IMAGE RESOURCES NL — Investor Presentation 2024

Oct 20, 2024

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ASX: IMA

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the ASX and disclosed on the Company’s website at www.imageres.com.au .

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Company Highlights
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✓ Proven critical minerals developer/operator

• ➢ Boonanarring mineral sands project; 2018-2023

• ➢ Critical minerals: zirconium (as zircon); titanium (as ilmenite and rutile); and

• monazite

• rare-earth elements (as )

• ➢ Produced 1.2m tonnes heavy mineral concentrate (HMC) containing approximately:

  • 370kt zircon, 670kt ilmenite, 40kt rutile and 5kt monazite

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Boonanarring Project
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✓ Reasons for Success

• ➢ 56 M Low capital cost; [A$] (used equipment)

• ➢ High-grade deposit; 8.0% HM and 28% zircon in the HM

• ➢ 90+% Coarse grain minerals; HM recovery

• ➢ On-time, on-budget build

• ➢ 2 months Nameplate capacity in

• ➢ Simple business model

• ➢ Location, Location, Location 80km north of Perth

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Original Business Strategy – Chapter 1
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✓ 2017 Bankable Feasibility Study Strategy[1]

• ➢ Build and profitably operate Boonanarring project

• ➢ Self-fund relocation of mining and processing equipment to Atlas

• ➢ Atlas Build and profitably operate project

• ➢ Mines operated in series using same processing equipment and operating team

➢ Simple business strategy: one mine, one product, one customer

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Original strategy for Atlas permitting delayed more than one year, pushing planned start of production at Atlas to Q1 2025.

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Note: 1 – ASX announcement dated 30 May 2017 “Strong BFS Results for Boonanarring / Atlas”.

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Project Locations
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Map 1.01 – Project location map

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Project Portfolio
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✓ Original Project Portfolio

• ➢ Boonanarring Project – mined out – 1.2mt HMC ▪ Successfully operated 2018-2023

Yandanooka – PFS complete DFS underway – targeting Q3 2026 production

• ➢ Atlas Project – under construction – forecast 445kt HMC

• ➢ Bidaminna Project – PFS[1] complete – BFS underway ▪ Forecast 2.1mt HMC – 10-year project

ATLAS – under construction ENEABBA TENEMENTS ACQUISITION - 2022 Targeting Q1 2025 production

✓ Expanded Portfolio – 2022 Acquisitions

• ➢ Eneabba Tenements – 3-fold increase in dry mining Resources

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BIDAMINNA – PFS complete
DFS underway – targeting
2028 production MCCALLS PROJECT &
MINDARRA SPRINGS
ACQUISITON - 2022
McCalls -
targeting 2030
production
BOONANARRING
Operated 2018 - 2023
Mined out August
2023
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• ➢ 20-fold increase to total Mineral Resources McCalls Project –

• ➢ Yandanooka Project – PFS[2] complete – BFS underway ▪ Forecast 1.0mt HMC – 8-year project

• ➢ McCalls Project – Concept study underway

• ▪ Mineral Resources contain 84mt HM – 50+ year potential

• Note: 1 – ASX announcement dated 27 June 2023 “PFS Results – Bidaminna Mineral Sands Project”. 2 – ASX announcement dated 19 April 2024 “Strong Feasibility Results Yandanooka Project”.

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New Business Strategy – Chapter 2
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• ✓ Chapter 2 strategy – Growth & Sustainability

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• ➢ Growth

▪ Multiple mines – operating simultaneously

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▪ Multiple products – establishing mineral separation capabilities

• Multiple customers – expanding customer base globally

➢ Sustainability

• Longer mine life – 20+ years

• Value-adding – converting ilmenite to synthetic rutile – novel process

• Commitment to reducing emissions and environmental impacts

• Commitment to greater use of new and innovative technology – automation, robotics, AI

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–
Atlas Bankable Feasibility Study DECEMBER 2022
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BFS[1] HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product UNDER CONSTRUCTION Status Capital spent Capital remaining Capital payback EBITDA Forecast mine-life Total HMC production Under A$ A$ A$ construction 13 M 30 M 8 Months 148 M 2-3 Years 445 kt (self-funded) (self-funding)* First HMC production forecast in Q1 2025 The first commercial operation to utilise Mineral Technologies’ CT1 spiral technology

ORE RESERVE HIGHLIGHTS

5.5 million tonnes Proved and Probable Ore Reserves at 9.2% total heavy minerals (“HM”)

High-value mineral assemblage with 12% zircon , 8% rutile, 5% leucoxene, 53% ilmenite, and 1.1% monazite

High-quality ilmenite Simple open Forecast ore suitable feedstock cut mining processing for upgrading to with average rate: 2.6 synthetic rutile strip ratio of million tonnes 1:1 per annum

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Notes: * - from 1 July 2024 without contingency ** - extension potential to north

Note: 1 – ASX announcement dated 21 Dec 2022 “Revised Announcement – Atlas Project Ore Reserves Update”.

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Yandanooka Pre-Feasibility Study APRIL 2024
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PFS[1] HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product

BFS COMMENCED

Pre-tax NPV[8] Pre-tax IRR Capital estimate Capital payback EBITDA Forecast mine-life Total HMC production A$ A$ A$ 151 M 72 % 50.3 M 15 Months 277 M 8.2 Years 1.0 Mt*

ORE RESERVE HIGHLIGHTS

30 million tonnes

Mineralisation from

Probable Ore Reserves surface with average at 3.9% total heavy strip ratio of 0.1:1 minerals (“HM”)

High-value mineral assemblage with 90.5% valuable heavy minerals ("VHM") in HM: 14% zircon , 3.3% rutile, 27% leucoxene, 46% ilmenite% and 0.2% monazite in HM

High-quality ilmenite suitable feedstock for upgrading to synthetic rutile

Predominantly medium-grained free-flowing sand with 15% slimes and 14% oversize amenable to simple dry mining and classic wet concentration plant mineral

recovery

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Notes: * - Capital in BFS forecast to increase by A$22M to replace Boonanarring equipment used for Atlas

Note: 1 – ASX announcement dated 19 April 2024 “Strong Feasibility Results Yandanooka Project”.

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Bidaminna Pre-Feasibility Study JUNE 2023
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PFS[1] HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product

BFS COMMENCED

Pre-tax NPV[8] Pre-tax IRR[8] Capital estimate Capital payback EBITDA Forecast mine-life Total HMC production A$ A$ A$ 192 M 28 % 194 M 3.8 Years 379 M 10.5 Years 2.1 Mt

ORE RESERVE HIGHLIGHTS

123 million tonnes 2.1 million Probable Ore tonnes total Reserves at 1.8% contained HM total heavy minerals (“HM”)

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

High-quality ilmenite

suitable feedstock for upgrading to synthetic rutile

Predominantly Amenable to Forecast ore medium-grained low-cost processing free-flowing sand dredge rate: 11.8 with 4% slimes mining million tonnes and 4% oversize per annum

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Note: 1 – ASX announcement dated 27 June 2023 “PFS Results – Bidaminna Mineral Sands Project”.

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Synthetic Rutile Value Proposition
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highest
mass
Convert ilmenite
to synthetic
rutile
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lowest
value
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• ➢ Line graphs of mass contribution in HMC added for various Image projects

• ➢ Bar graphs represent rough min and max commodity prices across CY2021-22 (for relative comparison only). Source: FerroAlloyNet.com

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Notes: Mineral assemblage information in line graph taken from Mineral Resources statement attached to this presentation. Synthetic rutile (SR) does not occur naturally in HM assemblage but can be produced by upgrading of ilmenite. It is included in assemblage graph for relative price positioning compared to naturally occurring commodities. Upgrading of ilmenite to SR results in a mass loss of approximately 40% from removal of the iron and adds substantial operating costs for thermal conversion and iron removal.

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Synthetic Rutile Value Proposition
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Initial bench-scale test results – ASX announcement 9 August 2023

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Synthetic Rutile Value Proposition
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• ➢ Initial ilmenite conversion testing conducted using fluidized bed reactor

• ➢ New process formulated using different furnace with numerous potential advantages:

• Accepts variable feedstock moisture content

• Lower energy consumption

• Substantially less material short-circuiting

• Potential to conduct oxidation and reduction in same furnace

• Capable of handling substantially finer grain size feedstocks

• Lower flowrate of gases and lower dust emissions (which can be returned to furnace)

• Can use multiple liquid or gaseous fuels including hydrogen

• ➢ Provisional patent of novel process filed November 2023

• ➢ Second patent for wider application of feedstocks being considered

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Preliminary Conceptual Development Plan
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Corporate Snapshot
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ASX: IMA I IMAGE RESOURCES NL

Share Price (30 Sep 2024) A$ 0.069

Issued Shares (30 Sep 2024) M 1,122

Market Capitalisation Cash on hand (30 Sep 2024) Debt A$ 77 M A$ 30 M A$ 0 M

Enterprise Value A$ 47 M

		TOP FIVE SHAREHOLDERS Murray Zircon PL 15.2% Vestpro International Limited 12.5% HSBC Custody Nominees 7.4% Acuity Custody 4.99% Orient Zirconic Res. Aus. PL 4.94%	BOARD OF DIRECTORS
			Bob Besley Non-Executive Chair
			Patrick Mutz Managing Director
			Aaron Chong Veoy Soo Non-Executive Director
			Peter Thomas Non-Executive Director
			Ms Ran Xu Non-Executive Director
			Winston Lee Non-Executive Director
			IMAGE RESOURCES I ASX:IMA I 16 Patrick Mutz Chief Executive Officer John McEvoy Chief Financial Officer ~~Todd Colton~~ Chief Operating Officer MANAGEMENT
		Top20(30 Sep2024) 73.0%

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ESG & Sustainability
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Key ESG initiatives and outcomes reported in CY2023 Sustainability Report

Available online: www.imageres.com.au

Continued use of 2.3MW solar farm in CY2023 25% to provide of total electricity requirements at Boonanarring project

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Contact us

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ASX: IMA

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Additional information

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Appendices

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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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