IMAGE RESOURCES NL — Investor Presentation 2018

Mar 19, 2018

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

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Mineral Sands Conference 19[th] Annual 21-22 March 2018 Crown Perth Perth WA

Patrick Mutz Managing Director Image Resources NL ASX: IMA

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.

Forward Looking Statements

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All such forward-looking information and statements are based on certain assumptions and analyses made by the Company’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forwardlooking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; changes in commodity prices; unexpected failure or inadequacy of infrastructure, or delays in the refurbishment or development of infrastructure, and the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Other important factors that could cause actual results to differ from these forward-looking statements also include those described under the heading "Key Risks" in the Appendix to this investor presentation.

Readers are cautioned not to place undue reliance on forward-looking information or statements.

This investor presentation also contains references to estimates of mineral resources and ore reserves. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not ore reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resources and ore reserve estimates may have to be re-estimated based on, among other things: (i) fluctuations in zircon, ilmenite or other mineral prices; (ii) results of drilling; (iii) results of metallurgical testing and other studies; (iv) changes to proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licences.

Although the forward-looking statements contained in this investor presentation are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forwardlooking statements. These forward-looking statements are made as of the date of this investor presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this investor presentation.

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Investor Snapshot

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Opportunity to invest in company transitioning to profitable mining operator

• Ø Company fully funded to positive cashflow

• § $50M as debt; $25M as equity

Ø Project construction underway (only $52M project capital)

Ø Plant and equipment already acquired

• Ø First production scheduled for 4[th] QTR 2018 (6-month build)

Ø Cashflow positive forecast in 1[st] QTR 2019

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

• Ø Project NPV A$197 million; IRR 104%; <2 year payback

• § metrics out-of-date on 1 April 2018 due to zircon price rise

Ø Company market cap. A$61M (15 March 2018)

Ø Share price $0.10 (15 March 2018)

• § Euroz and Patersons 12-month forecast $0.22 and $0.19

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Forward Looking Statement Company Description and Focus

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Image Resources NL ASX: IMA

Emerging mineral sands producer

Totally focused on fast-tracking the development of its 100%-owned, high-grade, zircon-rich flagship Boonanarring mineral sands project located 80km north of Perth in Western Australia.

First production targeted for 4[th] QTR 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 projects (dry mining)

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Atlas Ore Reserves Probable: 9.5Mt @ 8.1% HM

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Ø Dredge mining prospects

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Boonanarring Ore Reserves Proved: 9.3 Mt @ 8.6% HM Probable: 10.5Mt @ 5.9% HM

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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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Forward Looking Statement Projects Pyramid – Dredge Deposits 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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Boonanarring Project Comparison

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High HM 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

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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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Forward Looking Statement Ore Reserves Comparison

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IMAGE
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Source: TZMI; May 2017

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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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Forward Looking Statement Bankable Feasibility Study

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Key Financial Metrics

Original BFS Updated BFS*

• Ø Pre-Tax NPV (@ 8%)

A$135M A$197M

Ø Pre-Tax IRR

64% 104%

• Ø Payback period (months)

22 16

• Ø Mine life 8+ years

• Ø Project capital cost A$52M

• includes ~$8M for land

  • ASX Announcement 30 May 2017

  • ** ASX Announcement 27 November 2017

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Forward Looking Statement Project Capital Comparison

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Source: TZMI; May 2017

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Boonanarring – Production Statistics

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Note: 2023 information includes the start of production at Atlas.

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Boonanarring – Project EBITDA

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Note: 2023 information includes the start of production at Atlas.

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Forward Looking Statement Commodity Prices – Actual and Projected

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Forward Looking Statement Commodity Prices – Actual and Projected

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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 HMC 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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Wet Concentrator Plant 3D Modelling

Looking North

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Wet Concentrator Plant 3D Modelling

Looking South

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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 and start of mining ü Groundwater Abstraction Licence (DWER) ü Interim groundwater licence – site establishment (DWER) ü Mining Proposal – incl. MCP (DMIRS) ü Project & Radiation Management Plans (DMIRS) ü Atlas Project Gap Analysis – Environmental Studies & Approvals ü Works Approval (DWER)

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Project Funding

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Boonanarring is now fully funded to positive cashflow and construction has begun

Ø Overall capital requirement: A$75 million

• § Includes project capital, corporate, exploration, working capital and fund raising fees

Ø Debt Facility : A$50 million

• § A$50 [1] million Loan Note Subscription Agreement (“ LNSA ”) with Pala Investments Limited (“ Pala ”) and Castlelake IV L.P. and CLV Investment Solutions LLC which are entities controlled by Castlelake L.P. (collectively “ Castlelake ”) as the Loan Note Holders (ASX announcement 8 March 2018)

• § Drawdown anticipated early April 2018 following satisfaction of customary conditions precedent

Ø Equity Capital: A$25 million

• § A$25 million fully-underwritten equity capital raising closed fully subscribed on 14 March (ASX announcement 15 March 2018)

• § Shares to be allotted 26 March 2018

Notes: 1 - US$ denominated Loan Notes equivalent to A$50M at signing of LNSA

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Capital Spend

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Capital funds to be applied to:

Ø Construction, commissioning of the Boonanarring Project ( A$52M )

• Ø Working capital to positive cashflow ( A$15M ), and

Ø Corporate, exploration and financing costs to positive cashflow ( A$8M )

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Project Capital Breakdown Forward Looking Statement

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BFS Capital	A$M
Indirects	0.7
Directs	22.4
EPCM	3.3
Contingency	2.7
Other – including Highway Intersection	2.1
Subtotal Plant Costs 31.1
Mining Contractor Mobilisation	1.4
Pre-StripOverburden	8.7
Development Capital (including Land)	10.4
Total Capital	51.7

Process Plant & Ancillary Costs

• Ø Indirects (A$0.7M) includes sundry mob./demob., insurance, capital spares, survey/geotech.

• Ø Direct capital costs (A$22.4M):

• Plant transport, refurb and install (A$7M);

• Electrical & controls upgrade (A$3.2M);

• Earthworks, concrete & plant upgrades (A$9.2M);

• Other (A$3.0M)

• Ø Engineering Procurement Construction & Management (EPCM) based on engineering estimate (A$3.3M).

• Ø Contingency - Monte Carlo analysis (A$2.7M). Ø Highway intersection upgrade (A$2.1M)

Other Development Costs

• Ø Mining contractor mobilisation and pre-strip (A$10.1M)

• Ø Other development capital including land purchases (A$10.4M)

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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);

• 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.

• 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 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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Project Development Schedule

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Targeting first production October 2018

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Corporate Snapshot Next Steps

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Ø Finalise equity raising ;

Ø Complete satisfaction of conditions precedent and drawdown loan ;

Ø Board to issue Decision to mine; and

Ø Initiate formal construction.

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Image Corporate Snapshot Corporate Snapshot

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Diverse and experienced Board and Management

Share Code: IMA Share Price: A$0.10 12 Month Price Range: A$0.04 – 0.17 Shares on Issue: 611.3m Market Cap: A$61m Cash on hand: A$4.4m* 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 15 March 2018

• * * - as at 31 December 2017

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Corporate Snapshot Euroz Securities Limited Research

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Corporate Snapshot Patersons Securities Limited

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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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APPENDIX

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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 (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

43

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

44

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.

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).