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Mineral Sands Project Checklist

ASXIMA

INVESTOR PRESENTATION ‐ NOVEMBER 2013

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COMPETENT PERSON STATEMENTCOMPETENT PERSON’S STATEMENT – EXPLORATION RESULTSThe information in this presentation that relates to exploration results is based on information compiled by Paul Leandri BAppScwho is a member of the Australasian Institute of Mining and Metallurgy. Paul Leandri is an employee of Image Resources NL. Hehas 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 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 ESTIMATESThe 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 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 theform and context in which it appears in this presentation.

COMPETENT PERSON’S STATEMENT – PROJECT EVALUATIONThe 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.

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FORWARD LOOKING STATEMENTFORWARD LOOKING STATEMENTSCertain 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 regardingImage’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.

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CONTENTS1. Investment Case2. Company Overview3. Location 4. Resources 5. Plant Concepts6. Funding Requirement 7. Project Economics 8. Next Steps 9. Development Team 10.Exploration Potential 11.Conclusion

Appendices: Resources, Maps, CVs.

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THE MINERAL SANDS BUSINESS

Four Constants

Change - markets, economic drivers, investment climate

Quality of resources is the key driver

Marketing is critical – bulk commodity marketing = bulk commodity pricing

Counter-cyclic investment is essential

Mineral Sands Project Checklist

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1a. INVESTMENT CASE... An >80% IRR project

Project - Low funding requirement (target <A$60M) for 3Mtpa plant producing 180ktpa of finished product in the early years

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

Timetable - Quick into development. Less than 12 month build

Finance Partners & Off-take - Detailed discussions continuing

Mineral Sands Project Checklist

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1b. INVESTMENT CASE... High grade resources and ideal location

Reserves - One of the highest in ground value per tonne currently being evaluated globally (8% HM, 6.5% VHM and over 19% Zircon)

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

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

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

Mineral Sands Project Checklist

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2. COMPANY OVERVIEW

Focus of Operations: Mineral Sands in Western Australia

Liquid Assets : >A$3.0M (at 30 September 2013)

Market Cap: A$20M (at A$0.145 per share)Shares: 140.2MOptions: 8.8M (held by directors, all well above current share price)

Top 20 Shareholders: Holding 46%

Board and Management: Peter Thomas – ChairmanPeter Davies – MD/ Project ManagerGeorge Sakalidis – Director ExplorationGraeme Scott – CFOPaul Leandri – Exploration Manager

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3. LOCATION

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 riskFor

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4a. BOONANARRING RESOURCES

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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”

NPB DEVELOPMENT PROJECT STAGE 1

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4b. ATLAS RESOURCES – Shallow and high grade

Location - 90 km from Boonanarring – mined in years 6 to 10Resource - 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 - 1:1Extensions - Atlas South drilled Mining Lease - Application in progress

11NPB DEVELOPMENT PROJECT STAGE 2

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5a. PLANT CONCEPTS“Mine to finished products

on one site”

NPB DEVELOPMENT PROJECT SCHEMATIC FLOWSHEET

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5b. PLANT CONCEPTS“State of the art plants. Easy to build and relocate”

NPB DEVELOPMENT PROJECT SITE LAYOUT

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6. FUNDING REQUIREMENT

Item Conservative Capex A$M

Wet Plant Cost 13.6

Dry Mill Cost 15.0

Zircon Plant Cost 5.0

Infrastructure 2.1Indirects, EPCM and Contingency 7.9

Sub‐total (incl. Contingency) 43.6

Other Pre‐production Costs 12.9Mining Contractor and Pre‐strip 12.3

TOTAL (excluding working capital) 68.8

Working Capital 2.2Maximum Negative Cashflow 71.0

~80% IRR based on the A$71m

Mining contracted out

Modular plant costs ~ $34M

TARGET FUNDING REQUIREMENT <$60M

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7a. PROJECT ECONOMICS

CASE FUNDING A$M

Pre‐Tax NVP@8%

Pre ‐TaxIRR

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 capitalAssumptions: •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

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7b. SENSITIVITIES

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7c. ZIRCON PRICE - PAST, PRESENT AND FUTURE

750900 880

18802080

12751450 1500 1500

0

500

1000

1500

2000

2500

2008 2009 2010 2011 2012 2013 2014 2015 Long Term

IMA Zircon Inducement Price 

$600

At Long Term $1500/t theNPV would be 

A$240M and IRR >80% 

JP Morgans Weighted Average Zircon Inducement 

Price $1807 March 2013

US$/t

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7d. ZIRCON INDUCEMENT PRICE - THE STRESS TEST

Zircon Inducement Price ‐ is defined as the price at which the project has an IRR of 15% and is cash positive in each year of operation.

“Zircon prices would have to fall to 50% of current levelsfor project to only generate 15% IRR”

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From mining to product in 2-3 months

Studies in progress

6 month build

Off-take and debt progressing

Final submissions lodged mid Nov 2013

8a.NEXT STEPS

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8b. NEXT STEPS – DELIVERY DRIVES VALUE

20RE‐RATING OVERDUE

Base Case Feasibility Study

Updated Economic Case

Environment Submissions Lodged

• Boonanarring JORC Resource Upgrade

• Sales Off-take Agreements progressing

• Detailed Design (Q1 2014)

• Conclude Debt and Finance Negotiations (Q2 2014)

• Construct (2H 2014)For

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RE‐RATING OVERDUE

8c. NEXT STEPS – POTENTIAL FOR RE-RATING

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9. 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

22THE RIGHT TEAM FOR SUCCESSFUL IMPLEMENTATION OF THE PROJECT

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10. EXPLORATION • 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.

23IMAGE’S EXPLORATION EXPERTISE IS A KEY COMPETITIVE ADVANTAGE

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11. INVESTMENT CASE

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

Product Mix - high proportion of high value Zircon/Rutile

Good Margins - A$350 per tonne product

Fast Pay back - 16 months from first production

Timetable - Quick into development. 12 month build

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

Upside – Product pricing and exploration for large scale deposits

Risk – Low infrastructure, technical and sovereign risksMineral Sands Project Checklist

RIGHT OREBODY – RIGHT PLACE – RIGHT TEAM ‐ RIGHT TIME

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APPENDICES

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HEAVY MINERALS RESOURCES Note #1

JORC RESOURCES HM GRADE

CONTAINED HM

CUT‐OFFGRADE 

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 2.5Cyclone 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 detailsNote #2 Also included in the North Perth Basin JORC Resources. Includes Block E as of 30/5/13For

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HEAVY MINERALS RESERVES

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 completedFor

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NPB DETAILED RESOURCE STATEMENTHigh Grade Resources @ 2.5% HM Cut‐offResource Resource 

CategoryBCM 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

Atlas Total 5,330,000 10,780,000 7.9 15.7 854,000 76 52 5 8 10Boonanarring Inferred 2,100,000 4,200,000 6.5 17.4 270,000 83 51 8 7 18Boonanarring 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 17Boonanarring 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 6Gingin Nth 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 8Gingin SthTotal 4,510,000 8,080,000 6.1 7.3 495,000 89 65 10 5 8F

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NPB DETAILED RESOURCE STATEMENT (CONT)

High Grade ResourcesHelene Indicated 5,600,000 11,500,000 4.6 18.6 520,000 84 70 1 3 11Hyperion Indicated 1,800,000 3,700,000 7.8 19.3 290,000 71 56 0 6 9Red Gully Indicated 1,930,000 3,410,000 7.8 11.5 270,000 90 66 8 3 12Red Gully Inferred 1,455,000 2,570,000 7.5 10.7 190,000 90 66 8 3 12Red Gully 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 EXTENDEDCyclone Extended Resources HM Cut‐off Resource 

CategoryBCM TONNES % HM % SLIMES HM TONNES 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 9 211.00 Indicated 5,400,000 9,000,000 1.2 3.3 100,000 86 31 29 1 4 211.00 Total 49,900,000 86,300,000 1.9 5.3 1,600,000 76 24 22 1 8 21For

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Potential for Grade Scheduling and High Grading

MINE PLANNING

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MINING APPROACH

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32“ILMENITES AIN’T ILMENITES”

HIGH QUALITY PRODUCTS 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 productionF

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PRODUCTION -VALUABLE HEAVY MINERALS

AREA ZIRCON ILMENITE LEUCOXENE RUTILEkt kt kt kt

Boonanarring  268 525 49 44Atlas 75 368 5 46TOTAL 343 893 54 89Average Annual Production 34* 89** 5 9

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

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Historical exploration costs of 15 cents per tonne of Resources

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PROVEN EXPLORATION

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• HeleneLarger Tonnage Dredge Mining Projects• Bidaminna• Cooljarloo

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THE TEAMPeter Davies – Image Managing 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– Image 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.

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THE TEAMPaul Leandri – Image Exploration ManagerOver 25 years experience in mining and exploration geology, including 8 years working for RGC Mineral Sands consisting of 5 years mine planning at Capel operations and 3 years exploration around Eneabba and the Murray Basin. Past 12 years working on mine planning, development and exploration projects for various mineral sands companies, including 6 years on the Coburn Mineral Sands project and 1.5 years in Project Generation for Iluka Resources. Paul joined Image as Exploration Manager in August 2010.

Lynn Widenbar – Widenbar and AssociatesConsultant resource geologist with over 40 years experience in the exploration, evaluation and mining of mineral resources inAustralia, 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 MinedConsultant 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.

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THE TEAMEugene Dardengo – Processing ManagerEugene 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 – AllmineralOver 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.

Todd Colton – Broad Reach Pty LtdMining 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.

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THE TEAMPeter McSweeney - MSP EngineeringPeter has over 25 years experience in delivering industrial minerals projects throughout Australia and overseas. He has beenthe 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 LtdJackie 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.

Felicity Donaldson - 360 EnvironmentalTen years of experience in the resources sector undertaking baseline environmental studies, impact assessments and State/ Federal approvals under environmental and mining legislation. Recent mining projects have included iron ore, gold and uranium.

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39Xx

Contact UsPRINCIPAL OFFICE

Suite 4a5 Mumford PlaceBALCATTA WA 6021

POSTAL ADDRESSP.O. Box 644

West Perth, W.A. 6872

TELEPHONE(08) 9485 2410

FACSIMILE(08) 9240 7845F

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