IMAGE RESOURCES NL — Investor Presentation 2025

Mar 24, 2025

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ASX: IMA

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info@imageres.com.au
+61 8 9485 2410
Level 2, 1 Walker Avenue
West Perth, WA 6005
PO Box 469, West Perth WA 6872
www.imageres.com.au
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the ASX and disclosed on the Company’s website at www.imageres.com.au .

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Image Resources NL
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 Critical minerals mining company

• Heavy Mineral Concentrate (HMC)

• zircon rutile, ilmenite, monazite

• Listed on ASX – trading code: IMA

• Share price: A$0.099 (closing 24 March)

• Market Capitalisation: A$110 million

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Project Locations
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Map 1.01 – Project location map

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Project Locations
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YANDANOOKA – PFS complete BFS underway – targeting Q1 2027 production

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ATLAS – under construction Targeting Q2 2025 1[st] HMC sales

BIDAMINNA – PFS complete BFS underway – targeting Q2 2028 production

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Eneabba Tenements Acquisition - 2022 McCalls Project & Mindarra Springs Acquisition – 2022

McCALLS - preliminarily targeting 2030 production

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BOONANARRING Operated 2018 - 2023 Mined out August 2023

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Production Highlights
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 Proven mineral sands developer/operator

• Boonanarring mineral sands project; construction 2018; operation 2019-2023

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

• 370kt zircon

  • 670kt ilmenite

    • 40kt rutile

 5kt monazite

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Boonanarring Project
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 Reasons for Success

• 56 M

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

• 8.0% HM and 28% zircon in the HM

• High-grade deposit;

 On-time, on-budget build

• 2 months

• Nameplate capacity in

• 90+%

• Coarse grain minerals; HM recovery

• 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 Atlas relocation of mining and processing equipment to

• Atlas

• Build and profitably operate project

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

• Simple business strategy: one mine, one product (HMC), one off-taker

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

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

• Growth

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• Multiple mines – operating simultaneously

• Multiple products – establishing mineral separation capabilities

• Multiple customers – expanding customer base globally

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 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

Capital cost Capital payback EBITDA 1[st] HMC A$ A$ Production 45 M 8 Months 148 M Feb 2025 (self-funded)

Status

Forecast mine-life Total HMC production 2-3 Years 445 kt**

First HMC production in Feburary 2025. First HMC shipment scheduled for April 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 suitable feedstock for upgrading to synthetic rutile

Simple open cut mining with average strip ratio of 1:1

Forecast ore processing rate: 2.6 million tonnes 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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CT1 Spirals – substantially smaller footprint
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For true spiral column diameter comparison, notice that the CT1 spiral depicted is an assembly of two CT1 spiral columns arranged side by side.

Source: Mineral Technologies website https://mineraltechnologies.com/products -services/equipment/spirals-gravityseparation/

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Atlas Project - Physicals
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• 80-person accommodations camp for drive-in, drive-out working arrangements

• Constructed in less than three months

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• CT1 Cleaner

• Spirals Spirals

• Wet concentration plant incorporating Mineral Technologies’ CT1 spiral technology for greatly reduced footprint and potentially lower water requirements

• Construction commenced 15 August 2024

• Ready for commissioning end of January 2025

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Atlas Project - Commissioning
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• Project commissioning commenced 8 February 2025

• 1[st] HMC production 17 February 2025

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• 1[st] transport of HMC to Geraldton to intermediate storage for shipping 12 March

• 1[st] HMC shipment/sale scheduled for April 2025

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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 High-value mineral assemblage with Probable Ore Reserves surface with average 90.5% valuable heavy minerals ("VHM") at 3.9% total heavy strip ratio of 0.1:1 in HM: 14% zircon , 3.3% rutile, 27% minerals (“HM”) 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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Titanium – Value Adding
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Titanium minerals in HMC – Converting* Ilmenite to Synthetic Rutile

TiO2 grade Mass in HMC Indicative US$/t

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 Ilmenite 55-70% 70-80% $300
 Leucoxene 70-90% 5-10% $500
 Rutile >95% 5-10% $1,200 Mass % of ilmenite
 Synthetic Rutile 90-95% -- $1,000 ~60%
Mass % of ilmenite
 Iron byproduct -- ~40% ~$200 (95% Fe fines)
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Note: typical titanium assemblage in Image projects HMC in WA

• • using Image provisionally patented novel SR processing technology

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** - mass of synthetic rutile as percent of ilmenite after conversion of ilmenite to synthetic rutile

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

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Synthetic Rutile Novel Production Process
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• Novel process created for conversion of ilmenite to synthetic rutile

• Provisional patent on process refiled November 2024

• Process uses alternative 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

• Can accommodate use of hydrogen as reductant

• Capable of handling substantially finer grain size feedstocks

• Lower flowrate of gases results in lower dust emissions (captured and returned to furnace)

• Can use multiple liquid or gaseous fuels including hydrogen

• Second patent for wider application of feedstocks being considered

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Preliminary Conceptual Development Plan
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	Image Resources NL	Growth and Sustainability- Preliminary Conceptual Development Plan
		2018	2019	2020	2021	2022	2023	2024	2025		2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040
								Revenue G		ap
	BoonanarringProduction																						Chapter 1
	AtlasProduction
	~~--------------------------------------------------------~~									~~---------------------------------------------------------------------~~
	Yandanooka Production																						Chapter 2
	Bidaminna Production
	MSP Operation
	SR Demonstration Testing
	SR Small-scale Commercial Operation								e
	SR Expanded Commercial Operation								elin
									Da
	McCalls Production								ate
									xim
	Mindarra Springs Production								pro
									Ap

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Corporate Snapshot
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ASX: IMA I IMAGE RESOURCES NL

Share Price (28 Feb 2025) Issued Shares (28 Feb 2025) A$ 0.095 1,103 M

Market Capitalisation A$ 105 M

Cash on hand (28 Feb 2025) Debt A$ 24 M (unaudited) A$ 32 M

Enterprise Value A$ 113 M

			IMAGE RESOURCES I ASX:IMA I 20 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 Patrick Mutz Chief Executive Officer John McEvoy Chief Financial Officer Todd Colton Chief Operating Officer MANAGEMENT IMAGE RESOURCES I ASX:IMA I 20

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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 CY2023-24 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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Ore Reserves Statement
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Ore Reserves Statement
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Mineral Resources Statement
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Mineral Resources Statement
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Mineral Resources Statement
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Mineral Resources Statement
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Mineral Resources Statement
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