Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

IMAGE RESOURCES NL Investor Presentation 2019

Mar 11, 2019

65117_rns_2019-03-11_ff4c2199-2bfa-443d-b6d3-2c14bcbe5f4b.pdf

Investor Presentation

Open in viewer

Opens in your device viewer

==> picture [138 x 94] intentionally omitted <==

Boonanarring Mineral Sands Project 100%-owned; high-grade; zircon-rich 80km north of Perth in Western Australia On-track for positive cashflow end 1[st] QTR 2019

Euroz Securities Institutional Conference 12-13 March 2019 Rottnest Island, WA Patrick Mutz Managing Director Image Resources NL ASX: IMA

2

Disclaimer and Forward-Looking Statements

==> picture [77 x 53] intentionally omitted <==

This presentation/document has been prepared by the management of Image Resources NL ("Image”, “IMA“, or “the Company”). The information presented includes an indicative outlook of the business activities of Image for the calendar year (CY) 2019 and is provided to aid investors and potential investors with assessing the value of the Company. Some of the information provided may be based on past performance, however, this information should not be considered a reliable indicator of future performance. The information presented supersedes all previously presented information of its kind unless otherwise noted. This information is based in part on Image’s interpretation of trends in commodity prices, financial markets, economic and macro-economic factors and consequently is subject to variation.

Certain statements in this presentation/document, 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 the industry, to be materially different from any forecast 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 as of the date of this presentation/document.

Statements in this presentation/documents that constitute forward-looking statements or information include, but are not limited to statements regarding production statistics, revenue, operating costs and EBITDA. Forward-looking information and statements may also include commodity price assumptions, projected capital and operating costs, metal or mineral recoveries, mine life, production rates and other assumptions used in the 2017 Bankable Feasibility Study (“2017BFS”). Readers are cautioned that actual results may vary from those presented. Certain of the factors and assumptions used to develop the forward-looking information, as well as the risks that could cause the actual results to differ materially, are contained in the 2017BFS and subsequent BFS updates, lodged with the ASX and disclosed on the Company’s website at www.imageres.com.au.

Accessing the information contained in this presentation implies an acknowledgement that you have read and understood the above disclaimer and qualifications regarding forward-looking statements.

Information regarding the calculation of ore reserves and mineral resources in this presentation (if any), and the consents provided by the respective Competent Persons is presented at the end of this presentation. For additional information and details on the content of this presentation, please refer to the ASX releases on the Company’s website.

3

Investor Snapshot

Company transitioning to profitable miner and realisation of full valuation

  • Company fully funded to positive cashflow

  • Project construction and commissioning complete 30 Nov 2018

  • ‘on-budget’ and ‘on-schedule’

  • Production commenced 1 Dec 2018

  • 1[st] bulk shipment HMC product exported 13 Jan 2019

  • First revenue received 22 Jan 2019

  • 2[nd] HMC shipment sailed 16 Feb

  • Cashflow positive forecast 1 February 2019 [st] QTR 2019

==> picture [77 x 53] intentionally omitted <==

==> picture [111 x 97] intentionally omitted <==

==> picture [111 x 96] intentionally omitted <==

==> picture [110 x 97] intentionally omitted <==

==> picture [110 x 97] intentionally omitted <==

4

Investor Snapshot

==> picture [77 x 53] intentionally omitted <==

Company transitioning to profitable miner at a time of supply shortage of zircon

  • Binding off-take agreements in place for 100% of HMC production for life of mine

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

  • metrics have strengthened with 12% zircon price rise on 1 October 2018

==> picture [134 x 98] intentionally omitted <==

  • Company market cap. A$163M[2]

  • Share price $0.17[2]

Rough zircon grains

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

  • 2 – as at 15 February 2019

5

Products and Applications

==> picture [77 x 53] intentionally omitted <==

Key products are zircon and titanium dioxide

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

==> picture [224 x 108] intentionally omitted <==

==> picture [91 x 53] intentionally omitted <==

  • Ceramics (tiles); 55% demand

  • Foundry Sands (castings); 14%

==> picture [91 x 57] intentionally omitted <==

  • Refractories (furnace linings); 10%

==> picture [91 x 68] intentionally omitted <==

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

==> picture [169 x 61] intentionally omitted <==

 Others; 7%

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

Source: Zirconium Industry Association www.zircon-association.org

6

Products and Applications

==> picture [77 x 53] intentionally omitted <==

Key products are zircon and titanium dioxide

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

==> picture [90 x 68] intentionally omitted <==

==> picture [91 x 68] intentionally omitted <==

==> picture [90 x 67] intentionally omitted <==

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

  • Welding rods (flux coating);

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

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

==> picture [89 x 59] intentionally omitted <==

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

7

Forward Looking Statement Project Location

LOCATION

  • North Perth Basin in Western Australia

  • 80 km north of Perth CBD

  • Proven mineral sands address

  • Including majors Iluka and Tronox

  • Infrastructure rich

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

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

==> picture [77 x 53] intentionally omitted <==

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

8

Project Types and Locations

 1,000 km [2] tenements portfolio

  • 100% focus on mineral sands

  • Strandline projects (dry mining)

==> picture [84 x 28] intentionally omitted <==

  • Dredge mining prospects

==> picture [84 x 28] intentionally omitted <==

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

Bidaminna is high on priority list.

==> picture [77 x 53] intentionally omitted <==

==> picture [334 x 438] intentionally omitted <==

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

Atlas Ore Reserves
Probable: 9.5Mt @ 8.1% HM
Boonanarring Ore Reserves
Proved: 9.3 Mt @ 8.6% HM
Probable: 10.5Mt @ 5.9% HM
----- End of picture text -----

9

Forward Looking Statement Ore Reserves

==> picture [77 x 53] intentionally omitted <==

QUALITY ORE RESERVES

JORC Code (2012) Compliant

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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.		 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
(%)
(%)
(%)
(%)
(%)
Boonanarring1
Proved
5,008,000
9,344,000
8.6
14.3
803,771
76.081
48.9
1.8
2.2
23.2
Boonanarring1
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
Atlas1
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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.
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
(%) (%) (%) (%) (%)
Boonanarring1 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2
Boonanarring1 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
Atlas1 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
1. COMPLIANCE STATEMENT - Boonanarring/Atlas Ore Reserves
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
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.

10

Products and Prices

==> picture [77 x 53] intentionally omitted <==

==> picture [335 x 226] intentionally omitted <==

==> picture [329 x 219] intentionally omitted <==

==> picture [327 x 219] intentionally omitted <==

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

11

Forward Looking Statement Bankable Feasibility Study

==> picture [77 x 53] intentionally omitted <==

Base Assumptions

  • Start mining at Boonanarring

  • Dry, open-cut mining

  • Production rate - 500 dry tonnes per hour

  • 3.7M dry tonnes per year

  • Conventional gravity separation using spirals

  • Product: Heavy Mineral Concentrate (HMC)

  • Production rate: avg. approx. 240K tonnes/annum

  • • Truck to Bunbury for bulk shipments to China

12

Boonanarring – Production Statistics

==> picture [77 x 53] intentionally omitted <==

Average annual production at Boonanarring (5 yrs)

  • 240k tonnes HMC; containing;

  • 60kt zircon (70kt/year in 2019-20)

  • 130kt ilmenite

  • 6kt rutile

  • 4kt leucoxene

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

13

Boonanarring – BFS Production Statistics

==> picture [77 x 53] intentionally omitted <==

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

Boonanarring – BFS Production Statistics Boonanarring – BFS Production Statistics Boonanarring – BFS Production Statistics Boonanarring – BFS Production Statistics Boonanarring – BFS Production Statistics Boonanarring – BFS Production Statistics Boonanarring – BFS Production Statistics 13 13
Boonanarring Project Production Forecast - updated July 2018
2018 2019 2020 2021 2022 2023 Total
Oreprocessed(Kt) 700
350		 3,600
 3,800 3,700 3,800 3,500 19,100
Oregrade(%HM) 6%
~~7%~~		 8% 11% 6% 8% 11% 8%
Assemblage (% of HM) 42.7
 270.0
 429.4 207.2 285.0 378.0 1612.3
Zircon 19%
~~21~~		 25%
~~%~~		 22% 25% 25% 16% 22%
Rutile 3% 3% 2% 3% 3% 6% 3%
Ilmenite 55% 49% 51% 49% 49% 53% 51%
Leucoxene 2% 2% 2% 2% 2% 3% 2%
HMCproduced(Kt) 12
~~19~~		 222 345 168 227 343 1,317
HMC sold(Kt) 11
0		 219 320 190 230 230 1,200
HMC content
Zircon(Kt) 2
~~3~~		 64 87 40 71 42 306
Rutile(Kt) 0.3 5 6 5 5 13 34
Ilmenite(Kt) 7
13		 117 176 115 118 125 658
Leucoxene(Kt) 0.2 3 5 3 2 5 19
Trash HM/silica(Kt) 2 30 46 28 33 45 184
Total(Kt) 12
~~19~~		 219 320 191 229 230 1,202
%VHM in HMC 83% 86% 86% 85% 86% 80% 85%

14

Boonanarring – 2019 Guidance

==> picture [77 x 53] intentionally omitted <==

2019 CY Production and Profitability Guidance[1,2]

ction and Profitability Guidance1, 2
Production Guidance 2020 Forecast
Ore processed (million tonnes) 3.4-3.7 3.6-3.8
HMC3produced (000 tonnes) 220-240 280-300
HMC sold (000 tonnes) 220-240 280-300
Costs (AU$)
Project operating costs4(million) $85-95 $85-95
Cost per tonne HMC
 $385-420 $310-330
Revenue (AU$)
Total revenue (million) $125-142 $180-200
Project EBITDA4 (AU$ million) $40-50 $90-110
USD:AUD Fx 0.74 0.74

Notes: 1. To be read in conjunction with Disclaimer and Forward-Looking Statements.

  1. Information derived from Image 2017 Bankable Feasibility Study (announced to ASX 30 May 2018) and as subsequently updated for commodity prices and foreign exchange rate (announced to ASX 28 June 2018) but with other material assumptions underpinning the 2017 BFS unchanged.

  2. Heavy Mineral Concentrate product.

  3. Non-IFRS Financial Information: This document contains non-IFRS unaudited financial measures including Project operating costs and Project EBITDA. Image management considers these to be key financial performance indicators used to measure underlying operational performance. Project operating costs include costs incurred in producing HMC at the Boonanarring Project plus logistics costs but exclude corporate and exploration costs, depreciation/amortisation, financing costs and income tax. Project EBITDA is calculated as revenue from sale of HMC less Project Operating Costs.

15

Boonanarring – Ramp-up Production

==> picture [77 x 53] intentionally omitted <==

Operating Statistics – December 2018 January 2019 February 2019

Item Unit Actual Budget Variance Actual Budget Variance Actual Budget Variance
FPP/WCP runtime hrs. 639 558 15% 646 632 2% 599 571 5%
FPP Ore Feed t 232,664 167,400 39% 217,341 205,720 6% 226,940 236,558 -4%
FPP Ore Feed tph 364 300 21% 338 325 4% 379 414 -8%
Ore HMgrade % 7.3 6.1 19% 12.6 6.0 110% 8.9 6.9 29%
Availability % 85.8 75 14% 86.8 85 2% 89.1 85.0 5%
HMCproduced t 15,935 7,210 121% 25,492 9,126 179% 19,020 12,579 51%
HMC HMgrade % 90.6 85 7% 92.2 91.7 1% 92.1 90.0 2%
HM Recovery % 84.9 71.6 19% 86.1 74.1 16% 87.00 78.2 11%

==> picture [358 x 209] intentionally omitted <==

==> picture [347 x 209] intentionally omitted <==

16

Forward Looking Statement Zircon Prices – Actual and Forecast

==> picture [77 x 53] intentionally omitted <==

Current price for Tronox premium grade zircon

17

Forward Looking Statement BFS Financial Metrics

==> picture [77 x 53] intentionally omitted <==

Key Financial Metrics

Original BFS1 Updated BFS2 Updated BFS3

  • Pre-Tax NPV (@ 8%)

A$135M A$197M A$235M

  • Pre-Tax IRR 64%

104% 125%

  • Payback period (months) 22

16 13

  • Mine life 8+ years

  • Project capital cost A$52M

  • includes ~$8M for land

    • 1 - ASX Announcement 30 May 2017

    • 2 - ASX Announcement 27 November 2017

    • 3 – ASX Announcement 28 June 2018

18

Forward Looking Statement Upside Potential

==> picture [77 x 53] intentionally omitted <==

Upside potential at and near Boonanarring

  • 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.

  • Potential to process lower grade overlying layer of mineralisation;

  • 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).

19

Boonanarring High-Grade Extension

==> picture [77 x 53] intentionally omitted <==

ASX - 13 March & 26 June 2017

New Drilling Results (Feb 2017)

  • Confirm 5.6km northern extension of Boonanarring mineralisation

  • Outstanding high grade intersections:

  • 8m @ 23.8% HM in IX00245

  • 8m @ 21.1% HM in IX00244 and

  • 8m @ 16.3% HM in IX00250

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 442] intentionally omitted <==

20

Projects Pyramid – Strand Deposits Forward Looking Statement

==> picture [77 x 53] intentionally omitted <==

Mineral Resources – Accessible by Dry Open-Cut Mining Projects ranked by combined Zircon (Zr) plus Rutile (Ru)

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

Tonnes-grades are for Mineral Resources; Boonanarring and Atlas per JORC Code (2012); Boonanarring All others historic per JORC Code (2004). 43.8Mt; 5.6%HM; 20.7% Zr+Ru Atlas 18.1Mt; 6.0%HM; 15.8% Zr+Ru

Red Gully 6.0Mt; 7.7% HM; 15.5% Zr+Ru Regans Ford 9.9Mt; 9.6%HM; 14.3% Zr+Ru Cooljarloo North 15.2Mt; 5.3%HM; 14.0% Zr+Ru Gingin South 8.1Mt; 6.1%HM; 13.5% Zr+Ru Gingin North 2.4Mt; 5.5%HM; 9.1% Zr+Ru

Total 103Mt; 6.2%HM; 17% Zr+Ru

21

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

==> picture [77 x 53] intentionally omitted <==

Positive attributes

  • 90+%VHM;

  • <5% slimes;

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

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

  • 25-67% Leucoxene;

  • • 100Mt exploration

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

Titan-Telesto 140Mt; 1.9%HM; 12.8% Zr+Ru

Calypso 51Mt; 1.7% HM; 15.9% Zr+Ru

Total 236Mt; 2.1%HM; 11.5% Zr+Ru

22

Potential Royalty from Tronox

Royalty agreement in place as of 2014

  • Small cash payment (already received)

  • Sliding-scale royalty on production

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

  • Indefinite production schedule

  • 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 [84 x 28] intentionally omitted <==

Tronox historic mining area Image-Tronox royalty area

==> picture [84 x 28] intentionally omitted <==

==> picture [77 x 53] intentionally omitted <==

==> picture [274 x 437] intentionally omitted <==

23

Image Corporate Snapshot

==> picture [77 x 53] intentionally omitted <==

Diverse and experienced Board and Management

ASX Code: IMA Share Price: A$0.17 12-Month Price Range: A$0.08– 0.18 Shares on Issue: 957m Market Cap: A$163m Cash on hand: A$11.9m* Debt: *A$64.0m Enterprise Value: A$215m Top 20 Shareholders: 73%**

==> picture [356 x 189] intentionally omitted <==

Board of Directors

Bob Besley – Independent Chairman Patrick Mutz – Managing Director Chaodian Chen - Non-Executive Director Aaron Chong Veoy Soo – Non-Executive Dir George Sakalidis – Executive Director Peter Thomas – Non-Executive Director Fei (Eddy) Wu – Non-Executive Director Huang Cheng Li – Non-Executive Director

Key Management

Patrick Mutz – CEO

John McEvoy – Chief Financial Officer Todd Colton – Chief Operating Officer George Sakalidis – Exploration Director

  • - as at 15 February 2019

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

24

Use of Solar Energy

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

  • Constructed and operated by Sunrise Energy;

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

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

==> picture [77 x 53] intentionally omitted <==

==> picture [335 x 239] intentionally omitted <==

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

25

Contact For further information

==> picture [138 x 94] intentionally omitted <==

Patrick Mutz Managing Director Image Resources NL [email protected] 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

==> picture [344 x 229] intentionally omitted <==

More from IMAGE RESOURCES NL

Share Issue/Capital Change 2026
May 27
AGM Information 2026
May 27
Declaration of Voting Results & Voting Rights Announcements 2026
May 27
Share Issue/Capital Change 2026
May 13
Director's Dealing 2026
May 5
Regulatory Filings 2026
May 5
Major Shareholding Notification 2026
Apr 30
Interim / Quarterly Report 2026
Apr 28
Proxy Solicitation & Information Statement 2026
Apr 27
Governance Information 2026
Apr 27
View all filings →