IMAGE RESOURCES NL — Major Shareholding Notification 2018

May 8, 2018

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

ToCompany Name/Scheme	Image Resources NL
ACN/ARSN	063 977 579
1.Details of substantial holder(1)
Name	Image Resources NL (Image)
ACN/ARSN (if applicable)	063 977 579
There was a change in the interests
of the substantial shareholder on	28 March 2018
The previous notice was given to the company on	8 June 2016
The previous notice was dated	8 June 2016

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of Securities(4)	Previous notice	Previous notice	Present notice	Present notice
	Person’svotes	Voting power(5)	Person’svotes	Voting power(5)
Ordinary	156,703,542	29.15%	156,703,542	18.19%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevantinterest changed	Person whose relevantinterest changed	Nature of change (6)	Consideration givenin relation to change(7)	Class and number ofsecurities affected	Class and number ofsecurities affected	Person’s votesaffected	Person’s votesaffected
28 March 2018	Image		Increaseintotalnumber of ordinarysecurities on issue	N/A	Ordinary–156,703,542		Image
4.Present relevant interestsParticulars of each relevant interest of the substantial holder in voting securities after the change are					as follows:
Holder of relevantinterest		Registered holder ofsecurities	Person entitled to beregistered as holder(8)	Nature of relevant interest (6)		Class andnumber ofsecurities		Person’s votes
Image		Murray Zircon Pty Ltd	Murray Zircon Pty Ltd	Relevant interest under section608(1)(b) and (c) of theCorporations Act 2001 (Cth) byreasons of Image having thecapacity to exercise negativecontrol over the disposal of,and the right to vote attachingto, shares issued to MurrayZircon Pty Ltd in certaincircumstances as a result ofvoluntary escrow and otherrestrictions contained in theShare Consideration Deed asattached to the Form 603 forImage dated 8 June 2016.		Ordinary 156,703,542	–	156,703,542(18.19%)

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name andACN/ARSN(ifapplicable)	Nature ofassociation
-	N/A
6.Addresses
Name	Address
Image Resources NL	Ground Floor, 23 Ventnor Avenue, West Perth WA 6005
SignaturePrint name Dennis WilkinscapacityCompany SecretarySign heredate9/5/2018