IMAGE RESOURCES NL — Investor Presentation 2018

Mar 11, 2018

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

EQUITY RAISING INVESTOR PRESENTATION

==> picture [348 x 236] intentionally omitted <==

MARCH 2018 ASX: IMA

Image Resources NL ABN: 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth, WA 6005 www.imageres.com.au

Disclaimer

2

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

IMPORTANT INFORMATION

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.

FORWARD LOOKING STATEMENTS

Certain statements in this investor presentation, and in subsequent oral statements made by and on behalf of Image, constitute “forward-looking 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.

Disclaimer

3

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

FORWARD LOOKING STATEMENTS (continued)

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 includes 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

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 forward-looking 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.

Disclaimer

4

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

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 forward-looking 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

NOT AN OFFER DOCUMENT

This presentation is not a prospectus, product disclosure statement or other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission (ASIC)) or any other law. This presentation is for information purposes only and is not an invitation or offer of securities for subscription, purchase or sale in any jurisdiction.

This presentation may not be released or distributed in the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be illegal. The Placement shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly the Placement shares may not be offered or sold, directly or indirectly, in the United States, unless they have been registered under the U.S. Securities Act (which the Company has no obligation to do or procure), or are offered and sold in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable United States state securities laws.

Disclaimer

5

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

LIABILITY

Euroz Limited ("Lead Manager”) nor any of its respective related bodies corporate, shareholders or affiliates or any of its respective officers, directors, employees, affiliates, agents and advisers (each, a “Limited Party”) have authorised, permitted or caused the issue, lodgment, submission, dispatch or provision of this investor presentation. The Limited Parties do not make or purport to make any statement in this investor presentation and there is no statement in this investor presentation which is based on any statement by a Limited Party. No Limited Party makes any recommendation as to whether any potential investor should participate in the offer of new shares referred to in this investor presentation and there is no statement in this investor presentation which is based on any statement by a Limited Party. No Limited Party makes any warranty concerning the offer of new shares pursuant to a possible Placement. No Limited Party makes any representation or warranty, express or implied, as to the fairness, accuracy or completeness of the information, opinions and conclusions contained in this investor presentation by any person and, to the maximum extent permitted by law, excludes and disclaims all liability including without limitation for negligence or any loss arising from the use of this investor presentation or its contents or otherwise arising in connection with it. Further, no Limited Party accepts any fiduciary obligations to or in relation with any investor or potential investor in connection with the offer of the new shares pursuant to the Placement, the SPP or otherwise, and by accepting this investor presentation each recipient expressly disclaims any fiduciary relationship and agrees that it is responsible for making its own independent judgements with respect to the Company’s shares referred to in this investor presentation, and any other transaction or other matter arising in connection with this investor presentation.

The Placement shares that may be issued subsequent to this investor presentation are only available in Australia to certain persons who are professional investors or wholesale clients or other persons specified in section 708 of the Corporations Act to whom a disclosure document is not required to be given under Chapter 6D of the Corporations Act. Determination of eligibility of investors for the purposes of the potential Placement is determined by reference to a number of matters, including legal requirements and the discretion of the Company and the Lead Manager. The Company and the Lead Manager disclaim any liability in respect of the exercise or otherwise of that discretion, to the maximum extent permitted by law.

The Lead Manager or other Limited Parties may provide investment banking services to the Company, or have interests in the shares of the Company, including being directors of, or providing financial advisory services to, the Company. Further, they may act as market maker or buy or sell those securities or associated derivatives as principal or agent. The Joint Lead Managers may receive fees for acting in their capacities as lead manager and/or bookrunner or co-lead manager, as applicable, to the Placement referred to in this investor presentation.

6

Executive Summary

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

Image to be fully funded through construction and ramp-up at Boonanarring

• Ø Overall funding package of A$75 million means Image will be fully funded to complete development of its 100%-owned Boonanarring Mineral Sands Project (“ Boonanarring ”)

• Ø Image to commence construction works immediately with first production targeted for Q4CY18.

Debt Funding announced

• Ø 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 announced 8 March 2918.

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

7

Executive Summary

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

Equity Funding underway

• Ø Placement of Image shares to sophisticated and professional investors to raise A$25 million (“Placement”);

• Ø Placement fully underwritten by Vestpro International Limited (“ Vestpro ”) and Million Up Limited ( “Million Up” ) through individual Subscription Agreements;

• § Vestpro is (1) to subscribe for an amount of Placement shares equal to minimum of 10.1% of total shares on issue following equity raising and issue of Commitment Shares[1 ] (Total Shares on Issue); (2) to subscribe to any shortfall shares up to 19.9% of total shares on issue following equity raising; and (3) entitled to Board representation if share ownership >10% of Total Shares on Issue; and

• § Million Up has no minimum requirement but is committed to subscribe to the balance of any shortfall shares.

Note: 1 – Commitment Shares means (a) 56.255 million Image shares to be issued to the Loan Note Holders on drawdown of the loan as part of the fees under the Loan Note Subscription Agreement announced 8 March 2018, and (b) 35,198,459 Image shares to be issued to Murray Zircon Pty Ltd following a decision to mine by the Board of Image for Boonanarring, as part of the commitment to issue Deferred Shares as defined in, and in accordance with, the Share Consideration Deed dated 8 June 2016 between the Company and Murray Zircon Pty Ltd, and which Commitment Shares are anticipated to be issued in late March or early April 2018.

8

Placement Overview

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

	Ø Placement of 250 million new fully paid ordinary shares to institutional and
Offer	sophisticated investors to raise $25m (before costs) pursuant to shareholder approval
	provided to Image at the General Meeting held on 13 February 2018.
	Ø The Offer Price of A$0.10 represents a discount of 9% to Image’s closing price on 9
Offer Price	March 2018, and a discount of 5% to volume weighted average price for the 5 trading
	days up to, and including, 9 March 2018.
Ranking	Ø On an equivalent basis with existing Image shares.
	Funds raised via the Placement will be applied to:
Use of Proceeds	Ø Provide the equity component for the construction and development of the Boonanarring Project (A$2M1); Ø Corporate and financing costs (A$8M); and
	Ø Working capital (A$15M).
Lead Manager	Ø Euroz Securities Limited.
Settlement	Ø Wednesday, 21 March 2018.
	Note: 1 – to be supplemented with A$50M from debt facility for full project capital

9

Shares on Issue

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

Post Equity Raising & Issue of Commitment Shares

Ø Current shares on issue: 611,289,987 Ø Equity Raising shares to issue: 250,000,000 Shares on issue post Equity Raising: 861,289,987 Ø Commitment Shares [1] to issue: 91,453,459 Shares on issue post issue of Commitment Shares: 952,743,446

611,289,987 250,000,000 861,289,987 91,453,459

Note: 1 – Commitment Shares means (a) 56.255 million Image shares to be issued to the Loan Note Holders on drawdown of the loan as part of the fees under the Loan Note Subscription Agreement announced 8 March 2018, and (b) 35,198,459 Image shares to be issued to Murray Zircon Pty Ltd following a decision to mine by the Board of Image for Boonanarring, as part of the commitment to issue Deferred Shares as defined in, and in accordance with, the Share Consideration Deed dated 8 June 2016 between the Company and Murray Zircon Pty Ltd, and which Commitment Shares are anticipated to be issued in late March or early April 2018.

10

Debt Funding – Key terms

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

A$50M[1] Debt Facility with Pala & Castlelake[2] Term: 3 years single tranche drawdown Interest Rate: 13-14%

CPs to Drawdown: Customary CPs (includes raising A$25M in equity) Security: Senior Secured

: Repayments No repayments for 15 months (interest capitalised); Principal repaid in 7 equal quarterly payments

Notes: 1 - US$ denominated Loan Notes equivalent to A$50M at signing of LNSA 2 - Refer IMA announcement dated 8 March 2018 for further detail

11

Debt Funding – Fees and Covenants

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

A$50M[1] Debt Facility with Pala & Castlelake[2] Fees: Arrangement Fee of 2% and Issuer discount of 7% Other Consideration: 56.255M Image shares and 35M 5-Year Warrants @ 115% premium

Covenants: Customary positive, negative & financial covenants plus undertakings and Events of Default.

Other: No sweep provision; no royalty; no mandatory hedging

Notes: 1 - US$ denominated Loan Notes equivalent to A$50M at signing of LNSA 2 - Refer IMA announcement dated 8 March 2018 for further detail

12

Corporate Snapshot Image Corporate Snapshot

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

Diverse and experienced Board and Management

Share Code: Share Price: 12 Month Price Range: Shares on Issue: Market Cap: Cash on hand: Debt (short-term): Top 20 Shareholders:

IMA A$0.105 A$0.04 – 0.17 611.3m A$64m A$4.4m A$4.0m 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 [366 x 197] intentionally omitted <==

Key Management

Patrick Mutz – CEO

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

• - as at 28 February 2018

• * * - as at 31 December 2017

Forward Looking Statement Project Approvals

13

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

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)

14

Corporate Snapshot Next Steps

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

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.

15

Forward Looking Statement Company Description and Focus

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

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 October 2018.

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

Standard suite of products

16

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.

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

==> picture [229 x 439] intentionally omitted <==

17

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

==> picture [83 x 28] intentionally omitted <==

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

==> picture [326 x 433] intentionally omitted <==

Boonanarring Project Comparison

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

18

High HM, VHM and Zircon grades relative to peers

==> picture [470 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%
SFX IMA WTR MRC BSE AZC MZI MDL
IMAGE Tronox (Jurien) ILU (Perth Basin) Murray Zircon Tronox (Dongara) Tronox (Cooljarloo)
----- End of picture text -----

Source: Released on 4[th] May 2015 – Morgan’s Research Note. VHM added by Image.

19

Forward Looking Statement Ore Reserves

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

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.

20

Forward Looking Statement Ore Reserves Comparison

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

==> picture [56 x 13] intentionally omitted <==

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

IMAGE
----- End of picture text -----

Source: TZMI; May 2017

21

Forward Looking Statement Bankable Feasibility Study

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

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

22

Forward Looking Statement Bankable Feasibility Study

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

Key Financial Metrics

Original BFS Updated BFS*

• Ø Pre-Tax NPV (@ 8%)

A$135M A$197M

Ø Pre-Tax IRR

Ø Payback period (months)

64% 104% 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

23

Forward Looking Statement Project Capital Comparison

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

==> picture [133 x 217] intentionally omitted <==

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

Lower is
Better!
----- End of picture text -----

Source: TZMI; May 2017

24

Forward Looking Statement Start-up Capital / Revenue Ratio

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

==> picture [83 x 78] intentionally omitted <==

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

Lower is
Better!
----- End of picture text -----

Source: TZMI; May 2017

25

Boonanarring – Production Statistics

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

==> picture [692 x 431] intentionally omitted <==

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

26

Boonanarring – Project EBITDA

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

==> picture [702 x 377] intentionally omitted <==

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

Forward Looking Statement Commodity Prices – Actual and Projected 27

==> picture [720 x 408] intentionally omitted <==

28

Forward Looking Statement Commodity Prices – Actual and Projected

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

==> picture [720 x 409] intentionally omitted <==

29

Forward Looking Statement Bankable Feasibility Study

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

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

30

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

Mine Slurry Unit

Plus much, much more.

HMC Stackers

31

Forward Looking Statement Image Wet Concentration Plant

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

==> picture [720 x 326] intentionally omitted <==

Wet Concentrator Plant 3D Modelling

==> picture [82 x 13] intentionally omitted <==

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

Looking North
----- End of picture text -----

==> picture [646 x 325] intentionally omitted <==

Wet Concentrator Plant 3D Modelling

Looking South

==> picture [663 x 302] intentionally omitted <==

34

Forward Looking Statement Upside Potential

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

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).

35

Boonanarring Deposit Extensions

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

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

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

36

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.

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

==> picture [274 x 445] intentionally omitted <==

Project Development Schedule

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

37

Targeting first production October 2018

==> picture [720 x 367] intentionally omitted <==

38

Corporate Snapshot Euroz Securities Limited Research

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

==> picture [552 x 253] intentionally omitted <==

39

Corporate Snapshot Patersons Securities Limited

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

==> picture [635 x 145] intentionally omitted <==

==> picture [431 x 150] intentionally omitted <==

40

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

Forward Looking Statement

41

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

APPENDIX

42

Compliance Statements Forward Looking Statement

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

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.

43

Mineral Resources – Strand Deposits Forward Looking Statement

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

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

44

Mineral Resources – Strand Deposits Forward Looking Statement

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

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

45

Mineral Resources – Dredge Deposits Forward Looking Statement

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

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

46

Compliance Statements Forward Looking Statement

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

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).

47

Key Risks

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

An investment in Image Resources NL ( IMA ) should be considered speculative due to the nature of the business and its early stage of development. Investments in mineral exploration and development issuers, such as IMA, involve a significant degree of risk. The development of the Boonanarring Project is speculative, characterised by significant inherent risk, and may not be successful.

The risks and uncertainties described below are not the only risks and uncertainties that IMA faces. Additional risks and uncertainties of which IMA is not aware or that IMA currently considers to be immaterial may also adversely affect the business, financial condition, results of operations or prospects. If any of the possible events described below occur, IMA’s business, financial condition, results of operations or prospects could be materially and adversely affected.

This presentation also contains forward-looking statements that involve risks and uncertainties. IMA’s actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors.

Some of the key risks associated with an investment in IMA include:

1. Funding

The Boonanarring Project is at development stage and will requires additional funding prior to a development decision. Should IMA proceed to develop the project significant capital expenditure will be incurred. IMA has secured a debt finance facility under a loan note subscription agreement for A$50 million which is subject to a number of Conditions Precedent to drawdown, one of which is the raising of an additional A$25 million in equity. There is no guarantee that the Conditions Precedent on the debt finance facility will be met, and in particular whether the equity will be obtained or available on acceptable terms.

The ability of IMA to finalise the additional funding required will depend, in part, on prevailing capital market conditions. Failure to obtain financing on a timely basis may cause IMA to postpone, reduce or terminate its operations and could have a material adverse effect on IMA’s future business, results of operations and financial condition.

The Company has not yet achieved profitable operations. As at 31 December, 2017, IMA had available cash reserves of A$4.4 million. IMA is currently generating no revenues from the sale of production from its operations. There is no assurance that IMA will be able to generate funds from operations in the future.

48

Key Risks (continued)

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

2. Uncertainty in the Estimation of Mineral Resources and Ore Reserves

Estimating the quantity and quality of Mineral Resources and Ore Reserves is an inherently uncertain process and the Minerals Resources and Ore Reserves stated are estimates, and may not prove to be an accurate indication of the quantity of minerals that IMA has identified or that it will be able to extract. In addition, the quantities of minerals ultimately mined may differ from that indicated by drilling results. In the event that minerals are present in lower amounts than expected or the product mined is of a lower quality than expected, the demand for, and realisable price of, IMA’s products may decrease.

3. Development Risks

The Boonanarring Project is at development stage. If the Project proceeds to the construction stage, the process of constructing, commissioning and operating the project will be subject to many uncertainties, including the timing and cost of construction, the receipt of all additional permits. There is a risk that unexpected challenges or delays will arise, or that product quality and quantity results will differ from the estimates on which IMA’s cost estimates are based, increasing the costs of production and/or resulting in lower sales.

The Company has not yet generated revenues from mineral production. The Company’s success will depend largely upon its ability to develop the Boonanarring Project and additional commercially viable ore reserves.

4. Dependence on the Boonanarring Project

IMA is primarily focused on the development of the Boonanarring Project. Any adverse developments affecting the Boonanarring Project could have a material adverse effect upon IMA and would materially and adversely affect the potential HMC production, profitability, financial performance and results of operations of IMA.

5. Product Quality

IMA has conducted extensive analysis and pilot scale test work to produce samples of HMC and final mineral sands products. However, no guarantee can be given to confirm that the company will ultimately be able to produce products to the specifications required at the cost estimated. If the quality of the product does not meet planned specification or costs more to produce than anticipated, then the company’s prospects, value, project and financial condition may be materially adversely affected.

49

Key Risks (continued)

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

6. Licenses and Permits

IMA will require certain licenses, permits and approvals to develop the Boonanarring Project, and subsequently other projects. IMA has obtained the key permits and approvals required for the Boonanarring Project, however has not yet obtained all of the required licenses and permits to operate the project. The duration and success of efforts to obtain permits are contingent upon many variables that are outside IMA’s control. Failure to obtain, or delays in obtaining such licenses and permits may adversely affect IMA’s ability to proceed with the operating of the Boonanarring Project and subsequent projects.

7. Mineral Title Risks

There are a number of conditions and regulatory requirements that IMA must satisfy with respect to its tenements to maintain its interests in those tenements in good standing. There is a risk that IMA may not be able to satisfy these conditions and requirements (including expenditure commitments), in which case IMA’s mineral title rights may be terminated in respect of those tenements.

The Company regularly has tenements up for renewal. There is no assurance that these renewals will be granted. If a tenement is not granted or renewed, IMA may suffer significant damage through loss of the opportunity to discover and develop any mineral resource on that tenement.

8. Material Project Contracts and Land Access

IMA is in advanced negotiations with counter parties in respect of material project contracts that need to be completed before development of the Boonanarring Project can be developed. These contracts include Mining Works Contract, Port Access Licence, Logistics Services Contract, Power Supply Agreement, External Road Construction Agreement, Project Management Contract and SMPE&I Contract. There is no guarantee that IMA will be able to successfully conclude these negotiations in a timely manner, within the timeframes required under the debt facilities or at the price expected which may have an adverse impact on IMA’s business and financial condition.

50

Key Risks (continued)

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

IMA is also currently in advanced negotiations to secure access to land required for the development of the Boonanarring Project. There is no guarantee that IMA will be able to successfully conclude these negotiations in a timely manner, within the timeframes required under the debt facilities or at the price expected which may have an adverse impact on IMA’s business and financial condition.

9. Operational Risks

The Company’s operations are subject to all of the risks normally incident to the exploration for and the development and operation of mineral properties. Unusual or unexpected weather disruptions, fires, power outages, labour disruptions, flooding, explosions and the inability to obtain adequate machinery, equipment or labour are some of the risks involved in mineral exploration and exploitation activities.

Production companies face additional risks including the risk of unexpected maintenance or technical problems, periodic interruptions, industrial m accidents, power or fuel supply interruptions and equipment failure. The Boonanarring Project may be subject to operational, technical or other difficulties, including those arising as a result of unforeseen events outside the control of IMA, and any or all of which may negatively impact production quantities and/or quality, delay product deliveries or increase the estimated cost of production, which may have an adverse impact on IMA’s business and financial condition

10. Mining is inherently dangerous and subject to factors or events beyond IMA’s control

The Company’s current business, and any future development or mining operations, involve various types of risks and hazards typical of companies engaged in the mining industry. These risks affect the current exploration, development and refurbishment activities of IMA, and will affect IMA’s business to an even larger extent once commercial mining operations, if any, commence. Such risks include, but are not limited to: (i) industrial accidents; (ii) unusual or unexpected rock formations; (iii) structural cave-ins or slides and pitfall, ground or slope failures and accidental release of water from surface storage facilities; (iv) fire, flooding and earthquakes; (v) rock bursts; (vi) metals losses; (vii) periodic interruptions due to inclement or hazardous weather conditions; (viii) environmental hazards; (ix) discharge of pollutants or hazardous materials; (x) failure of processing and mechanical equipment and other performance problems; (xi) geotechnical risks, and unusual and unexpected geological conditions; (xii) unanticipated variations in grade and other geological problems, water, surface or underground conditions; (xiii) labour disputes or slowdowns; (xiv) work force health issues as a result of working conditions; and (xv) force majeure events, or other unfavourable operating conditions.

51

Key Risks (continued)

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

These risks, conditions and events could result in: (i) damage to, or destruction of, the value of, the Boonanarring Project or the facilities; (ii) personal injury or death; (iii) environmental damage to the Boonanarring Project or the properties of others; (iv) delays or prohibitions on mining or the transportation of minerals; (v) monetary losses; and (vi) potential legal liability and any of the foregoing could have a material adverse effect on IMA’s business, financial condition, results of operations or prospects. In particular, open cut mining, plant refurbishment and exploration activities present inherent risks of injury to people and damage to equipment. Significant mine accidents could occur, potentially resulting in a complete shutdown of IMA’s operations at the Boonanarring Project which could have a material adverse effect on IMA’s business, financial condition, results of operations or prospects.

11. Mineral Sand, HMC Prices and Demand

IMA intends to earn future profits primarily from the production and sale of HMC, containing zircon, ilmenite, rutile and leucoxene. Demand is affected by numerous factors beyond IMA's control, including the overall state of the economy, general level of industrial production, interest rates, rate of inflation, foreign exchange rates and investment demand for commodities. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems and political developments. A decline in prices or lower demand for products than expected by IMA may adversely impact future cash flows and the economic viability of the Boonanarring Project and IMA’s other potential projects. IMA’s Boonanarring Project is forecast to generate more than 70% of its revenue from the value of zircon contained within HMC. This project is therefore particular sensitive to movements in zircon prices.

12. Product Sales and Marketing Risk

IMA currently has one offtake contract in place with a product purchaser. If this purchaser breaches or otherwise fails to honour its contractual offtake commitments, any such breach may materially and adversely impact IMA’s financial results and performance. IMA may not be able to find alternative purchasers for its products.

52

Key Risks (continued)

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

13. Regulatory Risks

The Company’s operations and exploration activities are subject to laws and regulations governing various matters. These include laws and regulations relating to repatriation of capital and exchange controls, taxation, labour standards and occupational health and safety and historic and cultural preservation. Amendments to current laws, regulations and permits governing operations and activities of mining companies, or the more stringent enforcement thereof, could have a material adverse effect on IMA’s business, financial condition, results of operations or prospects by increasing exploration expenses, future capital expenditures or future production costs or by reducing the future level of production, or cause the abandonment of or delays in the development of the Boonanrring Project.

IMA must comply with stringent environmental legislation in carrying out work on the Boonanarring Project. Environmental legislation is evolving in a manner that may require stricter standards and enforcement, increased fines and penalties for noncompliance, more stringent environmental assessments of its proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. Changes in environmental legislation could prevent, delay and/or increase the cost of exploration and development of the Boonanarring Project.

53

International Offer Restrictions

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

==> picture [655 x 400] intentionally omitted <==

54

Boonanarring/Atlas – Production Statistics

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

Project Production Statistics	2018	2019	2020	2021	2022	2023	2024	2025	2026
Mined Ore Tonnes(HG)	621,252	3,682,767	3,696,124	3,724,085	3,765,642	2,659,650	3,359,563	3,358,792	1,601,766
HM Grades	8.6%	7.8%	11.2%	5.6%	7.8%	10.9%	9.4%	6.2%	5.5%
Zircon	22.4%	25.4%	22.6%	25.3%	25.4%	17.0%	12.2%	7.4%	7.8%
Rutile	2.4%	2.4%	2.2%	2.4%	2.4%	4.8%	7.2%	7.6%	6.6%
Ilmenite	54.2%	48.8%	50.4%	48.9%	48.8%	53.3%	50.0%	47.7%	46.5%
Leucoxene	1.8%	1.7%	2.1%	1.7%	1.7%	2.7%	3.6%	5.6%	4.9%
HMC	20,530	230,897	336,817	169,717	218,452	253,490	291,674	191,690	81,277
Product Sold
HMC	18,732	224,964	320,000	190,000	220,000	170,000	220,000	220,000	210,000
Containing:
Zircon	4,835	68,561	87,709	39,102	68,756	34,864	28,291	16,980	15,655
Rutile	431	5,047	6,429	4,566	5,127	7,556	16,020	16,622	13,131
Ilmenite	11,108	119,077	174,552	115,977	112,938	94,601	110,238	104,983	97,334
Leucoxene	237	2,732	4,845	2,808	2,209	3,396	6,458	10,167	8,536
Other HM/Contaminants	2,121	29,548	46,465	27,548	30,970	29,582	58,993	71,249	75,345
Product Sold Total	18,732	224,964	320,000	190,000	220,000	170,000	220,000	220,000	210,000

55

Boonanarring/Atlas – Project EBITDA

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

	2018	2019	2020	2021	2022	2023	2024	2025	2026
Project EBITDA	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Revenue	8,881	132,631	186,878	97,152	127,191	77,435	79,816	64,395	58,131
Operational Expenditure
Mining	(22,419)	(43,831)	(40,032)	(39,304)	(40,914)	(36,652)	(18,739)	(20,036)	(16,482)
WCP	(1,591)	(7,066)	(7,155)	(7,176)	(7,220)	(5,707)	(4,260)	(4,381)	(2,501)
Land Access	(140)	(255)	(245)	(95)	(95)	(245)	(345)	-	-
Site Administration	(2,863)	(4,276)	(4,288)	(4,276)	(4,276)	(3,958)	(3,892)	(3,881)	(3,881)
Logistics	(1,567)	(15,513)	(21,008)	(12,631)	(14,564)	(11,309)	(15,257)	(15,735)	(15,038)
Royalties/Other	(435)	(6,307)	(8,901)	(4,590)	(6,056)	(3,634)	(3,694)	(2,942)	(2,650)
Capitalised OperatingCosts	19,258	-	-	-	-	-	-	-	-
Total Operating Costs	(9,758)	(77,249)	(81,628)	(68,072)	(73,125)	(61,505)	(46,188)	(46,976)	(40,552)
Change in Inventory	819	737	2,594	(2,691)	(868)	9,108	6,376	2,026	(17,940)
Gains on Disposal of Assets	-	-	-	-	-	1,559	2,949	1,562	33
Project EBITDA	(58)	56,119	107,844	26,388	53,198	26,597	42,953	21,007	(328)

56

Bankable Feasibility Study - Updated Forward Looking Statement

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

Sensitivity Analysis

==> picture [675 x 304] intentionally omitted <==

57

Project Capital Breakdown Forward Looking Statement

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

Process Plant & Ancillary Costs

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-Strip/Overburden	8.7
Development Capital (including Land)	10.4
Total Capital	51.7

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

• Ø Direct capital costs (A$22.4M):

• Plant transport, refurb and install (A$7M); electrical & controls (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) based on detailed design and cost estimate.

Other Development Costs

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

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

58

Forward Looking Statement Commodity Prices – Actual and Projected

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

==> picture [720 x 408] intentionally omitted <==

59

Forward Looking Statement Commodity Prices – Actual and Projected

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

==> picture [720 x 409] intentionally omitted <==

60

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

61

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