IMAGE RESOURCES NL — Major Shareholding Notification 2022

Jan 18, 2022

Form 604 Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Image Resources NL
ACN/ARSN	063 977 579
1. Details of substantial holder (1)
Name	Murray Zircon Pty Ltd ("Murray Zircon") together with Orient Zirconic Resources (Australia) Pty Ltd ("OZR"), Guangdong Orient Zirconic Ind. Sci. Tech. Co. Ltd. ("Guangdong") and XQ (HK) Enterprises Limited ("XQ (HK)")
ACN/ARSN (if applicable)	147 048 744
There was a change in the interests of the substantial holder on The previous notice was given to the company on The previous notice was dated	17/01/2022 29/09/2020 29/09/2020

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		Present notice
		Person's votes	Voting power (5)	Person's votes	Voting power (5)
	Ordinary	203.663.951	20.80%	232,409.537	22.99%

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 relevant interest changed	Nature of change $(6)$	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
13/01/2022	OZR	On market purchase of 307,474 ordinary \$63,493.38 shares		Ordinary - 307,474 OZR
14/01/2022	OZR	On market purchase of 3,000,000 ordinary shares	\$667,800.00	Ordinary - 3.000.000	OZR
17/01/2022	OZR	On market purchase of 7,359,776 ordinary shares	\$1,754,570.60	Ordinary - 7,359,776	OZR
18/01/2022	OZR	On market purchase of 18,078,336 lordinary shares	\$4,512,352.67	Ordinary - 18,078,336	OZR

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
Murray Zircon	Murray Zircon	Murray Zircon	Holder	$Ordinary -$ 151,902,001	151,902,001
OZR	Murray Zircon	Murray Zircon	Under section 608(3)(a) & $608(3)(b)$ of the Corporations Act 2001 Cth 151,902,001 (Act)	$Ordinary -$	151.902.001

Guangdong	Murray Zircon	Murray Zircon	Under section 608(3)(b) of $\vert$ Ordinary - the Act	151,902,001	151,902,001
XQ (HK)	Murray Zircon	Murray Zircon	Under section 608(3)(a) of $Ordinary -$ the Act	151.902.001	151,902,001
OZR	OZR	OZR	Holder	Ordinary - 80,507,536	80,507,536
Guangdong	OZR	OZR	Under section 608(3)(b) of $\vert$ Ordinary - the Act	80,507,536	80,507,536

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 and applicable)	ACN/ARSN (if	Nature of association
		N/A

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Murray Zircon Pty Ltd	Unit 27, Level 4, 55 Gawler Place, Adelaide SA 5000
XQ (HK) Enterprises Limited	Room 1005, 10/F Tower 1, South Seas Centre, 75 Mody Road, Tsim Sha Tsui East Hong Kong, Hong Kong
Orient Zirconic Resources (Australia) Pty Ltd	Unit 27, Level 4, 55 Gawler Place, Adelaide SA 5000
Guangdong Orient Zirconic Ind. Sci. Tech Co. Ltd	Guangdong Province, Lai Mei Road, Chenghai area in Shantou City, Uda Technology Park

Signature

print name	- $r_{ai}$ $\sim$	capacity	Director
sign here	ັ	date	19/01/2022

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