IMAGE RESOURCES NL - Investor Presentation 2020

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19 May 2020

INVESTOR PRESENTATION

Image Resources NL (IMA) (Image or the Company) advises that Managing Director, Mr Patrick Mutz, will be presenting at the Goldman Sachs Mineral Sands and Rare Earths Conference Webcast to be held on Wednesday, 20 May 2020.

The presentation is attached and is also available on the Company’s website: www.imageres.com.au

This document is authorised for release to the market by:

Patrick Mutz Managing Director +61 8 9485 2410 [email protected]

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 www.imageres.com.au

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

Disclaimer and Forward Looking Statements

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.

Image Resources

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 development projects

Boonanarring Project – Uniquely Rich Deposit

Grade

 8.9% HM and 27.5% zircon

Assemblage

81% of revenue derived from zircon

Coarse Grained Mineralisation

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

High Metallurgical Recoveries

 98% of ZrO 2

90% of TiO 2

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

Mining

Dry open pit mine utilising a truck and shovel fleet.

Processing

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

Trucking

HMC trucked to Bunbury.

Shipping

HMC shipped in bulk to China.

Operational Performance – Track Record

Excellent track record of operational delivery

Wet Concentrate Plant Ore Processed (kt)

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MQ19 JQ19 SQ19 DQ19 MQ20
985
874 863
784
664
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HMC Production and Sales (kt)

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MQ19 JQ19 SQ19 DQ19 MQ20
HMC Production (t) HMC Sold (t)
84
69 66 68 66 69
63
59
48
45
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Project commissioned in Dec-18.

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

Final MarQ 2020 shipment of 24kt was delayed into early April.

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

Operational Performance – Cost Control

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)

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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

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. Following the increasingly volatile economic landscape Image would like to emphasise that 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 position and will update the market if required.

Growth – Our Portfolio

Established resources in the North Perth Basin

Dry Mining Resources* of 93Mt; 6.3% HM and 17% Z+R
Dredge Mining Resources* of 236Mt; 2.1% HM and 11.5% Z+R

JORC Resources

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12%
Regans Ford Dry Mining Dredge Mining
10% Hyperion
Red Gully
8% Gingin Sth
Boonanarring
6%
Atlas
4% Bidaminna
Helene
Titan
Calypso
Gingin Nth
2%
Telesto
0%
0 20 40 60 80 100 120 140 160
Resource Tonnes (Mt)
HM Grade (%)
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*Tonnes-grades are for Mineral Resources;

Boonanarring, Atlas, Helene, Hyperion, Titan-Telesto and Calypso per JORC Code (2012).

All others per JORC Code (2004) It has not been updated to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Growth – Our Project Pipeline

Image has an enviable portfolio of development projects

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Exploration Early Stage Advanced Production
Project MORE Boonanarring
Gingin N / South
Red Gully
Regans Ford
Atlas
Cooljarloo
Bidaminna
Titan-Telesto
Calypso
10
Area
Boonanarring
Area
Central
Dry Mining
Area
Northern
Dredge Mining
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Growth – Project MORE

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Northern
Extension
Area
Northwest
Extension
Area
Blue Lake
WCP
Southern
Extension
Area
Boonanarring
West
Gingin North
11
11
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MORE O re R eserves – internally high profile, interdisciplinary program to rapidly add mine life at Boonanarring.

Rigorous target identification
Systematic overview of potential targets within extensive existing tenement holdings
Continuous economic analysis
Ensuring targets can be efficiently converted to reserves within economic distance of the existing wet concentrate plant
Continuous multidisciplinary review including geology, metallurgy, engineering, and environmental
Parallel pursuit of commercial access and mining approvals

 High priority project execution

High priority senior leadership oversight to ensure project is executed efficiently

Q & A Session

Ore Reserves

HIGH-QUALITY ORE RESERVES (Updated Dec 2019)

 JORC Code (2012) Compliant

 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)
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

Mineral Resources

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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
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
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
H Sub-Total Cool yperion jarloo Nth Total Indicated 2.4 8.8 18.2 5.0 6.3 4.8 19.0 18.7 0.32 0.88 69.4 81.8 55.8 67.9 0.0 0.0 4.6 6.3 7.3 9.4 ••• Atlas Ore Reserves: 30 May 2017Atlas Mineral Resources:Helene Mineral Resources: 31 Oct 20198 May 2017
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
Gin Ging g in Sth in Nth Total Measured 1.3 0.9 2.4 1.5 5.5 4.4 15.0 7.22 0.13 0.07 76.7 79.4 57.3 50.7 10.2 15.3 3.4 5.6 7.8 5.7 technicalCompanyoriginal market announcement.parametersconfirms thatunderpinningthe form andthecontextestimatesin whichin theanyrelevantCompetentmarketPerson’sannouncementsfindings arecontinuepresentedto applyhaveandnot havebeen notmateriallymateriallymodifiedchanged.fromThethe
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 GullyRed Gully IndicatedInferred 1.51.9 2.63.4 7.57.8 10.711.5 0.20.3 89.089.7 65.466.0 8.28.3 3.03.1 12.312.4 •• 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
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Corporate Snapshot

Diverse and Experienced Board and Management

ASX Code: IMA Share Price: A$0.16 12-Month Price Range: A$0.12-0.31 Shares on Issue: 981m Market Cap: A$152m Cash on hand: A$41m Debt: A$53m Enterprise Value: A$164m** Top 20 Shareholders: 70%

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 Huangcheng Li – Non-Executive Director

Key Management

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

- as at 12 May 2020
* * - as at 31 Mar 2020

For further information

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