ANNUAL REPORT 2021

ABOUT IMAGE RESOURCES

Image Resources NL (ASX: IMA) is a mineral sands focused mining company operating an open-cut mine and ore processing facility at its 100%-owned, high-grade, zircon-rich Boonanarring Project, located 80km north of Perth in the infrastructure rich North Perth Basin.

Boonanarring Project

A uniquely rich and valuable mineral sands project.

Social License

Integrated into the local community with an environmentally friendly ethos.

Operational Performance

Demonstrating a solid track record of operational performance.

Growth

Exciting exploration upside and an enviable portfolio of potential development projects.

FOCUSED ON HIGH-VALUE ZIRCON

CONTENTS

Business Review

Our Approach 2

The Value of Mineral Sands 4

Chairman's Report 6

Managing Director's Report 8

Review of Operations 13

Mineral Resources and Ore Reserves Statement 20

Financial Report

Directors' Report 29

Remuneration Report 34

Auditor's Independence Declaration 41

Corporate Governance Statement 42

Consolidated Statement of Profit or Loss 43 and Other Comprehensive Income

Consolidated Statement of Financial Position 44

Consolidated Statement of Changes in Equity 45

Consolidated Statement of Cash Flows 46

Notes to and forming part of the 47 Consolidated Financial Statements

Directors' Declaration 72

Independent Auditor's Report 73

ASX Additional Information 77

2021 HIGHLIGHTS

A$179m

293,000t

CY2021 revenue,

HMC tonnes sold

A$75mA$19m

Project EBITDA,

Net profit after tax

OUR APPROACH

Your company has taken the bold step of successfully demonstrating concurrent mining and mine rehabilitation, by completing rapid rehabilitation of the first thirteen- hectare area of the Boonanarring mine, including re-establishment of the vegetation.

Image Resources NL

SOCIAL LICENSE AND COMMUNITY

Integrated into the local community with an environmentally friendly ethos.

REHABILITATION

Once mining is complete, overburden is returned (as required), topsoil is replaced and the land is re-seeded.

GLOBAL MARKETS FOR MINERAL SANDS Zircon and titanium contained in Image HMC is further processed into final products with a wide range of applications globally.

Integrated into the local community with an environmentally friendly ethos.

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Disclaimer

Image Resources NL published this content on 06 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 April 2022 00:02:02 UTC.