IMAGE RESOURCES NL — Investor Presentation 2022

Nov 21, 2022

Focused on Growth and Sustainability

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”). The information presented includes an indicative outlook of the business activities of Image for the calendar year (CY) 2022 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”, “potential” 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.

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Corporate Snapshot

Listed on ASX: July 2002 ASX Code: IMA

Exploration Mining - 2018

2017 Bankable Feasibility Study (BFS)

Boonanarring Project

Atlas Project

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Corporate Snapshot

ASX Code IMA Share Price A$0.165 (20 Oct 2022) Shares on Issue 1,050m Market Cap A$173m Cash on hand A$53m (30 Sep 2022 - unaudited) Debt A$0 (since Feb 2021) Enterprise Value A$120m

Board of Directors

Top Five Shareholders

Murray Zircon PL 15.9% Vestpro International 13.1% HSBC Custody Nominees 8.1% Orient Zirconic Res. Aus. PL 5.2% Luminous Partnering PL 4.8%

Top 20 74.5%

Bob Besley – Chair (Independent) Patrick Mutz – Managing Director Chaodian Chen - Non-Executive Director (NED) Aaron Chong Veoy Soo – NED (Independent) Peter Thomas – NED (Independent) Ms Ran Xu – NED Winston Lee – NED

Management

Patrick Mutz – CEO

John McEvoy – Chief Financial Officer Todd Colton – Chief Operating Officer George Sakalidis – Executive Advisor – Exp.

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Share Price Performance

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+17%
1-Month
+83%
5-Year
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Credible and Profitable

• Rapid transition to successful mining company

• 6-month construction; A$52m on-ground spend (2018)

• On-time; on-budget

• Ramped to name-plate capacity in 2[nd] month of operation

• Profitable from first year of operation

Revenue Net Profit After Tax CY2019 A$146m A$20.8m CY2020 A$176m A$24.8m CY2021 A$179m A$19.4m 1H CY2022 A$92m A$17.9m

• Early repayment of A$50m debt (Feb 2021)

• Paid inaugural dividend of 2 cents (unfranked) April 2021

• Paid 2[nd] annual dividend of 2 cents (fully-franked) April 2022

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Boonanarring Project Highlights

 High-grade, high zircon

• 18mt Ore Reserves (April 2017)

• 7.7% THM

• 23% zircon in THM

 Simple business model

• Simple, dry open-cut mining (6:1 strip ratio)

• Produce and market heavy mineral concentrate (HMC) under off-take

  • into China

• Market pricing via formal benchmark model

• Cumulative actual production (through Sept. 2022)

• 13.2mt Ore processed

• 8.3% THM (108% of Reserve grade)

• 29% zircon in THM (126% of Reserve grade)

• Surpassed 1m tonnes HMC produced; containing >300kt zircon

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Project Area Location Map

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PERTH
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Project Location Map – Initial Portfolio

ATLAS - planned mining to commence Q4 2023

Ore Reserves (2017) 8.1% THM

18% zircon + rutile in THM 58-60% TiO2 ilmenite Dry mining; 1:1 strip ratio

BIDAMINNA – feasibility study underway

Mineral Resources (current) 2.2% THM 9% zircon + rutile in THM 63-67% TiO2 ilmenite Dredge mining; 1:1 strip ratio

Initial Tenement Portfolio (2017) 1,232 km[2]

12 Project Areas; 100%-owned 29Mt Ore Reserves 93Mt dry mining Mineral Resources 236Mt dredge mining Mineral Resources

BOONANARRING - Successful mining since Dec 2018

Initial Ore Reserves (2017) 7.7% THM

23% zircon + rutile in THM 54-56% TiO2 ilmenite Dry mining; 6:1 strip ratio

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Initial Project Portfolio

• Transition to production in 2018 with 12 zircon/titanium projects in 100%-owed portfolio

• All in Western Australia; 1,232 km[2 ] of tenements

• All with Mineral Resources; 2 with Ore Reserves (JORC 2012)

  • 29Mt at 7.5% HM in Ore Reserves[1] in strand deposits (accessible by dry mining) at Boonanarring and Atlas.

  • 93Mt at 5.8% HM in Mineral Resources[1,2] in strand deposits (inclusive of Ore Reserves); plus

  • 236Mt at 2.1%HM in Mineral Resources[1,2] in dredge deposits (accessible by dredge mining).

1 – See ‘Resources and Reserves Schedule’ in 26 February 2019 ASX announcement “Annual Report to Shareholders”. Boonanarring Resources and Reserves have since been reduced due to mining in CY2019-2021. Refer to the current statement of the Company's Mineral Resources and Ore Reserves in the Appendix.

2 - Cautionary note: Not all projects currently have a sufficient quantity of Mineral Resources for potential Ore Reserves to be considered to be developed independently and there is currently insufficient information to determine if these projects can be sufficiently enlarged or whether any Mineral Resources will be converted to Ore Reserves.

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Current Strategy – Closing Chapter 1

 Credible, successful development/operations demonstrated;

• Only one of the 12 initial projects has been developed;

• Boonanarring ; mined since December 2018

• Second is currently being developed;

• Atlas ; per 2017 BFS scheduled to be mined in series

• following completion of Boonanarring

• 9.5Mt at 8.1% HM Ore Reserves [1,3]

 Opening Chapter 2

• Third project from original portfolio under feasibility study;

• Bidaminna ; potential standalone dredge project

• o 102Mt at 2.2% HM Mineral Resources [2,3]

• 1 – See 30 May 2017 ASX announcement “Ore Reserves update for 100% Owned Atlas Project”.

• 2 – See 31 March 2021 ASX announcement “102 Million Tonnes Inaugural Dredge Mining Mineral Resources Estimate for Bidaminna Mineral Sands Project”.

• 3 - Refer to the current statement of the Company's Mineral Resources and Ore Reserves in the Appendix.

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Project Location Map – Expanded Portfolio

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Eneabba
Tenements
Acquisition
232 km [2]
Initial Portfolio
of Tenements
1,232 km [2]
McCalls
Project
Acquisition
224 km [2]
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Growth Strategy – Strategic Acquisition No. 1

 Eneabba Tenements (239 km[2] )

• Package of tenements consists of 3 Mining Leases (MLs), 1 Retention Licence (RL) and 8 Exploration Licences (ELs) acquired in 1H 2022;

• Total 211 Mt at 3.0% THM containing 6.3 Mt total heavy minerals[1,2,3] in total Mineral Resources across 9 project areas;

• 84% valuable heavy minerals ( VHM ) within mineral assemblage

• 19% zircon plus rutile in total heavy minerals

• Mineralisation located from surface in some places with low overall average strip ratio.

• Initial development focus on Yandanooka with 60 Mt at 3.0% THM .

• containing 1.8 Mt total heavy minerals[1,3]

• 1 – See 11 March 2022 ASX announcement “Mineral Resources Update – Eneabba Tenements”.

• 2 – See 29 July 2022 ASX announcement “Mineral Resources Update – West Mine North”.

• 3 - Refer to the current statement of the Company's Mineral Resources and Ore Reserves in the Appendix.

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Growth Strategy – Strategic Acquisition No. 2

 McCalls Project (224 km[2] )

• Package consists of 4 ELs acquired in March 2022;

• Total 5,810 Mt at 1.4% THM containing 84 Mt total heavy minerals[1,2] in total Mineral Resources across 2 project areas;

• 1,630 Mt at 1.4% THM in JORC Indicated category in a single contiguous area;

• 89% valuable heavy minerals ( VHM ) within mineral assemblage

• 7% zircon plus rutile in total heavy minerals

• Mineralisation located from surface in some places with low overall average strip ratio and very thick seams of mineralisation;

• Potential for several massive, lower grade, multi-decade operations;

• 1 – See 20 May 2022 ASX announcement “Mineral Resources Update – McCalls Mineral Sands Project”. 2 - Refer to the current statement of the Company's Mineral Resources and Ore Reserves in the Appendix.

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Looking Ahead

Chapter 2: Growth & Sustainability

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Chapter 2 – Growth and Sustainability

Drivers for Growth

• As HM grade and zircon content decline, to maintain profitability, it is necessary to:

  • Increase economy-of-scale to minimise mining costs;

  • Evaluate alternative mining methods; and

  • Create value-add products.

• Recent strategic acquisitions provide potential for long-term,

• diverse project pipeline

• Larger deposits provide opportunity for economy-of-scale

• Long-term projects provide justification for capital expenditure for expanding production and value-adding (MSP+)

• Path to credible, sustainable growth requires multiple operating projects with various final products (including HMC) servicing an expanded base of global customers

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Chapter 2 – Growth and Sustainability

Current Position

• Credible, profitable, debt-free miner

• High-grade Atlas project is bridge to Chapter 2

• Bidaminna project is lead into Chapter 2 as standalone project operating in parallel to dry mining operations at Atlas and beyond;

• Potential low-cost dredge mining with high-grade TiO2 products likely suitable for synthetic rutile (SR) feedstock

• Strategic acquisition of Eneabba Tenements provides base for multidecade smaller, dry mining operations using existing capital equipment

• Strategic acquisition of McCalls project provides potential for:

• 50+ year mine life with consistent HM grade and quality;

• high economy-of-scale opportunity;

• Shallow, thick and wide seams of mineralisation likely amenable to lowercost, autonomous, hydraulic mining techniques;

• high-quality TiO2 products likely suitable as SR feedstock

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Chapter 2 – Conceptual Approach

 Feasibility studies (FS)

• Bidaminna – dredge mining (nearing completion)

• Yandanooka (or Durak) – dry mining (2023)

• McCalls – hydraulic mining (2023)

• Mineral Separation Plant (2023)

 Lab and pilot testing

• Synthetic Rutile production – hydrogen reduction (Bidaminna and McCalls ilmenite) (2023)

 Chapter 1 products

• Heavy mineral concentrate (HMC)

 Chapter 2 potential products

• HMC, premium zircon, zircon concentrate, rutile, leucoxene, ilmenite, synthetic rutile, monazite, staurolite

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Growth Strategy – Mineral Separation Plant (MSP)

Mineral Separation Plant Feasibility Study

• The Company’s transition to mining using simple business, model selling heavy mineral concentrate (HMC) only, was appropriate and effective.

• Growth plans to multiple operations with longer mine-life provides incentive to evaluate benefits of value-adding with mineral separation, with greater justification for capital costs;

• Expands customer base to multiple customers internationally and reduces market and geographic risks;

• Reduces shipping costs;

• Captures additional profitability from value-adding and secondary by-products.

• Feasibility Study to evaluate existing, available MSPs (if any), tollprocessing opportunities as well as a new, purpose-built facility using the latest automation and control technology.

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Growth Strategy – Synthetic Rutile Production

Synthetic Rutile Production (SR) Feasibility Study

• Ilmenite from 100%-owned Bidaminna (63-67% TiO2) and McCalls (62-63% TiO2) projects both candidates for SR feedstock.

• Bidaminna with potential 10+ year mine life; McCalls with potential 50+ year mine life.

• Feasibility study to evaluate existing Becher SR Process but will focus largely on the use of hydrogen as more environmentally friendly reductant to dramatically reduce GHG emissions.

• Expanding Image processing operations to include SR production:

• Adds new SR producer with consistent long-term SR feedstock supply to replace current declining supplies;

• Further expands customer base internationally;

• Provides long-term value-add marketing opportunity including reduced shipping costs; and

• Provides opportunity for cutting-edge technology SR production with substantially lower carbon footprint (e.g. Green SR).

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Image Resources – Beyond Operations

Sustainability & ESG

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Image Resources – Beyond Operations

Social Licence, Sustainability and ESG

• Image is targeting growth 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;

• Environmental; holistic environmental protection approach including concurrent mine rehabilitation;

• Social; positive and supportive relations with landowners, local community members and businesses, local Shire, local emergency service providers and associated area governmental/regulatory organisations; and

• Corporate Governance; legal, moral and ethical responsibilities and corporate governance issues as a business owner in Western Australia.

• In short, maintaining a social licence to operate and adopting a proactive ESG framework .

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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 30 Sep 2022 ~50% of the site workforce lives locally to the operation or within regional shires.

• Active cultural engagement with traditional owners at Atlas and Bidaminna with numerous proposed support initiatives including employment.

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Solar Farm at Boonanarring

2.3 MWAC solar farm

• Construction and operation by Sunrise Energy Group Pty Ltd

• Located on Image owned land

• Commissioned Sep 2020 and providing ~25% of electricity requirements for Boonanarring

• Solar farm highlights Image Resources’ proactive approach to reduce its carbon footprint

• First WA multi-megawatt solar farm installed ‘behind the meter’

• First WA solar farm installation as part of a grid connected mine site

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Rehabilitation Snapshot: Before Mining – April 2018

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Rehabilitation Snapshot: During Mining – June 2019

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Rehabilitation Snapshot: 13 hectares re-vegetated – August 2020

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Green Hydrogen Production

Green Hydrogen (conceptual)

• The Western Australian Government is incentivising the demonstration of green hydrogen production in the State.

• Image is actively working with the Sunrise Energy Consortium to identify potential funding sources for a demonstration-scale hydrogen production and dispensing facility.

• Location proposed to be at the Boonanarring mine site, following completion of mining, to take advantage of existing infrastructure and solar farm.

• Electricity requirements to be supported in part from the existing solar farm plus expansion and potentially wind power to produce green hydrogen.

• Image has pledged the lease of the land and its contractors have pledged to provide hydrogen powered trucks to utilise a portion of the hydrogen fuel generated.

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For further information

Image Resources NL

info@imageres.com.au Office: +61 8 9485 2410

Level 2, 7 Ventnor Avenue West Perth, WA 6005 PO Box 469, West Perth, WA 6872 www.imageres.com.au

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Ore Reserves and Mineral Resources

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Ore Reserves and Mineral Resources

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Ore Reserves and Mineral Resources

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Ore Reserves and Mineral Resources

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Ore Reserves and Mineral Resources

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Ore Reserves and Mineral Resources

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