IMAGE RESOURCES NL — Investor Presentation 2019

Feb 3, 2019

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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

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Investor Presentation January 2019 Patrick Mutz Managing Director Image Resources NL ASX: IMA

2

Forward Looking Statements

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

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

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

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

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Investor Snapshot

Company transitioning to profitable miner and realisation of full valuation

• Ø Company fully funded to positive cashflow

• Ø Project construction and commissioning complete 30 Nov 2018

• ‘on-budget’ and ‘on-schedule’

• Ø Production commenced 1 Dec 2018

• Ø First bulk shipment HMC product exported 13 Jan 2019

• Ø First revenue received 22 Jan 2019

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

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Investor Snapshot

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Company transitioning to profitable miner and realisation of full valuation

Ø Company fully funded to positive cashflow Ø Project construction and commissioning complete 30 Nov

• ‘on-budget’ and ‘on-schedule’ Ø Production commenced 1 Dec 2018 Ø First bulk shipment product exported 13 Jan 2019 Ø First revenue received 22 Jan 2019 Ø Forecast cashflow positive end 1[st] QTR 2019

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Investor Snapshot

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

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

• Ø 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

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• Ø Company market cap. A$143M[2]

• Ø Share price $0.15[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 29 January 2019

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Products and Applications

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Key products are zircon and titanium dioxide Ø Zircon sand is processed into zirconium compounds, intermediate products and zirconium metal for a variety of applications;

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Qualities
whitener
opacifier
heat resistant
abrasion resistant
metal bio-compatible
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§ Ceramics (tiles); 55% demand

§ Foundry Sands (castings); 14%

§ Refractories (furnace linings); 10%

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

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• § Others; 7%

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

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

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Products and Applications

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Key products are zircon and titanium dioxide

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

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

• § Welding rods (flux coating);

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

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

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

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Forward Looking Statement Project Location

q LOCATION

Ø North Perth Basin in Western Australia

Ø 80 km north of Perth CBD

Ø Proven mineral sands address

§ Including majors Iluka and Tronox

Ø Infrastructure rich

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

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

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Project Types and Locations

Ø 1,000 km [2] tenements portfolio

Ø 100% focus on mineral sands

Ø Strandline projects (dry mining)

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Ø Dredge mining prospects

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

Bidaminna is high on priority list.

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Atlas Ore Reserves
Probable: 9.5Mt @ 8.1% HM
Boonanarring Ore Reserves
Proved: 9.3 Mt @ 8.6% HM
Probable: 10.5Mt @ 5.9% HM
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Forward Looking Statement Ore Reserves

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q QUALITY ORE RESERVES

Ø JORC Code (2012) Compliant

Ø High HM, VHM and very high zircon at Boonanarring

High Grade Ore Reserves - Strand Deposits;			in accordance with the JORC Code (2012)
Project/Deposit	Category	Volume	Tonnes	% HM	**% Slimes **	HM Tonnes	VHM	**Ilmenite **	Leucoxene	Rutile	Zircon
							(%)	(%)	(%)	(%)	(%)
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.

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Forward Looking Statement Ore Reserves Comparison

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X
IMAGE
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Source: TZMI; May 2017

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Project Capital Comparison Forward Looking Statement

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Source: TZMI; May 2017

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Products and Prices

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

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Forward Looking Statement Bankable Feasibility Study

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Base Assumptions

Ø Start mining at Boonanarring

Ø Dry, open-cut mining Ø Production rate - 500 dry tonnes per hour

• 3.7M dry tonnes per year

Ø Conventional gravity separation using spirals Ø Product: Heavy Mineral Concentrate (HMC)

• Production rate: avg. approx. 240K tonnes/annum • Truck to Bunbury for bulk shipments to China

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Boonanarring – Production Statistics

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Average annual production at Boonanarring (5 yrs)

Ø 240k tonnes HMC; containing;

• 60kt zircon (70kt/year in 2019-20)

• 130kt ilmenite

• 6kt rutile

• 4kt leucoxene

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

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Boonanarring – BFS Production Statistics

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Boonanarring Project Production Forecast - updated July 2018	Boonanarring Project Production Forecast - updated July 2018	Boonanarring Project Production Forecast - updated July 2018	Boonanarring Project Production Forecast - updated July 2018	Boonanarring Project Production Forecast - updated July 2018	Boonanarring Project Production Forecast - updated July 2018	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%

Note: 2023 information includes start of production at Atlas.

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Boonanarring – BFS Project EBITDA

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Boonanarring – BFS Project EBITDA	Boonanarring – BFS Project EBITDA	Boonanarring – BFS Project EBITDA	Boonanarring – BFS Project EBITDA	Boonanarring – BFS Project EBITDA	Boonanarring – BFS Project EBITDA	Boonanarring – BFS Project EBITDA	17
Boonanarring Project EBITDA Summary - updated July 2018
(AU$million)	2018	2019	2020	2021	2022	2023	Total
Revenue	5 0	127	181	100	139	101	653
Revenue/tonne HMC	455 0	580	566	526	604	439	544
Operating Costs
Mining	18	46	43	42	42	35	226
Processing	1.2	7	7	7	7	8	37
Site Administration	4	4	4	4	5	6	27
Logistics	1	15	21	13	15	17	82
Royalties/Other	0.3 0	6	9	5	7	6	33
Capitalised Op. Costs	(15) ~~(16)~~	0	0	0	0	0	(15)
Change in Inventory	(3) 0	1	(4)	5	(2)	(13)	(16)
Total Operating Costs	7 ~~8~~	79	80	76	74	59	375
Operating Costs/t HMC	591 ~~411~~	361	250	400	322	257	312
Operating Margin	-23% ~~0%~~	61%	126%	32%	88%	71%	74%
Project EBITDA	(1) ~~0~~	48	101	24	65	42	278

Note: 2023 information includes start of production at Atlas.

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Boonanarring – Ramp-up Production

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December 2018 Operating Statistics

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Jan. Jan.
Prelim. Prelim.
(TBC) (TBC)
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Forward Looking Statement Zircon Prices – Actual and Forecast

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Current price for Tronox
premium grade zircon
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Forward Looking Statement BFS Financial Metrics

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Key Financial Metrics

Original BFS1 Updated BFS2 Updated BFS3

Ø Pre-Tax NPV (@ 8%) Ø Pre-Tax IRR

Ø Payback period (months)

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

64% 22

104% 125% 16 13

Ø Mine life 8+ years Ø 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

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Project Development Schedule

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Constructed to schedule/budget with first production in 4 [th] QTR 2018
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		Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019	Simplified Boonanarring Project Construction Schedule -(high level) Jan Feb Apr May Jun Jul Aug Sep Nov Dec Jan Feb Mar WCP & Equipment Relocation Project Construction Pre-Stripping Ore Mining Plant Commissioning Production Mar 2018 Oct 2019
		Simplified Boonanarring Project Construction Schedule -(high level)
								2018									2019
			Jan	Feb		Mar	Apr	May	Jun	Jul	Aug	Sep	Oct		Nov	Dec	Jan	Feb	Mar
		WCP & Equipment Relocation
		Project Construction
		Pre-Stripping
		Ore Mining
		Plant Commissioning
		Production

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Forward Looking Statement Upside Potential

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Upside potential at and near Boonanarring

Ø Confirmed potential to extend mine life with high grade mineralisation (ASX announcement 13 March & 26 June 2017);

• § Assuming mineralisation in extension area is identical to known Ore Reserves in all aspects and economics; two years of additional mine life could add AU$60M to project NPV.

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

• Ø Potential to process ores from several other deposits with high grade mineral resources in the vicinity;

• § Red Gully, Regans Ford, and Gingin (South and North).

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Boonanarring High-Grade Extension

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ASX - 13 March & 26 June 2017

New Drilling Results (Feb 2017)

Ø Confirm 5.6km northern extension of Boonanarring mineralisation

Ø Outstanding high grade intersections:

• § 8m @ 23.8% HM in IX00245

• § 8m @ 21.1% HM in IX00244 and

§ 8m @ 16.3% HM in IX00250

• Importantly with high grade zircon: § 21.5% Zr in HM in IX00245 & 247

• § 22.1% Zr in HM in IX00243 & 244

• § 16.4% Zr in HM in IX00242, 250, 251

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Projects Pyramid – Strand Deposits Forward Looking Statement 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); All others historic per JORC Code (2004).

Boonanarring 43.8Mt; 5.6%HM; 20.7% Zr+Ru Atlas 18.1Mt; 6.0%HM; 15.8% Zr+Ru

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

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

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

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Positive attributes

• 90+%VHM;

• <5% slimes;

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

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Potential Royalty from Tronox

Royalty agreement in place as of 2014

Ø Small cash payment (already received)

Ø Sliding-scale royalty on production

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

Ø Indefinite production schedule

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

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Tronox historic mining area Image-Tronox royalty area

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27

Image Corporate Snapshot

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Diverse and experienced Board and Management

ASX Code: IMA Share Price: A$0.15 12-Month Price Range: A$0.07– 0.17 Shares on Issue: 957m Market Cap: A$143m Cash on hand: A$11.9m* Debt: *A$64.0m Enterprise Value: A$195m Top 20 Shareholders: 73%**

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

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Key Management

Patrick Mutz – CEO

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

• - as at 29 January 2019

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

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Use of Solar Energy

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

• Ø Constructed and operated by Sunrise Energy;

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

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

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

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Contact For further information

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Patrick Mutz Managing Director Image Resources NL info@imageres.com.au Office: +61 8 9485 2410 Ground Floor, 23 Ventnor Avenue West Perth, WA 6005 PO Box 469, West Perth, WA 6872 www.imageres.com.au

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