IMAGE RESOURCES NL — Investor Presentation 2023

Sep 19, 2023

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Australian Critical Minerals Producer

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Critical Minerals & Energy Investment
Perth, Western Australia
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Image Resources NL 1

Disclaimer and Forward-Looking Statements

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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) 2023 and beyond, 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, Atlas and/or other projects, or the mineral sands and/or general mining 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”, “possible” 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 and aspirations 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 forecast, projected or aspirational 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”) or other documents published by Image or contained in this presentation/document. 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, as well as in the Company’s CY2022 Annual Report, 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 referenced within this presentation/document or presented at the end of this presentation/document. For additional information and details on the content of this presentation/document, please refer to the ASX releases on the Company’s website.

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Company Description

 Producer and Supplier of Critical Minerals Concentrate

• Titanium, Zirconium and Rare Earths Elements

• Feedstocks for Pigments, Ceramics, Critical Metals, Electronics…

• Mining and Processing in Australia

• Marketing in China

 Successful Project Development

• Transitioned from advanced explorer to active miner in 2018

• On-time and on-budget construction

 Successful Project Operations

• Ramped to nameplate capacity in only 2[nd] month of operation

• Profitable in 1[st] year of operation (2019)

Zircon sand

• Completed 4+ years continuous operations

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Corporate Snapshot

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ASX Code IMA

Share Price A$0.09 (8 Sep 23) Shares on Issue 1,050m Market Cap A$95m Cash on hand A$62m (30 Jun 23) Debt A$0 (since Feb 21) Enterprise Value A$33m

Top Five Shareholders

Murray Zircon PL 15.9% Vestpro International Limited 13.1% HSBC Custody Nominees 8.0% Orient Zirconic Res. Aus. PL 5.2% Citicorp Nominees PL 3.7% Top 20 72.8%

Board of Directors

Bob Besley – Chair (Ind.) Patrick Mutz – Managing Director Aaron Chong Veoy Soo – NED (Ind.) Peter Thomas – NED (Ind.) Ms Ran Xu – NED Winston Lee – NED

Management

Patrick Mutz – CEO John McEvoy – Chief Financial Officer Todd Colton – Chief Operating Officer

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Project Area Location Map

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PERTH
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Chapter 1 – Transition from Advanced Explorer to Active Miner

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• Chapter 1 as active miner involves one mine, one product, one customer

• Boonanarring mineral sands project 80km north of Perth, WA

• Production of critical minerals in heavy mineral concentrate (HMC)

• Sales of HMC under life-of-mine offtake agreements into China

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HMC
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Chapter 1 – Active Miner

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 Chapter 1 Operational Summary

• A$20 million NPAT/year average for CY2019-2022 selling HMC

• Paid dividends of A$0.02/share in Apr 2021 and A$0.02/share in Apr 2022

• A$62.5M cash at 30 Jun 2023 and debt-free since Feb 2021

• Currently completing operations at Boonanarring (2H 2023)

• Finalising permitting at 100%owned, high-grade Atlas project

• Self-funding relocation of operations to Atlas (FY2024)

• Chapter 1 will end with the completion of mining at Atlas

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Transitioning to Chapter 2

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• Chapter 2 will involve multiple projects, multiple products, and global market

• Two strategic acquisitions of mineral sands projects in Western Australia in 1H 2022

  • Eneabba Tenements added ~200mt of Mineral Resources and increased dry mining Mineral Resources portfolio threefold

  • McCalls Project added 5.8 billion tonnes of Mineral Resources and increased total Mineral Resources portfolio a further 10-fold

• Adoption of new growth and sustainability strategy in 2H 2022

  • Develop multiple projects to be operated simultaneously

  • Separate HMC into multiple products (zircon, ilmenite, rutile, leucoxene, monazite etc.) for sale into global markets

  • Convert ilmenite to high-value synthetic rutile (SR) using new technology of fluidized bed reactor and hydrogen as the reductant to produce ‘green’ SR

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Chapter 2 – Projects and Value-Adding Steps

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• Diverse 100%-Owned Development Pipeline in Western Australia (JORC 2012)

• Atlas - 5.5mt Ore Reserves[1] at 9.2% HM (in final permitting phase) 2-3 yrs.*

• Bidaminna – 123mt Ore Reserves[1] at 1.8% HM (under DFS) 10 yrs.*

• Yandanooka [2] – 60mt Mineral Resources [1] at 3.0% HM (under PFS) 10 yrs.**

• McCalls [2] – 3,610mt Mineral Resources [1] at 1.3% HM (concept study) 50+ yrs.**

• Mindarra Springs [2] – 2,200mt Mineral Resources [1] 1.6% HM (concept study) 40+ yrs.**

• Construct Mineral Separation Plant[3] (under PFS)

• Synthetic rutile production facility[3] (testing underway)

Notes: * - estimated mine life

• ** - potential mine life

• 1 – see attached tables of Ore Reserves and Mineral Resources for details

• 2 – Part of strategic acquisitions in 1H 2022

• 3 - Planned to be located at current Boonanarring site to take advantage of installed infrastructure on owned land

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Project Location Map – Initial Portfolio

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ATLAS - planned mining to commence FY2024

Ore Reserves (Dec 2022) 5.5 million tonnes 9.2% THM

20% zircon + rutile in THM 58-60% TiO2 in ilmenite Dry mining; 1:1 strip ratio

BIDAMINNA – PFS complete; DFS underway

Ore Reserves (Jun 2023) 123 million tonnes 1.8% THM

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9% zircon + rutile in THM 63-67% TiO2 in ilmenite Dredge mining; 1:1 strip ratio

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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 in ilmenite Dry mining; 6:1 strip ratio

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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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Preliminary Conceptual Plan

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Cautionary statement:

The following conceptual plan should only be read in conjunction with the Disclaimer and Forward-Looking Statements at the beginning of this presentation. The information provided in the following preliminary plan is conceptual and aspirational and should not be relied upon for investment decisions, as appropriate independent studies have not been completed on many of the projects shown in this plan. Several studies are underway and others are planned and the information from each will be when available. information on study published Any potential production levels or mine life are based solely on simplistic forecasts of conceptual processing rates and on potential for future Ore Reserves, which is uncertain and may not materialise.

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Preliminary Conceptual Plan

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Boonanarring Atlas

Chapter 1

• One operation (at a time)

• One product (HMC concentrate)

• One customer (offtake into China)

• Limited project life

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Preliminary Conceptual Plan

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• Boonanarring Chapter 1

• Atlas

• Chapter 2 • Multiple operations

• • Multiple products

• • Global customers

• • Long-lived projects

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Preliminary Conceptual Plan Boonanarring Atlas Chapter 1 Bidaminna Chapter 2 Yandanooka – Durak + Mineral Separation Plant Synthetic Rutile Plant McCalls Mindarra Springs

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Changing Value Proposition

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 Bar graphs represent rough min and max commodity price over the last 24 months

• Line graphs of mass contribution in HMC added for various Image projects

• Synthetic rutile does not exist naturally in HM assemblage but can be produced by upgrading of ilmenite. It is shown here for relative price comparison to naturally occurring commodities.

Notes: Mineral assemblage information in line graph taken from Mineral Resources statement – Table 2, attached to this presentation.

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Bidaminna Pre-Feasibility

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PFS Highlights:

• Pre-tax NPV[8] : A$192 million

• Pre-tax IRR[8] : 28%

• Capital estimate: A$194 million

• Capital payback (post first revenue): 3.8 years

• EBITDA: A$379 million

• Forecast mine-life: 10.5 years

• Total Heavy Mineral Concentrate (“HMC”) production: 2.1 Mt

Ore Reserve Highlights:

• 123 million tonnes Probable Ore Reserves at 1.8% total heavy minerals (“HM”)

• 2.2 million tonnes total contained HM

• High-value mineral assemblage with 93% valuable heavy minerals ("VHM") in HM o 12% leucoxene, 72% ilmenite, 5% zircon, 4% rutile and 0.3% monazite

• High-grade ilmenite suitable feedstock for upgrading to synthetic rutile

• Predominantly medium-grained free-flowing sand with 4% slimes and 4% oversize

• Amenable to low-cost dredge mining

• Forecast ore processing rate: 11.8 Mt per annum

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For further information

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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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Mineral Resources and Ore Reserves Statement

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Mineral Resources and Ore Reserves Statement

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Table 2 ‐

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Mineral Resources and Ore Reserves Statement

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Mineral Resources and Ore Reserves Statement

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Mineral Resources and Ore Reserves Statement

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Mineral Resources and Ore Reserves Statement

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Mineral Resources and Ore Reserves Statement

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