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1

COMPETENT PERSON STATEMENT

COMPETENT PERSON’S STATEMENT – EXPLORATION RESULTS The information in this presentation that relates to exploration results is based on information compiled by Paul Leandri BAppSc who is a member of the Australasian Institute of Mining and Metallurgy. Paul Leandri is an employee 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’. Paul Leandri consents to the inclusion of this information in the form and context in which it appears in this presentation.

COMPETENT PERSON’S STATEMENT – RESOURCE ESTIMATES The information in this presentation that relates to mineral resources 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 this presentation.  

COMPETENT PERSON’S STATEMENT – PROJECT EVALUATION The information in this presentation that relates to project evaluation and financial analysis is based on information compiled by Mr Ray Cary, BSc., who is a Fellow of the Australasian Institute of Mining and Metallurgy and a Fellow of the Australian Institute of Geoscientists. Ray Cary is the Director and Principal of Northwind Resources Pty Ltd, a Perth, Western Australia based minerals industry consultancy. Ray Cary has sufficient experience in the technical and economic evaluation of minerals development projects and mining operations which is relevant 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. Ray Cary consents to the inclusion of this information in the form and context in which it appears in this presentation.

2

FORWARD LOOKING STATEMENT

FORWARD LOOKING STATEMENT 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.

3

CONTENT

1.  Investment Case 2.  Company Overview 3.  Location 4.  Sustainability 5.  Resources 6.  Plant Concepts 7.  Funding Requirement 8.  Project Economics 9.  Next Steps 10. Development Team 11. Exploration Potential 12. Conclusion Appendices: Resources, Maps, CVs.

4

THE MINERAL SANDS BUSINESS

CHANGE QUALITY MARKETING INVESTMENT

Markets, economic drivers, investment climate

Quality of resources is a key driver

Bulk commodity marketing = bulk commodity pricing

Counter-cyclic investment is essential

FOUR CONSTANTS

5

1a. INVESTMENT CASE

PROJECT ECONOMICS TIMETABLE FINANCE PARTNERS

Low funding (target <A$65M) for 3Mtpa plant producing 180ktpa of finished product in the early years

16 month pay back, Pre tax IRR between 80% and 100%

Quick into development. Less than six month build

Detailed discussions continuing

North Perth Basin Mineral Sands Project An >80% IRR project

6

1a INVESTMENT CASE

RESERVES LOCATION PRODUCT UPSIDE

Highest in ground value per tonne currently being evaluated globally (8% HM, 6.5% VHM and over 19% Zircon)

90km from Perth, near existing major road, power lines, gas pipelines and adequate water supply on site

In first two years higher priced Zircon/Rutile generate 75% of the revenue

Large JORC Resource base and exploration potential beyond initial 10 year mine life

High grade resources and ideal location

1b. INVESTMENT CASE 7

2. COMPANY OVERVIEW

Focus of Operations: Mineral Sands in Western Australia Liquid Assets: A$2.6M (at 31 December 2013) Market Cap: A$20M (at A$0.145 per share) Shares: 140.2M Options: 8.8M (held by directors, all well above current share price) Top 20 Shareholders: Holding 46% Board and Management: Peter Thomas Chairman Peter Davies MD/ Project Manager George Sakalidis Director Exploration Graeme Scott CFO

8

Home - Centre of WA’s Mineral Sands “province” for over 35 years

Industry - Company making deposits nearby for Iluka and Tronox (Tiwest)

In Place - Excellent road, rail, power, gas and ports

Team - Locally available experienced technical staff and plant operators

Mineralogy - Known characteristics

Government - Low sovereign risk

3. LOCATION 9

10 4. SUSTAINABILITY

All proposed operations at Boonanarring will be carried out on cleared farmland

At the end of mining and processing operations the land will be returned to pre-mining topography and land use

Environmental studies to date have not indicated any significant environmental impediments

The public review period for the Boonanarring PER ended on 12th February.

Work has commenced on secondary approvals processes.

The aim is to have all required licences and approvals in place in time to start work on site in October 2014.

11

Strike Length - 12km Resource - 21.5Mt @ 8.3% HM containing 1.4Mt VHM (79% of HM) Contains 370kt Zircon Sweet Spot - East Strand 8.4Mt @11.7% HM with 25% of HM as Zircon (includes higher grade sections)

Extension - Potential to North

“Boonanarring is a world class combination of HM, VHM and Zircon.”

5a. BOONANARRING RESOURCES

12 5b. ATLAS RESOURCES

Location - 90 km from Boonanarring - mined in years 6 to 10 Resource - 10.7Mt @ 7.8%HM containing 0.64Mt VHM (all Measured and Indicated) Assemblage - 53.4% Ilmenite, 5.3% Leucoxene,

7.8% Rutile, 10.6% Zircon Strip ratio - 1:1 Extensions - Atlas South drilled Mining Lease - Application in progress

NPB DEVELOPMENT PROJECT STAGE 2

Shallow and high grade

13 6a. PLANT CONCEPTS    

Mine to finished products on one site

14 6b. PLANT CONCEPTS “State of the art plants. Easy to build and relocate.”

NPB DEVELOPMENT PROJECT SITE LAYOUT

15 7. FUNDING REQUIREMENT

Item A$M Conservative Capex

Wet Plant Cost 13.6 Dry Mill Cost 15.0 Zircon Plant Cost 5.0 Infrastructure 2.1 Indirects, EPCM Contingency 7.9 Sub-total (incl. Contingency) 43.6 Other Pre-Production Costs 12.9 Mining Contractor and Pre-strip 12.3 TOTAL (excluding working capital) 68.8 Working Capital 2.2 Maximum Negative Cashflow 71.0 ~80%  IRR  based  on  the  A$71m  

Mining contracted out

Modular plant costs ~ $34M

TARGET FUNDING REQUIREMENT ~$65M

16 8a. PROJECT ECONOMICS

CASE FUNDING A$M

Pre-Tax NVP@8%

Pre -Tax IRR

Pre-Tax PAYBACK

BCFS = TOLL TREATMENT 64.1 $145 M 57.4% 22 months

STAND-ALONE 71.0 $239 M 82% 16 months

STAND-ALONE TARGET 62.2 $247 M 97%

14 months

Capital: Includes pre-production costs and working capital Assumptions: •  Exchange rate: 2015 A$1 = US$0.85 2016 on A$1 = US$0.80 •  Chloride/SR Ilmenite price = US$ 275/t •  Premium Zircon price = US$ 1500/t

STAND-ALONE CAPEX IS ORDER OF MAGNITUDE – FURTHER STUDIES PLANNED

17 8b. SENSITIVITIES

18

US$/t

8c. ZIRCON PRICE

JP Morgans Weighted Average Zircon Inducement

Price $1807 March 2013

 

At Long Term $1500/t the

NPV would be A$240M and IRR

>80%  

IMA Zircon Inducement Price

$600  

750 900 880

1880 2080

1275 1450 1500 1500

0

500

1000

1500

2000

2500

2008 2009 2010 2011 2012 2013 2014 2015 Long Term

19 9a. NEXT STEPS

Final submissions lodged mid Nov 2013

Studies in progress

Off-take and debt progressing

6 month build

From mining to product in 2-3 months

20 9b. NEXT STEPS

ü  Base Case Feasibility Study

ü  Updated Economic Case

ü  Environment Submissions Lodged

•  Boonanarring JORC Resource Upgrade

•  Sales Off-take Agreements progressing

•  Detailed Design (Q2 2014)

•  Conclude Debt and Finance Negotiations (Q3 2014)

•  Construct (Q4 2014)

Delivery drives value

21 10. DEVELOPMENT TEAM

Key members of the project development team have all worked for many years in other local mineral sands operations

The combined list of recent mineral sands experience amongst the team includes Tiwest/Tronox, Iluka, Gunson, Tormin, Base and Bemax

MD with 40 years industry experience in project evaluation and operations, including mineral sands and pigment plant senior management roles

No initial requirement for Fly in-Fly out or camp accommodation

22 11. EXPLORATION POTENTIAL

Extensive new finds and extensions within the known NPB mineral sands province achieved over the last 13 years

Large resource base of both high grade and large scale resources, in addition to Boonanarring and Atlas

Potential northern resource extension between Boonanarring and Red Gully

Potential for further major finds at Bidaminna and between Atlas and Bidaminna currently being tested

Positive additions to medium term news stream at low cost – historical costs are $0.15/t JORC Resources

Longer term potential in the Eucla basin

IMAGE’S EXPLORATION EXPERTISE IS A KEY COMPETITIVE ADVANTAGE

23 12. CONCLUSION

Low funding required - A$60M to A$70M

Product Mix - high proportion of high value Zircon/Rutile

Good Margins - A$345 per tonne product

Fast Pay back - 16 months from first production

Timetable - Quick into development. Six month build

Economics - NPV over A$240M, IRR of 80% to 100%

Upside - Exploration for large scale deposits

Risk - Low infrastructure, technical and sovereign risks

24 PERMITTING IN WA

Public Environmental Review Radiation Management Plan Project Management Plan Mining Proposal Works Approval -  Construction -  Operations

q  Dewatering >50ktpa q  Mineral Sands Mining

H3 Hydrological Studies Operating Strategies Water licenses for Abstraction EPBC Act Referral (Black Cockatoos)

EP ACT PART IV

DMP

DER

DOW

DEPT OF ENVIRONMENT (Federal)

25 COMMUNITY RELATIONS

NIMBY vs employment opportunities

Remote communities vs neighbouring landowners Land access: •  Exploration •  Environmental studies •  Technical studies •  Mining access agreements Local Presence

Mineral sands mining impacts

Community liason

26 TECHNICAL CHALLENGES

Grade optimisation  

Achievable production rates  

Mine scheduling  

Slimes management  

Minimising plant capital cost  

Dust, noise and light emission minimisation  

Zircon cleaning  

Agglomeration  

27 PROJECT FINANCE

28 EXPLORATION INSIGHTS

APP

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29

RESOURCES & RESERVES MINING APPROACH PRODUCTION / PROVEN EXPLORATION THE TEAM

30 HEAVY MINERALS RESOURCES Note #1

APPENDICES

JORC RESOURCES HM GRADE

CONTAINED HM

CUT-OFF GRADE

Area Mt %HM kt %HM Boonanarring Note #2 21.5 8.3% 1,770 2.5 Total North Perth Basin (Dry Mining) 64.0 7.1% 4,530 2.5

Cyclone Extended 86.3 1.9% 1,640 1.0 Bidaminna (Dredge) 44.6 3.0% 1,300 1.0 Cooljarloo (Dredge) 191.6 1.9% 3,600 1.0 TOTAL IMA 386.5 2.9% 11,070

Note #1 Refer to Annual Reports and ASX Releases for details Note #2 Also included in the North Perth Basin JORC Resources. Includes Block E as of 30/5/13

31 HEAVY MINERALS RESERVES

APPENDICES

PROBABLE RESERVES RESERVE HM GRADE ZIRCON IN HM CONTAINED HM

Area Mt %HM % Zircon kt Boonanarring 14.4 8.3% 24.5% 1,200

Atlas 9.7 8.1% 11.0% 800

TOTAL JORC RESERVES 24.1 8.2% 19.1% 2,000

Excluded Resources

Boonanarring Inferred* 2.8 5.8% 17.3% 160

* Infill drilling to JORC Indicated category has been completed

32 NPB DETAILED RESOURCE STATEMENT APPENDICES

High Grade Resources @ 2.5% HM Cut-off

Resource Resource Category BCM TONNES % HM % SLIMES HM TONNES VHM

(%) Ilmenite

(%) Leucoxene

(%) Rutile (%)

Zircon (%)

Atlas Indicated 520,000 1,080,000 3.2 19.2 34,000 74 53 8 7 6

Atlas Measured 4,810,000 9,700,000 8.5 15.3 820,000 76 52 5 8 11

TOTAL 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10

Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18 Boonanarring Indicated 7,000,000 14,300,000 9.0 17.2 1,270,000 80 49 6 3 22 Boonanarring Measured 1,680,000 3,000,000 7.8 10.1 230,000 70 49 1 3 17

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

TOTAL 1,260,000 2,410,000 5.5 15.0 140,000 77 57 10 3 6

Gingin Sth Inferred 400,000 730,000 6.5 8.4 48,000 92 67 8 6 11

Gingin Sth Indicated 3,240,000 5,820,000 6.5 7.1 380,000 91 68 10 5 8

Gingin Sth Measured 870,000 1,530,000 4.4 7.2 67,000 79 51 15 6 8

TOTAL 4,510,000 8,080,000 6.1 7.3 495,000 89 65 10 5 8

33

High Grade Resources 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 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

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

EUCLA BASIN – CYCLONE EXTENDED Cyclone Extended Resources

HM Cut-off Resource Category BCM TONNES % HM %

SLIMES HM

TONNaES VHM Ilmenite Hi Ti

Oxide* Leucoxene Rutile Zircon

(%) (%) (%) (%) (%) (%)

1.00 Indicated 44,500,000 77,300,000 2.0 5.6 1,500,000 75 23 21 1 9 21

1.00 Indicated 5,400,000 9,000,000 1.2 3.3 100,000 86 31 29 1 4 21

1.00 Total 49,900,000 86,300,000 1.9 5.3 1,600,000 76 24 22 1 8 21

NPB DETAILED RESOURCE STATEMENT APPENDICES

NPB DETAILED (CONTINUED)

34

APPENDICES

MINING APPROACH

35

“ILMENITES  AIN’T  ILMENITES”  

COMMANDING PREMIUM PRICING

Boonanarring Ilmenite is a sought after premium product:

•  54.5% and 60% TiO2 (range of world deposits is between 40% and 63% TiO2)

•  Coarse Grained (D50 150 – 200 micron)

•  Low U+Th (80 – 130 ppm)

•  Suitable as feed to SR plants, pigment plants and slag production

APPENDICES

HIGH QUALITY PRODUCTS

36

AREA ZIRCON ILMENITE LEUCOXENE RUTILE kt kt kt kt

Boonanarring 268 525 49 44

Atlas 75 368 5 46

TOTAL 343 893 54 89

Average Annual Production 34* 89** 5 9

* Up to 55 ktpa ZIRCON ** up to130 ktpa ILMENITE

APPENDICES

PRODUCTION - VALUABLE HEAVY MINERALS

37

Historical exploration costs of 15 cents per tonne of Resources

Dry Mining Resources •  Boonanarring (existing ML - most) •  Atlas and Atlas South (part MLA) •  Red Gully (existing ML) •  Gingin North (existing ML) •  Gingin South (existing ML - part) •  Hyperion •  Helene Larger Tonnage Dredge Mining Projects •  Bidaminna •  Cooljarloo

APPENDICES

PROVEN EXPLORATION

38 THE TEAM APPENDICES

PETER DAVIES – DIRECTOR/PROJECT MANAGER Peter Davies, appointed as Managing Director in May 2012, is a mining engineer with 39 years of global experience in project evaluation and management of mining, chemicals and mineral sands operations. From 1995 to 2000 he was Manager/General Manager of the Tiwest Chandala mineral sands and Synthetic Rutile processing facilities north of Perth. In 2000 he was transferred by Kerr-McGee Chemicals (later Tronox) to manage the TiO2 pigment plant at Antwerp and from 2001 to 2006 was Director of European Operations, in charge of the pigment plants at Uerdingen (Germany), and Botlek (The Netherlands). Peter joined Image in February 2012. GEORGE SAKALIDIS – TECHNICAL DIRECTOR (MD UNTIL MAY 2012) George Sakalidis is an exploration geophysicist with over 25 years’ industry experience, during which time his career has included extensive gold, diamond, base metals and mineral sands exploration. Mr Sakalidis has been involved in a number of significant mineral discoveries,. He was also instrumental in the design of the magnetic surveys and exploration drilling program that led to the discovery of the large mineral sands resources at Magnetic Minerals Limited's Dongara Project. Magnetic Minerals were taken over by Ticor in early 2003. The geophysical techniques used by Image and George Sakalidis’ proven ability to interpret the results in order to find economic mineralisation which has been missed by other companies, gives Image a significant competitive advantage in this field. LYNN WIDENBAR – WIDENBAR AND ASSOCIATES Consultant resource geologist with over 40 years experience in the exploration, evaluation and mining of mineral resources in Australia, Asia, Africa, North, Central and South America and Europe; this includes more than 10 years involvement in resource estimation mineral sands, mainly in Western Australia, for companies such as Image Resources, Magnetic Minerals and Diatreme Resources. PER SCRIMSHAW – CREATIVE MINED Consultant mining engineer with 14 years experience in technical support for mining operations within Australia and abroad. Over 10 Years of this has been servicing Mineral Sands clients in the key areas of optimisation, design, scheduling and economic evaluation. Supported operations have included North Capel Extended, Stratham West, Gingin, Cataby, Eneabba South Mine, Dardanup / Burekup, Kwale. TODD COLTON – BROAD REACH PTY LTD Mining professional with over 23 years experience in the mining industry, predominately in mineral sands operations with WSL/Iluka, providing operational, technical and management support for project development and mining operations in Australia and overseas. Todd has held operational and senior management roles through feasibility studies, operations planning and design, construction and commercial production.

39 THE TEAM APPENDICES

EUGENE DARDENGO – PROCESSING MANAGER Eugene is an accomplished Metallurgist and Operations Manager with over 27 years’ experience in the Australian mining and mineral industry. Eugene has held a number of other diverse roles and was held accountable for Logistics Services, Technical Support Services and Safety, Health and Environment Advice for Tiwest Northern Operations. Has worked as a Metallurgist, with Hamersley Iron (Rio), and Allied Mineral Laboratories and the Readings Group of Companies, and has had exposure to the planning, prioritising and implementation of various metallurgical test work programs for iron ore projects and a wide range of industrial minerals. STEVE BENSON – ALLMINERAL Over 33 years experience in Mineral Sands at Allied Eneabba (RGC) and Tiwest Chandala and Cooljarloo operations. Steve has worked at all levels in Wet Plant and Dry Mill operations up to Plant Manager and has provided technical support both as an in house specialist and as a specialist with equipment suppliers. He has strong knowledge of and experience in physical separation techniques and some unique skills in the assessment of heavy minerals mineralogy. PETER MCSWEENEY – MSP ENGINEERING Peter has over 25 years experience in delivering industrial minerals projects throughout Australia and overseas. He has been the Managing Director of MSP Engineering for the past 16 years and during this period the company has delivered over $AUD 500M in capital projects including: –  ISK Mineral Sands – Wet and dry mineral sands processing facility at Waroona and Picton WA –  MBT (now Bemax) – MBT wet and dry mineral sands processing facility in the Murray Basin –  Bemax – Relocation of the Jangardup wet plant floating concentrator to Murray Basin –  Rocla – Design and construction of their 1.6mtpa high purity silica sands plant in South Australia –  Sons of Gwalia / GAM – Numerous expansions of the Wodgina and Greenbushes tantalum gravity/grind concentrators valued in excess of $200M.

JACKIE BOYER – JASS (AUST) PTY LTD Jackie has over 27 years’ experience in statutory approvals management, environmental impact assessment, environmental planning, environmental management and environmental policy matters. Her experience has been gained working with a wide range of interests from State and local government, construction, industry and academic institutions to landowners, community groups and the general public.

40 CONTACT US APPENDICES

PRINCIPAL OFFICE

Suite 4A 5 Mumford Place

BALCATTA WA 6021

POSTAL ADDRESS P.O. Box 1075

West Perth, W.A. 6914

TELEPHONE (08) 9485 2410

FACSIMILE

(08) 9240 7845

EMAIL admin@imageres.com.au

www.imageres.com.au