Image Resources Nl · ASX:IMA
Image Resources Nl — Shareholder Meeting (May 2026)
27 slides from Image Resources Nl's shareholder meeting presentation, May 28, 2026
Slide 1: AGM – Chair's Address & AGM Presentation
ASX:IMA ASX ANNOUNCEMENT | 28 May 2026 AGM – CHAIR’S ADDRESS & AGM PRESENTATION Image Resources NL (ASX: IMA) (Image or the Company) is pleased to provide a copy of the Chair’s address and the Managing Director’s presentation to be delivered at today’s annual general meeting of the Company. - ENDS -
Slide 2: Forward-looking statements
ASX:IMA Resources, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking stat
Slide 3: Chair's Address
ASX:IMA CHAIR’S ADDRESS The 2025 calendar year was a defining period for your Company — one of transformation, delivery and resilience. We successfully transitioned into operating at our 100%-owned Atlas mineral sands project. Construction and commissioning were completed, mining and processing oper
Slide 4: Chair's closing and previously reported information
ASX:IMA In closing, your Company enters its next phase with a producing asset, a clear growth pipeline, and a gold portfolio of growing strategic relevance. On behalf of the Board, I thank our management team and employees for their dedication, my fellow directors for their counsel, and you, our sha
Slide 5: Navigating Challenging Times, Focusing on Opportunities
ASX: IMA For personal use only Navigating Challenging Times Focusing on Opportunities Annual General Meeting of Shareholders 28 May 2026 info@imageres.com.au Celtic Club, West Perth WA +61 8 9485 2410 Level 2, 1 Walker Avenue Patrick Mutz West Perth, WA 6005 Managing Director PO Box 469, West Perth
Slide 6: 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 presented includes an indicative outlook of the business activities of Image for the calendar year (CY) 2026 and beyond a
Slide 7: Outline
Outline of AGM Presentation CY2025 recap – Atlas return to production For personal use only Strategy review – Chapter 1 Atlas Successes Low capital cost and rapid build Constructed in line with budget Short Ramp-up Period (again) Operationally cash flow positive Atlas & Other Challen
Slide 8: Original Business Strategy – Chapter 1
Original Business Strategy – Chapter 1 2017 Bankable Feasibility Study Strategy1 For personal use only Build and profitably operate Boonanarring project Self-fund relocation of mining and processing equipment to Atlas Build and profitably operate Atlas project Mines operated in series usin
Slide 9: CY2025 Recap – Successes
CY2025 Recap – Successes Atlas Successes For personal use only Low capital cost and rapid build Prepayment Facility Constructed in 6 months; cost A$54M Unsecured loan construction funded from cash reserves Repayment through Construction costs in line with budget HMC deliveries Ramped-u
Slide 10: CY2025 Recap – Photos of Success
CY2025 Recap – Photos of Success For personal use only IMAGE RESOURCES I ASX:IMA I 6
Slide 11: CY2025 Recap – Challenges
CY2025 Recap – Challenges Atlas Challenges For personal use only Delayed operational start in 2025 from Nov 2024 bushfire CT1 spiral technology application failure Depressed commodities market -15% -9.5% -19% -16% IMAGE RESOURCES I ASX:IMA I 7
Slide 12: CY2025 Recap – Challenges
CY2025 Recap – Challenges Atlas Challenges For personal use only Delayed operational start from Nov 2024 bushfire CT1 spiral technology application failure Depressed commodities market High debt to revenue ratio Non-Operational Challenges Delays in securing access to Yandanooka Mineral s
Slide 13: Mineral Sands Company Perspective
Mineral Sands Company Perspective Australian Mineral Sands Startup Companies’ Performance (post 2014) For personal use only 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 MZI RESOURCES STRANDLINE RESOURCES MURRAY ZIRCON SHEFFIELD RESOURCES IMAGE RESOURCES Takeaways Mineral sands
Slide 14: Mineral Sands Company Perspective
Mineral Sands Company Perspective Image Resources (potential success differentiators) For personal use only Started at smaller scale; low capital requirements; simple business model Acquired/built portfolio with multiple project optionality plus long-term potential Boonanarring Atlas Yanda
Slide 15: Project Locations – Mineral Sands
Project Locations – Mineral Sands For personal use only IMAGE RESOURCES ASX:IMA 11 Map 1.01 – Project location map
Slide 16: Project Locations - Gold
Project Locations - Gold For personal use only Kalgoorlie (IMA) Image Gold Tenements IMAGE RESOURCES ASX:IMA 12 Map 1.01 – Project location map
Slide 17: Project Locations – Mineral Sands
Project Locations – Mineral Sands Eneabba Tenements YANDANOOKA – PFS complete For personal use only Acquisition - 2022 BFS underway McCalls Project & DURACK – PFS underway Mindarra Springs Acquisition – 2022 ATLAS – Operational McCALLS – MINDARRA SPRINGS – potential April 2025 1st HMC sales multi-de
Slide 18: New Business Strategy – Chapter 2
New Business Strategy – Chapter 2 Chapter 2 strategy – Growth & Sustainability Ambitions For personal use only Growth Multiple mines – operating simultaneously Multiple products – establishing mineral separation capabilities Multiple customers – expanding customer base globally Sustainab
Slide 19: Current Status and Forward Plans
Current Status and Forward Plans Active Operations For personal use only Operations at Atlas South continuing through Q2 2027. Potential extensions of operations at Atlas through Atlas North and/or Hyperion being evaluated, but current market conditions substantially challenge economics. Post-At
Slide 20: Yandanooka Pre-Feasibility Study – April 2024
Yandanooka Pre-Feasibility Study – APRIL 2024 PFS1 HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product BFS COMMENCED For personal use only Pre-tax NPV8 Pre-tax IRR Capital estimate Capital payback EBITDA Forecast mine-life Total HMC production A$151M 72% A$50.3*M 15 Months A$277M 8.
Slide 21: Bidaminna Pre-Feasibility Study – June 2023
Bidaminna Pre-Feasibility Study – JUNE 2023 PFS1 HIGHLIGHTS: Based on selling heavy mineral concentrate (HMC) product BFS IN PLANNING For personal use only Pre-tax NPV8 Pre-tax IRR8 Capital estimate Capital payback EBITDA Forecast mine-life Total HMC production A$192M 28% A$194M 3.8 Years A$379M 10.
Slide 22: Erayinia King Gold Project
Erayinia King Gold Project Erayinia King Gold project – 100%-owned; 2% NSR to previous owners For personal use only Maiden Inferred Mineral Resources estimate of 2.0 million tonnes at 2.1 gpt Au for 139k ounces gold (0.5 gpt cut-off) announced 7 Jan 2026 Pre-scoping study by Entech indicates dep
Slide 23: Synthetic Rutile Novel Production Process
Synthetic Rutile Novel Production Process Novel process for conversion of ilmenite to synthetic rutile (SR) For personal use only Proposed process to employ alternative furnace and use of hydrogen to dramatically reduce carbon dioxide emissions Under International Patent review since December 20
Slide 24: ESG & Sustainability
ESG & Sustainability For personal use only Key ESG initiatives and outcomes reported in Annual Sustainability Report Available online: www.imageres.com.au CY2024 Report published in Q3 2025 CY2025 Report to be published in Q3 2026 CY2025 includes mining and processing operations at Atlas and limited
Slide 25: Contact us
ASX: IMA For personal use only A note of Contact us gratitude to some of our info@imageres.com.au Industry Partners +61 8 9485 2410 Level 2, 1 Walker Avenue West Perth, WA 6005 PO Box 469, West Perth WA 6872 www.imageres.com.au
Slide 26: Forward Looking Statements
Forward Looking Statements Forward looking statements For personal use only 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
Slide 27: Previously Reported Information
Previously Reported Information Previously reported information For personal use only This report includes information that relates to Mineral Resources, Ore Reserves, production targets and forecast financial information derived from production targets which were prepared and first disclosed under