IMAGE RESOURCES NL — Investor Presentation 2018

Sep 23, 2018

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Australia’s next mineral sands miner

Boonanarring mineral sands project 100%-owned, high-grade, zircon-rich flagship project 80km north of Perth in Western Australia

Construction of open-cut mine and processing facility to be completed early 4[th] QTR 2018 On-track for first production in 4[th] QTR 2018

Investor Presentation September 2018 Patrick Mutz Managing Director Image Resources NL ASX: IMA

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Forward Looking Statements

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This presentation has been prepared by the management of Image Resources NL ("Image”, “IMA“ or the ‘Company’) in connection with meetings with investors and potential investors and not as specific advice to any particular party or person. The information is based on publicly available information, internally developed data and other sources. Where any opinion is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only. This presentation does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares of the Company. Past performance cannot be relied upon as a guide to future performance. Please refer to the back of this presentation for information concerning the calculation of reserves and resources referred to herein, and the consents provided by the respective Competent Persons. For further details on the content of this presentation, please refer to the ASX releases on the Company’s website.

Certain statements in this investor presentation, and in subsequent oral statements made by and on behalf of Image, constitute “forwardlooking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company, the Boonanarring Project, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding future events, performance and results, and speak only as of the date of this investor presentation.

Statements in this investor presentation that constitute forward-looking statements or information include, but are not limited to statements regarding the Boonanarring/Atlas Project: Production, Cashflows, NPV, IRR, construction timelines, life of the mine; funding; and use of proceeds of the Placement.

The forward-looking information and statements also include metal price assumptions, projected capital and operating costs, metal recoveries, mine life and production rates and other assumptions used in the 2017 Bankable Feasibility Study (as hereinafter defined). Readers are cautioned that actual results may vary from those presented. Certain of the factors and assumptions used to develop the forward-looking information, and the risks that could cause the actual results to differ materially, are contained in the Bankable Feasibility Study lodged with the ASX and disclosed on the Company’s website at www.imageres.com.au.

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Investor Snapshot

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Opportunity to invest in a company transitioning from advanced explorer to profitable miner before it realises full valuation

• Ø Company fully funded to positive cashflow

• § $50M as debt; $25M as equity

• § only $52M project capital[1]

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• Ø Plant and equipment acquired mid-2016 with equity

• Ø Project construction commenced mid-March (6-7 month build)

• § Project commissioning scheduled for 4[th] QTR 2018

• Ø First production scheduled for late 4[th] QTR 2018

• Ø Cashflow positive forecast late 1[st] QTR 2019

Notes: 1 – Per bankable feasibility study results announced 30 May 2017

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Investor Snapshot

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Opportunity to invest in a company transitioning from advanced explorer to profitable miner before it realises full valuation

Ø Binding off-take agreement in place for 100% of production

• Ø Project NPV A$235 million[1] ; IRR 125%[1] ; 13 month payback[1]

• § metrics expected to strengthen with anticipated zircon price rise on 1 October 2018

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Ø Share price $0.12[2]

• Ø Company market cap. A$114M[2]

Notes: 1 – Per updated bankable feasibility study results announced 28 June 2018. Image confirms that all material assumptions from that announcement underpinning the production targets and forecast financial information derived from the production targets continue to apply and have not materially changed.

• 2 – as at 13 September 2018

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Products and Applications

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Key products are zircon and titanium dioxide

Ø Zircon sand is processed into zirconium compounds, intermediate products and zirconium metal for a variety of applications;

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• § Ceramics (tiles); 55% demand

• § Foundry Sands (castings); 14%

• § Refractories (furnace linings); 10%

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• § Chemicals (gem stones, nuclear reactors); 14%

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§ Others; 7%

Speciality uses include fibre optics, glass, paints, catalysts, underarm deodorants, adhesives, cosmetics, paper, dental ceramics plus many research applications.

Source: Zirconium Industry Association www.zircon-association.org (2011 data)

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Products and Applications

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Key products are zircon and titanium dioxide

Ø Titanium dioxide (TiO2) from rutile and ilmenite is processed into titanium based products and titanium metal for a variety of applications;

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• § Ultra-white pigments (paint, paper, plastic); ~90% demand

• § Welding rods (flux coating);

• § Titanium metal (light, strong, corrosion-resistant, biocompatible);

• Used in aircraft, spacecraft, motor vehicles and medical implants;

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Speciality uses include sunscreen, adhesives, inks, fabrics, ceramics, cosmetics, toothpaste, catalysts, and pharmaceuticals.

Forward Looking Statement Project Location

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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 projects (dry mining)

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Ø Dredge mining prospects

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Boonanarring Project currently being developed.

Multiple opportunities for a second stand-alone mining project within the current 100%-owned tenement package.

Bidaminna is high on priority list.

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Atlas Ore Reserves
Probable: 9.5Mt @ 8.1% HM
Boonanarring Ore Re
Proved: 9.3 Mt @ 8.6%
Probable: 10.5Mt @ 5
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Projects Pyramid – Dredge Prospects Forward Looking Statement Mineral Resources – Accessible by Dredge Mining Projects ranked by HM Grade

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Positive attributes

• 90+%VHM;

• <5% slimes;

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

• 25-67% Leucoxene;

Tonnes-grades are for historic Mineral Resources per JORC Code (2004).

• 100Mt exploration

target. Potential focus for 2[nd] operating centre.

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 (Zr) plus Rutile (Ru)

BFS assumes mining at Boonanarring followed by mining at Atlas. Other projects can be added after further drilling and studies.

Tonnes-grades are for Mineral Resources; Boonanarring and Atlas per JORC Code (2012); Boonanarring All others historic per JORC Code (2004). 43.8Mt; 5.6%HM; 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 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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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

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
							(%)	(%)	(%)	(%)	(%)
Boonanarring2	Proved	5,008,000	9,344,000	8.6	14.3	803,771	76.081	48.9	1.8	2.2	23.2
Boonanarring2	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
Atlas2	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

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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Products and Prices

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Notes: VHM assemblages and commodity prices are estimates based on Boonanarring project heavy mineral concentrate product.

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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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Boonanarring – Production Statistics

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Average annual production at Boonanarring

Ø 220k tonnes HMC; containing;

• 60kt zircon (70kt/year in 2019-20)

• 130kt ilmenite

• 5kt rutile

• 3kt leucoxene

• Ø 5.5 years mine life with ability to add 3-4 years additional ore reserves

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Boonanarring – Production Statistics

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Boonanarrin Pro ect Production Forecast - u dated Jul 2018 g j p y

Boonanarring – Production Statistics	Boonanarring – Production Statistics	Boonanarring – Production Statistics	Boonanarring – Production Statistics	Boonanarring – Production Statistics	Boonanarring – Production Statistics	Boonanarring – Production Statistics	15	15
Boonanarring Project Production Forecast - updated July 2018
	2018	2019	2020	2021	2022	2023	Total
Oreprocessed(Kt)	700	3,600	3,800	3,700	3,800	3,500	19,100
Oregrade(%HM)	6%	8%	11%	6%	8%	11%	8%
Assemblage (% of HM)	42.7	270.0	429.4	207.2	285.0	378.0	1612.3
Zircon	19%	25%	22%	25%	25%	16%	22%
Rutile	3%	3%	2%	3%	3%	6%	3%
Ilmenite	55%	49%	51%	49%	49%	53%	51%
Leucoxene	2%	2%	2%	2%	2%	3%	2%
HMCproduced(Kt)	12	222	345	168	227	343	1,317
HMC sold(Kt)	11	219	320	190	230	230	1,200
HMC content
Zircon(Kt)	2	64	87	40	71	42	306
Rutile(Kt)	0.3	5	6	5	5	13	34
Ilmenite(Kt)	7	117	176	115	118	125	658
Leucoxene(Kt)	0.2	3	5	3	2	5	19
Trash HM/silica(Kt)	2	30	46	28	33	45	184
Total(Kt)	12	219	320	191	229	230	1,202
%VHM in HMC	83%	86%	86%	85%	86%	80%	85%

Note: 2023 information includes start of production at Atlas.

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Boonanarring – Project EBITDA

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Boonanarring Project EBITDA Summary - updated July 2018	Boonanarring Project EBITDA Summary - updated July 2018	Boonanarring Project EBITDA Summary - updated July 2018	Boonanarring Project EBITDA Summary - updated July 2018	Boonanarring Project EBITDA Summary - updated July 2018	Boonanarring Project EBITDA Summary - updated July 2018	Boonanarring Project EBITDA Summary - updated July 2018
(AU$million)	2018	2019	2020	2021	2022	2023	Total
Revenue	5	127	181	100	139	101	653
Revenue/tonne HMC	455	580	566	526	604	439	544
Operating Costs
Mining	18	46	43	42	42	35	226
Processing	1.2	7	7	7	7	8	37
Site Administration	4	4	4	4	5	6	27
Logistics	1	15	21	13	15	17	82
Royalties/Other	0.3	6	9	5	7	6	33
Capitalised Op. Costs	(15)	0	0	0	0	0	(15)
Change in Inventory	(3)	1	(4)	5	(2)	(13)	(16)
Total Operating Costs	7	79	80	76	74	59	375
Operating Costs/t HMC	591	361	250	400	322	257	312
Operating Margin	-23%	61%	126%	32%	88%	71%	74%
Project EBITDA	(1)	48	101	24	65	42	278

Note: 2023 information includes start of production at Atlas.

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Forward Looking Statement Commodity Prices – Actual and Projected

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Current price for Tronox premium grade zircon Projected price increase prior to first production

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Forward Looking Statement Bankable Feasibility Study

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Key Financial Metrics

Original BFS1 Updated BFS2 Updated BFS3

A$135M

A$197M A$235M

Ø Pre-Tax NPV (@ 8%) Ø Pre-Tax IRR Ø Payback period (months) Ø Mine life 8+ years Ø Project capital cost A$52M

64% 22

104% 125% 16 13

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????
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• includes ~$8M for land

1 - ASX Announcement 30 May 2017

2 - ASX Announcement 27 November 2017

3 – ASX Announcement 28 June 2018

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Forward Looking Statement Image Wet Concentration Plant

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Site Construction Photos

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Project Development Schedule

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Targeting first production 4[th] Quarter 2018

	Simplified Boonanarring Project Construction Schedule -(high level)
							2018								2019
		Jan	Feb		Mar	Apr	May	Jun	Jul	Aug	Sep	Oct		Nov	Dec Jan	Feb	Mar
	WCP & Equipment Relocation
	Project Construction
	Pre-Stripping
	Ore Mining
	Plant Commissioning
	Production

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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 (ASX announcement 13 March & 26 June 2017);

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

• Ø 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)

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

• 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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Potential Royalty from Tronox

Royalty agreement in place as of 2014

Ø Small cash payment (already 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 Indefinite production schedule

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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Tronox historic mining area Image-Tronox royalty area

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Image Corporate Snapshot Corporate Snapshot

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Diverse and experienced Board and Management

ASX Code: IMA Share Price: A$0.12 12-Month Price Range: A$0.07– 0.17 Shares on Issue: 953m Market Cap: A$114m Cash on hand: A$34.7m* Debt: *A$57.2m Enterprise Value: A$136m Top 20 Shareholders: 73%

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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 Huang Cheng Li – Non-Executive Director

Key Management

Patrick Mutz – CEO

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

• - as at 13 September 2018

• * - as at 31 August 2018 (includes term deposits)

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Transition from Explorer to Producer Contact

Generalisation of Transition from Explorer to Producer

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10
9 Project
Production
8 Development
(realisation
Discovery
(feasibility
7 of full value)
& Resource
results;
6 Delineation
mine decision;
Study Period
5 (excitement; (uncertainty; project funding;
Exploration 2019 (?)
growth;
4 costly; more certainty;
(high risk;
Investor lower risk)
dilution)
3 speculative)
profit)
2
1 Image was here (?) 12/2016 1 year later (?) 12/2017
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 Use of Solar Energy

Heads of Agreement with Sunrise Energy Group Pty Ltd to provide 3-4 MWAC solar farm to be:

• Ø Constructed and operated by Sunrise Energy;

• Ø Located on Image owned land adjacent to Boonanarring mine site; and

• Ø Providing 25% of total electricity requirements for mine and processing operations.

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Additional information regarding Heads of Agreement announced to ASX on 23 April 2018 .

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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

Forward Looking Statement

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Additional Information

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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.

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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	6,359,359	11,799,213	8.0	14	942,167	74.3	48.3	1.7	2.2	22.0
Boonanarring1	Indicated	11,802,047	22,265,400	4.9	18.3	1,081,208	71.7	49.2	2.2	2.5	17.8
Boonanarring1	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
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		32,413,191	61,585,062	5.7	17.7	3,536,882	70.3	48.1	2.8	3.8	15.6

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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; in accordance with JORC Code (2004)
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

33

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

34

Compliance Statements 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.

3. 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).