Image Resources Nl · ASX:IMA

Image Resources Nl — TZMI Congress 2023

27 slides from Image Resources Nl's conference presentation, Nov 17, 2023

  1. Slide 1: Chapter 2: Growth and Sustainability

    Chapter 2: Growth and Sustainability TZMI Congress 2023 Singapore 15-17 November 2023 Patrick Mutz Managing Director Image Resources 1 NL ASX: IMA

  2. 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 presented includes an indicative outlook of the business activities of Image for the calendar year (CY) 2023 and beyond a

  3. Slide 3: Company History

    Company History  Successful Project Development  Transitioned from advanced explorer to active miner in 2018  Boonanarring Project, 80km north of Perth in Western Australia  On-time and on-budget construction  Successful Project Operations  Ramped to nameplate capacity in only 2nd month of ope

  4. Slide 4: Project Area Location Map

    Project Area Location Map PERTH 4

  5. Slide 5: Project Location Map – Initial Portfolio

    Project Location Map – Initial Portfolio Initial Tenement Portfolio (2017) 1,232 km2 ATLAS - planned mining to commence FY2024 12 Project Areas; 100%-owned 29Mt Ore Reserves Ore Reserves (Dec 2022) 93Mt dry mining Mineral Resources 5.5 million tonnes 236Mt dredge mining Mineral Resources 9.2% THM 20

  6. Slide 6: Contributors to Success at Boonanarring

    Contributors to Success at Boonanarring  Development Contributors  Pre-commissioned equipment (i.e.: USED)  Simple business model (HMC only in bulk)  Operational Contributors  Very high grade; 8% THM, 80% VHM  Zircon rich; 28% zircon in THM  Coarse grained minerals; D50 180 micron  Financial

  7. Slide 7: Transition to Active Miner

    Transition to Active Miner  Active miner – Chapter 1  One mine, one product, one customer  2017 BFS plan; mine and process ore at Boonanarring then relocate equipment and mine and process ore at Atlas (series operations)  Still working 2017 plan; completed ore processing at Boonanarring Sep 2023

  8. Slide 8: Chapter 1 – Active Miner

    Chapter 1 – Active Miner  Chapter 1 Projects; operated in series Project Million THM Slimes Oversize Zircon Rutile Leucoxene Ilmenite VHM Strip Ilmenite Tonnes % % % % % % % % Ratio %TiO2 Boonanarring 15.8 8.0 15 4 28 2.5 2.0 47 80 7:1 55 (actual) Atlas 5.5 9.2 15 5 12 8 5 53 79 1:1 60 (Ore Reserve

  9. Slide 9: Transitioning to Chapter 2

    Transitioning to Chapter 2  Chapter 2 Philosophy and Ambitions  Multiple mines, multiple products, global market + value-add  Chapter 2 ambitions are possible following:  Two strategic acquisitions of mineral sands projects in Western Australia in 1H 2022 • Eneabba Tenements added ~200mt of Mine

  10. Slide 10: Project Location Map – Expanded Portfolio

    Project Location Map – Expanded Portfolio Eneabba Tenements Acquisition 232 km2 Initial Portfolio of Tenements 1,232 km2 McCalls Project Acquisition 224 km2 10

  11. Slide 11: Transitioning to Chapter 2

    Transitioning to Chapter 2  Chapter 2 Philosophy and Ambitions  Multiple mines, multiple products, global market + value-add  Chapter 2 ambitions are possible following:  Two strategic acquisitions of mineral sands projects in Western Australia in 1H 2022 • Eneabba Tenements added ~200mt of Mine

  12. Slide 12: Growth & Sustainability Strategy

    Growth & Sustainability Strategy  Chapter 2 Projects Project Million THM Slimes Oversize Zircon Rutile Leucoxene Ilmenite VHM Strip Ilmenite Tonnes % % % % % % % % Ratio %TiO2 Bidaminna 123 1.8 4 4 5 4.1 13 72 94 1:1 65 (Ore Reserves) Yandanooka 61 3.0 15 11 12 3.5 3.6 70 89 <1:1 62 (Mineral Resour

  13. Slide 13: Chapter 2 – Projects and Value-Adding Steps

    Chapter 2 – Projects and Value-Adding Steps  Diverse 100%-Owned Development Pipeline in Western Australia (JORC 2012)  Bidaminna – 123mt Ore Reserves1 at 1.8% HM (DFS underway) 10 yrs.*  Yandanooka2 – 60mt Mineral Resources1 at 3.0% HM (PFS underway) ?? yrs.**  McCalls2 – 3,610mt Mineral Resourc

  14. Slide 14: Changing Value Proposition

    Changing Value Proposition (CY2021‐22 relative pricing) highest mass Convert ilmenite to synthetic rutile lowest price  Line graphs of mass contribution in HMC added  Bar graphs represent rough min and max commodity for various Image projects prices across CY2021-22 (for relative comparison only).

  15. Slide 15: Preliminary Conceptual Plan

    Preliminary Conceptual Plan Cautionary statement: The following conceptual plan should only be read in conjunction with the Disclaimer and Forward-Looking Statements at the beginning of this presentation. The information provided in the following preliminary plan is conceptual and aspirational and s

  16. Slide 16: Preliminary Conceptual Development Plan – Chapter 1

    Preliminary Conceptual Development Plan Image Resources NL Growth and Sustainability - Preliminary Conceptual Development Plan 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Boonanarring & Atlas Feasibility Study Boonanarr

  17. Slide 17: Preliminary Conceptual Development Plan – Chapter 2

    Preliminary Conceptual Development Plan Image Resources NL Growth and Sustainability - Preliminary Conceptual Development Plan 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Boonanarring & Atlas Feasibility Study Boonanarr

  18. Slide 18: Bidaminna Pre-Feasibility

    Bidaminna Pre-Feasibility PFS Highlights:  Pre-tax NPV8: A$192 million  Pre-tax IRR8: 28%  Capital estimate: A$194 million  Capital payback (post first revenue): 3.8 years  EBITDA: A$379 million  Forecast mine-life: 10.5 years  Total Heavy Mineral Concentrate (“HMC”) production: 2.1 Mt Ore Re

  19. Slide 19: Corporate Snapshot

    Corporate Snapshot ASX Code IMA Top Five Shareholders Board of Directors Murray Zircon PL 15.9% Bob Besley – Chair (Ind.) Share Price A$0.07 (24 Oct 23) Vestpro International Limited 13.2% Patrick Mutz – Managing Director Shares on Issue 1,081m HSBC Custody Nominees 8.0% Aaron Chong Veoy Soo – NED (

  20. Slide 20: For further information

    For further information 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 20

  21. Slide 21: Mineral Resources and Ore Reserves Statement

    Mineral Resources and Ore Reserves Statement 21

  22. Slide 22: Mineral Resources and Ore Reserves Statement

    Mineral Resources and Ore Reserves Statement 22

  23. Slide 23: Mineral Resources and Ore Reserves Statement

    Mineral Resources and Ore Reserves Statement 23

  24. Slide 24: Mineral Resources and Ore Reserves Statement

    Mineral Resources and Ore Reserves Statement 24

  25. Slide 25: Mineral Resources and Ore Reserves Statement

    Mineral Resources and Ore Reserves Statement 25

  26. Slide 26: Mineral Resources and Ore Reserves Statement

    Mineral Resources and Ore Reserves Statement 26

  27. Slide 27: Mineral Resources and Ore Reserves Statement

    Mineral Resources and Ore Reserves Statement 27

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