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BoonanarringMineralSandsProject:MarchingtoProduction

EnergyandMinesAustraliaSummit27-28June2018

Perth,WA

PatrickMutzManagingDirector

ImageResourcesNLASX:IMA

NeilCanbyExecutiveDirector

SunriseEnergyGroup

2Forward Looking Statements

This presentation has been prepared by the management of Image Resources NL ("Image”, “IMA“ or the ‘Company’) in connection with meetingswith investors and potential investors and not as specific advice to any particular party or person. The information is based on publicly availableinformation, internally developed data and other sources. Where any opinion is expressed in this presentation, it is based on the assumptionsand limitations mentioned herein and is an expression of present opinion only. This presentation does not constitute or form part of any offer orinvitation to sell, or any solicitation of any offer to purchase any shares in the Company, nor shall it or any part of it or the fact of its distributionform the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute arecommendation regarding the shares of the Company. Past performance cannot be relied upon as a guide to future performance. Please referto the back of this presentation for information concerning the calculation of reserves and resources referred to herein, and the consentsprovided by the respective Competent Persons. For further details on the content of this presentation, please refer to the ASX releases on theCompany’s website.

Certain statements in this investor presentation, and in subsequent oral statements made by and on behalf of Image, constitute “forward-lookingstatements” or “forward-looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks,uncertainties and other factors, which may cause actual results, performance or achievements of the Company, the Boonanarring Project, orindustry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-lookingstatements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”,“believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events orresults “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectationsregarding future events, performance and results, and speak only as of the date of this investor presentation.

Statements in this investor presentation that constitute forward-looking statements or information include, but are not limited to statementsregarding the Boonanarring/Atlas Project: Production, Cashflows, NPV, IRR, construction timelines, life of the mine; funding; and use of proceedsof the Placement.

The forward-looking information and statements also include metal price assumptions, projected capital and operating costs, metal recoveries,mine life and production rates and other assumptions used in the 2017 Bankable Feasibility Study (as hereinafter defined). Readers are cautionedthat actual results may vary from those presented. Certain of the factors and assumptions used to develop the forward-looking information, andthe risks that could cause the actual results to differ materially, are contained in the Bankable Feasibility Study lodged with the ASX and disclosedon the Company’s website at www.imageres.com.au.

Image Resources NL ASX: IMA

Emerging mineral sands producer

Totally focused on fast-tracking the development of its 100%-owned,high-grade, zircon-rich flagship Boonanarring mineral sands projectlocated 80km north of Perth in Western Australia.

First production targeted for 4th QTR 2018.

Forward Looking StatementCompany Description and Focus 3

Corporate Snapshot

ASX Code: IMAShare Price: A$0.12*12-Month Price Range: A$0.07– 0.17Shares on Issue: 953mMarket Cap: A$114m*Cash on hand: A$64.5m**Debt: A$54.0mTop 20 Shareholders: 70%

Board of DirectorsBob Besley – Independent ChairmanPatrick Mutz – Managing DirectorChaodian Chen - Non-Executive DirectorAaron Chong Veoy Soo – Non-Executive DirGeorge Sakalidis – Executive DirectorPeter Thomas – Non-Executive DirectorFei (Eddy) Wu – Non-Executive DirectorHuang Cheng Li – Non-Executive Director

Key Management

Patrick Mutz – CEO George Sakalidis – Exploration DirectorJohn McEvoy – Chief Financial OfficerTodd Colton – General Manager – Dev.

* - as at 27 June 2018* * - as at 31 May 2018

Image Corporate Snapshot

Diverse and experienced Board and Management

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Ø Company fully funded to positive cashflow§ $50M as debt; $25M as equity

Ø Project construction underway (only $52M project capital1)

Ø Plant and equipment already acquired

Ø First production scheduled for 4th QTR 2018 (6-month build)

Ø Cashflow positive forecast in 1st QTR 2019

Notes: 1 – Per bankable feasibility study results announced 30 May 2017

Company Snapshot 5

Company Snapshot 6

Ø Binding off-take agreement in place for 100% of production

Ø Project NPV: A$235 million1

Ø IRR: 125%1

Ø Payback period: 13 months1

Notes: 1 – Per updated bankable feasibility study results announced 28 June 2018. Image confirms that all the material assumptions from that announcement underpinning the production target and the forecast financial information derived from the production target continue to apply and have not materially changed.

q LOCATIONØ North Perth Basin in Western AustraliaØ 80 km north of Perth CBDØ Proven mineral sands address

§ Including majors Iluka and Tronox

Ø Infrastructure rich§ paved roads, power, gas pipeline

water, telecommunications etc.

Ø Local communities and landowners experienced with, and accepting of, mineral sands mining.

Forward Looking StatementProject Location 7

Ø 1,000 km2 tenements portfolioØ 100% focus on mineral sandsØ Strandline projects (dry mining)

Ø Dredge mining prospects

Projects Types and Locations 8

Atlas Ore ReservesProbable: 9.5Mt @ 8.1% HM

Boonanarring Ore ReservesProved: 9.3 Mt @ 8.6% HMProbable: 10.5Mt @ 5.9% HM

Forward Looking StatementProject Capital Comparison 9

Source:TZMI;May2017

Base AssumptionsØ Start mining at Boonanarring

Ø Dry, open-cut mining

Ø Production rate - 500 dry tonnes per hour

• 3.7M dry tonnes per year

Ø Conventional gravity separation using spirals

Ø Product: Heavy Mineral Concentrate (HMC)• Production rate: avg. approx. 220K tonnes/annum• Truck to Bunbury for bulk shipments to China

Forward Looking StatementBankable Feasibility Study 10

Forward Looking StatementImage Wet Concentration Plant 11

Site Construction Photos 12

Overburdenstockpile

Overburdenremoval

WetConcentrationPlantconstruction

Project Development Schedule

Targeting first production 4th Quarter 2018

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SimplifiedBoonanarringProjectConstructionSchedule-(highlevel)

Jan

Feb

Apr

May

Jun

Jul

Aug

Sep

Nov Dec

Jan

Feb

Mar

WCP&EquipmentRelocation

ProjectConstruction

Pre-Stripping

OreMining

PlantCommissioning

ProductionMar

2018

Oct

2019

Corporate SnapshotUse of Solar Energy 14

Heads of Agreement with Sunrise Energy Group Pty Ltd to provide 3-4 MWAC solar farm to be:

Ø Constructed and operated by Sunrise Energy;

Ø Located on Image owned land adjacent to Boonanarring mine site; and

Ø Providing 25% of total electricity requirements for mine and processing operations.

Additional information regarding Heads of Agreement announced to ASX on 23 April 2018.

• 3-4 MWac Solar Farm• Single Axis Tracking• Connected to embedded network at

the mine• No export to the grid• Located on land that won’t be used

for mining operations• Currently in development phase

– Development Application– Embedded Generation Approval

PLAN AND STATUS

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• WA Electricity system architecture transformation

• Stop adding to the peak problem - 4 to 6 pm on hot days

• Risk diversification in new generation to reduce spinning reserve:– Unit Sizes and Geographic

diversification

MACROECONOMIC SAVINGS – BENEFITS EVERYONE

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• Image Resources purchase the power and the LGCs from the solar farm• Solar Farm is expected to significantly reduce the IRCR due to self generation

during peak measurement periods• LGC pricing from solar farm lower than prices charged by Retailers (typically

market price based)• Embedded generation is exempt when determining REC charges• Market fees and charges avoided• Line losses avoided• Typically expect in the region of $75-100k per annum savings per MWac

installed• Lease income from land for 20 years

MICROECONOMIC SAVINGS – IMAGE RESOURCES

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Macro – All Western Australians• WA adoption of renewable energy• Investing in infrastructure in regional WA• 50% of capital expenditure spent with WA

Businesses• Stimulating thinking around renewable energy

adoption (geographic and industry)

Micro – Image Resources• Additional $8m invested in Shire of Gingin• Productive use of land• Employment of local contractors for

construction and operation• Green Fund Investment

SOCIAL BENEFITS

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Patrick MutzManaging DirectorImage Resources NL

info@imageres.com.auOffice: +61 8 9485 2410

Ground Floor, 23 Ventnor Avenue West Perth, WA 6005PO Box 469, West Perth, WA 6872

www.imageres.com.au

ContactFor further information 19

Neil CanbyExecutive DirectorSunrise Energy Group

Neil.canby@sunriseenergygroup.com.auOffice: +61 8 9489 7047

65 Hay Street Subiaco, WA 6008

www.sunriseenergygroup.com.au