Image Resources NL provided an annual update of Ore Reserves at its 100%-owned, high-grade, zircon-rich Boonanarring project located in the infrastructure-rich North Perth Basin in Western Australia. This update is presented as at 31 December 2022 to align with the Company's calendar year reporting period. This Ore Reserve estimate is based on a Mineral Resource estimate completed by Snowden Optiro as of 31 December 2022.

This Ore Reserve update was prepared and reported by Entech Mining Consultants in accordance with the guidelines of the JORC Code (2012Pit designs and top of the ore surfaces were revised due to increasing revenue projections. Additionally, some unplanned dilution has occurred due to mining of the overburden with large excavators that do not offer good selectivity in exposing the top of the ore surface. The pit design changes and unplanned dilution have increased ore tonnage and lowered HM grade.

Site operations have also reported a lowering of the operational cut-off-grade (below 2% HM) as ZrO2 grades continue to outperform those predicted by resource modelling. However, this has a minor impact as the bulk of the contained THM is associated with the high-grade mineralised strands. The primary contributor to the decrease in tonnes of total in-situ heavy minerals (HM) from 2021 to the 2022 Ore Reserve estimate is the depletion of HM inventory due to ore mining as presented in.

This was offset slightly by increases due to pit design changes. The reduction in total in-situ ZrO2 tonnes from 2021 to the 2022 Ore Reserve was primarily depletion of ZrO2 tonnes due to ore mining as presented in Figure 4. Reconciliation to processed feed for the 2022 calendar year indicates that the operation benefits from higher ZrO2 grades (and hence contained ZrO2 tonnes) than the prior Ore Reserve estimated, which is a function of the grade estimation within the underlying Mineral Resource model.