IMAGE RESOURCES NL — Investor Presentation 2017

May 9, 2017

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

RIU Sydney Resources Round-up 10-11 May 2017 Sofitel Sydney Wentworth Sydney, NSW Patrick Mutz Managing Director Image Resources NL ASX: IMA

==> picture [301 x 49] intentionally omitted <==

2

Forward Looking Statement

==> picture [164 x 27] intentionally omitted <==

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

==> picture [164 x 27] intentionally omitted <==

Image Resources NL

ASX: IMA

Advanced mineral sands exploration company with extensive tenement substantial mineral resources and ore holdings hosting high-grade reserves in the North Perth Basin in Western Australia.

The Company is actively focused on fast-tracking the development of its 100%-owned, high-grade and high-zircon flagship Boonanarring mineral sands project and targeting transitioning to mineral sands producer in early 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.

==> picture [164 x 27] intentionally omitted <==

==> picture [228 x 439] intentionally omitted <==

5

Mineral Resources and Ore Reserves Forward Looking Statement

==> picture [164 x 27] intentionally omitted <==

 LOCATION

 QUALITY RESOURCES/RESERVES JORC Code (2012) Compliant

• ➢ Boonanarring Mineral Resources (measured/indicated/inferred) ▪ 43.7M tonnes at 5.6%THM

• Up 103% from 2013 FS

• ▪ 18% zircon in THM

• 72% ‘Valuable’ HM in THM

• ➢ Boonanarring Ore Reserves (proven and probable) ▪ 20M tonnes at 7.2% THM • Up 39% from 2013 FS

• ▪ 22% zircon in THM

• 77% ‘Valuable’ HM in THM

==> picture [342 x 434] intentionally omitted <==

6

Boonanarring Project Comparison

==> picture [164 x 27] intentionally omitted <==

High HM and Zircon grades relative to peers

==> picture [478 x 354] intentionally omitted <==

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

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%
IMAGE Murray Zircon
SFX IMA WTR MRC BSE AZC MZI MDL
Tronox (Jurien) ILU (Perth Basin) Tronox (Dongara) Tronox (Cooljarloo)
----- End of picture text -----

==> picture [78 x 80] intentionally omitted <==

Source: Released on 4[th] May 2015 – Morgan’s Research Note

7

Ore Reserves

==> picture [164 x 27] intentionally omitted <==

High HM, VHM and very high zircon grade at Boonanarring

High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring	High HM, VHM and very high zircon grade at Boonanarring
Reserve Category Volume Tonnes % HM % SLIMES HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Boonanarring1 Proved 3,125,000 5,829,000 9.1% 14.2% 527,000 74.2% 48.5% 1.9% 2.2% 21.6% Boonanarring1 Probable 7,460,000 14,155,000 6.4% 17.4% 905,000 79.3% 52.2% 1.7% 2.6% 22.8% Totals 10,585,000 19,984,000 7.2% 16.5% 1,432,000 77.4% 50.8% 1.8% 2.4% 22.4% Reserve Category Volume Tonnes % HM % SLIMES HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) Atlas Probable 4,760,000 9,600,000 8.1% 15.5% 780,000 74.1% 55.0% 1.0% 7.0% 11.0% Totals 4,760,000 9,600,000 8.1% 15.5% 780,000 74.1% 55.0% 1.0% 7.0% 11.0% JORC 2012 RESERVE SUMMARY Atlas Reserve as at 30/06/2013 Previously reported JORC 2004 RESERVE SUMMARY
Reserve	Category
Atlas	Probable	4,760,000	9,600,000	8.1%	15.5%	780,000	74.1%	55.0%	1.0%	7.0%	11.0%
Totals		4,760,000	9,600,000	8.1%	15.5%	780,000	74.1%	55.0%	1.0%	7.0%	11.0%
Boonanarring~~3~~

8

Mineral Resourc Forward Looking Statement Upside Potentials and Ore Reserves

==> picture [164 x 27] intentionally omitted <==

 LOCATION

 QUALITY RESOURCES/RESERVES

 UPSIDE POTENTIAL

➢ 1000 km[2] with significant potential for extensions of known resources and discovery of new deposits

==> picture [341 x 433] intentionally omitted <==

9

Boonanarring Deposit Extensions

==> picture [164 x 27] intentionally omitted <==

60km prospective target zone to extend mine life

Boonanarring North

• ➢ Targeting potential 5.6km extension; drilling1.3km north of the deposit includes14m @ 18% HM & 8m @ 22% HM; 50 drill holes planned (subject to access).

Boonanarring to Gingin North

• ➢ Potential for 3.2km extension south of the Boonanarring deposit which is 13.2km long.

Gingin

• ➢ Targeting a further 1.3-1.5mt HM @ 5-6% HM; 7km strand; previous drilling includes 6m @ 10% HM from 27m; Further drill holes planned to follow up results along 7km strand.

Red Gully

• ➢ Infill drilling proposed to increase grades and upgrade resource category in the southern half of deposit. Zircon grades elevated at 12-15%. The deposit is shallow starting at 15 meters.

Note: The potential quantity and grade of the Exploration Targets are conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

==> picture [289 x 387] intentionally omitted <==

10

Boonanarring Deposit Extensions

==> picture [164 x 27] intentionally omitted <==

ASX Announcement 13 March 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

==> picture [325 x 449] intentionally omitted <==

11

Upside Potential

ASX Announcement 20 February 2017

Application filed for New EL (ELA70/4946 - 83 sq. km)

• ➢ Area will include 100% of Regans Ford North heavy mineral deposit

• ➢ Estimated Mineral Resources of 9.9M tonnes at 9.7% HM (JORC 2004)

• ➢ Ground magnetic surveys indicate a further 14km of potential target area beyond current 8.5km mineral resource strike length.

==> picture [164 x 27] intentionally omitted <==

==> picture [296 x 452] intentionally omitted <==

12

Forward Looking Statement Upside Potential

 LOCATION

 QUALITY RESOURCES/RESERVES

 UPSIDE POTENTIAL

==> picture [164 x 27] intentionally omitted <==

==> picture [321 x 430] intentionally omitted <==

13

Forward Looking Statement Project Approvals

==> picture [164 x 27] intentionally omitted <==

 LOCATION

 QUALITY RESOURCES/RESERVES

 UPSIDE POTENTIAL

 PROJECT APPROVALS

✓ Mining Lease & General Purpose Lease ✓ Part IV, Environmental Protection Act (WA) – PER ✓ EPBC Act (Commonwealth)

✓ Landowner agreements

✓ Groundwater Abstraction Licence (Dept of Water and Dept Parks & Wildlife) ✓ Mining Proposal (includes Mine Closure Plan) Works Approval (EPA) 80% Complete Project Management Plan/Radiation Management Plan 50% Complete

14

Forward Looking Statement Feasibility Study and Capital

==> picture [164 x 27] intentionally omitted <==

 LOCATION

• QUALITY RESOURCES & UPSIDE POTENTIAL

 PROJECT APPROVALS

 FEASIBILITY STUDY ➢ Original FS announced 16 July 2013 ▪ $145m NPV ▪ $64m capital

➢ Currently in final stages of updating study to bankable standard

==> picture [62 x 50] intentionally omitted <==

Project Capital Cost (A$million)

==> picture [419 x 296] intentionally omitted <==

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

$500
Startup capex
$400
$300
$200
$100
$0
Boonanarring Keysbrook D3 Toliara Cyclone Thunderbird Kwale Grande Cote
IMA MZI Sierra Rutile WTR DRX SFX BSE MDL
----- End of picture text -----

15

Key Growth and Transition Milestone

==> picture [164 x 27] intentionally omitted <==

8 June 2016

Equity Transaction completed with

Murray Zircon Pty Ltd and

Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd

Completion of transaction allows Image to tick the boxes on a number of critical project development issues and focus squarely on a fast-track path to production.

16

Key Benefits of Transaction

==> picture [164 x 27] intentionally omitted <==

 CAPITAL EQUIPMENT

• All plant & equipment and internal infrastructure items necessary to construct a complete heavy mineral recovery operation; from slurry unit in the mine to wet concentration plant for HMC.

• SHORT TERM FUNDS

• $4M Short-Term loan funds with very favourable terms

• OFFTAKE AGREEMENT

• Contracted off-take agreement with Orient Zirconic for 90% of zircon at market price (~70% of revenue)

• WORKING CAPITAL

▪ 2ndary working capital loan funds of US$8M following First Production

17

Key Benefits of Transaction

==> picture [164 x 27] intentionally omitted <==

 MINERAL SEPARATION SERVICES

• Access to mineral separation services in China

• ▪ Purchase option for a Mineral Separation Plant in SA

• Local toll-processing option

 CORNERSTONE SHAREHOLDER

▪ New cornerstone shareholder with 20 years zircon processing and global zirconium products sales

 INDEPENDENT CHAIRMAN

▪ New very experienced independent Chairman

• NEW DIRECTORS WITH PRODUCTION EXPERIENCE

▪ 3 new Board members including Managing Director, all with mineral sands operations experience

18

Key Benefits of Transaction

==> picture [164 x 27] intentionally omitted <==

 EXPERIENCED MANAGEMENT

• Project development and operations experienced senior management team

• MINORITY SHAREHOLDER PROTECTIONS

• Contracted protections for two years

• No interference with 3 incumbent Directors or replacements

• ▪ No vote on merger related issues

• Mandatory equity raising support for 1 year

• Additional board seat for shareholder with >10% shareholding

• LOW CAPITAL COSTS

• Significantly lower remaining capital requirements with acquisition of wet plant and equipment

19

Plant and Equipment (select examples)

==> picture [164 x 27] intentionally omitted <==

==> picture [216 x 162] intentionally omitted <==

==> picture [190 x 189] intentionally omitted <==

==> picture [253 x 139] intentionally omitted <==

Wet Concentration Plant

Mineral Separation Plant (Option)

Slurry Booster Stations & pipelines

==> picture [196 x 148] intentionally omitted <==

==> picture [242 x 182] intentionally omitted <==

==> picture [248 x 176] intentionally omitted <==

Power poles, wires & transformers

HMC Stackers

Mine Slurry Unit

Plus much, much more.

20

Development Schedule

==> picture [164 x 27] intentionally omitted <==

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)
				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																light blue is reporting
Project Approvals
HMC Toll or Sale Agreement
Project Financing
WCP & Equipment Relocation
Construction
Pre-Stripping										Decision to Mine Target
Ore Mining				Transaction
Plant Commissioning				~~Completed~~ 8 June
Production

• Conditional on feasibility results

21

Bidaminna Project

==> picture [164 x 27] intentionally omitted <==

Bidaminna Park (E70/3298), Bidaminna North (E70/2844), Mimegarra (E70/4779)

• ➢ Potential high-volume, low-cost dredge mining target

• ➢ Mineralisation 15-35 metres thick and located below water table; low slimes (3-4%); strip ratio ~1; coarse grain size and very high VHM (90+%)

• ➢ Atypically high leucoxene grades ranging 27-65% of THM ; increasing to the north

• ➢ Potentially higher in-situ value per tonne or ore compared to typical ilmenite-rich assemblage

• ➢ Historic Mineral Resources 5.5km in length; 44Mt at 3% THM

• ➢ Exploration Target to the north could add another 100110Mt at 3-4% THM; potential to contain 3-4Mt of HM

• ➢ A further 14km of potential mineralisation extends to the north identified by preliminary magnetic surveys

• ➢ Follow-on drilling underway

Note: The potential quantity and grade of the Exploration Targets are conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

==> picture [275 x 398] intentionally omitted <==

22

Tronox Royalty

==> picture [164 x 27] intentionally omitted <==

Potential near term royalty cash flows from Mullering

Royalty deal and extension potential

• ➢ A$50,000 cash payment has been received;

• ➢ Sliding-scale royalty:

• at 2.5% HM average grade, royalty will be 1.25%

• at 3.0% HM average grade, royalty will be 2.50%

• at 3.5% HM average grade, royalty will be 3.75%

• at 4.0% HM average grade, royalty will be 5.00%

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

==> picture [238 x 393] intentionally omitted <==

23

Corporate Snapshot Image Corporate Snapshot

==> picture [164 x 27] intentionally omitted <==

Diverse and experienced Board and Management

Share Code: IMA Share Price: A$0.10 12 Month Price Range: A$0.04 – 0.11 Shares on Issue: 537.6m Market Cap: A$54m Cash on hand: A$5.5m* 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

==> picture [342 x 176] intentionally omitted <==

Key Management

Patrick Mutz – CEO

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

==> picture [128 x 22] intentionally omitted <==

24

Transition from Explorer to Producer Contact

Generalisation of Transition from Explorer to Producer

==> picture [633 x 298] intentionally omitted <==

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

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 is here (?)
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
----- End of picture text -----

25

Contact Historic Commodity Pricing

==> picture [720 x 422] intentionally omitted <==

26

Contact For further information

==> picture [302 x 50] intentionally omitted <==

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

27

Who is Murray Zircon Pty Ltd?

==> picture [164 x 27] intentionally omitted <==

• ➢ Owner/operator Mindarie Minerals Sands Project , Murray Basin, South Australia;

• ➢ Successfully redeveloped, commissioned and operated Mindarie 2011-2015 followed by rapid and successful mine rehabilitation;

• ➢ Developed strong relations with landowners, community, regulators and government ; earning its social licence to operate in South Australia;

• ➢ Developed a number of innovative approaches to productivity and cost control ;

• ➢ Operationally proven wet plant and equipment of right design and capacity;

• ➢ Demonstrated project development and operations management experience;

• ➢ 79% owned by Orient Zirconic .

28

Who is Orient Zirconic?

==> picture [164 x 27] intentionally omitted <==

• ➢ One of China’s largest zircon processing companies with one of the most diverse range of zirconium products in the world ;

• ➢ Global sales of zirconium products ranging from bulk commodities to nuclear grade zirconium sponge for nuclear reactors ;

• Products used in special ceramics, biological ceramics, optical communication devices, solid-fuel battery, aerospace fields, electronic ceramics, jewel, ceramic glaze colour, high fireproofing, and many new materials. Bulk commodities including zirconium oxychloride, zirconium dioxide, fused zirconia and others.

• ➢ Listed on the Schenzen Stock Exchange under ID 0002617 ;

• ➢ Market capitalisation approximately RMB8.1billion ( AUD1.5billion );

• ➢ Approximately 1,200 employees across five factory locations across China ;

29

Orient Zirconic

==> picture [164 x 27] intentionally omitted <==

==> picture [720 x 414] intentionally omitted <==

30 Guangdong Orient Zirconic Orient ZirconicInd Sci & Tech Co., Ltd 30

==> picture [670 x 411] intentionally omitted <==

Orient Zirconic factory locations in China