IMAGE RESOURCES NL — Investor Presentation 2023

Aug 6, 2023

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Diggers & Dealers Investor Presentation 7-9 August 2023 Image Resources NL ASX: IMA

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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 Atlas and Bidaminna Feasibility Studies (“Feasibility Studies”) 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 Feasibility Studies and subsequent 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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Corporate Snapshot

Listed on ASX: July 2002 ASX Code: IMA Exploration Mining - 2018

Heavy Mineral Sands (zircon, ilmenite, rutile)

2017 Bankable Feasibility Study (BFS) Boonanarring Project

Atlas Project

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Project Area Location Map

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PERTH
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Project Location Map – Initial Portfolio

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ATLAS – awaiting approvals

Ore Reserves (Dec 2022) 9.2% THM

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

BIDAMINNA – PFS complete

Mineral Reserves (June 2023) 1.8% THM

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

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1.
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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)[1] 7.2% THM

25% zircon + rutile in THM 54-56% TiO2 in ilmenite Dry mining; 6:1 strip ratio

Refer to ASX announcement dated 10 April 2017 for more information. There is now only an immaterial amount of remnant ore remaining to be processed at Boonanarring

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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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Brief Recap

• 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 full year of operation

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• 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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Corporate Snapshot

ASX Code IMA Share Price A$0.10 (26 July 2023) Shares on Issue 1,083m Market Cap A$108m Cash on hand A$63m (30 June 2023) Debt A$0m (since Feb 2021) Enterprise Value A$45m

Board of Directors

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

Top Five Shareholders Murray Zircon PL 15.4% Vestpro International 12.7% HSBC Custody Nominees 8.1% Orient Zirconic Res. Aus. PL 5.0% Luminous Partnering PL 4.6%

Top 20 71.1%

Management

(as at 20 March 2023)

Patrick Mutz – CEO

John McEvoy – Chief Financial Officer Todd Colton – Chief Operating Officer

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Share Price

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 Potential contributors to weak share price (not excuses)

• Transition year between Boonanarring and Atlas with production (revenue) gap

• No long-term Ore Reserves

• March 2022 249-D action against key Board members by major shareholder

• Paid $0.02/share dividend in April 2021 and $0.02/share in April 2022 (~AU$35m cash)

• Global economic uncertainties

• Project permitting delays

• Juukan Gorge incident (May 2020)

• Threatened ecological community (TEC) legislation (2021)

• New Aboriginal Cultural Heritage Act (ACHA) 2021 effective 1 July 2023

• Project study delays

• Skilled worker shortages following post-COVID mining industry expansion

• Rising operating and capital costs

• Substantial inflationary pressures following economic stimulation spending related to COVID

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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 study will be published when available. Any information on 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 One operation (at a time) Chapter 1 • One product (HMC concentrate)

• • One customer (offtake into China)

• Atlas • Limited project life

• Chapter 2 • Multiple operations

• • Multiple products

• • Global customers

• • Long-life projects

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Preliminary Conceptual Plan

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Boonanarring Atlas Chapter 1 Bidaminna Chapter 2 Yandanooka + Durack + 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

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 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 – refer to the Appendices.

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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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Appendices: Mineral Resources & Ore Reserves Statement

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Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012) – 30 June 2023

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• 1 Bidaminna Ore Reserves refer to the 27 June 2023 release “Pre-Feasibility Study Results – Bidaminna Mineral Sands Project” 2 Atlas Ore Reserves refer to the 21 December 2022 release “Revised Announcement Atlas Project Ore Reserve Update”

Atlas Ore Reserves were updated on 21 December 2022. As at 30 June 2023 mining has not commenced at Atlas. There is an immaterial amount of remnant ROM ore remaining to be processed at Boonanarring.

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Appendices: Mineral Resources & Ore Reserves (continued)

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Mineral Resources – Dry and Dredge Mining Strand/Dune Deposits; in accordance with JORC Code 2012 as at 31 December 2022

Deposit	Zircon Rutile Leuc. Ilmenite HM Assemblage (% of total HM) Slimes (%) Mineral Resource Category Cut-off (total HM%) Tonnes (million) In-situ HM Tonnes (millions) Oversize (%) Total HM grade (%)
Boonanarring Atlas Boonanarring North West Boonanarring North Extension Gingin North Hyperion Drummond Crossing Dry Mining, JORC 2012 Helene	Measured 2.0 1.3 0.1 8.1 21.5 3.1 4.5 48 15 6.5 Indicated 2.0 4.0 0.2 4.3 11.0 5.2 12.4 51 17 4.2 Inferred 2.0 0.7 0.0 3.4 11.1 4.7 6.0 55 14 5.9 Meas Ind and Inf 2.0 6.1 0.3 5.0 14.7 4.4 9.1 50 17 4.9
	Measured 2.0 7.1 0.6 9.0 10.7 7.5 5.1 51 15 4.6 Indicated 2.0 5.0 0.2 3.5 7.0 4.7 5.1 42 16 4.6 Inferred 2.0 5.2 0.2 3.3 9.1 4.4 4.8 54 14 2.7 Meas Ind and Inf 2.0 17.3 1.0 5.7 9.8 6.5 5.1 49 15 4.0
	Indicated 2.0 3.1 0.2 5.1 9.6 6.8 30 35 11 1.2 Inferred 2.0 1.2 0.1 5.0 8.3 7.4 36 27 10 0.8 Ind and Inf 2.0 4.3 0.2 5.1 9.2 6.9 32 33 11 1.1
	Indicated 2.0 2.5 0.3 11.8 16.4 2.7 12 41 17 7.1 Inferred 2.0 0.2 0.0 4.7 16.0 2.5 11 39 17 8.4 Ind and Inf 2.0 2.7 0.3 11.2 16.4 2.7 11 41 17 7.2
	Indicated 2.0 6.6 0.3 4.7 7.2 4.5 15 50 16 4.5 Inferred 2.0 2.0 0.1 4.7 5.5 5.4 23 41 13 5.3 Ind and Inf 2.0 8.7 0.4 4.7 6.8 4.7 17 48 15 4.7
	Indicated 2.0 12.1 0.6 4.9 7.4 5.1 14 47 18 1.4 Inferred 2.0 1.0 0.0 4.0 7.5 5.7 16 45 15 1.1 Ind and Inf 2.0 13.1 0.6 4.8 7.4 5.2 14 47 18 1.4
	Indicated 2.0 3.6 0.3 8.3 8.0 6.7 8.1 36 19 2.6 Inferred 2.0 0.0 0.0 5.9 7.3 5.0 4.9 31 17 4.3 Ind and Inf 2.0 3.6 0.3 8.3 8.0 6.7 8.1 36 19 2.6
	Indicated 1.4 35.5 0.8 2.4 14.1 10.3 3.4 53 14 7.7 Inferred 1.4 3.3 0.1 2.3 11.2 9.0 2.7 56 12 7.2 Ind and Inf 1.4 38.8 0.9 2.4 13.9 10.2 3.4 54 14 7.7

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Appendices: Mineral Resources & Ore Reserves Statement (continued)

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Mineral Resources – Dry and Dredge Mining Strand/Dune Deposits; in accordance with JORC Code 2012 as at 31 December 2022

Deposit	Zircon Rutile Leuc. Ilmenite Mineral Resource Category Cut-off (total HM%) Tonnes (million) In-situ HM Tonnes (millions) Total HM grade (%) HM Assemblage (% of total HM) Slimes (%) Oversize (%)
West Mine North Durack Ellengail Robbs Cross Thomson Yandanooka Corridor McCalls Mindarra Springs Dry Mining, JORC 2012	Indicated 1.4 20.7 0.6 2.9 13.7 2.9 3.7 71 14 14.7 Inferred 1.4 5.6 0.1 2.6 14.2 2.6 7.4 64 16 18.3 Ind and Inf 1.4 26.3 0.7 2.8 13.8 2.9 4.4 70 14 15.5
	Indicated 2.0 6.5 0.3 5.3 10.0 8.0 10.4 66 15 3.2 Inferred 2.0 5.3 0.2 4.1 9.9 8.2 8.4 62 15 2.5 Ind and Inf 2.0 11.8 0.6 4.8 9.9 8.1 9.6 64 15 2.9
	Indicated 1.4 14.0 0.3 1.9 14.7 12.7 5.0 47 6 6.2 Inferred 1.4 3.8 0.1 2.0 14.5 10.9 4.1 50 6 8.1 Ind and Inf 1.4 17.8 0.3 1.9 14.7 12.3 4.8 48 6 6.6
	Inferred 1.4 25.7 0.5 2.0 18.8 13.8 5.4 42 18 6.9 Inf 1.4 25.7 0.5 2.0 18.8 13.8 5.4 42 18 6.9
	Measured 1.4 2.6 0.1 4.3 10.3 2.1 2.3 72 15 11.3 Indicated 1.4 57.7 1.7 3.0 12.3 3.6 3.7 69 15 11.4 Inferred 1.4 0.4 0.0 1.5 10.9 3.0 4.4 68 20 21.9 Meas Ind and Inf 1.4 60.8 1.8 3.0 12.1 3.5 3.6 70 15 11.5
	Inferred 2.0 18.1 0.6 3.1 6.7 5.5 0.4 47 14 4.8 Inf 2.0 18.1 0.6 3.1 6.7 5.5 0.4 47 14 4.8
	Indicated 2.0 10.2 0.7 7.3 5.8 6.5 1.8 48 11 2.3 Inferred 2.0 1.8 0.0 2.7 9.4 8.6 2.1 50 17 3.0 Ind and Inf 2.0 12.0 0.8 6.6 6.0 6.6 1.8 48 12 2.4
	Indicated 1.1 1,630 23 1.4 5.2 3.3 2.8 77 21 1.1 Inferred 1.1 1,980 24 1.2 5.0 3.8 3.2 81 26 1.1 Ind and Inf 1.1 3,610 48 1.3 5.1 3.6 3.0 79 24 1.1
	Inferred 1.1 2,200 36 1.6 4.2 0.9 3.1 80 20 5.1 Inf 1.1 2,200 36 1.6 4.2 0.9 3.1 80 20 5.1
	Total Measured Dry 11.0 0.9 7.7 12.0 6.3 4.7 53 15 6.4 Total Indicated Dry 1812 29.8 1.6 6.5 3.8 3.7 72 20 1.8 Total Inferred Dry 4255 62.8 1.4 4.7 2.3 3.2 79 23 3.3 Sub Total Dry 6077 93.4 1.5 5.4 2.8 3.4 77 22 2.8

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Appendices: Mineral Resources & Ore Reserves Statement (continued)

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Mineral Resources – Dry and Dredge Mining Strand/Dune Deposits; in accordance with JORC Code 2012 as at 28 February 2023

Dredge Mining, JORC 2012	Deposit	Zircon Rutile Leuc. Ilmenite Monazite Oversize (%) Mineral Resource Category Cut-off (total HM%) Tonnes (million) In-situ HM Tonnes (millions) Total HM grade (%) HM Assemblage (% of total HM) Slimes (%)
	Titan Telesto Calypso Bidaminna	Measured 0.5 86.0 2.4 2.8 4.9 4.0 12.0 72 0.3 4 3.2 Indicated 0.5 13.0 0.3 2.1 4.9 4.2 13.0 71 0.3 5 2.3 Inferred 0.5 10.0 0.1 0.7 4.6 5.6 17.0 66 0.2 3 1.8 Ind and Inf 0.5 109.0 2.7 2.4 4.9 4.0 12.2 72 0.3 4 3.0
		Indicated 1.0 21.2 0.4 1.8 9.5 3.1 1.5 72 22 - Inferred 1.0 115.4 2.2 1.9 9.5 3.1 1.5 72 19 - Ind and Inf 1.0 136.6 2.6 1.9 9.5 3.1 1.5 72 19 -
		Indicated 1.0 3.5 0.1 3.8 9.5 5.6 0.7 67 17 - Ind 1.0 3.5 0.1 3.8 9.5 5.6 0.7 67 17 -
		Inferred 1.0 51.5 0.9 1.7 10.8 5.1 1.6 68 14 - Inf 1.0 51.5 0.9 1.7 10.8 5.1 1.6 68 14 -
		Total Indicated Dredge 37.7 0.8 2.1 7.1 4.0 7.4 71 14 Total Inferred Dredge 176.9 3.1 1.5 8.0 4.3 7.0 69 13 Sub Total Dredge 214.6 3.9 1.5 7.8 4.3 7.1 69 13
Total Combined Resources Dredge and Dry		Total Measured 11 1 7.7 12.0 6.3 4.7 53.1 14.8 6.4 Total Indicated 1849 31 1.6 6.5 3.9 3.8 73.1 20.2 1.8 Total Inferred 4431 66 1.5 5.1 2.5 3.6 80.6 22.5 3.1 Grand Total 6292 97.3 1.5 5.6 2.9 3.7 78.0 21.8 2.7

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Appendices: Mineral Resources & Ore Reserves Statement (continued)

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Previously reported information

This report includes information that relates to Mineral Resources, Ore Reserves, production targets and forecast financial information derived from production targets which were prepared and first disclosed under JORC Code 2012. The information was extracted from the Company’s previous ASX announcements as follows:

• Boonanarring Mineral Resources: 29 March 2023 “Boonanarring Annual Ore Reserve Update”

• Bidaminna Ore Reserve: 27 June 2023 “Pre-Feasibility Study Results – Bidaminna Mineral Sands Project”

• Atlas Ore Reserves: 21 December 2022 “Revised Announcement – Atlas Project Ore Reserve Update”

• Atlas Mineral Resources: 15 December 2022 “Mineral Resources Update – Atlas Deposit”

• Bidaminna Mineral Resource: 28 February 2023 – “Mineral Resources Update - Bidaminna Project”

• Gingin North Mineral Resource: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Boonanarring North Extension Mineral Resource: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Boonanarring North West Mineral Resource: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Helene Mineral Resources: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Hyperion Mineral Resources: 31 March 2021 – “Project MORE Update Boonanarring Atlas Projects”

• Titan Mineral Resources: 31 October 2019

• Telesto South Mineral Resources: 31 October 2019

• Calypso Mineral Resources: 31 October 2019.

• Drummond Crossing, Durack, Ellengail, Robbs Cross, Thomson, Yandanooka, Corridor: 11 March 2022 “Mineral Resource Update – Eneabba Tenements”

• McCalls and Mindarra Springs: 20 May 2022 “Mineral Resource Update McCalls Mineral Sands Project”

• West Mine North: 29 July 2022 “Mineral Resource Update – West Mine North”

All of the above announcements are available on the Company’s website at www.imageres.com.au. The Company confirms it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of reporting of Ore Reserves and Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which any Competent Person’s findings are presented have not been materially modified from the original market announcement.

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