IMAGE RESOURCES NL — Investor Presentation 2021

May 26, 2021

Emerging Mid-Tier Miner Focused on Growth and Sustainaility

ASX: IMA 1

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.

2

High Level Summary

ASX Code IMA

Share Price A$0.19 (31 March 2021) Market Cap A$188 million Cash on hand A$51 million (31 March 2021) Debt A$0 (effective 7 Feb 2021)

Dividend (inaugural) A0.02/share (paid April 2021)

Revenue Net Profit After Tax CY2019 A$146m A$20.8m Revenue Net Profit After Tax CY2020 A$176m A$24.8m

==> picture [6 x 8] intentionally omitted <==

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

3 3
----- End of picture text -----

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.

So why has Image been successful?

• Location – mine located only 1 hour north of capital city of Perth in Western Australia

• High Grade – One of the highest grade projects of its kind in Australia

Zircon Grade TiO2 Minerals Grade 2.4% >5%

• Typical grades might be 0.3-0.4% zircon and 2.5% titanium dioxide minerals

• High Recoveries

Zircon Recovery TiO2 Minerals Recovery 98% 90%

 High Revenue to Cost Ratio – ~2:1

==> picture [179 x 31] intentionally omitted <==

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

5 5
----- End of picture text -----

So why has Image been successful? (continued)

 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

• Strong market prices

• High demand for products

6 6

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

==> picture [179 x 182] intentionally omitted <==

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

7 7
----- End of picture text -----

Mineral Sands Commodity Prices

==> picture [762 x 375] intentionally omitted <==

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

Revenue Enhancers
Up 5% in 2021 Up 21% in 2021
Up 31% in 2021
8 8
----- End of picture text -----

FX and Zircon Content

Revenue Reducers

==> picture [6 x 8] intentionally omitted <==

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

9 9
----- End of picture text -----

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

==> picture [179 x 182] intentionally omitted <==

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

10 10
----- End of picture text -----

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

==> picture [179 x 31] intentionally omitted <==

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

11 11
----- End of picture text -----

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 .

==> picture [11 x 8] intentionally omitted <==

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

12 12
----- End of picture text -----

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.

13

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 providing up to 25-30% 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 .

==> picture [11 x 7] intentionally omitted <==

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

14
----- End of picture text -----

==> picture [600 x 29] intentionally omitted <==

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

Solar Farm at Boonanarring
----- End of picture text -----

==> picture [792 x 130] intentionally omitted <==

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

Brand Highway
15
----- End of picture text -----

Rehabilitation Snapshot: Before Mining – April 2018

16

Rehabilitation Snapshot: During Mining – June 2019

17

Rehabilitation Snapshot: Backfilled – December 2019

18

Rehabilitation Snapshot: 13 hectares re-vegetated – August 2020

19

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

==> picture [179 x 31] intentionally omitted <==

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

20
----- End of picture text -----

Why invest in Image Resources?

Summary

• Proven profitable mining operator

• Inaugural dividend paid in 2021; goal to continue annually

• Multiple 100%-owned projects in portfolio for future production

• Growth strategy includes:

• Potential to develop second profitable operating centre in parallel with existing operations

• Investigating investment opportunities outside of current portfolio for development ready zircon/TiO2 projects

• Investigating opportunity for profitable gold operating centre on 100%owned tenements

• Working to maintain strong focus on Environmental, Social and Corporate Governance issues and maintaining our social licence to operate

For further information

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

22