IMAGE RESOURCES NL — Investor Presentation 2024

Mar 18, 2024

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Chapter 2: Growth and Sustainability

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24 [th] Annual Minerals Sands
& Rare Earths Conference
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Crown, Perth
19-20 March 2024
Patrick Mutz
Managing Director
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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 2017 Bankable Feasibility Study (“2017BFS”) regarding the Atlas project, the Atlas project updated Ore Reserve (“Atlas Update”) including updated project economics (Dec 2022), the Bidaminna project pre-feasibility study (“Bidaminna PFS”) results (June 2023), or other documents published by Image or contained in this presentation/document or in other ASX announcements published by Image. 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, Bidaminna PFS, Atlas Update, 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.

2

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

 Successful Project Development

• Transitioned from advanced explorer to active miner in 2018

• On-time and on-budget construction

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

 Successful Project Operations

• Profitable in 1[st] year of operation (CY2019)

• Completed 4+ years continuous operations

• Repaid all debt early (Feb 2021)

• Paid dividends to shareholders in 2021 and 2022

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

Zircon sand

• A$46 million cash at 31 Dec 2023

3

Project Area Location Map

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PERTH
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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 59-61% 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 (mined out as of August 2023)

Initial Ore Reserves (May 2017) 6.3% THM

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

5

Transition to Active Miner

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• Active miner – Chapter 1

• Simple business model: One mine, one product, one customer

• 2017 BFS plan; mine and process ore at Boonanarring then self-fund relocation of equipment and mine and process ore at Atlas (series operations)

• Still working 2017 plan; completed ore processing at Boonanarring Sep 2023; awaiting final permitting at Atlas

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

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HMC
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Chapter 1 – Active Miner

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Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series	Chapter 1 Projects; operated in series
Project	Million Tonnes		THM %		Slimes %	Oversize %		Zircon %	Rutile %	Leucoxene %	Ilmenite %	VHM %		Strip Ratio	Ilmenite %TiO2
Boonanarring (actual)	15.8		8.0		15	4		28	2.5	2.0	47	80		7:1	55
Atlas (Ore Reserves)	5.5		9.2		15	5		12	8	5	53	79		1:1	60

• Chapter 1 Philosophy (one mine, one product, one customer)

• Adequate for transition from explorer to miner

• Not amenable to growth and not sustainable

7

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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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8

Transitioning to Chapter 2

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 Strategic Acquisitions

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

• Eneabba Tenements added ~200mt of Mineral Resources resulting in 3-fold increase in dry mining Mineral Resources portfolio

• McCalls Project added 5.8 billion tonnes of Mineral Resources resulting in 10-fold increase in total Mineral Resources portfolio

 New Growth & Sustainability Strategy – Chapter 2

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Transitioning to Chapter 2

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 Chapter 2 Philosophy and Ambitions

• Multiple mines, multiple products, global market + value-add

• 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 novel pyroprocessing technology with green hydrogen as the iron reductant to produce SR with lower CO2 emissions

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10

Growth & Sustainability Strategy

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 Chapter 2 Projects

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Project Million THM Slimes Oversize Zircon Rutile Leucoxene Ilmenite VHM Strip Ilmenite
Tonnes % % % % % % % % Ratio %TiO2
Bidaminna
123 1.8 4 4 5 4.1 13 72 94 1:1 65
(Ore Reserves)
Yandanooka
61 3.0 15 11 12 3.5 3.6 70 89 <1:1 62
(Mineral Resources)
McCalls
3,610 1.3 24 1 5 3.6 3.0 79 91 <1:1 63
(Mineral Resources)
Mindarra Springs
2,200 1.6 20 5 4.2 0.9 3.1 80 89 <1:1 63
(Mineral Resources
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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)

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

  • Yandanooka [2] – 60mt Mineral Resources [1] at 3.0% HM (PFS underway) 8-10 yrs.**

  • McCalls [2] – 3,610mt Mineral Resources [1] at 1.3% HM (concept study) 40+ yrs.**

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

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

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

• Notes: * - estimated mine life; refer to 27 June 2023 ASX announcement “PFS Results – Bidaminna Mineral Sands Project” ** - 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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Changing Value Proposition

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(CY2021-22 relative pricing)
highest
mass
Convert ilmenite
to synthetic rutile
lowest
price
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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

Notes: Mineral assemblage information in line graph taken from Mineral Resources statement – Table 2, 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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Ilmenite Conversion to Synthetic Rutile (SR)

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Initial bench-scale test results – ASX announcement 9 August 2023

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SR Production Process Patent(s)

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 Initial ilmenite conversion testing conducted using fluidised bed reactor

 New process formulated using different furnace with numerous advantages:

• Accepts variable feedstock moisture content

• Lower energy consumption

• Substantially lower 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 in draft mode for wider application of feedstocks

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.

Preliminary Conceptual Development 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 Development Plan

		Image Resources NL	Growth and Sustainability- Preliminary Conceptual Development Plan
			2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040
		Boonanarring& AtlasFeasibility Study				~~B~~			~~i~~		Production gap
		Boonanarring Development					~~ona~~	~~nar~~	~~ng~~
		BoonanarringProduction											Capitalestimate:$30m(remaining)
													Planned to be self-funded from cash reserves
		Atlas Permitting and Pre-Development										Et34 YiHi											~~a~~	~~te~~	~~r~~
		Atlas Construction AtlasProduction						~~A~~	~~las~~			s.-ears (nc.yperon)
		Bidaminna Pre-Feasibility Study
		Bidaminna Definitive Feasibility Study													Capitalestimate: PFS $194m
		BidaminnaPermitting and Pre-Development		~~Bid~~	~~ami~~	~~nna~~									Conceptually funded with debt and equity (target 70%:30%)							~~C~~	~~a~~	~~te~~	~~r~~
		Bidaminna Funding & Construction Bidaminna Production														Targeting10Years;220kt HMC per annum
		YandanookaPre-Feasibility Study
		YandanookaDefinitive Feasibility Study		~~Ya~~	~~dan~~	~~ok~~									Capitalestimate: TBD
		Yandanooka Permitting & Pre-Development													Funding TBD Cll1Y1k HMC
		Yandanooka Construction Yandanooka Production														onceptuay 0ears;70t per annum
		Mineral Separation Plant (MSP) Pre-Feasibility Study
		MSP Definitive Feasibility Study													Capital estimate: TBD
		MSP Permitting and Funding MSP Ctti		~~MS~~	~~Op~~	~~era~~	~~ion~~								Funding: TBD Ctll25+ Yiitill400kt HMCith fti t800kt
		onsrucon MSP Operation														oncepuay ears;nay per annum w uure expanson opa
		Synthetic Rutile (SR) Demonstration Testing
		SR Pre-Feasibility Study
		SR Definitive Feasibility Study														Capital estimate: TBD
		SR Permitting and Funding		~~SR~~	~~Pro~~	~~uct~~	~~ion~~									Funding: TBD
		SR Construction SR Operation															Conceptually25+ Years;initially200ktSRper annum;with future expansion to 400ktpa
		McCalls Delineation and Geotechnical Drilling
		McCalls Hydraulic Mining Demonstration Testing
		McCalls Pre-Feasibility Study		~~Mc~~	~~Call~~	~~s~~
		McCalls Definitive Feasibility Study																Capitalestimate: TBD
		McCallsPermitting and Funding								eline								Funding: TBD Ctll25+ Y300kt HMC
		McCalls Construction McCalls Production								Dat									oncepuay ears; per annum
										te
		Mindarra SpringsDelineation and Geotechnical Drilling								da
		Mindarra Springs Pre-Feasibility Study		~~Min~~	~~darr~~	~~a S~~	~~rin~~	~~s~~		Up
		Mindarra Springs Definitive Feasibility Study								ate											Capitalestimate: TBD
		Mindarra Springs Permitting and Funding								im											Funding: TBD
		Mindarra Springs Development								ox												Conceptually25+ Years; 300kt HMC perannum
		Mindarra Springs Production								ppr
										A
				Note: This chart is conceptual in nature and contains onlyambitiousproductiongoals that maynot be realised for technical, economic and/or financial reasons.

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

19

Corporate Snapshot

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ASX Code IMA

Share Price A$0.062 (28 Feb 24) Shares on Issue 1,070m Market Cap A$66m Cash on hand A$46m (31 Dec 23) Debt A$0 (since Feb 21) Enterprise Value A$20m

Top Five Shareholders

Murray Zircon PL 16.0% Vestpro International Limited 13.2% HSBC Custody Nominees 8.9% Orient Zirconic Res. Aus. PL 5.2% Citicorp Nominees PL 3.6%

Top 20 72.5% (30 Sep 2023)

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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20

ESG & Sustainability

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21

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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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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