IMAGE RESOURCES NL — Investor Presentation 2017

Jul 18, 2017

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

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Noosa Mining Conference 19-21 July 2017 Peppers Noosa Resort Noosa, QLD

Patrick Mutz Managing Director Image Resources NL ASX: IMA

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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.

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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 early 2018.

CONVENTIONAL, CONVENTIONAL, CONVENTIONAL Dry open cut mining Coarse grained mineralisation

Standard suite of products

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Forward Looking Statement Project Location

q LOCATION

Ø North Perth Basin in Western Australia

Ø 80 km north of Perth CBD

Ø Proven mineral sands address

§ Including majors Iluka and Tronox

Ø Infrastructure rich

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

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

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Projects Types and Locations

Ø 1,000 km [2] tenements portfolio Ø 100% focus on mineral sands Ø Strandline (dry open cut mining) projects Ø Dredge mining projects

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Forward Looking Statement Projects Pyramid - Dredgeable Mineral Resources – Accessible by Dredge Mining Projects ranked by HM Grade

Bidaminna 45Mt; 3.0%HM; 6.5% Zr+Ru

25-67% Leucoxene; 90+%VHM; <5% slimes; 100Mt exploration 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 Mineral Resources – Accessible by Dry Open-Cut Mining Projects ranked by combined Zircon plus Rutile

Boonanarring 43.8Mt; 5.6%HM; 20.7% Zr+Ru Atlas 18.1Mt; 6.0%HM; 15.8% Zr+Ru

Focus of BFS

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

M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers	M, VHM and Zircon grades relative to peers
H 0% 5% 10% 15% 20% 25% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% SFX IMA WTR Tronox (Jurien) MRC ILU (Perth Basin) BSE AZC Tronox (Dongara) MZI Tronox (Cooljarloo) MDL Zircon (%) HM Grade (%) VHM Grade Zircon % Image Resources (IMA) Boonanarring project 21.5Mt @ 8.3% HM and up to 24.5% Zircon Murray Zircon HM grade Zircon grade VHM IMAGE
									VHM Grade Zircon % Image Resources (IMA) Boonanarring project
									21.5Mt @ 8.3% HM and up to 24.5% Zircon
												H
																	H
	SFX				IMA IMAGE

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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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q QUALITY ORE RESERVES Ø JORC Code (2012) Compliant Ø High HM, VHM and very high zircon at Boonanarring

Ore Reserves Summary in accordance with JORC Code

y (2012)	y (2012)	y (2012)
Reserve	Category	Volume	Tonnes	% HM	**% SLIMES **	HM Tonnes	VHM	**Ilmenite **	Leucoxene	Rutile	Zircon
							(%)	(%)	(%)	(%)	(%)
Boonanarring2	Proved	3,125,000	5,829,000	9.1	14.2	527,000	74.2	48.5	1.9	2.2	21.6
Boonanarring2	Probable	7,460,000	14,155,000	6.3	17.4	905,000	79.3	52.2	1.7	2.6	22.8
Total Boonanarring		10,585,000	19,984,000	7.2	16.5	1,432,000	77.4	50.8	1.8	2.4	22.4
Atlas2	Probable	5,000,000	9,477,000	8.1	15.5	770,000	73.3	50.7	4.5	7.5	10.6
Total Atlas		5,000,000	9,477,000	8.1	15.5	770,000	73.3	50.7	4.5	7.5	10.6
Total Ore Reserves		15,585,000	29,461,000	7.5	16.2	2,202,000	76.0	50.8	2.7	4.2	18.3

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Forward Looking Statement Ore Reserves Comparison

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----- Start of picture text -----

IMAGE
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Source: TZMI; May 2017

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Forward Looking Statement Bankable Feasibility Study

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Base Assumptions

Ø Start mining at Boonanarring

• Ø Dry, open-cut mining

• Ø Production rate - 500 dry tonnes per hour

• 3.7M dry tonnes per year

• Ø Conventional gravity separation using spirals

• Ø 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[1]

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

Ø Pre-Tax IRR 64%

• Ø Mine life 8+ years

• Ø Project capital cost A$52M

• includes ~$8M for land

Ø Payback period 22 months

1. Refer ASX Announcement 30 May 2017 “STRONG BFS RESULTS FOR BOONANARRING / ATLAS ”

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Forward Looking Statement Bankable Feasibility Study

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Sensitivity Analysis

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Forward Looking Statement Bankable Feasibility Study

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Monthly Revenue, Costs and Cash Flow

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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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Other Key Project Metrics

• Ø Binding offtake contract for heavy mineral

• concentrate (HMC)

• 100% of production for life of project

• Market-based pricing model

• Full credit for TiO2 products

• No minimum product specifications

• Ø 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

Mine Slurry Unit

Plus much, much more.

HMC Stackers

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Forward Looking Statement Image Wet Concentration Plant

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Forward Looking Statement Offtake Agreement

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Advantages of HMC Offtake vs Zircon Offtake

Ø results in securing 100% of revenue instead of 65-70% for zircon only;

Ø provides faster access to revenue;

• letters of credit can be converted to cash as soon as each shipment of HMC departs the Bunbury port, compared to having to wait until the HMC is processed into final products and the zircon is loaded and departs the port of loading;

• Ø reduces total working capital requirements by A$7-8M (due to the faster receipt of revenue); and

• Ø eliminates risks and potential extra costs associated with HMC processing (separation) including processing and delivery schedules, product quality issues, administration and marketing.

• Ø Reduces overall project capital (no capital contribution for HMC processing)

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Forward Looking Statement Upside Potential

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Upside potential at and near Boonanarring

Ø Confirmed potential to extend mine life with high grade mineralisation;

• Ø Potential to process lower grade overlying layer of mineralisation;

• Ø Several other deposits with high grade mineral resources in the vicinity.

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Boonanarring Deposit Extensions

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ASX Announcement 13 March 2017

New Drilling Results (Feb 2017)

• Ø Confirm 5.6km northern extension of Boonanarring mineralisation

• Ø Outstanding high-grade intersections:

• § 8m @ 23.8% HM in IX00245

• § 8m @ 21.1% HM in IX00244 and

• § 8m @ 16.3% HM in IX00250

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Potential Royalty from Tronox

Royalty agreement in place as of Ø A$50,000 cash received

Ø Sliding-scale royalty on production

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

Ø 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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Forward Looking Statement Project Approvals

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q PROJECT APPROVALS

ü Mining Lease & General Purpose Lease ü Part IV, Environmental Protection Act (WA) – PER ü EPBC Act (Commonwealth) ü Land acquisition for processing plant siting ü Groundwater Abstraction Licence (Dept of Water and Dept Parks & Wildlife) ü Interim groundwater licence – site establishment (DoW) ü Mining Proposal – incl. MCP, EMS & ASS Mgmt Plan (DMP) Works Approval (Dept of Environment Regulation) Application filed Project Management Plan/Radiation Management Plan (DMP) Plan filed ü Atlas Project Gap Analysis – Environmental Studies & Approvals

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Project Development Schedule

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Targeting first production in early 2018

Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)	Simplified Boonanarring Project Development Schedule -(high level)
					2016													2017										2018
	Apr	May	Jun		Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr		May		Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul
Finalisation of Transaction
Complete BFS
Project Approvals
HMC Toll or Sale Agreement
Project Financing
WCP & Equipment Relocation
Construction
Pre-Stripping					Equity						Decision to M				ine T		arget
Ore Mining					~~Transaction~~ ~~w/Murra Zircon~~
					~~y~~
Plant Commissioning					Completed
					~~8 June~~
Production

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Contact Historic Commodity Pricing

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Contact Commodity Prices on the Rise

Zircon-

We forecast two more quarterly increases of +$100/t and then two further $50/t increases. That would take the price from around $860/t at the start of 2017, to $1350/t by 2H18, our forecast price peak. (Source: FNZC Market Daily, 29 May 2017) (Credit Suisse)

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Rutile price forecast lifted from 2019 (Source: FNZC Market Daily, 29 May 2017)

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Contact Commodity Prices on the Rise

We increase our ilmenite forecasts and now expect them to double YoY by 3Q17. Given the Chinese impetus behind ilmenite, we forecast ilmenite prices will essentially double in 2017, from $80/t in early 2016 to $160/t FOB by 3Q17. We see further increases towards $200/t by 2019, due to expected ongoing solid demand from China. (Source: FNZC Market Daily, 29 May 2017)

TiO2 pigments – pigment price rise picking up pace. Price increases are getting stronger and a new round of price hikes is coming by mid-year. Cristal announced global price rises of $250/t for most regions, and €350/t in Europe. (Source: FNZC Market Daily, 29 May 2017)

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Transition from Explorer to Producer Contact

Generalisation of Transition from Explorer to Producer

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 (high risk; Investor costly; 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

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Corporate Snapshot Image Corporate Snapshot Diverse and experienced Board and Management

Share Code: IMA Share Price: A$0.10 12 Month Price Range: A$0.04 – 0.12 Shares on Issue: 537.6m Market Cap: A$52m Cash on hand: A$1.4m* 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 10 July 2017

• * - as at 30 June 2017; $3M placement announced 12 July

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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

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Compliance Statements Forward Looking Statement

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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.

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.

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Mineral Resources – Strand Deposits Forward Looking Statement

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Strand Deposits 1 of 2

High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off	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
							(%)	(%)	(%)	(%)	(%)
Boonanarring1	Measured	4,105,263	7,800,000	8.2	14	639,600	71.5	47.3	1.9	2.2	20.1
Boonanarring1	Indicated	13,736,842	26,100,000	5.3	18	1,383,300	73.3	49.6	2.0	2.5	19.2
Boonanarring1	Inferred	5,210,526	9,900,000	4.5	21	445,500	69.2	50.3	3.5	3.5	11.9
Boonanarring Total		23,052,632	43,800,000	5.6	18	2,468,400	72.1	49.1	2.2	2.6	18.1
Atlas1	Measured	5,210,526	9,900,000	7.9	16.1	782,000	71.0	49.1	4.2	7.2	10.5
Atlas1	Indicated	3,368,421	6,400,000	3.7	17.3	237,000	56.5	41.6	3.4	4.7	6.8
Atlas1	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		32,578,947	61,900,000	5.7	17.7	3,559,400	70.2	48.2	2.8	3.8	15.4

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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

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Mineral Resources – Dredge Deposits Forward Looking Statement

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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

36

Compliance Statements Mineral Resources Forward Looking Statement

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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).