Image Resources Nl · ASX:IMA

Image Resources Nl — RIU Sydney Resources Round-up 2017

30 slides from Image Resources Nl's conference presentation, May 10, 2017

  1. Slide 1: Boonanarring Mineral Sands Project: The next cab off the mineral sands rank?

    1 Boonanarring Mineral Sands Project: For personal use only The next cab off the mineral sands rank? RIU Sydney Resources Round-up 10-11 May 2017 Sofitel Sydney Wentworth Sydney, NSW Patrick Mutz Managing Director Image Resources NL ASX: IMA

  2. Slide 2: Forward Looking Statement

    Forward Looking Statement 2 For personal use only Certain statements made 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,

  3. Slide 3: Company Description and Focus

    Company Forward Description Looking and Focus Statement 3 For personal use only Image Resources NL ASX: IMA Advanced mineral sands exploration company with extensive tenement holdings hosting substantial high-grade mineral resources and ore reserves in the North Perth Basin in Western Australia. The

  4. Slide 4: Project Location

    ProjectStatement Forward Looking Location 4 For personal use only  LOCATION ➢ North Perth Basin in Western Australia ➢ 80 km north of Perth CBD ➢ Proven mineral sands address ▪ Including majors Iluka and Tronox ➢ Infrastructure rich ▪ paved roads, power, gas pipeline water, telecommunications etc.

  5. Slide 5: Mineral Resources and Ore Reserves

    Mineral ForwardResources and Ore Reserves Looking Statement 5 For personal use only  LOCATION  QUALITY RESOURCES/RESERVES JORC Code (2012) Compliant ➢ Boonanarring Mineral Resources (measured/indicated/inferred) ▪ 43.7M tonnes at 5.6%THM • Up 103% from 2013 FS ▪ 18% zircon in THM ▪ 72% ‘Valuable’

  6. Slide 6: Boonanarring Project Comparison

    Boonanarring Project Comparison 6 For personal use only High HM and Zircon grades relative to peers HM grade Zircon grade VHM HM Grade (%) Zircon (%) 14.0% 25% VHM Grade Zircon % Image Resources (IMA) Boonanarring project 12.0% 21.5Mt @ 8.3% HM and up to 24.5% Zircon 20% 10.0% 15% 8.0% 6.0% 10% 4.0%

  7. Slide 7: Ore Reserves

    Ore Reserves 7 For personal use only High HM, VHM and very high zircon grade at Boonanarring JORC 2012 RESERVE SUMMARY Reserve Category Volume Tonnes % HM % SLIMES HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon (%) (%) (%) (%) (%) 1 Boonanarring Proved 3,125,000 5,829,000 9.1% 14.2% 527,000 74.2% 48

  8. Slide 8: Mineral Resources and Ore Reserves: Upside Potential

    Mineral ForwardResources and Ore Reserves UpsideStatement Looking Potential 8 For personal use only  LOCATION  QUALITY RESOURCES/RESERVES  UPSIDE POTENTIAL ➢ 1000 km2 with significant potential for extensions of known resources and discovery of new deposits

  9. Slide 9: Boonanarring Deposit Extensions

    Boonanarring Deposit Extensions 9 For personal use only 60km prospective target zone to extend mine life Boonanarring North ➢ Targeting potential 5.6km extension; drilling1.3km north of the deposit includes14m @ 18% HM & 8m @ 22% HM; 50 drill holes planned (subject to access). Boonanarring to Gingin

  10. Slide 10: Boonanarring Deposit Extensions

    Boonanarring Deposit Extensions 10 For personal use only ASX Announcement 13 March 2017 New Drilling Results (Feb 2017) ➢ Confirm 5.6km northern extension of Boonanarring mineralisation ➢ Outstanding high-grade intersections: ▪ 8m @ 23.8% HM in IX00245 ▪ 8m @ 21.1% HM in IX00244 and ▪ 8m @ 16.3% HM

  11. Slide 11: Upside Potential

    Upside Potential 11 For personal use only ASX Announcement 20 February 2017 Application filed for New EL (ELA70/4946 - 83 sq. km) ➢ Area will include 100% of Regans Ford North heavy mineral deposit ➢ Estimated Mineral Resources of 9.9M tonnes at 9.7% HM (JORC 2004) ➢ Ground magnetic surveys indicate

  12. Slide 12: Upside Potential

    UpsideStatement Forward Looking Potential 12 For personal use only  LOCATION  QUALITY RESOURCES/RESERVES  UPSIDE POTENTIAL

  13. Slide 13: Project Approvals

    ProjectStatement Forward Looking Approvals 13 For personal use only  LOCATION  QUALITY RESOURCES/RESERVES  UPSIDE POTENTIAL  PROJECT APPROVALS ✓ Mining Lease & General Purpose Lease ✓ Part IV, Environmental Protection Act (WA) – PER ✓ EPBC Act (Commonwealth) ✓ Landowner agreements ✓ Groundwater

  14. Slide 14: Feasibility Study and Capital

    Feasibility Forward LookingStudy and Capital Statement 14 For personal use only  LOCATION  QUALITY RESOURCES & UPSIDE POTENTIAL Project Capital Cost (A$million)  PROJECT APPROVALS  FEASIBILITY STUDY $500 ➢ Original FS announced Startup capex $400 16 July 2013 ▪ $145m NPV $300 ▪ $64m capital ➢ Cu

  15. Slide 15: Key Growth and Transition Milestone

    Key Growth and Transition Milestone 15 For personal use only 8 June 2016 Equity Transaction completed with Murray Zircon Pty Ltd and Guangdong Orient Zirconic Ind Sci & Tech Co., Ltd Completion of transaction allows Image to tick the boxes on a number of critical project development issues and focus

  16. Slide 16: Key Benefits of Transaction

    Key Benefits of Transaction 16 For personal use only  CAPITAL EQUIPMENT • All plant & equipment and internal infrastructure items necessary to construct a complete heavy mineral recovery operation; from slurry unit in the mine to wet concentration plant for HMC.  SHORT TERM FUNDS ▪ $4M Short-Term

  17. Slide 17: Key Benefits of Transaction

    Key Benefits of Transaction 17 For personal use only  MINERAL SEPARATION SERVICES ▪ Access to mineral separation services in China ▪ Purchase option for a Mineral Separation Plant in SA ▪ Local toll-processing option  CORNERSTONE SHAREHOLDER ▪ New cornerstone shareholder with 20 years zircon proce

  18. Slide 18: Key Benefits of Transaction

    Key Benefits of Transaction 18 For personal use only  EXPERIENCED MANAGEMENT ▪ Project development and operations experienced senior management team  MINORITY SHAREHOLDER PROTECTIONS ▪ Contracted protections for two years ▪ No interference with 3 incumbent Directors or replacements ▪ No vote on me

  19. Slide 19: Plant and Equipment (select examples)

    Plant and Equipment (select examples) 19 For personal use only Wet Concentration Plant Mineral Separation Plant (Option) Slurry Booster Stations & pipelines Power poles, wires & transformers HMC Stackers Mine Slurry Unit Plus much, much more.

  20. Slide 20: Development Schedule

    Development Schedule 20 For personal use only Targeting first production in early 2018* Simplified Boonanarring Project Development Schedule - (high level) 2016 2017 2018 May May May Mar Mar Aug Nov Aug Nov Apr Dec Dec Apr Apr Feb Feb Sep Oct Sep Oct Jun Jan Jun Jan Jun Jul Jul Jul Finalisation of T

  21. Slide 21: Bidaminna Project

    Bidaminna Project 21 For personal use only Bidaminna Park (E70/3298), Bidaminna North (E70/2844), Mimegarra (E70/4779) ➢ Potential high-volume, low-cost dredge mining target ➢ Mineralisation 15-35 metres thick and located below water table; low slimes (3-4%); strip ratio ~1; coarse grain size and ve

  22. Slide 22: Tronox Royalty

    Tronox Royalty 22 For personal use only Potential near term royalty cash flows from Mullering Royalty deal and extension potential ➢ A$50,000 cash payment has been received; ➢ Sliding-scale royalty: ▪ at 2.5% HM average grade, royalty will be 1.25% ▪ at 3.0% HM average grade, royalty will be 2.50% ▪

  23. Slide 23: Image Corporate Snapshot

    Corporate ImageSnapshot Corporate Snapshot 23 For personal use only Diverse and experienced Board and Management Share Code: IMA Board of Directors Share Price: A$0.10* Bob Besley – Independent Chairman 12 Month Price Range: A$0.04 – 0.11 Patrick Mutz – Managing Director Shares on Issue: 537.6m Chao

  24. Slide 24: Transition from Explorer to Producer

    Contact from Explorer to Producer Transition 24 For personal use only Generalisation of Transition from Explorer to Producer 10 9 Production 8 (realisation Discovery Project 7 of full value) & Resource Development Relative Value 6 Delineation Study Period (feasibility 5 (excitement; (uncertainty; re

  25. Slide 25: Historic Commodity Pricing

    Contact Historic Commodity Pricing 25 For personal use only

  26. Slide 26: Contact

    Contact For further information 26 For personal use only Patrick Mutz Managing Director Image Resources NL info@imageres.com.au Office: +61 8 9485 2410 Ground Floor, 23 Ventnor Avenue West Perth, WA 6005 PO Box 469, West Perth, WA 6872 www.imageres.com.au

  27. Slide 27: Who is Murray Zircon Pty Ltd?

    Who is Murray Zircon Pty Ltd? 27 For personal use only ➢ Owner/operator Mindarie Minerals Sands Project, Murray Basin, South Australia; ➢ Successfully redeveloped, commissioned and operated Mindarie 2011-2015 followed by rapid and successful mine rehabilitation; ➢ Developed strong relations with lan

  28. Slide 28: Who is Orient Zirconic?

    Who is Orient Zirconic? 28 For personal use only ➢ One of China’s largest zircon processing companies with one of the most diverse range of zirconium products in the world; ➢ Global sales of zirconium products ranging from bulk commodities to nuclear grade zirconium sponge for nuclear reactors; ▪ Pr

  29. Slide 29: Orient Zirconic

    For personal use only Orient Zirconic 29

  30. Slide 30: Orient Zirconic factory locations in China

    Guangdong Orient Zirconic Orient Zirconic Ind Sci & Tech Co., Ltd 30 30 For personal use only Orient Zirconic factory locations in China

Image Resources NL — RIU Sydney Resources Round-up 2017 on 6ix