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Renascor Resources Limited ASX code: RNU

A Globally Significant Australian Graphite Project

Investor Presentation 15 May 2018

Important notices Forward Looking Statements This Presentation may include statements that could be deemed “forward-looking” statements. Although Renascor Resources Limited (the “Company”) believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those expected in the forward-looking statements or may not take place at all. No Offer to Sell or Invitation to Buy This Presentation is not, and should not be considered to, constitute any offer to sell, or solicitation of an offer to buy, any securities in the Company, and no part of this Presentation forms the basis of any contract or commitment whatsoever with any person. The Company does not accept any liability to any person in relation to the distribution or possession of this Presentation from or in any jurisdiction. Disclaimer The Company has exercised care in preparing and presenting this Presentation, including in obtaining information relating to project held by other entities, which the Company obtained from company reports and other publicly available sources. T o the maximum extent permitted by law, the Company and its representatives make no representation, warranty or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation and the information contained herein; accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and accept no responsibility for any errors or omissions from this Presentation. Competent Persons Statement The results reported herein, insofar as they relate to exploration activities and exploration results, are based on information provided to and reviewed by Mr G.W. McConachy (Fellow of the Australasian Institute of Mining and Metallurgy) who is a director of the Company. Mr McConachy has sufficient experience relevant to the style of mineralisation and type of deposits being considered to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 Edition). Mr McConachy consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears. The results reported herein, insofar as they relate to metallurgical test work results, are based on information provided to and reviewed by Mr Simon Hall, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a consultant to the Company. Mr Hall has sufficient experience relevant to the mineralogy and type of deposit under consideration and the typical beneficiation thereof. Mr Hall consents to the inclusion in the report of the matters based on the reviewed information in the form and context in which it appears. Bibliography 1. Renascor ASX announcement dated 26 April 2018, “Renascor Signs First Offtake MOU 2. Renascor ASX announcement dated 23 April 2018, “Siviour Graphite Project Acquisition Update” 3. Renascor ASX announcement dated 14 March 2018, “Siviour PFS and Maiden Ore Reserve” 4. Renascor ASX announcement dated 15 February 2018, “Positive Metallurgical Tests for Expandable Graphite” 5. Renascor ASX announcement dated 15 February 2018, “99.99% Spherical Graphite Produced from Siviour” 6. Renascor ASX announcement dated 8 February 2018, “Spherical Graphite Study Further Improves Siviour Economics” 7. Renascor ASX announcement dated 27 November 2017, “Correction to 27 November 2007 Announcement” 8. Renascor ASX announcement dated 17 March 2017, “Siviour Now Among Ten Largest Graphite Deposits in the World” Renascor confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Renascor confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Renascor Resources 2

PFS confirms robust economics Lowest quartile OPEX: US$335* per tonne NPV10 (after-tax): US$500m* Staged development option: start-up capex of US$29m*

High-quality graphite product Favourable flake size distribution and high purities for lithium-ion battery and other high growth markets First non-binding MOU signed with China’s Qingdoa Chenyang Graphite in April 2018

30-year mine life, low-cost Among largest reported graphite deposits in the world, with lowest quartile OPEX

What sets us apart?


Siviour is unique as a Tier-1 graphite development in Australia

Australia: low sovereign risk Siviour offers globally competitive graphite supply

within stable political environment

*Based on Siviour Prefeasibility Study. OPEX and NPV figures refer to immediate large scale development. Staged development option refers to two-stage operation, with small-scale production for first three years before expanding to larger production in year four. See Renascor ASX announcement dated 14 March 2018.

China dominates current supply, but market is restricted and unstable

Increased domestic demand Graphite is becoming strategically important mineral due in large part to rising demand in lithium ion batteries

Supply limitations Issues of product consistency and lack of medium and large flake

Environmental and export restrictions New safety and environmental regulations and export restrictions have further reduced supply

Why graphite in Australia?


New potential supply has been dominated by large developments in East Africa, where sovereign risk issues must be overcome



Renascor offers secure supply from Australia



Low sovereign risk jurisdiction Secure, established regulatory framework increasingly important in graphite supply chain

Established infrastructure Lower capital and operating costs and increased certainty of project delivery

Supportive government Established, mine-friendly jurisdiction that has encouraged new mine developments

Siviour – South Australia

Located centrally in an historical graphite corridor

Renascor Resources

Siviour graphite deposit, showing location

7

Optimal location for development and production Favourable jurisdiction South Australia Supportive government Port, Road, Power, Water Established ports Highway - 10km Power - on main grid Water for Stage-1 development Established workforce Whyalla (23,000), Port Lincoln (15,000), Port Augusta (13,000) Arno Bay, Cleve, Cowell, Tumby Bay


Eyre Peninsula: established infrastructure

Siviour – South Australia

Globally competitive project economics


Prefeasibility study results …

*Source: Renascor data based on Siviour Prefeasibility Study. See Renascor ASX announcement dated 14 March 2018.

High NPV

Fast payback

Low cost of production

Annual production (first ten years)

142,000t

NPV10 (after tax) US$500m

Plant throughput 1,650,000tpa

IRR (after tax) 62%

Average feed grade (first ten years)

9.1% TGC

Cash cost per tonne US$335

Basket price per tonne US$1,056

Life of mine 30 years

Development capital US$99m

Payback period 1.8 years


. . . compare favourably to other graphite developments globally*

*Source: Renascor data based on Siviour Prefeasibility Study. See Renascor ASX announcement dated 14 March 2018. Other company data based on publicly available company reports (as of March 2018) of feasibility studies or 43-101 preliminary economic assessments

Globally competitive project economics

Project economics -- OPEX


Siviour’s flat laying orientation underpins a low cost of production …



Siviour’s flat laying orientation underpins a low cost of production …


Siviour’s flat laying orientation underpins a low cost of production* …


* Data based on Siviour Prefeasibility Study. See Renascor ASX announcement dated 14 March 2018

Parameter US$/t

Mining $83

Processing US$159

General and administration US$13

Product logistics US$80

Total US$335


. . . that is among the lowest of global graphite developments*


*Source: Renascor data based on Siviour Prefeasibility Study. See Renascor ASX announcement dated 14 March2018. Other company data based on publicly available company reports (as of March 2018) of feasibility studies or 43-101 preliminary economic assessments.


Staged-development offers low initial CAPEX pathway to production

Low start-up CAPEX option

Leverages off infrastructure advantages of coastal Australian location Stage-1: 200,000tpa plant using existing potable water supply Start-up CAPEX: US$29m

Competitive small-scale operation Initial mining in high-grade zone at start-up production rate of 22,800 tonnes of graphite concentrates per year Start-up OPEX: US$577/t (reducing to US$333/t in stage-two*)

Development of customer base Establishment of customer base optimal for Siviour basket of products in stage-one… …to support capital requirement to fund larger stage-2 operation

Source: Siviour Prefeasibility Study. See Renascor ASX announcement dated 14 March2018. * Stage-two start-up capital US$91m


Staged-development offers low CAPEX pathway to large-scale production

Low start-up CAPEX option

*Source: Siviour Prefeasibility Study. See Renascor ASX announcement dated 14 March 2018.

Parameter

Two-stage development Immediate

large-scale

development Stage-one

(years 1 to 3)

Stage-two

(year 4 to 30)

Annual production 22,800t 156,000t

(years 4 to 13) 129,000 (LOM)

142,000t (first ten years) 117,000 (LOM)

Plant throughput 200,000tpa 1,850,000tpa 1,650,000tpa

Average feed grade 12.4% TGC 9.0% TGC (years 4 to 13)

7.6% (LOM)

9.1% TGC (first ten years)

7.5% TGC (LOM)

Cash cost per tonne US$577 US$333 (LOM) US$335

Basket price per tonne US$1,056

Life of mine 30 years

Development capital US$29m US$91m US$99m

Payback period (years) 3.1 1.5 1.8

NPV10 (after tax) US$407m US$500m

IRR (after tax) 47% 62%

The Siviour graphite deposit

Siviour has rapidly transitioned from discovery to development


Acquisition: Renascor has an option (subject to shareholder approval) to acquire 100% of company holding Siviour by issuing 189.6m shares in Renascor Maiden Ore Reserve (Mar 18): 45.2mT @ 7.9% TGC for 3.6mT of contained graphite*

*Source: Renascor ASX announcement dated 14 March 2018.

The Siviour graphite deposit

The Siviour Mineral Resource is already large and remains open along-strike at shallow depths


Reserve category Ore (Mt) TGC Contained

graphite (Mt)

Proven -- -- --

Probable 45.2 7.9% 3.6

Total 45.2 7.9% 3.6

Resource category Mineralisation (Mt) TGC Contained

graphite (Mt)

Indicated 51.8 8.1% 4.2

Inferred 21.8 7.6% 2.2

Total 80.6 7.9% 6.4

Siviour Indicated and Inferred Resource over outline of airborne electromagnetic conductivity anomaly

Siviour – large scale graphite deposit

Siviour is the largest graphite deposit in Australia …


Source: Company reports on economic studies of flake graphite projects as of October 2017


… and among the largest reported graphite deposits in the world …


Source: Company reports as of March 2018


… and offers ample scope to expand


Conductivity image from AEM survey

Siviour – metallurgy

Initial metallurgical testing has established Siviour as unique in Australia …


Source: Renascor Prefeasibility Study (Renascor ASX announcement dated 14 March 18 and company reports as of March 2018

Flake category Particle size

Purity (C) Distribution Annual production Microns (μm) Mesh (#)

Jumbo >300 +48 94% 6% 8,520

Large 180 to 300 -48 to +80 96% 20% 28,400

Medium 150 to 180 -80 to +100 96% 10% 14,200

Small 75 to 150 -100 to +200 96% 43% 61,060

Fine <75 -200 94% 21% 29,820


… offering potential to produce concentrates competitive with largest graphite resources in the world …



… with conventional (non-chemical, non-thermal) flowsheet


Siviour – downstream processing potential

Siviour is well-positioned to produce premium-priced, valued-added graphite products


Ultra high purity 99.99% spherical graphite suitable for use in lithium-ion battery anodes

Located proximate to modern industrial zones Siviour’s South Australian location offers easy access to established industrial centres for advanced processing

Expandable graphite Independent tests confirm Siviour concentrates are suitable for expandable graphite in excess of standard industry expansion coefficient requirements

Siviour – Spherical scoping study results


Parameter

Spherical Graphite Scoping Study (stand-alone)

Consolidated findings (graphite concentrates and spherical graphite scoping

study)

Estimated values

Annual production of spherical graphite 30,000t

Average spherical graphite cash operating cost (net of recarburiser

credit) US$1,694/t

Projected spherical graphite sales price US$3,250/t

NPV10 (after tax) (life of mine) US$231m US$555m

IRR (after tax) (life of mine) 59.9% 53.5%

Start-up capital US$57.8m US$165.7m

Payback of start-up capital 1.7 years 1.9 years

Net revenue US$1.9b US$4.2b

EBITDA US$935m US$2.3b

Net profit after tax US$614m US$1.2b

Source: Siviour Spherical Scoping. See Renascor ASX announcement 8 February 2018

Cobalt prospects


Source: ASX company announcements

Project portfolio includes pipeline of cobalt prospects in emerging cobalt district

193.3Mt @ 120 ppm Co Havilah (ASX:HAV)

5.8Mt @ 1,400 ppm Co Havilah (ASX:HAV)

54.9Mt @ 910 ppm Co Cobalt Blue (ASX:COB)

Market capitalization: $114M


Cobalt prospects – Bulloo Creek

Two Renascor RC drill sections testing soil gold anomaly returned strongly elevated cobalt Extensive (3km) magnetic trend coincident with strong, coherent cobalt soil anomaly


Cobalt prospects – Shorts Dam

Sampling and mapping has defined extensive area of elevated copper and cobalt

Southern drill section intersected significant cobalt and copper (15m @ 0.14% Co, 690 ppm Cu from 19m)


Renascor market information

ASX code RNU Shares currently on issue ~913m* Ausmin consideration 189.6m** Options ~129.76m***

Cash (7 May 18) ~$8.2m**** Share price (7 May 18) $0.031 12 month range $0.015-$0.051 Market cap (7 May 18) $28.3m* Top 20 (7 May 18) 39% Board shareholding (7 May 18) 16%

Board of Directors

Richard (Dick) Keevers (Chairman)

David Christensen (MD)

Stephen Bizzell

Geoff McConachy

Chris Anderson

* Fully diluted for recent capital raising as announced on 8 May 2018 ** As announced on 23 April 2018, Renascor has an option, subject to shareholder approval, to acquire Ausmin Development Pty Ltd, the entity that holds the project rights to Siviour, by issuing 189.6m shares in Renascor. *** 15m @ $0.05, expiring Dec 19 and 114.76m @ $0.03, expiring Oct 19 **** Includes 31 March 2018 cash balance plus $6.5m from recent capital raising (of which $2.3m is subject to shareholder approval), but excludes any funds raised from SPP .


Forward Plan

Conclusions


Siviour is a Tier-1 graphite project Globally competitive project economics Large-scale, low cost Low CAPEX start-up option High quality graphite concentrates Secure supply from Australia

`


For further information: David Christensen Mobile: +61 429 643 770 [email protected] www.renascor.com.au ASX: RNU

mailto:[email protected]

http://www.renascor.com.au/

Melbourne Mining Club Cutting Edge

Melbourne 15 May 2018

Presentation by Mike Trumbull Executive Chairman

Nagambie Resources Limited www.nagambieresources.com.au

Disclaimer & Competent Person’s Statement

FORWARD-LOOKING STATEMENTS This report contains “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Nagambie Mining and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Nagambie Mining assumes no obligation to update such information.

STATEMENT AS TO COMPETENCY The Exploration Results in this presentation have been compiled by Mr Geoff Turner, who is a Fellow of the Australian Institute of Geoscientists, has more than ten years in the estimation, assessment, and evaluation of mineral resources and ore reserves, and has more than 20 years in exploration for the relevant style of mineralisation that is being reported. In these regards, Geoff Turner qualifies as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Geoff Turner is a Consultant to Nagambie Resources Limited and consents to the inclusion in this report of these matters based on the information in the form and context in which it appears.

Mike Trumbull

Kevin Perrin

Alfonso Grillo

James Earle

Alfonso Grillo

Geoff Turner

Dr Rod Boucher

Executive Chairman

Finance Director

Corporate Director

Millions

Fully Paid Shares 403.936

Unlisted Options - Directors, Employees and Consultants 60.750

Unlisted, Unsecured Convertible Notes 40.013

504.699

NAG Share Price (14 May 2018) 16.5 cents

Market Cap - Undiluted $67

High-Grade, Antimony-Arsenic-Associated, Disseminated-Sulphide-Gold in Sediments (Sandstones and Siltstones)

The arsenic is in the form of arsenopyrite, an iron arsenic sulphide. Arsenopyrite crystals are typically pyramid-shaped but become thin and needle-shaped as gold replaces iron in the crystal lattice.

Gold can occur as free gold and, in this form, is easily recoverable using gravity methods. The gold locked up in the crystal lattice of the arsenopyrite is refractory so this gold requires bacterial oxidation ahead of conventional cyanide treatment.

Crustal Faults (circa 40 km deep) – Striking North West Hot gold-rich sulphidic fluids rose under pressure up deep crustal faults circa 377 million years ago.

Surface Faults (circa 6 km deep) – Striking East West The surface thrusts (faults) in the Waranga Province resulted from regional north-south compression that cracked, at regular intervals, the thick sequence of sandstones and siltstones.

Intersections of Crustal and Surface Faults At the intersections, the crustal fluids travelled under pressure along the surface faults to iron-rich sandstones and siltstones favourable to the deposition of gold with arsenopyrite.

ontours

Thank you for your attention ……..

1

Boonanarring Mineral Sands Project: The next cab off the mineral sands rank

Investor Presentation May 2018

Patrick Mutz Managing Director

Image Resources NL ASX: IMA

2 Forward Looking Statements

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

Certain statements in this investor presentation, and in subsequent oral statements made by and on behalf of Image, constitute “forward-looking statements” 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, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements 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 or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the Company’s current expectations regarding 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 statements regarding the Boonanarring/Atlas Project: Production, Cashflows, NPV, IRR, construction timelines, life of the mine; funding; and use of proceeds of 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 cautioned that actual results may vary from those presented. Certain of the factors and assumptions used to develop the forward-looking information, and the risks that could cause the actual results to differ materially, are contained in the Bankable Feasibility Study lodged with the ASX and disclosed on the Company’s website at www.imageres.com.au.

http://www.imageres.com.au/







3 Forward Looking Statements

All such forward-looking information and statements are based on certain assumptions and analyses made by the Company’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; changes in commodity prices; unexpected failure or inadequacy of infrastructure, or delays in the refurbishment or development of infrastructure, and the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Other important factors that could cause actual results to differ from these forward-looking statements also include those described under the heading "Key Risks" in the Appendix to this investor presentation.

Readers are cautioned not to place undue reliance on forward-looking information or statements. This investor presentation also contains references to estimates of mineral resources and ore reserves. The estimation of mineral resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral resources that are not ore reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral resources and ore reserve estimates may have to be re-estimated based on, among other things: (i) fluctuations in zircon, ilmenite or other mineral prices; (ii) results of drilling; (iii) results of metallurgical testing and other studies; (iv) changes to proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licences.

Although the forward-looking statements contained in this investor presentation are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this investor presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this investor presentation.

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

Project construction underway (only $52M project capital1)

Plant and equipment already acquired

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

Cashflow positive forecast in 1st QTR 2019

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

Investor Snapshot 4

Opportunity to invest in company transitioning to profitable mining operator

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

Project NPV A$197 million1; IRR 104%1; <2 year payback1 metrics do not include 1 April 2018 zircon price rise

Company market cap. A$86M2

Share price $0.102

Notes: 1 – Per updated bankable feasibility study results announced 27 November 2017

2 – as at 30 April 2018

Investor Snapshot 5

Opportunity to invest in company transitioning to profitable mining operator

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 project located 80km north of Perth in Western Australia. First production targeted for 4th QTR 2018. CONVENTIONAL, CONVENTIONAL, CONVENTIONAL Dry open cut mining Coarse grained mineralisation Standard suite of products

Forward Looking Statement Company Description and Focus 6

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.

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

Forward Looking Statement Project Location 7

1,000 km2 tenements portfolio 100% focus on mineral sands Strandline projects (dry mining)

Dredge mining prospects

Projects Types and Locations 8

Atlas Ore Reserves Probable: 9.5Mt @ 8.1% HM

Boonanarring Ore Reserves Proved: 9.3 Mt @ 8.6% HM Probable: 10.5Mt @ 5.9% HM

Mineral Resources – Accessible by Dry Open-Cut Mining

Projects ranked by combined Zircon (Zr) plus Rutile (Ru)

Forward Looking Statement Projects Pyramid – Strand Deposits 9

Boonanarring 43.8Mt; 5.6%HM;

20.7% Zr+Ru

Atlas 18.1Mt; 6.0%HM; 15.8% Zr+Ru

Red Gully 6.0Mt; 7.7% HM; 15.5% Zr+Ru

Regans Ford 9.9Mt; 9.6%HM; 14.3% Zr+Ru

Cooljarloo North 15.2Mt; 5.3%HM; 14.0% Zr+Ru

Gingin North 2.4Mt; 5.5%HM; 9.1% Zr+Ru Gingin South 8.1Mt; 6.1%HM; 13.5% Zr+Ru

Total 103Mt; 6.2%HM; 17% Zr+Ru

BFS assumes mining at Boonanarring followed by mining at Atlas. Other projects can be added after further drilling and studies.

Tonnes-grades are for Mineral Resources; Boonanarring and Atlas per JORC Code (2012); All others historic per JORC Code (2004).

Mineral Resources – Accessible by Dredge Mining

Projects ranked by HM Grade

Forward Looking Statement Projects Pyramid – Dredge Deposits 10

Bidaminna 45Mt; 3.0%HM;

6.5% Zr+Ru

Titan-Telesto 140Mt; 1.9%HM; 12.8% Zr+Ru

Calypso 51Mt; 1.7% HM; 15.9% Zr+Ru

Total 236Mt; 2.1%HM; 11.5% Zr+Ru

Potential focus area for phase two growth strategy. Positive attributes: • 90+%VHM; • <5% slimes; • 25-67% Leucoxene; • 100Mt exploration target.

Tonnes-grades are for historic Mineral Resources per JORC Code (2004).

H

0%

5%

10%

15%

20%

25%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

SFX IM

A

WTR

Tron

ox (J

urie

n)

MR

C

ILU

(Per

thB

asin

)

BSE

AZC

Tron

ox(D

onga

ra)

MZI

Tron

ox(C

oolja

rloo)

MD

L

Zircon (%)HM Grade (%)

VHM Grade Zircon %Image Resources (IMA)Boonanarring project21.5Mt @ 8.3% HMand up to 24.5% Zircon

Source: Released on 4th May 2015 – Morgan’s Research Note

Boonanarring Project Comparison

High HM and Zircon grades relative to peers

Mu

rray

Zi

rco

n

HM grade Zircon grade VHM

IMA

GE

11

*

Notes: * - as % of HM

High Grade Ore Reserves - Strand Deposits; in accordance with the JORC Code (2012)

Project/Deposit Category Volume Tonnes % HM % Slimes HM Tonnes VHM Ilmenite Leucoxene Rutile Zircon

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

Boonanarring2 Proved 5,008,000 9,344,000 8.6 14.3 803,771 76.081 48.9 1.8 2.2 23.2

Boonanarring2 Probable 5,565,000 10,514,000 5.9 17.6 622,429 78.653 52.3 1.8 2.7 21.9

Total Boonanarring 10,573,000 19,858,000 7.2 16.1 1,426,200 77.203 50.4 1.8 2.4 22.7

Atlas2 Probable 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6

Total Atlas 5,000,000 9,477,000 8.1 15.5 767,637 73.3 50.7 4.5 7.5 10.6

Total Ore Reserves 15,573,000 29,335,000 7.5 15.9 2,193,837 75.8 50.5 2.7 4.2 18.4

QUALITY ORE RESERVES JORC Code (2012) Compliant High HM, VHM and very high zircon at Boonanarring

Forward Looking Statement Ore Reserves 12

2.COMPLIANCE STATEMENT Boonanarring/Atlas Reserve

The Ore Reserves statement has been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results,

Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-

time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and

Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under

consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore

Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.

Forward Looking Statement Ore Reserves Comparison 13

Source: TZMI; May 2017

IMAGE

Products and Prices 14

Notes: VHM assemblages and commodity prices are estimates based on Boonanarring project heavy mineral concentrate product.

Base Assumptions Start mining at Boonanarring

Dry, open-cut mining

Production rate - 500 dry tonnes per hour

• 3.7M dry tonnes per year

Conventional gravity separation using spirals

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

Forward Looking Statement Bankable Feasibility Study 15

Key Financial Metrics Original BFS* Updated BFS** Pre-Tax NPV (@ 8%) A$135M A$197M Pre-Tax IRR 64% 104% Payback period (months) 22 16 Mine life 8+ years Project capital cost A$52M

includes ~$8M for land

* ASX Announcement 30 May 2017 ** ASX Announcement 27 November 2017


Forward Looking Statement Project Capital Comparison 17

Source: TZMI; May 2017

Boonanarring – Production Statistics 18

Note: 2023 information includes the start of production at Atlas.

Boonanarring – Project EBITDA 19

Note: 2023 information includes the start of production at Atlas.

Forward Looking Statement Commodity Prices – Actual and Projected 20

Forward Looking Statement Commodity Prices – Actual and Projected 21

Other Key Project Metrics

Binding offtake contract for heavy mineral concentrate (HMC)

• 100% of HMC production for life of project

• Market-based pricing model

• Full credit for TiO2 products

• No minimum product specifications

Capital equipment already acquired

From run-of-mine ore feed through to HMC product


Plant and Equipment (select examples)

Wet Concentration Plant

HMC Stackers

Mineral Separation Plant (Option) Slurry Booster Stations

& pipelines

Power poles, wires & transformers

Mine Slurry Unit Plus much, much more.

23

Forward Looking Statement Image Wet Concentration Plant 24

Early Works

Wet Concentrator Plant 3D Modelling

Looking North

Early Works

Wet Concentrator Plant 3D Modelling Looking South

Mining Lease & General Purpose Lease Part IV, Environmental Protection Act (WA) – PER EPBC Act (Commonwealth) Land acquisition for processing plant siting and start of mining Groundwater Abstraction Licence (DWER) Interim groundwater licence – site establishment (DWER) Mining Proposal – incl. MCP (DMIRS) Project & Radiation Management Plans (DMIRS) Atlas Project Gap Analysis – Environmental Studies & Approvals Works Approval (DWER)

PROJECT APPROVALS

Forward Looking Statement Project Approvals 27

Boonanarring is now fully funded to positive cashflow and construction has begun

Overall capital requirement: A$75 million Includes project capital, corporate, exploration, working capital and fund raising costs

Equity Capital: A$25 million A$25 million fully-underwritten equity capital raising closed fully subscribed on 14 March

(ASX announcement 15 March 2018) 250 million shares allotted 28 March 2018 Project construction commenced 14 March 2018

Debt Facility: A$50 million A$501 million Loan Note Subscription Agreement (“LNSA”) with Pala Investments Limited

(“Pala”) and Castlelake IV L.P. and CLV Investment Solutions LLC which are entities controlled by Castlelake L.P. (collectively “Castlelake”) as the Loan Note Holders (ASX announcement 8 March 2018)

All conditions to drawdown satisfied and drawdown requested 11 May 2018. Single tranche of total funds (less fees) expected on or before 25 May 2018.

Project Funding 28

Notes: 1 - US$ denominated Loan Notes equivalent to A$50M at signing of LNSA on 7 March 2018

Capital Spend 29

Capital funds to be applied to: Construction, commissioning of the Boonanarring Project

(A$52M)

Working capital to positive cashflow (A$15M), and

Corporate, exploration and financing costs to positive cashflow (A$8M)

Forward Looking Statement 30 Project Capital Breakdown

BFS Capital A$M

Indirects 0.7

Directs 22.4 EPCM 3.3 Contingency 2.7 Other – including Highway Intersection 2.1

Subtotal Plant Costs 31.1 Mining Contractor Mobilisation 1.4

Pre-Strip Overburden 8.7 Development Capital (including Land) 10.4

Total Capital 51.7

Process Plant & Ancillary Costs Indirects (A$0.7M) includes sundry

mob./demob., insurance, capital spares, survey/geotech.

Direct capital costs (A$22.4M): • Plant transport, refurb and install (A$7M); • Electrical & controls upgrade (A$3.2M); • Earthworks, concrete & plant upgrades

(A$9.2M); • Other (A$3.0M)

Engineering Procurement Construction & Management (EPCM) based on engineering estimate (A$3.3M).

Contingency - Monte Carlo analysis (A$2.7M). Highway intersection upgrade (A$2.1M) Other Development Costs Mining contractor mobilisation and pre-strip

(A$10.1M) Other development capital including land

purchases (A$10.4M)

Upside potential at and near Boonanarring

Confirmed potential to extend mine life with high grade mineralisation (ASX announcement 13 March & 26 June 2017);

Assuming mineralisation in extension area is identical to known Ore Reserves in all aspects and economics; two years of additional mine life could add AU$60M to project NPV.

Potential to process lower grade overlying layer of mineralisation;

Potential to process ores from several other deposits with high grade mineral resources in the vicinity;

Red Gully, Regans Ford, and Gingin (South and North).

Forward Looking Statement Upside Potential 31

Boonanarring Deposit Extensions

ASX - 13 March & 26 June 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 in IX00250 Importantly with high grade zircon: 21.5% Zr in HM in IX00245 & 247 22.1% Zr in HM in IX00243 & 244 16.4% Zr in HM in IX00242, 250 &

251

32

Potential Royalty from Tronox

Royalty agreement in place as of 2014

Small cash payment (already received) Sliding-scale royalty on production

Avg. HM Grade Royalty 2.5% 1.25% 3.0% 2.50% 3.5% 3.75% 4.0% 5.00%

Indefinite production schedule Potential for future arrangements with Tronox

or others based on large area of potential dredge mining mineralisation within Image’s tenements in the vicinity of Tronox’s historic dredge operations.

33

Tronox historic mining area Image-Tronox royalty area

Project Development Schedule

Targeting first production 4th Quarter 2018

34

Simplified Boonanarring Project Development Schedule - (high level)

Jan

Feb

Mar

Ap

r

May

Jun

Jul

Au

g

Sep

Oct

No

v

Dec

Jan

Feb

Ap

r

May

Jun

Jul

Au

g

Sep

No

v

Dec

Jan

Finalisation of Transaction

Complete BFS

Project Approvals

HMC Toll or Sale Agreement

Project Financing

WCP & Equipment Relocation

Construction

Pre-Stripping

Ore Mining

Plant Commissioning

Production

2017

Mar

2018

Oct

Corporate Snapshot

ASX Code: IMA Share Price: A$0.10* 12-Month Price Range: A$0.07– 0.17 Shares on Issue: 861m Market Cap: A$86m* Cash on hand: A$25.8m**

Debt (short-term): A$4.0m Top 20 Shareholders: 70%

Board of Directors

Bob Besley – Independent Chairman Patrick Mutz – Managing Director Chaodian Chen - Non-Executive Director Aaron Chong Veoy Soo – Non-Executive Dir George Sakalidis – Executive Director Peter Thomas – Non-Executive Director Fei (Eddy) Wu – Non-Executive Director Huang Cheng Li – Non-Executive Director Key Management

Patrick Mutz – CEO George Sakalidis – Exploration Director John McEvoy – Chief Financial Officer Todd Colton – General Manager – Dev. * - as at 30 April 2018 * * - as at 31 March 2018

Image Corporate Snapshot

Diverse and experienced Board and Management

35

Contact Transition from Explorer to Producer 36

0

1

2

3

4

5

6

7

8

9

10

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55

Generalisation of Transition from Explorer to Producer

Re

lati

ve V

alu

e

Study Period (uncertainty;

costly; dilution)

Project Development

(feasibility results;

mine decision; project funding; more certainty;

lower risk)

Production (realisation of full value)

Exploration (high risk;

speculative)

Discovery & Resource Delineation (excitement;

growth; Investor profit)

Time

Image was here (?) 12/2016 1 year later (?) 12/2017

12/2018 (?)

Corporate Snapshot Use of Solar Energy 37

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

Constructed and operated by Sunrise Energy;

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

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

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

Patrick Mutz Managing Director Image Resources NL [email protected] 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

Contact For further information 38



Forward Looking Statement 39

Additional Information

Forward Looking Statement Compliance Statements 40

2. COMPLIANCE STATEMENT FOR BOONANARRING AND ATLAS DEPOSITS ORE RESERVES

The Ore Reserves statements for the Atlas and Boonanarring deposits have been compiled in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code – 2012 Edition). The Ore Reserves have been compiled by Jarrod Pye, Mining Engineer and full-time employee of Image Resources, under the direction of Andrew Law of Optiro, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Law has sufficient experience in Ore Reserves estimation relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Law consents to the inclusion in the report of the matters compiled by him in the form and context in which it appears.

COMPLIANCE STATEMENT FOR EXPLORATION

Information in this presentation that relates to Exploration Results is based on information compiled by George Sakalidis BSc (Hons) who is a member of the Australasian Institute of Mining and Metallurgy. At the time that the Exploration Results, Mineral Resources and Mineral Reserves were compiled, George Sakalidis was a director 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’. George Sakalidis consents to the inclusion of this information in the form and context in which it appears in this report.

Forward Looking Statement Mineral Resources – Strand Deposits 41

Strand Deposits 1 of 2


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

Boonanarring1 Measured 6,359,359 11,799,213 8.0 14 942,167 74.3 48.3 1.7 2.2 22.0

Boonanarring1 Indicated 11,802,047 22,265,400 4.9 18.3 1,081,208 71.7 49.2 2.2 2.5 17.8

Boonanarring1 Inferred 4,987,703 9,420,449 4.5 21 422,507 68.8 50.0 3.5 3.4 11.9

Boonanarring Total 22,886,875 43,485,062 5.6 18 2,445,882 72.2 49.0 2.2 2.6 18.4

Atlas1 Measured 5,210,526 9,900,000 7.9 16.1 782,000 71.0 49.1 4.2 7.2 10.5

Atlas1 Indicated 3,368,421 6,400,000 3.7 17.3 237,000 56.5 41.6 3.4 4.7 6.8

Atlas1 Inferred 947,368 1,800,000 4.0 19.9 72,000 41.5 29.0 3.3 4.4 4.8

Atlas Total 9,526,316 18,100,000 6.0 16.9 1,091,000 65.9 46.1 4.0 6.5 9.3

Sub-Total Atlas/Boonanarring 32,413,191 61,585,062 5.7 17.7 3,536,882 70.3 48.1 2.8 3.8 15.6

High Grade Mineral Resources - Strand Deposits; in accordance with the JORC Code (2012) @ 2.0% HM Cut-off

Forward Looking Statement Mineral Resources – Strand Deposits 42

Strand Deposits 2 of 2


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

Gingin Nth3 Indicated 680,175 1,318,642 5.7 15.7 75,163 75.4 57.4 9.3 3.2 5.5

Gingin Nth3 Inferred 580,000 1,090,000 5.2 14.0 57,116 78.4 57.3 11.3 3.7 6.0

Gingin Nth Total 1,260,175 2,408,642 5.5 15.0 132,279 76.7 57.3 10.2 3.4 5.7

Gingin Sth3 Measured 872,830 1,526,122 4.4 7.2 67,149 79.4 50.7 15.3 5.6 7.8

Gingin Sth3 Indicated 3,241,835 5,820,480 6.5 7.1 377,167 90.6 67.6 9.8 5.1 8.1

Gingin Sth3 Inferred 398,573 732,912 6.5 8.4 47,566 91.6 67.4 7.5 5.8 10.9

Gingin Sth Total 4,513,238 8,079,514 6.1 7.3 491,882 89.2 65.3 10.3 5.2 8.3

Helene3 Indicated 5,568,110 11,466,106 4.6 18.6 522,854 88.7 74.6 0.0 3.6 10.5

Hyperion3 Indicated 1,786,781 3,742,471 7.7 19.3 286,673 69.4 55.8 0.0 6.3 7.3

Cooljarloo Nth Total 7,354,891 15,208,577 5.3 18.8 809,528 81.9 67.9 0.0 4.6 9.4

Red Gully3 Indicated 1,930,000 3,409,768 7.8 11.5 265,962 89.7 66.0 8.3 3.1 12.4

Red Gully3 Inferred 1,455,000 2,565,631 7.5 10.7 192,422 89.0 65.4 8.2 3.0 12.3

Red Gully Total 3,385,000 5,975,399 7.7 11.2 458,384 89.4 65.7 8.2 3.1 12.4

Sub-Total Other 16,513,304 31,672,132 6.0 14.1 1,892,073 85.2 66.0 5.4 4.3 9.6


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

Regans Ford4 Indicated 4,505,285 9,024,226 9.9 16.8 893,398 94.3 70.0 10.0 4.3 10.0

Regans Ford4 Inferred 455,933 918,536 6.5 18.5 59,705 90.5 68.3 7.7 4.4 10.1

Regans Ford Total 4,961,218 9,942,762 9.6 17.0 953,103 94.1 69.9 9.9 4.3 10.0

Previously Reported Mineral Resources - Strand Deposits; in accordance with JORC Code (2004) @ 2.5% HM Cut-off

Historic Deposit - Strand deposit; in accordance with JORC Code (2004)

Forward Looking Statement Mineral Resources – Dredge Deposits 43

Dredge Deposits 1 of 1

Previously Reported Mineral Resources - Dredge deposits; in accordance with JORC Code (2004) @ 1.0% HM Cut-off


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

Titan3 Indicated 10,335,053 21,163,741 1.8 22.1 378,831 86.0 71.9 1.5 3.1 9.5

Titan3 Inferred 58,517,775 115,445,391 1.9 18.9 2,205,007 85.9 71.8 1.5 3.1 9.5

Total Titan Total 68,852,828 136,609,132 1.9 19.4 2,583,838 85.9 71.8 1.5 3.1 9.5

Telesto3

Indicated 1,716,328 3,512,204 3.8 18.4 134,499 83.3 67.5 0.7 5.6 9.5

Calypso3Inferred 27,113,647 51,457,008 1.7 13.7 854,186 85.6 68.1 1.6 5.1 10.8

Bidaminna3 Inferred 26,260,000 44,642,000 3.0 3.6 1,339,260 96.8 83.11 7.2 1.0 5.5

Total Dredge 123,942,803 236,220,344 2.1 15.2 4,911,783 88.7 74.1 3.1 2.9 8.6

Forward Looking Statement Compliance Statements 44

COMPLIANCE STATEMENT FOR MINERAL RESOURCES

1. COMPLIANCE STATEMENT Boonanarring/Atlas Mineral Resources The information in this presentation that relates to the estimation of Mineral Resources is based on information compiled by Mrs Christine Standing, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and the Australian Institute of Geoscientists (AIG). Mrs Standing is a full-time employee of Optiro Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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’. Mrs Standing consents to the inclusion in this report of the matters based on her information in the form and context in which it appears. 3. COMPETENT PERSON’S STATEMENT – MINERAL RESOURCE ESTIMATES The information in this presentation that relates to Mineral Resources is based on information compiled by Lynn Widenbar BSc, MSc, DIC MAusIMM MAIG 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 2004 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. 4. HISTORIC INFORMATION – REGANS FORD DEPOSIT The information in this presentation that relates to tonnes, grades and mineral assemblage is based on historic information published by Iluka Resources Limited and indicating the mineral resources were compiled in accordance with the JORC Code (2004).

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