IMAGE RESOURCES NL — Regulatory Filings 2015

Apr 23, 2015

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ASX Code: IMA 24 April 2015

Suite 4a, 5 Mumford Place Balcatta WA 6021 PO Box 1075 Balcatta WA 6914 Telephone 08 9485 2410 Facsimile 08 9240 7845 www.imageres.com.au Image Resources NL ABN 57 063 977 579

Tronox-Image Sale of the Mullering Tenements

Corporate

Tronox Tenement Sale Agreement and Mining Royalty Agreement

Tronox have agreed with the terms which include $50,000 cash payment and a sliding royalty concerning the sale of the Mullering tenements (E70/4129 and E70/4130). The sliding royalty will be based on quarterly production figures on minerals which may be found and will be as follows:

If the average grade is > than 2% but <4% than royalty will be pro rata from 0 to 5%. All + 4% grade receives 5% royalty.

For example: at 2.5% average grade the royalty will be 1.25% at 3.0% average grade the royalty will be 2.50% at 3.5% average grade the royalty will be 3.75% at 4.0% average grade the royalty will be 5.00%

These two tenements are adjacent to Tronox’s dredging operation (Fig1) .Public record shows a number of dredging areas under application for potential mining adjacent to the two Mullering tenements.

Exploration

In addition Image Resources has outlined a new exploration zone which is located only 3 km west of a proposed Tronox dredge development area. This new project is within a 10km long x1.5km wide area. Work to date has utilised historical drilling, ground magnetics, aeromagnetics and topography. The target areas that have been selected have similar properties to the proposed Tronox dredging areas east of Image’s Woolka EL (E70/4244). This interpretation infers an extension of the Tronox proposed dredge area within our Woolka ground has not been previously drilled.

Separately, Tronox have also previously reviewed and analysed samples from Atlas, Hyperion, Helene and Gingin South Deposits. These deposits are near their existing mining and processing centres and are believed to be of interest for their dry mining potential.

George Sakalidis Director of Exploration commented, “that the above Mining/Royalty transaction is consistent with Image’s Strategy to continue to evaluate all possible development scenarios with all possible Miners that have operating infrastructure and plants in WA or elsewhere”.

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For more information visit imageres.com.au Please direct enquiries to:

George Sakalidis Exploration Director M: +61 411 640 337 E: george@imageres.com.au

Collis Thorp Chief Executive Officer M: +61 413 705 075 E: cthorp@imageres.com.au

COMPETENT PERSON’S STATEMENT – EXPLORATION RESULTS AND MINERAL RESOURCES AND RESERVES

Information in this report that relates to Exploration Results, Mineral Resources is based on information compiled by George Sakalidis BSc (Hons) who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results, Mineral Resources and Mineral Reserves were compiled, George Sakalidis was a director of Image Resources NL. He has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.

COMPETENT PERSON’S STATEMENT – RESOURCE ESTIMATES

The information in this report that relates to mineral resources and is based on information compiled by Lynn Widenbar BSc, MSc, DIC MAIG, MAusIMM employed by Widenbar & Associates who is a consultant to the Company. Lynn Widenbar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Lynn Widenbar consents to the inclusion of this information in the form and context in which it appears in.

FORWARD LOOKING STATEMENTS

Certain statements made during or in connection with this communication, including, without limitation, those concerning the economic outlook for the mining industry, expectations regarding prices, exploration or development costs and other operating results, growth prospects and the outlook of Image’s operations contain or comprise certain forward looking statements regarding Image’s operations, economic performance and financial condition. Although Image believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct.

Accordingly, results could differ materially from those set out in the forward looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes that could result from future acquisitions of new exploration properties, the risks and hazards inherent in the mining business (including industrial accidents, environmental hazards or geologically related conditions), changes in the regulatory environment and other government actions, risks inherent in the ownership, exploration and operation of or investment in mining properties, fluctuations in prices and exchange rates and business and operations risks management, as well as generally those additional factors set forth in our periodic filings with ASX. Image undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today’s date or to reflect the occurrence of unanticipated events.

Reserve Summary
Project Area	HM Tonnes Category Volume Tonnes % HM % SLIMES						VHM Ilmenite Leucoxene Rutile Zircon
							(%) (%) (%) (%) (%)
Boonanarring Atlas	Probable 7,160,000 14,420,000 8.3% 17.0% 1,190,000 80.3% 46.9% 5.5% 3.3% 24.5% Probable 4,760,000 9,600,000 8.1% 15.5% 780,000 74.1% 55.0% 1.0% 7.0% 11.0%
Total NPB Reserve	11,920,000 24,020,000 8.2% 16.4% 1,970,000 77.8% 50.1% 3.7% 4.8% 19.1%
Mining Inventory (incl Inferred)	13,330,000 26,880,000 8.0% 16.5% 2,135,000 78.3% 50.1% 4.2% 5.1% 19.0%
High Grade Resources @ 2.5%	HM Cut-off
Resource	VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) % SLIMES HM TONNES Resource Category BCM TONNES % HM
Atlas Atlas	Measured Indicated	4,810,000 520,000	9,700,000 1,080,000	8.5 3.2	15.3 19.2	820,000 34,000	76 74	52 53	5 8	8 7	11 6
Atlas Total		5,330,000	10,780,000	7.9	15.7	854,000	76	52	5	8	10
Boonanarring Boonanarring	Measured	1,680,000	3,000,000	7.8	10.1	230,000	70	49	1	3	17
	Indicated	7,000,000	14,300,000	9	17.2	1,270,000	80	49	6	3	22
Boonanarring	Inferred	2,100,000	4,200,000	6.5	17.4	270,000	83	51	8	7	18
Boonanarring Total		10,780,000	21,500,000	8.3	16.2	1,770,000	79	49	6	4	21
Gingin Nth	Indicated	680,000	1,320,000	5.7	15.7	80,000	75	57	9	3	5
Gingin Nth	Inferred	580,000	1,090,000	5.2	14	60,000	78	57	11	4	6
Gingin Nth Total		1,260,000	2,410,000	5.5	15	140,000	77	57	10	3	6
Gingin Sth	Measured	870,000	1,530,000	4.4	7.2	67,000	79	51	15	6	8
Gingin Sth	Indicated	3,240,000	5,820,000	6.5	7.1	380,000	91	68	10	5	8
Gingin Sth	Inferred	400,000	730,000	6.5	8.4	48,000	92	67	8	6	11
Gingin Sth Total		4,510,000	8,080,000	6.1	7.3	495,000	89	65	10	5	8
Helene	Indicated	5,600,000	11,500,000	4.6	18.6	520,000	84	70	1	3	11
Hyperion	Indicated	1,800,000	3,700,000	7.8	19.3	290,000	71	56	0	6	9
Cooljarloo Nth Total		7,400,000	15,200,000	5.3	18.7	810,000	79	64	0	4	9
Red Gully	Indicated	1,930,000	3,410,000	7.8	11.5	270,000	90	66	8	3	12
Red Gully	Inferred	1,455,000	2,570,000	7.5	10.7	190,000	90	66	8	3	12
Red Gully Total		3,385,000	5,980,000	7.7	11.2	460,000	90	66	8	3	12
Grand Total	32,665,000 63,950,000 7.1% 13.9% 4,529,000 80 57 6 5 13

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Dredge Resources at 1.0% HM cut-off
Project Area Resource Category Volume TONNES % HM	% Slime HM TONNES VHM % Ilmenite % Leucoxene % Rutile % Zircon % Ilmenite Leucoxene Rutile Zircon VHM Tonnes
Titan Indicated 10,300,000 21,200,000 1.8 Titan Inferred 58,500,000 115,400,000 1.9	22.1 380,000 84.4 71.9 2.0 1.0 9.5 270,000 7,000 5,000 36,000 318,000 18.9 2,210,000 84.3 71.8 2.0 1.0 9.5 1,592,000 45,000 22,000 210,000 1,869,000
Titan Total 68,800,000 136,600,000 1.9	19.4 2,590,000 84.4 71.9 2.0 1.0 9.5 1,862,000 52,000 27,000 246,000 2,187,000
Telesto Indicated 1,700,000 3,500,000 3.8 Calypso Inferred 27,100,000 51,500,000 1.7 Sub Total Indicated 12,000,000 24,700,000 2.1	18.4 130,000 82.6 67.5 3.4 2.2 9.5 100,000 5,000 3,000 13,000 121,000 13.7 850,000 84.6 68.8 3.5 1.6 10.6 585,000 30,000 14,000 90,000 719,000 21.6 510,000 86.1 72.5 2.4 1.6 9.6 370,000 12,000 8,000 49,000 439,000
Sub Total Inferred 85,600,000 166,900,000 1.8	17.3 3,060,000 84.6 71.1 2.5 1.2 9.8 2,177,000 75,000 36,000 300,000 2,588,000
Cooljarloo Total 97,600,000 191,600,000 1.9	17.8 3,570,000 84.8 71.3 2.4 1.2 9.8 2,547,000 87,000 44,000 349,000 3,027,000
Bidaminna Inferred 26,300,000 44,600,000 3.0	3.6 1,350,000 96.0 82.4 7.2 1.0 5.4 1,113,000 97,000 13,000 73,000 1,296,000
Total Dredge 123,900,000 236,200,000 2.1	15.1 4,920,000 84.3 65.6 4.6 2.9 11.3 3,660,000 184,000 57,000 422,000 4,323,000

1 Refer to the 31 May 2013 release http://www.asx.com.au/asxpdf/20130531/pdf/42g6v9v0jxn3hg.pdf for full details of the Boonanarring Mineral Resource/Reserve Estimate for full details of the Boonanarring Mineral Resource/Reserve Estimate

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