IMAGE RESOURCES NL

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Ground Floor, 23 Ventnor Ave West Perth WA 6005 PO Box 469 West Perth WA 6872 Telephone 08 9485 2410 www.imageres.com.au ABN 57 063 977 579

Quarterly Report – for the quarter ended 31 December 2015

Image Resources NL ABN 57 063 977 579

Corporate

Activities during the quarter have been almost solely focused on completion of the agreements with Murray Zircon and Guangdong Orient Zirconic Ind Sci & Tech Co Limited. The documentation is now complete and there remains only a few points to be resolved however as with any complex agreement the final detail always takes longer than anticipated.

ASX Code IMA

Contact Details

It was hoped that the agreement would have been finalised by this time however there remains a couple of outstanding issues that have prevented the finalisation and signing of the agreements. However the board remains confident and optimistic that these issues will be resolved in the coming weeks and that will move to a finalised set of agreements.

Ground Floor, 23 Ventnor Avenue, West Perth WA 6005

T +61 8 9485 2410 E: [email protected] W: imageres.com.au

The agreements generally follow the outline of the MoU which was completed and announced in April 2015.

Issued Capital Shares – Quoted 200,400,129

Exploration activities

Options – Unquoted 2,600,000 ($0.3908, 27/12/16)

Boonanarring Project

A 130 km infill ground magnetic survey has been completed over the Boonanarring Project area. Recent interpretation of drilling and this ground magnetic survey has highlighted 9km of NNW targets between 400m and 800m west of the Boonanarring Deposit (Fig.2) some of which are within a new tenement called Boonanarring West (E70/4689). A 25 hole programme is initially contemplated to test 3 separate areas (Boonanarring, Blue Lake and Gingin). Botanical surveys report are being awaited for testing of the Boonanarring West Targets where a further 21 holes are planned. The close proximity of these new targets to the Boonanarring deposit augers well for the potential to add significant extra mine life.

Cash at end of quarter $878,000

Board & Management (Boonanarring, Blue Lake and Gingin). Botanical surveys report are being awaited for John Jones testing of the Boonanarring West Targets where a further 21 holes are planned. The (NED Chairman) close proximity of these new targets to the Boonanarring deposit augers well for the Peter Thomas potential to add significant extra mine life. (Non-Executive Director) George Sakalidis Boonanarring South (Exploration Director) In addition 74 AC holes for both infill and extension drilling over a 6.4km distance is Collis Thorp being planned directly south of the 9.5km long Boonanarring Deposit (Fig.2).The infill (Chief Executive Officer) drilling is designed to look for higher grades in the vicinity of some drill intersections Jeff Williams including [email protected]% HM from 39m in hole GG1019 Easting 389983mE Northing (Non-Executive Director) 6542860mN and 11m @ 4.5% HM from 31m in hole GG977 Easting 389452mE Northing Aaron Chong Veoy Soo 6544040mN. Whilst the extension drilling is within new areas where sparse historical (Non-Executive Director) drilling has been completed along the scarp, where laterite noise is common. All the drilling costs for the above AC holes have been pre-paid by a placement to a major WA drilling company. This drilling agreement is now expiring on 31[st] December 2016 with 10,126m available for future drilling programmes. The drilling programmes at Boonanrring and Boonanarring South are designed to assist Image to build a 10 year mine life for the Boonanarring Deposit.

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IMAGE RESOURCES NL

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Figure 1 Drilling programmes completed and planned on Image Resources Gingin to Red Gully region in the North Perth Basin

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IMAGE RESOURCES NL

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Figure 2 Boonanarring West planned drilling (highlighted yellow)

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IMAGE RESOURCES NL

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Figure 3 Gingin Project with planned drilling (highlighted in yellow)

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IMAGE RESOURCES NL

Table 1 Drilling Summary

			Future	Future
	Planned January 2016

Project			# Holes	Metres
	# Holes	Metres

Boonanarring South			68	3520
Gingin	8	189	48	1580
GinginSouth			13	500
Quinns Hill			54	2784
Boonanarring	9	360	82	5364
Blue Lake	8	301	27	2592
Red Gully			37	1480
Regans Ford			10	450
Total	25	850	339	12386

Bidaminna Heavy Mineral composites show remarkable and atypically high levels of Leucoxene

Composites were taken over three sections across the length of the Bidaminna Resource (Figures 4 to 7). Mineral Abundance Table shows extraordinary and atypically elevated levels of leucoxene content within the contained heavy mineral (HM). In detail, the HM suite is dominated by the more valuable high Titanium minerals - High Titanium Leucoxene, Low Titanium Leucoxene and Altered Ilmenite and is broken up into:

Leucoxene 28% to 69% of the HM which includes:
High Ti Leucoxene 7% to 24% of the HM
Low Ti Leucoxene 15% to 47% HM
Altered Ilmenite 13% to 37% HM
Ilmenite 2% to 22.3% HM
The Bidaminna Deposit has 44Mt @ 3% HM and the adjacent Exploration Target[1] has circa 100110Mt, averaging 3-4% HM with potential of between 3.0Mt to 5.8Mt of contained HM and extends northwards.
More land pegged to cover the northern and southern extension of this deposit
Approximately 106 km[2] of four new tenements applied for, totalling 288 km[2] in the Bidaminna region and a total in the North Perth Basin of 1,034 km[2] .

1 It is important to note that these estimates are conceptual in nature and there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.

2 Image Presentation ASX November 2015

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IMAGE RESOURCES NL

The Leucoxene range of 28 to 69% of the HM is much higher than any of the eight deposits between Gingin South and the Cooljarloo Mine which only range between 1 to 10% of contained HM[2] . This Bidaminna deposit is very unusual and as a result Image has recently applied for additional land to cover the northern and southern extensions of the Bidaminna Deposit.

The commodity pricing for Leucoxene is not readily reported, however according to recent presentations from MZI Resources Ltd (27[th] May and 18[th] November 2015), the L70 Leucoxene (65-85% TiO[2] ) price was reported to be US$352/tonne whilst the L88 Leucoxene (85-95% TiO[2] ) price was reported as US$1,166/tonne.

This augers well for the potential economics of the Bidaminna project, as the mineral suite is dominated by the much higher value Leucoxene products, whilst North Perth Basin deposits are commonly dominated by the lower value Ilmenite products which fetch between US$100 to US$150.

Bidaminna Project

Extensive interpretation of historical drilling, Image drilling and ground magnetics has shown that the lower mineralised zone is much more extensive than previously thought. The Bidaminna Resource 44Mt@3 % HM is 5.3km long and ranges from 100 to 300m in width (Figure 4). Seven composites have been sent for analysis of the Zircon, Rutile, Ilmenite and Leucoxene contents across 3 sections through the Bidaminna Deposit (Figures 5 to 7).

The current interpretation shows the Exploration Target is 11.2km in length and ranges from 600 to 1300m in width. The Exploration Target (not including the Bidaminna Resource) is estimated to contain between 100110Mt with potential to contain 3.0Mt to 5.8Mt of contained HM (based on a range of 3 or 4% HM).

The Bidaminna Resource and Exploration Target, differs from the Boonanarring Deposit, in that they are amenable to large volume dredge mining with a very low slime content of around 3.6%, the mineralised horizon is below the water table and have thick zones of mineralisation – 35 metres thick (Figure 5).

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IMAGE RESOURCES NL

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Figure 4 Bidaminna location map showing the location of South, Central and Northern section locations.

Existing (Pre-Image and Image) drilling coloured by metal factor (see legend) showing the Bidaminna Resource (red outline) and exploration target area (black dashed outline), Image tenements and regional location.

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Figure 5 South Section Bidaminna Deposit:

Composite BD05 (South Upper) returned QEMSCAN mineral abundance of 5.8% Rutile/Anatase, 12.7% Hi Ti Leucoxene (≥75 <95% TiO[2] ), 14.6% Low Ti Leucoxene (≥65 <75% TiO[2] ), 31.2% Altered Ilmenite (≥55 <65% TiO[2] ), 22.3% Ilmenite (≥40 <55% TiO[2] ), 5.6% Zircon and 7.9% other minerals.

Composite BD04 (South Lower) returned QEMSCAN mineral abundance of 5.3% Rutile/Anatase, 12.8% Hi Ti Leucoxene (≥75 <95% TiO[2] ), 21.9% Low Ti Leucoxene (≥65 <75% TiO[2] ), 29.2% Altered Ilmenite (≥55 <65% TiO[2] ), 17.2% Ilmenite (≥40 <55% TiO[2] ), 4.9% Zircon and 8.7% other minerals

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Figure 6 Central Section Bidaminna Deposit:

Composite BD03 (Central Upper) returned QEMSCAN mineral abundance of 5.9% Rutile/Anatase, 23.9% Hi Ti Leucoxene (≥75 <95% TiO[2] ), 39.2% Low Ti Leucoxene (≥65 <75% TiO[2] ), 17.1% Altered Ilmenite (≥55 <65% TiO[2] ), 5.1% Ilmenite (≥40 <55% TiO[2] ), 6% Zircon and 2.9% other minerals.

Composite BD01 (Central high grade) returned QEMSCAN mineral abundance of 3% Rutile/Anatase, 9.7% Hi Ti Leucoxene (≥75 <95% TiO[2] ), 28.3% Low Ti Leucoxene (≥65 <75% TiO[2] ), 36.9% Altered Ilmenite (≥55 <65% TiO[2] ), 14.5% Ilmenite (≥40 <55% TiO[2] ), 4.5% Zircon and 3% other minerals.

Composite BD02 (Central Lower) returned QEMSCAN mineral abundance of 4% Rutile/Anatase, 11.3% Hi Ti Leucoxene (≥75 <95% TiO[2] ), 20.5% Low Ti Leucoxene (≥65 <75% TiO[2] ), 31.8% Altered Ilmenite (≥55 <65% TiO[2] ), 19.2% Ilmenite (≥40 <55% TiO[2] ), 5% Zircon and 8.1% other minerals

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Figure 7 North Section Bidaminna Deposit:

Composite BD07 (North Upper) returned QEMSCAN mineral abundance of 6.9% Rutile/Anatase, 23.9% Hi Ti Leucoxene (≥75 <95% TiO[2] ), 41.5% Low Ti Leucoxene (≥65 <75% TiO[2] ), 15.3% Altered Ilmenite (≥55 <65% TiO[2] ), 3.9% Ilmenite (≥40 <55% TiO[2] ), 4.8% Zircon and 3.8% other minerals.

Composite BD06 (North Lower) returned QEMSCAN mineral abundance of 4% Rutile/Anatase, 8.2% Hi Ti Leucoxene (≥75 <95% TiO[2] ), 21.8% Low Ti Leucoxene (≥65 <75% TiO[2] ), 47% Altered Ilmenite (≥55 <65% TiO[2] ), 1.6% Ilmenite (≥40 <55% TiO[2] ), 5.1% Zircon and 3.8% other minerals.

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Appendix

Bidaminna Composites

Image Resources submitted a total of 267 heavy mineral (HM) concentrate samples for targeted splitting into 7 composite samples (Table 2) for QEMSCAN analysis by Bureau Veritas Mineral Laboratories from three sections; the southern, central and northern portion of the Bidaminna deposit, classified by Geopeko as an Indicated Resource totalling 44Mt @ 3% HM in 1992[3] (refer Figure 4).

The composite samples, collected from the upper and lower strands of the Bidaminna deposit, were prepared by micro-splitting concentrates retained from exploration air core drilling analyses, completed by Image during 2011 and 2014. Three dimensional wireframe volumes were prepared from drill sections of the mineralised horizons of interest and the micro splitting weights were then determined through a nearest neighbour volume weighting for each sample within the respective wireframes. In this way each composite sample was deemed to be spatially representative of the horizons sampled and analysed.

Mineral Abundance – QEMSCAN

QEMSCAN analysis indicated that all 7 samples mainly contained TiO[2] minerals, with a combined TiO[2] Minerals of between ~86-93%. Zircon accounted for between 4.5-6% of these samples. Minor amounts of Ti Intergrowths, REE, quartz and various silicate phases were also present. Mineral Abundance results from the QEMSCAN analysis carried out on the 7 composite samples are presented in Table 2 below and the composite locations are shown on the overall location map and Sections 1 through to 3 (Figures 1 to 4).

Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia

Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia	Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia	Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia	Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia	Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia	Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia	Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia	Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia	Table 2 Results of Mineral Abundance for selected minerals (as defined in the Main Mineral List) as a % of 7 composite samples from the Bidaminna Deposit using QEMSCAN analysis by Bureau Veritas Mineral Laboratories, South Australia
Section		South Lower	South Upper	Central High Grade	Central Lower	Central Upper	North Lower	North Upper
Sample		BD04	BD05	BD01	BD02	BD03	BD06	BD07
Rutile		5.3	5.8	3	4	5.9	8.2	6.9
Leucoxene combined Hi & Low Ti		34.7	27.3	38	31.8	63.1	68.8	65.4
	Hi Ti Leucoxene	12.8	12.7	9.7	11.3	23.9	21.8	23.9
	Low Ti Leucoxene	21.9	14.6	28.3	20.5	39.2	47	41.5
AlteredIlmenite		29.2	12.6	36.9	31.8	17.1	12.6	15.3
Ilmenite		17.2	22.3	14.5	19.2	5.1	1.6	3.9
Zircon		4.9	5.6	4.5	5	6	5.1	4.8
For the mineral list definitions refer to Table 3 and the complete set of mineral abundance for the main mineral and expanded mineral lists

Composites were taken from the upper and lower mineralised zones on three sections over the Bidaminna deposit (South, Central and Northern sections) shown on Figure 4, which depicts existing (Pre-Image and Image) drilling coloured by metal factor (see legend), the Bidaminna Resource (red outline), exploration target area (black dashed outline) and interpreted magnetic strands (pink solid), Image tenements (blue solid area). Sections South to North show HM% results of air core

3 Report No.WA93/3S Cataby J.V. E70/489 & E70/791 Annual Report Nabaroo and Bidaminna, North Perth Basin May 1991 – April 1992 by C.W. Rothnie, Geopeko. WAMEX report A36673.

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samples to the right of the drill hole trace which is coloured by HM% (see legend) and the bold colour to the left of the drill trace indicate the corresponding composite.

Samples included in the mineralogical composite are indicated by the corresponding solid coloured bar to the left of the drill hole trace and the QEMSCAN analysis mineral abundance results for Rutile, Hi and Low Ti Leucoxene, Altered Ilmenite and Ilmenite as defined by the mineral list (Table 3) are presented in the table to the lower right of the section.

Table 3 Main Mineral List	Table 3 Main Mineral List
Mineral	Description
Rutile	includes rutile (≥95% TiO2)
Hi Ti Leucoxene	includes Ti Oxide phases with≥75<95% TiO2
Low Ti Leucoxene	includes Ti Oxide phases with≥55<65% TiO2
Altered Ilmenite	includes Ti Oxide phases with≥40<55% TiO2
Ilmenite	includes Ti Oxide phases with <40% TiO2
Titano Fe Oxide	includes fine textures, cracks, intergrowths and boundary phases containing Ti, Fe and Si
Ti Intergrowths	Includes titanite
Titanite	Includes zircon
Zircon	Includes chromite
Chromite	Includes REE minerals
REE	Includes quartz
Quartz	Includes Fe Oxide group minerals which may also be boundaries / intergrowths with carbonates, Fe Silicates and Other Silicates
Fe Oxides	Includes calcite, dolomite, ankerite and Ca Fe-Mg intergrowths
Carbonates	Includes various clays which may also be boundaries / intergrowths with Fe Oxides, Fe Silicates and Other Silicates
Fe Silicates	Includes what the QEMSCAN classifies as mainly almandine, andradite-grossular which may also be boundaries / intergrowths with Fe Oxides, clays and Other Silicates
Other Silicates	Includes other silicate minerals, generally of indeterminate mineralogy
Others	Includes all phases not listed above and occurring in trace form

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Table 4 Mineral Abundance Main Mineral List - QEMSCAN

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Table 5 Mineral Expanded Mineral List - QEMSCAN

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For more information visit imageres.com.au

Please direct enquiries to:

George Sakalidis Collis Thorp Exploration Director Chief Executive Officer M: +61 411 640 337 M: +61 413 705 075 E: [email protected] E:[email protected]

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.

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Tenement Schedule in accordance with ASX Listing Rule 5.3.3

Tenements held at the end of the Quarter

Location	Tenement	Nature of Interest	Project	Equity (%) held at start of Quarter	Equity (%) held at end of Quarter
WA	E28/1895	Granted	KING(ERAYINIA JV)	16.1% diluting	16.1% diluting
WA	E28/2071	Granted	TALC LAKE(ERAYNIA JV)	16.1% diluting	16.1% diluting
WA	E70/2636	Granted	COOLJARLOO	100%	100%
WA	E70/2844	Granted	BIDAMINNA NTH	100%	100%
WA	E70/2898	Granted	COOLJARLOO	100%	100%
WA	E70/3032	Granted	GINGIN	100%	100%
WA	E70/3041	Granted	REGANS FORD SOUTH	100%	100%
WA	E70/3100	Granted	QUINNS HILL	100%	100%
WA	E70/3192	Granted	BOOTINE	100%	100%
WA	E70/3298	Granted	BIDAMINNA -PARK	90%	90%
WA	E70/3411	Granted	REGANS FORD	100%	100%
WA	E70/3418	Granted	BELL	100%	100%
WA	E70/3494	Granted	BRYALANA	100%	100%
WA	E70/3720	Granted	BLUE LAKE	100%	100%
WA	E70/3892	Granted	CHAPMAN HILL	100%	100%
WA	E70/3966	Granted	REGANS FORD WEST	100%	100%
WA	E70/3997	Granted	MUNBINIA	100%	100%
WA	E70/4077	Granted	DARLING RANGE	100%	100%
WA	E70/4244	Granted	WOOLKA	100%	100%
WA	E70/4245	Granted	WINOOKA	100%	100%
WA	M70/0448	Granted	GINGIN SOUTH	100%	100%
WA	M70/1192	Granted	RED GULLY	100%	100%
WA	M70/1193	Granted	GINGIN NORTH	100%	100%
WA	M70/1194	Granted	BOONANARRING	100%	100%
WA	P70/1516	Granted	COOLJARLOO	100%	100%
WA	M70/1311	Granted	BOONANARRING	100%	100%
WA	G70/0250	Granted	BOONANARRING	100%	100%
WA	R70/0051	Granted	COOLJARLOO NORTH	100%	100%
WA	M70/1305	Application	ATLAS	100%pending grant	100%pending grant
WA	P70/1520	Application	COOLJARLOO	100%pending grant	100%pending grant
WA	E70/4631	Granted	MUNBINIA WEST	100%	100%
WA	E70/4656	Granted	WINOOKA NORTH	100%	100%
WA	E70/4663	Granted	BIBBY SPRINGS	100%	100%
WA	E70/4689	Granted	BOONANARRING	100%	100%
WA	E70/4779	Application	MIMEGARRA	100%	100%pending grant
WA	E70/4794	Application	REGANS FORD NORTH	100%	100%pending grant
WA	E70/4795	Application	BIDAMINNA SOUTH	100%	100%pending grant
WA	E70/4796	Application	CALADENIA	100%	100%pending grant

Mining Tenements acquired during the Quarter
WA	E70/4779	Application	MIMEGARRA	100%pending grant	-
WA	E70/4794	Application	REGANS FORD NORTH	100%pending grant	-
WA	E70/4795	Application	BIDAMINNA SOUTH	100%pending grant	-
WA	E70/4796	Application	CALADENIA	100%pending grant	-
Mining Tenements disposed during the Quarter
NIL

Page 15 of 17

Table 6 – North Perth Basin Resources and Reserves

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 18.9	380,000 84.4 71.9 2.0 1.0 9.5 270,000 7,000 5,000 36,000 318,000 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 13.7 21.6	130,000 82.6 67.5 3.4 2.2 9.5 100,000 5,000 3,000 13,000 121,000 850,000 84.6 68.8 3.5 1.6 10.6 585,000 30,000 14,000 90,000 719,000 510,000 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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AI assistant

IMAGE RESOURCES NL Interim / Quarterly Report 2015

65117_rns_2016-01-28_843a0df8-a6e6-43a7-b9b9-c381b4355097.pdf