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ASX Release

13 July 2020

Managing Director Patrick Mutz to present at Noosa Mining Virtual Conference

The good folks at Noosa Mining are hosting a virtual conference of mining professionals. The conference will be held across three days, 15-17 July 2020.

Image Resources will present on day 1 (Wednesday, 15 July) at 3:40 pm AEST (1:40 pm AWST).

To register to view Image Resources’ presentation by Managing Director, Patrick Mutz, please follow the link below to the Noosa Mining Virtual Website:

https://zoom.us/webinar/register/WN_KaEq6KGPTAemE4YUBXj_uQ

Register by providing your name and email address, and a unique link will be sent to your email address to allow you to log into Image’s presentation at the above time on 15 July.

Please join me for a live presentation of the latest publicly available information.

Kind regards,

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

Page 1 of 1

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

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.

Introduction

Ø Established, profitable mining company focused exclusively on mineral sands
Ø 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
Ø Transitioned from advanced explorer to active mining company in December 2018 through development of first project: Boonanarring Mineral Sands Project

Ø Very strong project delivery

A$52 million, 6-month construction completed on-time/on-budget
• Ramped up to name-plate capacity in only 2[nd] month of operation (Jan 19)

Ø Very positive inaugural year of operations

Profitable in Q1, cashflow positive in Q2 2019
Completed inaugural full year of production (CY2019) and met guidance after raising it twice

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Boonanarring Mineral Sands Project

Very strong asset fundamentals

Ø Excellent location;

80km north of Perth in Western Australia
Major players (Iluka and Tronox) operating nearby
Ø Exceptional deposit;
Very high ore grade 8.9%HM
Zircon-rich 27.5% of HM
Coarse grained minerals D50 ~180 microns
High metallurgical recoveries
98% of zircon

90% TiO2

Market ready products

Ø 100%-owned

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Boonanarring Project – Simple Business Model

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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.

Trucking

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HMC trucked to Bunbury port.

Shipping

HMC shipped in bulk to China under lifeof-mine off-take contracts at market prices.

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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$0.17 A$0.12-0.30 981m A$167m A$36m A$39m A$170m** 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 9 Jul 2020
* - as at 30 Jun 2020

Operational Performance – Track Record

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Excellent track record of operational delivery

Wet Concentrate Plant Ore Processed (kt)

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

MQ19 JQ19 SQ19 DQ19 MQ20
985
874 863
784
664
----- End of picture text -----

HMC Production and Sales (kt)

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

MQ19 JQ19 SQ19 DQ19 MQ20
HMC Production (t) HMC Sold (t)
84
69 66 68 66 69
63
59
48
45
----- End of picture text -----

Ø Project commissioned in Dec-18.

Ø MarQ 2020 production set quarterly record for both tonnes of ore processed and HMC produced.

Final MarQ 2020 shipment of 25kt was delayed into early April.

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

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

84
69 66 66 69
661 659
639
623
517
346 364 365
298
264
288 305 291
259
229
MQ19 JQ19 SQ19 DQ19 MQ20
C1 (A$/t) AISC (A$/t) Avg Realised Price (A$/t) HMC Production (kt)
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Operational Performance – Guidance & Forecasts

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Item	Units	2019	2020	2021
		Results	Guidance	Forecast
HMC Produced	DMT 000s	270	300-330	300-330
HMC Sold	DMT 000s	238	300-330	300-330
Project Operating Costs	A$m	73	100-110	90-100
C1 Cash Costsper tonne HMC sold	A$/DMT	327	290-320	260-290
AISC Cash Costs per tonne HMC sold	A$/DMT	390	340-370	315-345

Image has made no change to 2020 guidance following the emergence of COVID-19 at the end of 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.

Ore Reserves – Updated Dec 2019

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HIGH-QUALITY ORE RESERVES

Ø JORC Code (2012) Compliant

Ø Very High HM ore grade; exceptionally high zircon grade at Boonanarring Ø Atlas to be mined in series following 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)
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

Mine Life Summary

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

Ø Mine-life from Dec 2019 Ore Reserve estimated at 6 years Ø 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 withing economic pumping or hauling distance from current processing plant
Project ‘MORE’ goal of 2 more years of Ore Reserves by end of Dec 2020
Ø 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

Multiple Extension Areas at Boonanarring

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Ø
Initially focused on areas within 10km of
current location of Boonanarring Wet
Concentration Plant (WCP)
Ø
Northern Extension Area (NEA)
•
Previously reported; 2017
•
High grades, high zircon
•
Infrastructure and access challenges
Ø
Southern Extension Area
•
Access available; within current
environmental footprint
•
Lower grades than NEA
Ø
New 50mRL Strandline
•
Announced December 2019
•
Includes Northwest Extension Area,
Lake, Boonanarring West and Gingin
North and South
•
Potential of up to 40km of parallel be
strandline west of Boonanarring dep

Blue

ach
osit
12
Northern
Extension
Area
Northwest
Extension
Area
Blue Lake
Boonanarring
West
Southern
Extension
Area
Gingin North
WCP
10km radius

Mineral Resources

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Established Mineral Resources in 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

JORC Mineral Resources

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

12%
Regans Ford Dry Mining Dredge Mining
10% Hyperion Bubble size represents
contained heavy mineral
Red Gully
8% Gingin Sth
Boonanarring
6%
4% Atlas Bidaminna
Helene
Titan
Calypso
Gingin Nth
2%
Telesto
0%
0 20 40 60 80 100 120 140 160
Resource Tonnes (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.

Projects Pyramid – Strand Deposits – Dry Mining

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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 Total 93Mt; 6.3%HM; 17% 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 Central WCP location

Projects Pyramid – Dredge Mining Prospects

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

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----- 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 Deposits closely
associated; Potential
for connecting
mineralisation to
allow continuous
Calypso 51Mt; 1.7% HM; 15.9% Z+R
mining.
Total 236Mt; 2.1%HM; 11.5% Z+R
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Solar Farm at Boonanarring

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Sunrise Energy Group Pty Ltd constructing 2.3 MWAC solar farm

Ø Construction and operation by Sunrise Energy;
Ø Located on Image owned land adjacent to Boonanarring processing plant;
Ø Plan to provide 25% of electricity requirements for mining/processing operations;
Ø Commissioning on track for Q3 2020.

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

Community Engagement Program

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

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Image proudly contributes to the local community including through local employment. At 31 December 2019, 59% of its workforce lived locally to the operation or within regional shires.

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Forward Looking Plans

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Summary

Ø Continue with profitable operations; CY2020 & 2021 slated to be stronger than 2019

Ø Increase Ore Reserves under Project ‘MORE’
Ø Continue to look to diversify geographical HMC sales base and evaluate value-add options for separation of HMC in Australia

Ø Advance studies for potential second operating centre

Ø Continue to evaluate opportunity for early retirement of current high yield debt given strong cash balance

Ø Evaluate timing for consideration of inaugural dividend payment

Ø Continue to watch and evaluate opportunities outside of current portfolio

For further information

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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

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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

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
US$/t
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20
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Chart Information Source: FerroAlloy.net
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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%
1400 300
Vietnam titanium concentrate (ilmenite) 50% (A)
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
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Chart Information Source: FerroAlloy.net

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IMAGE RESOURCES NL — Investor Presentation 2020

65117_rns_2020-07-12_3797101c-772d-4725-965c-6ba085108d52.pdf

ASX Release

13 July 2020

Managing Director Patrick Mutz to present at Noosa Mining Virtual Conference

Image Resources will present on day 1 (Wednesday, 15 July) at 3:40 pm AEST (1:40 pm AWST).

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

Disclaimer and Forward Looking Statements

Introduction

Ø Very strong project delivery

Ø Very positive inaugural year of operations

Boonanarring Mineral Sands Project

Very strong asset fundamentals

Ø Excellent location;

Ø 100%-owned

Boonanarring Project – Simple Business Model

Mining

Processing

Trucking

Shipping

Corporate Snapshot

Diverse and Experienced Board and Management

IMA

Board of Directors

Key Management

Operational Performance – Track Record

Excellent track record of operational delivery

Operational Performance – Cost Control

Demonstrating cost discipline

Operational Performance – Guidance & Forecasts

Ore Reserves – Updated Dec 2019

HIGH-QUALITY ORE RESERVES

Mine Life Summary

Multiple Extension Areas at Boonanarring

Mineral Resources

Established Mineral Resources in North Perth Basin

JORC Mineral Resources

Projects Pyramid – Strand Deposits – Dry Mining

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

Projects Pyramid – Dredge Mining Prospects

Solar Farm at Boonanarring

Community Engagement Program

Forward Looking Plans

Summary

For further information

Mineral Resources

Mineral Sand Markets – Zircon

Mineral Sand Markets – TiO2

Rutile / Ilmenite Price

More from IMAGE RESOURCES NL

IMAGE RESOURCES NL Investor Presentation 2020