IMAGE RESOURCES NL

Emerging Mid-Tier Miner Focused on Growth and Sustainability

Disclaimer and Forward-looking Statements

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 forwardlooking 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 or in the ASX releases available on the Company’s website at www.imageres.com.au. For additional information and details on any of the content of this presentation, please refer to the ASX releases on the Company’s website.

Company Introduction and key reasons for success

Australia’s newest mineral sands mining company

Transitioned from advanced explorer to active miner in 2018
Developed flagship Boonanarring Project North Perth Basin <>
One of the highest grade, zircon-rich projects in Australia <>
1[st] of 12 projects in 100%-owned portfolio; all with mineral resources
Construction completed on-time and onbudget (6 months; $52m)
Commenced production in Dec 2018
Ramped up to full production in only 2[nd] month of operation

Excellent Location 80km N of Perth

High Grade Ore 8.9% HM

Zircon Rich 27.5% of HM

Coarse Grained D50 ~180µm

High Recoveries 98% of zircon High Quality HMC 90%+ HM 3 3

Operational Performance

 Completed two full years of profitable operations (through Dec 2020)

Met market guidance in CY2019 after raising it twice during the year
Maintained and met CY2020 original guidance, despite the uncertainties stemming from global economic downturn as a result of COVID-19

 Debt-free from 7 February 2021

Inaugural dividend of $0.02/share paid in April 2021
Post dividend cash on hand: A$21m (30 April 2021)

CY2019 HMC Production Revenue Project Op. Costs Net Profit After Tax 270kt A$146m A$73m A$20.8m CY2020 HMC Production Revenue Project Op. Costs Net Profit After Tax 306kt A$176m A$90m A$24.8m 4 4

Market Guidance

Item	Units	2020 Actual	2020 Guidance	2021 Guidance	Mar Q 2021
HMC Production	kt	306	300-330	290-320	85.2
HMC Sales	kt	311	300-330	300-320	84.5
Project Operating Costs	A$m	90	100-110	90-100	23.8
C1 Cash Costs	A$/t HMC sold	292	290-320	290-320	281
AISC Cash Costs	A$/t HMC sold	337	340-370	340-370	322

HMC is Heavy Mineral Concentrate which is a ‘concentrate’ product which contains zircon and titanium dioxide minerals. HMC is separated into final products by Image’s off-take partners.

Guidance is to be read in conjunction with the Forward looking statements disclaimer on slide 2. C1 cash costs include mining, processing, general and admin and HMC transport costs. All-in-sustaining cash costs (AISC) include C1 plus royalties, sustaining capital and corporate overheads.

There are a number of factors outside of Image’s control that may impact downstream demand for its end products and therefore could impact 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.

Corporate Snapshot

Diverse and Experienced Board and Management

ASX Code IMA Share Price A$0.17 12-Month Price Range A$0.13-0.22 Shares on Issue 992m Market Cap A$168m Cash on hand A$21m Debt A$0 ~ Enterprise Value A$147m** Top 20 Shareholders: 72%

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 Huangcheng Li – Non-Executive Director

Key Management

Patrick Mutz – MD & CEO

John McEvoy – Chief Financial Officer Todd Colton – Chief Operating Officer George Sakalidis – Head of Exploration Rodney Burns – Operations Manager

* - as at 25 May 2021

** - as at 30 Apr 2021 (post $0.02/share dividend) *** - effective 7 Feb 2021

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IMA
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S&P/ASX 300 Shareholder Index

Other key reasons for success

(In addition to location, high HM and zircon grades and high recoveries)

 Simple Business Model

Shallow open cut mining (contracted)
Simple gravity separation
Simple concentrate product sold in bulk shipments
100% of production committed under life-of-mine off-take agreements at market pricing
High demand for products

 Strong market prices

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HMC Production, Sales & Inventory

COVID-19 related global economic uncertainties negatively impacted 1H CY2020 HMC sales, resulting in substantially higher than normal HMC inventory
Off-take partners accelerated HMC orders in 2H CY2020 to reduce HMC inventory back to normal levels at the end of CY2020

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Mineral Sands Commodity Prices

Revenue Enhancers

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Revenue Enhancers
Up 5% in 2021 Up 21% in 2021
Up 31% in 2021
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FX and Zircon Content

Revenue (AU$) Reducers

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What are Image’s growth plans?

Image has 12 zircon/titanium projects in its 100%-owed portfolio
All projects are located in Western Australia across an area of 1,000 square kilometres
All have identified Mineral Resources under the JORC Code and two have Ore Reserves
Only the first of these 12 projects has been developed

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What are Image’s growth plans? (continued)

Image’s growth strategy is multi-faceted:
Continue to use existing capital equipment to operate profitably
Look to develop a second mining centre to operate in parallel with existing operations; Bidaminna feasibility study underway
Investigate opportunities to invest in zircon/titanium projects outside of the current portfolio that are development ready and have substantial mine life
- Potential to partially self-fund investments
- Access to low cost debt
Investigate the potential for a profitable gold production centre on Image’s 100%-owned gold-focus tenements

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Image Resources – Beyond Operations

Social Licence and Sustainability

Image looks forward to growing into a sustainable, mid-tier mining company
Areas of specific focus beyond day to day mining and processing operations include:
Health, safety and well being of employees, contractors, consultants, visitors, local landowners and member of the general public in the areas of its operations;
Environmental protection including mine rehabilitation;
Community relations including landowners, local community members and businesses, local Shire, local emergency service providers and associated area governmental/regulatory organisations and representatives; and
The Company’s legal, moral and ethical responsibilities as a business owner in Western Australia;
In short, maintaining a social license to operate .

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Community Engagement Program

Image is proud of its active and varied community support and engagement program including significant local employment.
At 31 Mar 2021 48% of the site workforce lives locally to the operation or within regional shires.
Image Grand Opening was held on 19 September 2019 with 250 attendees.

Solar Farm at Boonanarring

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
Commissioned Sep 2020 and designed to provide on average 25% of electricity requirements for mining and processing operations.
Solar farm places Image Resources as arguably most environmentally friendly zircon/TiO2 miner in Australia.

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

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Solar Farm at Boonanarring
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Brand Highway
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Rehabilitation Snapshot: Before Mining – April 2018

Rehabilitation Snapshot: During Mining – June 2019

Rehabilitation Snapshot: Backfilled – December 2019

Rehabilitation Snapshot: 13 hectares re-vegetated – August 2020

Carbon Sequestration Research

Australian Carbon Farming Initiative

As part of its focus to reduce its carbon footprint, Image is investigating cooperative work with local landowners near its mining operation under the Australian Carbon Farming Initiative
The goal is to support the work of local landowners under the guidance of government authorised research institutes to demonstrate soil enhancement steps to improve carbon sequestration in the soils
Additional information will be provided later in 2021