IMAGE RESOURCES NL — Investor Presentation 2020

Sep 14, 2020

==> picture [137 x 94] intentionally omitted <==

Australia’s newest mineral sands miner Emerging mid-tier prospect

1

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”). By accessing this presentation you acknowledge that you have read and understood the following statements.

This presentation contains certain forward-looking statements and forecasts, including, without limitation, possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Image, industry growth or other trend projections. Where Image expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and on a reasonable basis. However, such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Image. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

Image cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this presentation will occur and investors are cautioned not to place any reliance on these forward-looking statements. Image does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this presentation, except where required by applicable law and stock exchange listing requirements.

This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other countries’ securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.

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.

2

Introduction

• ➢ Established, profitable mining company focused exclusively on mineral sands

• ➢ High quality portfolio of 100%-owned projects located in the North Perth Basin in Western Australia

• 1,000 km[2] ; 7 dry mining projects/prospects and 3 dredge mining prospects

• ➢ Transitioned from advanced explorer to active mining company in December 2018 through development of the Boonanarring Mineral Sands Project

• ➢ Strong project delivery based on experienced team

• A$52 million, 6-month construction completed on-time/on-budget

• • Name-plate capacity in 2[nd] month of operation (Jan 19) & steady state operations performing well.

➢ Very positive inaugural year of operations

• Strong margins & cashflow from 1st year of Ops:

• CY2019 Revenue of $146M

• CY2019 EBITDA of $73M

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

==> picture [207 x 396] intentionally omitted <==

3

Corporate Video

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

==> picture [326 x 223] intentionally omitted <==

Video can be viewed at: www.imageres.com.au

4

Boonanarring Mineral Sands Project

Very strong fundamentals

➢ Excellent location;

• 80km north of Perth in Western Australia

• Major players (Iluka and Tronox) operating nearby

➢ Exceptional deposit;

• Very high ore grade

8.9%HM

• Zircon-rich

27.5% of HM D50~180 microns 98% of zircon 90% TiO2

• Coarse grained minerals

• High metallurgical recoveries

• Market ready products

➢ 100%-owned

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

==> picture [203 x 417] intentionally omitted <==

5

Boonanarring Project – Simple Business Model

==> picture [203 x 206] intentionally omitted <==

Mining

Classic dry, open-cut mining utilising standard truck and shovel fleet.

Processing

3.7Mtpa conventional wet concentrate plant to produce a high-quality HMC.

==> picture [203 x 206] intentionally omitted <==

Trucking

HMC trucked to Bunbury port.

Shipping

Bulk shipments to China under life-of-mine off-take contracts based on market prices.

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

==> picture [203 x 206] intentionally omitted <==

==> picture [203 x 206] intentionally omitted <==

6

Corporate Snapshot

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

Diverse and Experienced Board and Management

ASX Code Share Price 12-Month Price Range Shares on Issue Market Cap Cash on hand Debt Enterprise Value* Top 20 Shareholders:

IMA

A$0.205 A$0.12-0.30 980m A$200m A$36m A$39m ~ A$203m** 70%

Board of Directors

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

==> picture [352 x 147] intentionally omitted <==

Key Management

Patrick Mutz – MD & CEO John McEvoy – Chief Financial Officer Todd Colton – Chief Operating Officer George Sakalidis – Head of Exploration

• - as at 28 Aug 2020

• ** - as at 30 Jun 2020

• *** - since 30 Jun 2020 debt reduced by ~A$10M

7

Mineral Sand Markets – Zircon

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

• ➢ Chinese zircon demand softened during late 19 & 1H’20 as the COVID-19 pandemic impacted downstream demand and international exports.

• ➢ Global supply side disruptions have provided some stability to pricing.

• ➢ Chinese domestic zircon stocks now low following a destocking by large Chinese buyers.

• ➢ International downstream consumers returning to production after period of lockdown.

• ➢ Current zircon prices currently at levels that may jeopardise/delay new project development.

• ➢ Prices substantially higher than Image break-even price.

Zircon Price

==> picture [448 x 260] intentionally omitted <==

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

Australia Iluka (Zr.Hf)O2≥66% Australia Tronox(Zr.Hf)O2≥66%
Indonesia (Zr.Hf)O2≥66%
1700
1600
1500
1400
1300
1200
1100
1000
US$/t
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
----- End of picture text -----

==> picture [165 x 10] intentionally omitted <==

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

Chart Information Source: FerroAlloy.net
----- End of picture text -----

8

Mineral Sand Markets – TiO 2

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

• ➢ TiO 2 markets showing strength and stability.

• ➢ Ilmenite markets buoyed by limited global supply exacerbated by Chinese domestic mine suspensions and strong operating rates at sulfate pigment plants and relatively low inventory levels

• ➢ Rutile markets remain stable in part due to longer dated nature of industry offtake arrangements.

• ➢ USD pricing expected to remain relatively stable through Q3 2020 with some moderation expected by year end.

Rutile / Ilmenite Price

==> picture [458 x 257] intentionally omitted <==

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

Rutile (imported Tianjin) TiO2>95%, S<0.03%, p<0.03%
1400 Vietnam titanium concentrate (ilmenite) 50% (A) 300
1200
250
1000
200
800
150
600
100
400
50
200
0 0
Rutile Price (US$/t)
Ilmenite Price (US$/t)
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
----- End of picture text -----

9

Chart Information Source: FerroAlloy.net

Operational Performance – Track Record

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

Excellent track record of operational delivery

Wet Concentrate Plant Ore Processed (kt)

==> picture [394 x 180] intentionally omitted <==

HMC Production and Sales (kt)

==> picture [393 x 180] intentionally omitted <==

• ➢ Project commissioned in Dec-18.

• ➢ June Quarter 2020 operational performance broadly in line with record setting March Quarter 2020.

• ➢ CY2020 guidance unchanged.

Wet concentrate plant now operating above design following low cost optimisations completed in 2019.

• ➢

10

Operational Performance – Cost Control

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

Demonstrating cost discipline

• ➢ Improved operating rates and expected ore grade are supporting high HMC production rates which in conjunction with continued cost discipline are reflected in falling unit costs.

Unit Cash Costs (A$/t HMC Produced), HMC Production (kt HMC), Average Realised Price (A$/t HMC)

==> picture [590 x 274] intentionally omitted <==

11

Ore Reserves – Updated Dec 2019

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

HIGH-QUALITY ORE RESERVES

➢ JORC Code (2012) Compliant

➢ Very High HM ore grade; exceptionally high zircon grade at Boonanarring

➢ Atlas to be mined in series following Boonanarring

==> picture [662 x 145] intentionally omitted <==

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

Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)
Project/Deposit Category Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
(million) (million) (%) (%) (%) (%) (%)
Boonanarring Proved 3.5 13.9 16.0 0.5 82.7 44 4.6 2.2 31.9
Boonanarring Probable 7.1 6.4 16.0 0.5 76.6 49 1.7 2.8 23.1
Total Boonanarring 10.7 8.9 16.0 0.9 79.6 46 3.2 2.5 27.5
Atlas Probable 9.5 8.1 15.5 0.8 73.3 50.7 4.5 7.5 10.6
Total Atlas 9.5 8.1 15.5 0.8 73.3 50.7 4.5 7.5 10.6
Total Ore Reserves 20.2 8.5 15.8 1.7 76.8 48.3 3.8 4.7 19.9
----- End of picture text -----

12

Operational Performance – Guidance & Forecasts

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

Item	Units	2019 Results	2020’1H Results	2020 Guidance	2021 Forecast
HMC Produced	DMT 000s	270	167	300-330	300-330
HMC Sold*	DMT 000s	238	109	300-330	300-330
C1 Cash Costsper tonne HMC sold	A$/DMT	327	330	290-320	260-290
AISC Cash Costsper tonne HMC sold	A$/DMT	390	381	340-370	315-345
HMC Sales Receipts*	A$m	145	65	N/A	N/A
Payments to Suppliers / Other	A$m	(79)	(48)	N/A	N/A
Net Operating Cashflows	A$m	63	17	N/A	N/A

• 1H 2020 sales impacted by COVID & shipping delays but shipping rates now improving – target for 2H 2020 of 190-200Kt (refer 27 July announcement for further details). HMC inventory of 114kt at 30 June 2020.

Image has made no change to 2020 guidance following the emergence of COVID-19 at the end if the March Quarter. Following the increasingly volatile economic landscape Image would like to emphasise there are a number of factors outside of its control that may impact downstream demand for its end products and therefore sales guidance. Image is continually reassessing its guidance position and will update the market if required and at a minimum will comment on guidance as part of its quarterly reporting.

13

Mine Life Summary

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

Exploration Budget expanded with focus on increasing Ore Reserves and mine life

• ➢ Mine-life from Dec 2019 Ore Reserve estimated at 6 years

• ➢ Ore Reserves at Boonanarring expandable

• Drill results indicate potential extension of the deposit to south, north and west

• Project ‘MORE’ formalised to focus on adding new Ore Reserves within economic pumping or hauling distance from current processing plant

• Project ‘MORE’ goal to add 2 more years of Ore Reserves by end of Dec 2020

• ➢ Ore Reserves in Atlas area have potential to double

• Existing Mineral Resources at 100%-owned Helene and Hyperion deposits deemed to be within economic pumping distance of Atlas

14

Multiple Extension Areas at Boonanarring

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

• Northern

• ➢ Initially focused on areas within 10km of Extension Area

• current location of Boonanarring Wet Northwest Concentration Plant (WCP) Extension Area

• ➢ Northern Extension Area (NEA) • Previously reported; 2017 WCP • High grades, high zircon Blue Lake

• • Infrastructure and access challenges

• ➢ Southern Extension Area • Access available; within current environmental footprint Southern

• • Extension Lower grades than NEA implies lower potential to add mine life Area

• ➢ New 50mRL Strandline Boonanarring

• • Announced December 2019 West

• • Includes Northwest Extension Area, Blue Lake, Boonanarring West and Gingin North and South

• • Potential of up to 40km of parallel beach strandline west of Boonanarring deposit Gingin North 15

Growth – Our Portfolio

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

Established resources in the North Perth Basin

➢ Dry Mining Mineral Resources of 93Mt; 6.3% HM and 17% Zircon+Rutile in the HM ➢ Dredge Mining Mineral Resources of 236Mt; 2.1% HM and 11.5% Zircon+Rutile in the HM

==> picture [610 x 293] intentionally omitted <==

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

JORC Mineral Resources
12% Dry Mining Dredge Mining
Regans Ford
Bubble size represents
10% Hyperion
contained heavy mineral
Red Gully
8% Gingin Sth
Boonanarring
6%
4% Atlas Bidaminna
Helene Titan
Calypso
2% Gingin Nth
Telesto
0%
0 20 40 60 80 100 120 140 160
Resource Tonne (Mt)
HM Grade (%)
----- End of picture text -----

Notes: Boonanarring, Atlas, Helene, Hyperion, Titan-Telesto and Calypso per JORC Code (2012). All others per JORC Code (2004) and have not been updated to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

16

Projects Pyramid – Strand Deposits – Dry Mining

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

Mineral Resources – Accessible by Dry Open-Cut Mining Projects ranked by combined zircon plus rutile (Z+R) contained in the HM

Tonnes and grades are for Mineral Resources; Boonanarring, Atlas, Helene & Hyperion per JORC Code (2012); All others historic per JORC Code (2004).

Boonanarring 30.3Mt; 6.0%HM; 23.1% Z+R Atlas 18.1Mt; 6.0%HM; 15.8% Z+R

Red Gully 6.0Mt; 7.7% HM; 15.5% Z+R Regans Ford 9.9Mt; 9.6%HM; 14.3% Z+R Helene/Hyperion 18.2Mt; 4.8%HM; 14.0% Z+R Gingin South 8.1Mt; 6.1%HM; 13.5% Z+R Gingin North 2.4Mt; 5.5%HM; 9.1% Z+R

Launched into production with existing Ore Reserves starting at Boonanarring. Atlas to be mined following exhaustion of existing and any new Ore Reserves at Boonanarring.

Likely future WCP location

Total 93Mt; 6.3%HM; 17% Z+R

17

Projects Pyramid – Dredge Mining Prospects

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

Mineral Resources – Accessible by Dredge Mining Projects ranked by HM Grade and include combined zircon plus rutile (Z+R) contained in the HM

==> picture [676 x 295] intentionally omitted <==

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

Positive attributes
• 90+%VHM;
• <5% slimes;
Bidaminna
Bidaminna Mineral Resources currently • 25-67% Leucoxene;
45Mt; 3.0%HM; •
being updated to JORC (2012). 100Mt exploration
6.5% Z+R
target.
Titan-Telesto and Calypso tonnes-
Potential focus for
grades are Mineral Resources per
2 [nd] operating centre.
JORC Code (2012).
Titan-Telesto 140Mt; 1.9%HM; 12.8% Z+R
Closely associated;
May connected
Calypso 51Mt; 1.7% HM; 15.9% Z+R
Total 236Mt; 2.1%HM; 11.5% Z+R
----- End of picture text -----

18

Solar Farm at Boonanarring

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

Sunrise Energy Group Pty Ltd constructing 2.3 MWAC solar farm

• ➢ Construction and operation by Sunrise Energy;

• ➢ Located on Image owned land adjacent to Boonanarring processing plant

• ➢ Plan to provide 25% of electricity requirements for mining/processing operations.

==> picture [413 x 296] intentionally omitted <==

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

19

Community Engagement Program

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

Image is proud of its active and varied community support and engagement program including through local employment.

==> picture [175 x 62] intentionally omitted <==

==> picture [183 x 91] intentionally omitted <==

Image proudly contributes to the local community including through local employment.

==> picture [136 x 109] intentionally omitted <==

==> picture [127 x 92] intentionally omitted <==

==> picture [144 x 73] intentionally omitted <==

At 30 Jun 20 48% of its workforce lived locally to the operation or within regional shires.

==> picture [240 x 40] intentionally omitted <==

==> picture [296 x 49] intentionally omitted <==

==> picture [104 x 104] intentionally omitted <==

==> picture [317 x 53] intentionally omitted <==

==> picture [127 x 70] intentionally omitted <==

20

Forward Looking Plans

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

Summary

• ➢ Continue with profitable operations at Boonanarring; CY2020-2021 expected to be stronger than calendar year 2019

• ➢ Increase Ore Reserves under Project ‘MORE’ at Boonanarring

• ➢ Ensure Atlas development / construction ready as next dry mining operation post Boonanarring

• ➢ Continue to look to diversify geographical HMC sales base and evaluate value-add options for separation of HMC in Australia

• ➢ Advance studies for potential second operating centre

• ➢ Consider timing for retirement of debt given strong cash build

• ➢ Advance consideration of inaugural dividend payment

• ➢ Evaluate opportunities outside of current portfolio

21

For further information

==> picture [130 x 89] 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

==> picture [418 x 279] intentionally omitted <==

22

Mineral Resources

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

==> picture [697 x 335] intentionally omitted <==

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

Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off Mineral Resources - Dredge deposits; in accordance with JORC Code (2012) @ 1.0% HM Cut-off
Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
Project/Deposit Category Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (million) (million) (million) (%) (%) (%) (%) (%)
(million) (million) (%) (%) (%) (%) (%) Titan Indicated 10.3 21.2 1.8 22.07 0.38 86.0 71.9 1.5 3.1 9.5
Boonanarring Measured 8.8 10.3 14 0.9 78.1 46 3.8 2.3 26.0 Titan Inferred 58.5 115.4 1.9 18.9 2.21 85.9 71.8 1.5 3.1 9.5
Boonanarring Indicated 14.6 4.6 17 0.7 71.2 48 2.6 2.7 17.9 Total Titan Total 68.8 136.6 1.9 19.4 2.58 85.9 71.8 1.5 3.1 9.5
Boonanarring Inferred 6.9 3.5 20 0.2 59.4 45 4.9 3.9 5.6 Telesto Indicated 1.7 3.5 3.8 18.41633 0.13 83.3 67.5 0.7 5.6 9.5
Boonanarrin Atlas g Total Measured 30.3 9.9 6.0 7.9 17.0 16.1 1.8 0.8 72.7 71.0 49.1 46 3.6 4.2 2.7 7.2 20.4 10.5 Calypso Inferred 27.1 51.5 1.7 13.7 0.85 85.6 68.1 1.6 5.1 10.8
Atlas Indicated 6.4 3.7 17.3 0.2 56.5 41.6 3.4 4.7 6.8 Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off
Atlas Inferred 1.8 4.0 19.9 0.1 41.5 29.0 3.3 4.4 4.8 Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon
Atlas Total 18.1 6.0 16.9 1.1 65.9 46.1 4.0 6.5 9.3 (million) (million) (million) (%) (%) (%) (%) (%)
Sub-Total Atlas/Boonanarring 48.4 6.0 17.0 2.9 70.1 46.1 3.7 4.1 16.2 Bidaminna Inferred 26.3 44.6 3.0 3.6 1.34 96.8 83.1 7.2 1.0 5.5
Total Dredge 123.9 236.2 2.1 15.2 4.91 87.8 73.1 2.6 3.2 9.0
Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% HM Cut-off
Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon This presentation includes information that relates to Ore Reserves and Mineral Resources which were prepared and first disclosed under JORC Code
(million) (million) (million) (%) (%) (%) (%) (%) 2012. The information was extracted from the Company’s previous ASX announcements as follows:
Helene Indicated 6.4 13.2 4.3 18.6 0.57 88.7 74.6 0.0 3.6 10.5 • Boonanarring Mineral Resources and Ore Reserves: 20 December 2019
Hyperion Indicated 2.4 5.0 6.3 19.0 0.32 69.4 55.8 0.0 6.3 7.3 • Atlas Ore Reserves: 30 May 2017
Sub-Total Cooljarloo Nth Total 8.8 18.2 4.8 18.7 0.88 81.8 67.9 0.0 4.6 9.4 •• Atlas Mineral Resources: 8 May 2017Helene Mineral Resources: 31 Oct 2019
Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off •• Hyperion Mineral Resources:Titan Mineral Resources: 31 Oct 201931 Oct 2019
Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon • Telesto South Mineral Resources: 31 Oct 2019
(million) (million) (million) (%) (%) (%) (%) (%) • Calypso Mineral Resources: 31 Oct 2019
Gingin Nth Indicated 0.7 1.3 5.7 15.71 0.08 75.4 57.4 9.3 3.2 5.5 The Company confirms that, other than mining depletion, it is not aware of any new information or data that materially affects the information included
Gingin Nth Inferred 0.6 1.1 5.2 14.0 0.06 78.4 57.3 11.3 3.7 6.0 in the original market announcements and, in the case of reporting of Ore Reserves and Mineral Resources, that all material assumptions and
Gingin Nth Total 1.3 2.4 5.5 15.0 0.13 76.7 57.3 10.2 3.4 5.7 technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The
Gingin Sth Measured 0.9 1.5 4.4 7.22 0.07 79.4 50.7 15.3 5.6 7.8 Companyoriginal market announcement.confirms that the form and context in which any Competent Person’s findings are presented have not been materially modified from the
Gingin Sth Indicated 3.2 5.8 6.5 7.1 0.38 90.6 67.6 9.8 5.1 8.1
Gingin Sth Inferred 0.4 0.7 6.5 8.4 0.05 91.6 67.4 7.5 5.8 10.9 Thiswere presentationprepared andincludesfirst disclosedinformationunderthatJORCrelatesCodeto Ore2004.ReservesThe informationand MineralwasResourcesextracted forfromnon-materialthe Company’sminingpreviousprojectsASXof theannouncementsCompany whichas
Gingin Sth Total 4.5 8.1 6.1 7.3 0.49 89.2 65.3 10.3 5.2 8.3 follows:
Red GullRed Gullyy IndicatedInferred 1.91.5 3.42.6 7.87.5 11.510.7 0.30.2 89.789.0 66.065.4 8.38.2 3.13.0 12.412.3 •• Gingin North Mineral Resources: 31 Mar 2011Gingin South Mineral Resources: 21 Jul 2011
Red Gully Total 3.4 6.0 7.7 11.2 0.5 89.4 65.7 8.2 3.1 12.4 • Red Gully Mineral Resources: 9 Mar 2011
Sub-Total Gingin & Red Gully 9.2 16.5 6.6 9.8 1.08 87.8 64.5 9.4 4.1 9.7 • Bidaminna Mineral Resources: 23 Jun 2008
Mineral Resources - Strand deposit; in accordance with JORC Code (2004) @ 2.5% HM Cut-off The Company confirms it is not aware of any new information or data that materially affects the information included in the original market
announcements and, in the case of reporting of Ore Reserves and Mineral Resources, that all material assumptions and technical parameters
Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the
form and context in which any Competent Person’s findings are presented have not been materially modified from the original market announcement.
(million) (million) (million) (%) (%) (%) (%) (%) This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on
the basis that the information has not materially changed since it was last reported
Regans Ford Indicated 4.5 9.0 9.9 16.8 0.89 94.3 70.0 10.0 4.3 10.0
Regans Ford Inferred 0.5 0.9 6.5 18.5 0.06 90.5 68.3 7.7 4.4 10.1
Sub-Total Regans Ford Total 5.0 9.9 9.6 17.0 0.95 94.1 69.9 9.9 4.3 10.0
Grand Totals 22.9 93.0 6.3 5.8 79.1 56.7 5.2 4.2 13.0
----- End of picture text -----

23