Slide 1: Focused on Growth and Sustainability
Focused on Growth and Sustainability For personal use only Investor Presentation IMARC 2022 - Sydney 2-4 November 2022 Patrick Mutz Managing Director Image Resources NL ASX: 1 IMA
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements This presentation/document has been prepared by the management of Image Resources NL ("Image”, “IMA“, or “the Company”). The information For personal use only presented includes an indicative outlook of the business activities of Image for the calendar year
Slide 3: Corporate Snapshot
Corporate Snapshot ASX Code IMA For personal use only Share Price A$0.165 (20 Oct 2022) Shares on Issue 1,088m Market Cap A$180m Cash on hand A$53m (30 Sep 2022 - unaudited) Debt A$0 (since Feb 2021) Enterprise Value A$127m Board of Directors Top Five Shareholders Bob Besley – Chair (Independent) Mu
Slide 4: Share Price Performance
Share Price Performance For personal use only +17% 1-Month +83% 5-Year 4
Slide 5: Credible and Profitable
Credible and Profitable For personal use only Rapid transition to successful mining company • 6-month construction; A$52m on-ground spend (2018) • On-time; on-budget • Ramped to name-plate capacity in 2nd month of operation Profitable from first year of operation Revenue Net Profit After Tax CY2
Slide 6: Project Area Location Map
Project Area Location Map For personal use only PERTH 6
Slide 7: Project Location Map – Initial Portfolio
Project Location Map – Initial Portfolio Initial Portfolio For personal use only of Tenements Planned mining at 1,232 km2 Atlas to commence Q4 2023 Feasibility Study Underway at Bidaminna Successful mining at Boonanarring since Dec 2018 7
Slide 8: Project Location Map – Expanded Portfolio
Project Location Map – Expanded Portfolio For personal use only Eneabba Tenements Acquisition 232 km2 Initial Portfolio of Tenements 1,232 km2 McCalls Project Acquisition 224 km2 8
Slide 9: Strong Initial Project Portfolio
Strong Initial Project Portfolio Transition to production in 2018 with 12 zircon/titanium projects For personal use only in 100%-owed portfolio • All in Western Australia; 1,232 km2 of tenements • All with Mineral Resources; 2 with Ore Reserves (JORC 2012) o 29Mt at 7.5% HM in Ore Reserves1 in str
Slide 10: Focus on Growth and Sustainability
Focus on Growth and Sustainability Credible, successful development/operations demonstrated; For personal use only focus now on growth • Only one of the 12 initial projects has been developed; o Boonanarring; mined since December 2018 • Second is currently being developed; o Atlas; per 2017 BFS sc
Slide 11: Growth Strategy
Growth Strategy Accelerate existing development plans for projects in initial For personal use only portfolio targeting multi-project operating status; • Atlas to follow Boonanarring • Bidaminna as standalone dredge mining project to be operated in parallel with dry mining operations (Atlas and ot
Slide 12: Growth Strategy – Strategic Acquisition No. 1
Growth Strategy – Strategic Acquisition No. 1 Eneabba Tenements (239 km2) For personal use only • Package of tenements consisted of 3 Mining Leases (MLs), 1 Retention Licence (RL) and 8 Exploration Licences (ELs) acquired in 1H 2022 for A$24M cash; • Total 211 Mt at 3.0% THM containing 6.3 Mt tota
Slide 13: Growth Strategy – Strategic Acquisition No. 2
Growth Strategy – Strategic Acquisition No. 2 McCalls Project (224 km2) For personal use only • Package consists of 4 ELs acquired in March 2022 for A$12M cash; • Total 5,810 Mt at 1.4% THM containing 84 Mt total heavy minerals1,2 in total Mineral Resources across 2 project areas; • 89% valuable h
Slide 14: Growth Strategy – Mineral Separation Plant (MSP)
Growth Strategy – Mineral Separation Plant (MSP) Mineral Separation Plant Feasibility Study For personal use only The Company’s transition to mining using simple business model selling heavy mineral concentrate (HMC) only was appropriate and effective. Growth plans to multiple operations with lo
Slide 15: Mineral Sands Products and Prices
Mineral Sands Products and Prices For personal use only TiO2 - 62-63% 68-72% 95% 93-94% ZrO2 - 65-66% 15
Slide 16: Growth Strategy – Synthetic Rutile Production
Growth Strategy – Synthetic Rutile Production Synthetic Rutile Production (SR) Feasibility Study For personal use only Ilmenite from 100%-owned Bidaminna (63-67% TiO2) and McCalls (62-63% TiO2) projects both candidates for SR feedstock. Bidaminna with potential 10+ year mine life; McCalls with p
Slide 17: Image Resources – Beyond Operations
Image Resources – Beyond Operations For personal use only Sustainability & ESG 17
Slide 18: Social Licence, Sustainability and ESG
Image Resources – Beyond Operations Social Licence, Sustainability and ESG For personal use only Image is targeting growth into a sustainable, mid-tier mining company Areas of specific focus beyond day-to-day mining and processing operations include: • Health, safety and well being of employees,
Slide 19: Community Engagement Program
Community Engagement Program Image is proud of its active and varied community support and For personal use only engagement program including significant local employment. At 30 Sep 2022 51% of the site workforce lives locally to the operation or within regional shires. Active cultural engagem
Slide 20: Solar Farm at Boonanarring
Solar Farm at Boonanarring 2.3 MWAC solar farm For personal use only Construction and operation by Sunrise Energy Group Pty Ltd Located on Image owned land Commissioned Sep 2020 and providing ~25% of electricity requirements for Boonanarring Solar farm highlights Image Resources’ proactive a
Slide 21: Solar Farm at Boonanarring
Solar Farm at Boonanarring For personal use only Boonanarring WCP Brand Highway 21
Slide 22: Rehabilitation Snapshot: Before Mining – April 2018
Rehabilitation Snapshot: Before Mining – April 2018 For personal use only 22
Slide 23: Rehabilitation Snapshot: During Mining – June 2019
Rehabilitation Snapshot: During Mining – June 2019 For personal use only 23
Slide 24: Rehabilitation Snapshot: hectares re-vegetated
Rehabilitation Snapshot: 13 hectares re-vegetated – August 2020 For personal use only 24
Slide 25: Carbon Sequestration Research
Carbon Sequestration Research Australian Carbon Farming Initiative For personal use only As part of its focus to reduce its carbon footprint, Image is investigating cooperative work with local landowners near its mining operation under the Australian Carbon Farming Initiative. The goal is to sup
Slide 26: Green Hydrogen Production
Green Hydrogen Production For personal use only Green Hydrogen (conceptual) The Western Australian Government is incentivising the demonstration of green hydrogen production in the State. Image is actively working with the Sunrise Energy Consortium to identify potential funding sources for a dem
Slide 27: Summary
Summary Established profitable Australian mining company; 3 years consistent profits; For personal use only Inaugural 2-cent dividend paid in 2021; 2nd annual 2-cent fully franked dividend scheduled April 2022; debt free; Multiple 100%-owned projects in portfolio for future production includin
Slide 28: For further information
For further information For personal use only Image Resources NL info@imageres.com.au Office: +61 8 9485 2410 Level 2, 7 Ventnor Avenue West Perth, WA 6005 PO Box 469, West Perth, WA 6872 www.imageres.com.au 28
Slide 29: Ore Reserves and Mineral Resources
Ore Reserves and Mineral Resources For personal use only 29
Slide 30: Ore Reserves and Mineral Resources
Ore Reserves and Mineral Resources For personal use only 30
Slide 31: Ore Reserves and Mineral Resources
Ore Reserves and Mineral Resources For personal use only 31
Slide 32: Ore Reserves and Mineral Resources
Ore Reserves and Mineral Resources For personal use only 32
Slide 33: Ore Reserves and Mineral Resources
Ore Reserves and Mineral Resources For personal use only 33
Slide 34: Ore Reserves and Mineral Resources
Ore Reserves and Mineral Resources For personal use only 34