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Targeting first production mid-2018
Simplified Boonanarring Project Development Schedule - (high level)
2017 2018
Finalisation of Transaction
Complete BFS
Project Approvals
HMC Toll or Sale Agreement
Project Financing
WCP & Equipment Relocation
Construction
Pre-Stripping
Ore Mining Decision to Mine Target
Plant Commissioning
Production
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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28

Transition from Explorer to Producer Contact

Generalisation of Transition from Explorer to Producer

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10
9
Production
8 (realisation
Discovery Project
7 of full value)
& Resource Development
6 Delineation (feasibility
Study Period
5 (excitement; (uncertainty; results;
Exploration
growth; mine decision;
4 costly;
(high risk; Investor project funding;
dilution)
3 speculative)
profit) more certainty;
2 lower risk)
1 Image was here (?) 12/2016 6 months later (?) 6/2017
0
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55
Time
Relative Value
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Corporate Snapshot Image Corporate Snapshot Diverse and experienced Board and Management

29

Share Code: IMA Share Price: A$0.09 12 Month Price Range: A$0.04 – 0.12 Shares on Issue: 571.3m Market Cap: A$50m Cash on hand: A$2.9m* Debt (short-term): *A$4.0m Top 20 Shareholders: 68%

Board of Directors

Bob Besley – Independent Chairman Patrick Mutz – Managing Director Chaodian Chen - Non-Executive Director Aaron Chong Veoy Soo – Non-Executive Dir George Sakalidis – Executive Director Peter Thomas – Non-Executive Director Fei (Eddy) Wu – Non-Executive Director

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Key Management

Patrick Mutz – CEO

George Sakalidis – Exploration Director John McEvoy – Chief Financial Officer Todd Colton – General Manager – Dev.

• - as at 30 September 2017

• * * - as at 30 September 2017

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Contact For further information

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Patrick Mutz Managing Director Image Resources NL

info@imageres.com.au Office: +61 8 9485 2410

Ground Floor, 23 Ventnor Avenue West Perth, WA 6005 PO Box 469, West Perth, WA 6872 www.imageres.com.au

31

Compliance Statements Forward Looking Statement

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COMPLIANCE STATEMENT FOR EXPLORATION

Information in this presentation that relates to Exploration Results is based on information compiled by George Sakalidis BSc (Hons) who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results, Mineral Resources and Mineral Reserves were compiled, George Sakalidis was a director 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 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.

2. COMPLIANCE STATEMENT FOR BOONANARRING AND ATLAS DEPOSITS ORE RESERVES

The Ore Reserves statements for the Atlas and Boonanarring deposits have been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral – Resources and Ore Reserves (The JORC Code 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.

32 Mineral Resources – Strand Deposits Forward Looking Statement

Strand Deposits 1 of 2

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High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off
Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
(%) (%) (%) (%) (%)
Boonanarring [1] Measured 6,359,359 11,799,213 8.0 14 942,167 74.3 48.3 1.7 2.2 22.0
Boonanarring [1] Indicated 11,802,047 22,265,400 4.9 18.3 1,081,208 71.7 49.2 2.2 2.5 17.8
Boonanarring [1] Inferred 4,987,703 9,420,449 4.5 21 422,507 68.8 50.0 3.5 3.4 11.9
Boonanarring Total 22,886,875 43,485,062 5.6 18 2,445,882 72.2 49.0 2.2 2.6 18.4
Atlas [1] Measured 5,210,526 9,900,000 7.9 16.1 782,000 71.0 49.1 4.2 7.2 10.5
Atlas [1] Indicated 3,368,421 6,400,000 3.7 17.3 237,000 56.5 41.6 3.4 4.7 6.8
Atlas [1] Inferred 947,368 1,800,000 4.0 19.9 72,000 41.5 29.0 3.3 4.4 4.8
Atlas Total 9,526,316 18,100,000 6.0 16.9 1,091,000 65.9 46.1 4.0 6.5 9.3
Sub-Total Atlas/Boonanarring 32,413,191 61,585,062 5.7 17.7 3,536,882 70.3 48.1 2.8 3.8 15.6
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33

Mineral Resources – Strand Deposits Forward Looking Statement

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Strand Deposits 2 of 2

Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off	Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off
Project/Deposit	Category	Volume	Tonnes	% HM	% Slimes	HM Tonnes	VHM	**Ilmenite **	Leucoxene	Rutile	Zircon
							(%)	(%)	(%)	(%)	(%)
Gingin Nth3	Indicated	680,175	1,318,642	5.7	15.7	75,163	75.4	57.4	9.3	3.2	5.5
Gingin Nth3	Inferred	580,000	1,090,000	5.2	14.0	57,116	78.4	57.3	11.3	3.7	6.0
Gingin Nth Total		1,260,175	2,408,642	5.5	15.0	132,279	76.7	57.3	10.2	3.4	5.7
Gingin Sth3	Measured	872,830	1,526,122	4.4	7.2	67,149	79.4	50.7	15.3	5.6	7.8
Gingin Sth3	Indicated	3,241,835	5,820,480	6.5	7.1	377,167	90.6	67.6	9.8	5.1	8.1
Gingin Sth3	Inferred	398,573	732,912	6.5	8.4	47,566	91.6	67.4	7.5	5.8	10.9
Gingin Sth Total		4,513,238	8,079,514	6.1	7.3	491,882	89.2	65.3	10.3	5.2	8.3
Helene3	Indicated	5,568,110	11,466,106	4.6	18.6	522,854	88.7	74.6	0.0	3.6	10.5
Hyperion3	Indicated	1,786,781	3,742,471	7.7	19.3	286,673	69.4	55.8	0.0	6.3	7.3
Cooljarloo Nth Total		7,354,891	15,208,577	5.3	18.8	809,528	81.9	67.9	0.0	4.6	9.4
Red Gully3 Indicated 1,930,000 3,409,768 7.8 11.5 265,962 89.7 66.0 8.3 3.1 12.4 Red Gully3 Inferred 1,455,000 2,565,631 7.5 10.7 192,422 89.0 65.4 8.2 3.0 12.3 Red Gully Total 3,385,000 5,975,399 7.7 11.2 458,384 89.4 65.7 8.2 3.1 12.4
Sub-Total Other		16,513,304	31,672,132	6.0	14.1	1,892,073	85.2	66.0	5.4	4.3	9.6
Historic Deposit - Strand deposit (Under EL application)
Project/Deposit	Category	Volume	Tonnes	% HM	% Slimes	HM Tonnes	VHM	**Ilmenite **	Leucoxene	Rutile	Zircon
							(%)	(%)	(%)	(%)	(%)
Regans Ford4 Indicated 4,505,285 9,024,226				9.9 16.8 893,398 94.3				70.0 10.0 4.3 10.0
Regans Ford4 Inferred 455,933 918,536				6.5 18.5 59,705 90.5				68.3 7.7 4.4 10.1
Regans Ford Total 4,961,218 9,942,762				9.6	17.0 953,103 94.1			69.9	9.9	4.3	10.0

34 Mineral Resources – Dredge Deposits Forward Looking Statement

Dredge Deposits 1 of 1

Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off	Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off
**Project/Deposit **	Category	Volume	Tonnes	**% HM **	% Slimes	HM Tonnes	**VHM **	**Ilmenite **	**Leucoxene **	**Rutile **	Zircon
							(%)	(%)	(%)	(%)	(%)
Titan3	Indicated	10,335,053	21,163,741	1.8	22.1	378,831	86.0	71.9	1.5	3.1	9.5
Titan3	Inferred	58,517,775	115,445,391	1.9	18.9	2,205,007	85.9	71.8	1.5	3.1	9.5
Total Titan	Total	68,852,828	136,609,132	1.9	19.4	2,583,838	85.9	71.8	1.5	3.1	9.5
Telesto3	Indicated	1,716,328	3,512,204	3.8	18.4	134,499	83.3	67.5	0.7	5.6	9.5
Calypso3	Inferred	27,113,647	51,457,008	1.7	13.7	854,186	85.6	68.1	1.6	5.1	10.8
Bidaminna3	Inferred	26,260,000	44,642,000	3.0	3.6	1,339,260	96.8	83.11	7.2	1.0	5.5
Total Dredge		**123,942,803 **	236,220,344	2.1	15.2	4,911,783	88.7	74.1	3.1	2.9	8.6

Compliance Statements Mineral Resources Forward Looking Statement 35

COMPLIANCE STATEMENT FOR MINERAL RESOURCES

1. COMPLIANCE STATEMENT Boonanarring/Atlas Mineral Resources

The information in this presentation that relates to the estimation of Mineral Resources is based on information compiled by Mrs Christine Standing, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG). Mrs Standing is a full-time employee of Optiro Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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’. Mrs Standing consents to the inclusion in this report of the matters based on her information in the form and context in which it appears.

1. COMPETENT PERSON’S STATEMENT – MINERAL RESOURCE ESTIMATES

The information in this presentation that relates to Mineral Resources is based on information compiled by Lynn Widenbar BSc, MSc, DIC MAusIMM MAIG 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.

4. HISTORIC INFORMATION – REGANS FORD DEPOSIT

The information in this presentation that relates to tonnes, grades and mineral assemblage is based on historic information published by Iluka Resources Limited and indicating the mineral resources were compiled in accordance with the JORC Code (2004).