IMAGE RESOURCES NL — Investor Presentation 2020

Jul 27, 2020

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ASX Release

28 July 2020

Managing Director Patrick Mutz to provide updates via

Virtual Investor Meetings

The Company’s Managing Director, Mr Partick Mutz, will be providing updates to investors during 28 and 29 July 2020. An updated presentation is attached for information.

This announcement is authorised for release by:

Patrick Mutz

Managing Director

Image Resources NL ABN 57 063 977 579 Ground Floor, 23 Ventnor Ave West Perth WA 6005 | PO Box 469 West Perth WA 6872 T: 08 9485 2410 | F: 08 9486 8312 www.imageres.com.au

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

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Disclaimer and Forward Looking Statements

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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.

2

Image Resources

Mineral Sand Markets

Overview of recent trends

Boonanarring Project

A uniquely rich and valuable mineral sands project

Operational Performance

Demonstrating a solid track record of operational performance

Growth

Exciting exploration upside and an enviable portfolio of potential development projects

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Mineral Sand Markets – Zircon

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

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

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

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

• Ø Current zircon prices are now at levels that may jeopardise/delay new project development.

• Ø Current prices still substantially higher than Image break-even price.

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Zircon Price
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
Chart Information Source: FerroAlloy.net
US$/t
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
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Mineral Sand Markets – TiO2

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• Ø TiO2 markets showing strength and stability.

• Ø 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

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

• Ø Pricing expected to remain stable through Q3 with some moderation expected by year end.

Rutile / Ilmenite Price

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Rutile (imported Tianjin) TiO2>95%, S<0.03%, p<0.03%
Vietnam titanium concentrate (ilmenite) 50% (A)
1400 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
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Chart Information Source: FerroAlloy.net

Boonanarring Project – Uniquely Rich Deposit

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Grade

Ø 8.9% HM and 27.5% zircon in HM

Assemblage

Ø 81% of revenue derived from zircon

Coarse Grained Mineralisation

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Revenue Split
19% TiO2
81% ZrO2
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Ø D50 ~180 microns

High Metallurgical Recoveries

Ø 98% of ZrO2 Ø 90% of TiO2

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Metallurgical Recoveries
98%
90%
ZrO2 TiO2
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Boonanarring Project – Simple Business Model

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Mining

Dry open pit mine utilising a truck and shovel fleet.

Processing

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

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Trucking

HMC trucked to Bunbury.

Shipping

HMC shipped in bulk to China.

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7

Operational Performance – Track Record

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Excellent track record of operational delivery

Wet Concentrate Plant Ore Processed (kt)

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HMC Production and Sales (kt)

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• Ø Project commissioned in Dec-18.

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

• CY2020 guidance unchanged.

Ø

Ø

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

8

Operational Performance – Cost Control

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Demonstrating cost discipline

Ø 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)

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9

Operational Performance – Guidance & Forecasts

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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
Project Operating Costs	A$m	73	45	100-110	90-100
C1 Cash Costsper tonne HMC sold	A$/DMT	327	330	290-320	260-290
AISC Cash Costs per tonne HMC sold	A$/DMT	390	381	340-370	315-345

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.

10

Growth – Our Portfolio

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Established resources in the North Perth Basin

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

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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 (%)
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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.

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Growth – Our Project Pipeline
Image has an enviable portfolio of development projects
Exploration Early Stage Advanced Production
Project MORE Boonanarring
Gingin N / South
Red Gully
Regans Ford
Atlas
Cooljarloo
Bidaminna
Titan-Telesto
Calypso
Area
Boonanarring
Area
Central
Dry Mining
Area
Northern
Dredge Mining
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Growth – Project MORE

MORE O re R eserves – internally high profile, interdisciplinary program to rapidly add mine life at Boonanarring.

• Ø Rigorous target identification Ø Systematic overview of potential targets within extensive existing tenement holdings

• Ø Continuous economic analysis

• Ø Ensuring targets can be efficiently converted to reserves within economic distance of the existing wet concentrate plant

• Ø Continuous multidisciplinary review including geology, metallurgy, engineering, and environmental

• Ø Parallel pursuit of commercial access and mining approvals

• Ø High priority project execution Ø High priority senior leadership oversight to ensure project is executed efficiently

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Northern
Extension
Area
Northwest
Extension
Area
Blue Lake
WCP
Southern
Extension
Area
Boonanarring
West
Gingin North
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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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14

Corporate Snapshot

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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$0.18 A$0.12-0.28 981m A$172m A$36m A$38m A$174m** 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

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Key Management

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

• - as at 24 Jul 2020

• * * - as at 30 Jun 2020

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Ore Reserves

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HIGH-QUALITY ORE RESERVES (Updated Dec 2019)

Ø JORC Code (2012) Compliant Ø High HM, VHM and very high zircon at Boonanarring

Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)	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

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Mineral Resources

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Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0	Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0	Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0	Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0	Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0	Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0	Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0	% HM C	ut-off	ut-off	ut-off	ut-off		Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% HM Cut-off	Mineral Resources - Dredge deposits; in accordance with JORC Code(2012) @ 1.0% 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
Boonanarring Total			30.3	6.0	17.0	1.8	72.7	46	3.6	2.7	20.4
													Calypso	Inferred	27.1	51.5	1.7	13.7	0.85	85.6	68.1	1.6	5.1	10.8
Atlas	Measured		9.9	7.9	16.1	0.8	71.0	49.1	4.2	7.2	10.5
													Mineral Resources - Dredge deposits; in accordance with JORC Code(2004) @ 1.0% HM Cut-off
Atlas	Indicated		64	37	173	02	565	416	34	47	68
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
Mineral Resources - Strand Deposits; in accordance with JORC Code (2012) @ 2.0% H							M Cut-o	ff					Total Dredge		123.9	236.2	2.1	15.2	4.91	87.8	73.1	2.6	3.2	9.0
													This presentation includes information that relates to Ore Reserves and Mineral Resources which were prepared and first disclosed under JORC Code 2012. The information was extracted from the Company’s previous ASX announcements as follows: • Boonanarring Mineral Resources and Ore Reserves: 20 December 2019 • Atlas Ore Reserves: 30 May 2017 • Atlas Mineral Resources: 8 May 2017 • Helene Mineral Resources: 31 Oct 2019 • Hyperion Mineral Resources: 31 Oct 2019 • Titan Mineral Resources: 31 Oct 2019 • Telesto South Mineral Resources: 31 Oct 2019 • Calypso Mineral Resources: 31 Oct 2019 The Company confirms that, other than mining depletion, 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 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. This presentation includes information that relates to Ore Reserves and Mineral Resources for non-material mining projects of the Company which were prepared and first disclosed under JORC Code 2004. The information was extracted from the Company’s previous ASX announcements as follows: • Gingin North Mineral Resources: 31 Mar 2011 • Gingin South Mineral Resources: 21 Jul 2011 • Red Gully Mineral Resources: 9 Mar 2011 • Bidaminna Mineral Resources: 23 Jun 2008 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 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. 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
Project/Deposit	Category	Volume	Tonnes	% HM	**% Slimes **	HM Tonnes	VHM	**Ilmenite **	Leucoxene	Rutile	Zircon
		(million)	(million)			(million)	(%)	(%)	(%)	(%)	(%)
Helene	Indicated	6.4	13.2	4.3	18.6	0.57	88.7	74.6	0.0	3.6	10.5
Hyperion	Indicated	2.4	5.0	6.3	19.0	0.32	69.4	55.8	0.0	6.3	7.3
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
Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% H							M Cut-o	ff
Project/Deposit	Category	Volume	Tonnes	% HM	**% Slimes **	HM Tonnes	VHM	**Ilmenite **	Leucoxene	Rutile	Zircon
		(million)	(million)			(million)	(%)	(%)	(%)	(%)	(%)
Gingin Nth	Indicated	0.7	1.3	5.7	15.71	0.08	75.4	57.4	9.3	3.2	5.5
Gingin Nth	Inferred	0.6	1.1	5.2	14.0	0.06	78.4	57.3	11.3	3.7	6.0
Gingin Nth Total		1.3	2.4	5.5	15.0	0.13	76.7	57.3	10.2	3.4	5.7
Gingin Sth	Measured	0.9	1.5	4.4	7.22	0.07	79.4	50.7	15.3	5.6	7.8
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
Gingin Sth Total		4.5	8.1	6.1	7.3	0.49	89.2	65.3	10.3	5.2	8.3
Red Gully	Indicated	1.9	3.4	7.8	11.5	0.3	89.7	66.0	8.3	3.1	12.4
Red Gully	Inferred	1.5	2.6	7.5	10.7	0.2	89.0	65.4	8.2	3.0	12.3
Red Gully Total		3.4	6.0	7.7	11.2	0.5	89.4	65.7	8.2	3.1	12.4
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
Mineral Resources - Strand deposit; in accordance with JORC Code (2004) @ 2.5% HM							Cut-off
Project/Deposit	Category	Volume	Tonnes	% HM	**% Slimes **	HM Tonnes	VHM	**Ilmenite **	Leucoxene	Rutile	Zircon
		(million)	(million)			(million)	(%)	(%)	(%)	(%)	(%)
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

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