IMAGE RESOURCES NL — Investor Presentation 2022

Apr 4, 2022

Established, Profitable Australian Mining Company Focused on Growth and Sustainability

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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.

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Corporate Snapshot

ASX Code IMA Share Price A$0.275 (28 Mar 2022) Shares on Issue 1,040 million Market Cap A$286 million Cash on hand A$79 million (31 Dec 2021) Debt A$0 (since Feb 2021) Enterprise Value A$207 million

Top Five Shareholders Murray Zircon PL 14.9% Vestpro International 13.6% HSBC Custody Nominees 7.7% Luminous Partnering PL 4.9% Orient Zirconic Res. Aus. PL 4.9%

Top 20 73.7%

Board of Directors

Bob Besley – Chair (Independent) Patrick Mutz – Managing Director Chaodian Chen - Non-Executive Director (NED) Aaron Chong Veoy Soo – NED (Independent) Peter Thomas – NED (Independent) Huang Cheng Li – 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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+61%
6-Month
+223%
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

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

• Paid inaugural 2 cent dividend in April 2021; 2[nd] annual dividend of 2 cents fully franked to be paid in April 2022

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Keys to success

• Location – Boonanarring project located 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 comparison grades might be 0.3-0.4% zircon and 2.5% titanium dioxide minerals

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Zircon Recovery TiO2 Minerals Recovery
98% 90%
~2:1
Note: * - in-situ grade 6 6
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 High Recoveries

 High Revenue to Cost Ratio – ~2:1

Keys to success (continued)

 Simple Business Model

• Shallow open cut mining (contracted)

• Simple gravity separation

• Simple heavy mineral concentrate (HMC) product sold in bulk shipments under letter of credit issued prior to loading

• 100% of production committed under life-of-mine off-take agreements at market pricing

• Strong market prices

 High demand for products

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Project Area Location Map

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Project Location Map

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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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Strong Initial Project Portfolio

 Transition to production with 12 zircon/titanium projects in its 100%-owed portfolio

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

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

• 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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Focus on Growth and Sustainability

 Credible, successful development/operations demonstrated; focus now on growth

• 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]

• Third under feasibility study;

• Bidaminna ; potential standalone dredge project

• 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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Growth Strategy

• Accelerate existing development plans for projects in initial portfolio targeting multi-project operating status;

• Atlas to follow Boonanarring

• Bidaminna as standalone dredge mining project to be operated in parallel with dry mining operations (Atlas and others)

• Use strong cash and zero debt position to acquire longer life mineral sands projects outside of initial portfolio;

• Numerous projects evaluated in 2021;

• 2 acquired in early 2022 using cash reserves.

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Growth Strategy – Strategic Acquisitions

 Eneabba Tenements (232 km[2] )

• Major portion of deal for 8 Exploration Licences (ELs) and 1 Retention Licence completed 18 January 2022 for A$23M cash;

• 199 Mt at 2.8% THM containing 5.5 Mt total heavy minerals[1,2] total Mineral Resources across 8 project areas;

• 3 Mining Leases (MLs) on a final project area pending FIRB approval prior to completion and a further A$1M cash payment;

• 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[1,2]

• 1 – See 11 March 2022 ASX announcement “Mineral Resources Update – Eneabba Tenements”. 2 - Refer to the current statement of the Company's Mineral Resources and Ore Reserves in the Appendix.

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Growth Strategy – Strategic Acquisitions

 McCalls Project (224 km[2] )

• Acquisition completed 14 March 2022 for A$12M cash;

• Mineralisation at McCalls covers four exploration tenements across an area of 224 square kilometres with the potential to host several massive, lower grade project areas;

• Very thick seams of mineralisation and from surface in some areas;

• Potential for future multi-decade operations;

• Image’s JORC Competent Person conducting review/estimate of Mineral Resources [1]

• 1 – See 14 March 2022 ASX announcement “Strategic Acquisition of 84 Million Tonnes Total Heavy Minerals McCalls Mineral Sands Project”.

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Image Resources – Gold Farmin

King Gold Prospect Farmin

• King prospect hosts historic gold mineralisation and is surrounded by one of Image’s two 100%-owned gold-focused contiguous tenements located southeast of Kalgoorlie

• Farmin agreement commenced Q1 2021 with low-cost, low-risk earin/buy-in arrangement to secure ownership of King:

• 40% ownership earned in Q4 2021 through on-ground drilling assessment of historic intercepts at cost of A$240k;

• Additional 40% acquired in Q1 2022 with A$240k cash payment; and

• Final 20% acquired through owners electing to convert their 20% residual ownership to a 2% net smelter royalty in Q1 2022.

• Further drilling scheduled to support inaugural Mineral Resources estimate which will form basis of an optionality assessment (develop, sale, JV etc.) for the Company’s gold tenement package.

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Growth Strategy – Mineral Separation Plant

Mineral Separation Plant Feasibility Study

• Transition to mining using simple business model selling concentrate was appropriate and effective

• Growing to multiple operations provides incentive to evaluate benefits of value-adding with mineral separation;

• Expands customer base to multiple customers internationally;

• Reduces shipping costs;

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

• Evaluate existing plants and toll-processing

• Feasibility study on new, purpose built facility using latest

• technology

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Growth Strategy – Macro Preliminary Development Gantt Chart

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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 license 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 31 Dec 2021 45% 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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Solar Farm at Boonanarring

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Brand Highway
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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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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 to be provided as program progresses

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Green Hydrogen Production

Green Hydrogen Initiative

• 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 secure funding and approvals to install a demonstration hydrogen production and dispensing facility

• Location of the facility is proposed at the Boonanarring mine site, following completion of mining, to take advantage of existing infrastructure

• Electricity requirements will be supported in part from the existing solar farm at Boonanarring to produce green hydrogen

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

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Summary

• Established profitable Australian mining company; 3 years consistent profits;

• Inaugural 2-cent dividend paid in 2021; 2[nd] annual 2-cent fully franked dividend scheduled April 2022; debt free;

• Multiple 100%-owned projects in portfolio for future production including potential multi-decade operation at McCalls;

• Aggressive growth strategy:

• Accelerate existing development plans to move to multiple operations;

• Accelerate delineation drilling and studies on strategic acquisitions to identify additional and longer mine-life Ore Reserves;

• Pursue value-adding mineral separation processing to expand and diversify customer base; and

• Accelerate assessment of optionality on gold tenements.

• Enhance focus on Environmental, Social and Corporate Governance reporting framework and maintain social license to operate.

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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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Appendix

Image Resources NL Mineral Resources & Ore Reserves Statement

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Mineral Resources & Ore Reserves Statement

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Mineral Resources & Ore Reserves Statement

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Mineral Resources & Ore Reserves Statement

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Mineral Resources & Ore Reserves Statement

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Mineral Resources & Ore Reserves Statement

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Mineral Resources & Ore Reserves Statement

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Mineral Resources & Ore Reserves Statement

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Mineral Resources & Ore Reserves Statement

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Mineral Resources & Ore Reserves Statement

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