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Image secures binding US$20M Offtake Prepayment Facility with key Chinese offtake partner
Image 与主要中国承购合作伙伴获得具有约束力的 US$20MOfftake P还款 F便利

Facility is unsecured, 10% interest rate, 12-month term with drawdown in two tranches of $US10M
贷款无担保，利率 10%，期限 12 个月，分两期提取 $US 10M

Facility funds to support working capital requirements for the development of 100%-owned Atlas mineral sands project
Facility funds 支持 100% 拥有的 Atlas 矿砂项目开发的营运资金需求

Facility principal and interest to be repaid by delivery of HMC
贷款本金和利息将通过 HMC 的交付来偿还

Image Resources NL (ASX: IMA) (“Image” or “the Company”) is pleased to announce the execution of a binding heavy mineral concentrate (“HMC”) offtake prepayment facility for US$20 million (“Facility”) with Chinese offtake partner Shantou Natfort Zirconium and Titanium Co., Ltd, (“Natfort”) in relation to Image’s 100%-owned Atlas mineral sands project (“Atlas”) located 170km north of Perth in the North Perth Basin.
图片Resources NL （ASX： IMA） （“Image”或“公司”）欣然宣布 与中国承购合作伙伴汕头Natfort Zirconium and Titanium Co.， Ltd.（”Natfort“），涉及 Image100% 拥有的 Atlas 矿砂项目（”Atlas“），该项目位于珀斯北部盆地珀斯以北 170 公里处。

Natfort has been Image’s key offtake customer for HMC produced at the Company’s Boonanarring project since the start 2019.
自 2019 年初以来，Natfort一直是 Image 在公司的 Boonanarring 项目中生产的 HMC 的主要承购客户。

Facility funds will support working capital requirements as the Company moves through construction and commissioning of its Atlas project, with a stretch goal of achieving first HMC production in Q1 2025 and return to operating revenue in Q2 2025.
设施资金将支持公司推进 Atlas 项目的建设和调试过程中的营运资金需求，其延伸目标是在 2025 年第一季度实现 HMC 的首次生产 ，并在 2025 年第二季度恢复营业收入。

The drawdown of the Facility is subject to standard conditions precedent for this type of financing, along with Image securing construction and delay-in-start-up insurances to minimise the risk of any major production delays. The drawdown will occur in two tranches of US$10 million each, anticipated in November 2024 and January 2025.
该贷款的提款须遵守此类融资的标准先决条件，以及 Image 确保施工和延迟启动保险，以最大限度地降低任何重大生产延误的风险。提款将分两期进行，每期 1000 万美元，预计在 2024 年 11 月和 202 年 1 月 5.

The 12-month unsecured Facility, chosen as a lower cost and more favourable option to conventional debt or issuing equity, carries a 10% interest rate compounded monthly.
12 个月无担保贷款被选为成本更低、比传统债务或发行股票更有利的选择，每月复利 10%。

The US$20 million principal of the Facility plus accrued interest will be repaid by the delivery of HMC from Atlas, with approximately 25% of each shipment going towards the repayment of the principal.
该贷款的 2000 万美元本金加上应计利息将通过 Atlas 交付的 HMC 来偿还，每批货物的约 25% 用于偿还本金。

Managing Director and CEO Patrick Mutz commented:
Managing 董事兼首席执行官 Patrick Mutz 评论道：

“On behalf of the Board of Directors, I want to thank Natfort for providing Image with the opportunity to participate in this prepayment facility arrangement. These working capital funds are crucial for ensuring the construction pace for the development of Atlas is maintained at a high level to achieve first HMC production and sales as quickly as practicable, with the goal of returning to profitability in 1H 2025.
“我谨代表董事会感谢 Natfort 为 Image 提供参与这项预付款安排的机会。营运资金 对于确保 Atlas 的发展步伐保持在高水平至关重要，以尽快实现 HMC 的首次生产和销售，目标是在 2025 年上半年恢复盈利。

These funds will also help maintain the momentum with the various other work programs targeting growth, including other project feasibility studies and overall corporate support.
这些资金还将有助于保持 其他各种以增长为目标的工作计划的势头，包括其他项目可行性研究和整体企业支持。

We extend our gratitude to Natfort for its ongoing support as Image’s key offtake partner through the successful and continuing market-based HMC offtake agreement and for providing this prepayment facility, to the benefit of all Image shareholders.”
我们感谢 Natfort 作为 Image 的主要承购合作伙伴，通过成功且持续的基于市场的 HMC 承购协议提供这种预付款设施，以致所有 Image 的利益 股东。

HMC Offtake Background
HMC 承购背景

HMC sales from Image’s Boonanarring project were made under a life-of-mine, market-based HMC offtake agreement between Image and Natfort (“Offtake Agreement”). This Offtake Agreement is an arm’s length agreement executed in 2018 in advance of first HMC production from Boonanarring. It will serve as the basis for all market-based sales of HMC from Atlas, starting with the sales made under the binding term sheet governing this Facility.
Image 的 Boonanarring 项目的 HMC 销售是根据 Image 和 Natfort 之间基于市场的 HMC 承购协议（“承购协议”）进行的。该承购协议是 2018 年在 Boonanarring 首次生产 HMC 之前签署的公平协议。 它将作为 Atlas 所有基于市场的 HMC 销售的基础，从 根据管理该设施的具有约束力的条款清单进行的销售开始。

Facility Repayment
贷款还款

The US$20 million principal of the Facility plus accrued interest will be repaid by the delivery of HMC from Atlas. Nominally 25% of each shipment of Atlas HMC – as valued based on a market-based Atlas HMC pricing model operating under the original HMC Offtake Agreement – will be delivered free of charge to repay the Facility. The value of HMC delivered as repayment of the Facility is not subject to a discount to market pricing.
该贷款的 2000 万美元本金加上应计利息将通过 Atlas 交付 HMC 来偿还。名义上，每批 Atlas HMC 货物的 2.5%（根据原始 HMC 承购协议下运营的基于市场的 Atlas HMC 定价模型进行估值）将免费交付以偿还贷款。作为贷款偿还而交付的 HMC 价值不受市场定价折扣的限制。

The balance of each shipment of HMC (nominally 75%) will be market priced and paid for by Natfort via a letter of credit (“LC”), as used successfully for all previous HMC shipments from Boonanarring.
每批 HMC 货物的余额（名义上为 7.5%）将采用市场定价，并由 Natfort 通过信用证 （“LC”） 支付，成功用于之前从 Boonanarring 发货的所有 HMC 货物。

Through the use of LCs, the full amount of each shipment is effectively prepaid prior to ship sailing, with the full principal of the Facility plus accrued interest repaid across the 12-month term.
通过使用信用证，每批货物的全额实际上在船舶启航前提前支付，并在 12 个月期限内偿还贷款的全部本金和应计利息。

Related Party Participation
关联方参与

The parent company of Image’s largest shareholder Murray Zircon Pty Ltd, Chinese-based Guangdong Orient Zirconic Ind, Sci & Tech Co OZC (“OZC”), has expressed interest in participating in the Facility and associated HMC offtake on a 50% basis with Natfort.
Image的最大股东Murray Zircon Pty Ltd的母公司，中国的广东东方锆石工业公司OZC（“OZC”）已表示有兴趣参与该设施以及与Natfort以50%的比例进行相关的HMC承购。

As OZC is considered a related party to Image, shareholder approval is required and will be sought. OZC’s participation in the Facility would be on the same terms as separately negotiated with Natfort as an independent offtaker and would serve to minimise the risk to Image by providing a second offtaker, while preserving Image’s ability to continue to receive market-based pricing for its HMC. OZC’s participation is supported by Image’s Board of Directors.
由于 OZC 被视为 Image 的关联方，因此需要并寻求股东批准。OZC 参与该贷款的条款将与作为独立承购商与 Natfort 单独谈判的条款相同 ，并将通过提供第二个承购商来最大限度地降低 Image 的风险，同时保持 Image 继续为其 HMC 获得基于市场定价的能力。OZC 的参与得到了 Image 董事会的支持。

If shareholder approval is received for OZC participation in the Facility, OZC will provide the Facility funds to support Image’s second tranche drawdown of US$10M expected to occur in January 2025. If OZC’s participation is not approved by shareholders, Natfort will provide the funds to support Image’s second tranche drawdown of US$10M.
如果收到股东批准 OZC 参与该贷款，OZC 将提供贷款资金，以支持 Image 预计于 202 年 1 月进行的第二笔 US$10M 提款 5.如果 OZC 的参与未得到股东的批准，Natfort 将提供资金以支持 Image 的第二期 US$10M 提款。

Shareholder approval for OZC’s participation will be sought by Image at an extraordinary general meeting of shareholders or EGM in December 2024.
Image 将在 2024 年 12 月的临时股东大会或临时股东大会上寻求股东批准 OZC 参与。

- ENDS -
-结束-

This announcement is approved for release by the Board of Directors.
本公告经董事会批准发布。

ABOUT NATFORT
关于 NATFORT

Shantou Natfort Zirconium and Titanium Co., Ltd, (“Natfort”) is a privately-owned zirconium and titanium concentrates or heavy mineral concentrates (HMC) processing company in China and has been Image’s primary HMC offtaker from 2019 through 2023 for HMC produced by Image from its Boonanarring Mineral Sands Project, located 80km north of Perth in Western Australia. Natfort (previously known as Shantou Guofu Zirconium and Titanium Co., Ltd,) was established in December 2011 and is located at Lotus Mountain, Yanhong, Chenghai, Shantou, in the Guangdong Province in China.
汕头市纳特富锆钛有限公司（“汕富锆钛”）是中国一家私营锆钛精矿或重矿物精矿 （HMC） 加工公司，从 2019 年到 2023 年一直是 Image 的主要 HMC 承购商由 Image 从位于西澳大利亚珀斯以北 8 0 公里的 Boonanarring 矿砂项目中为 HMC 制作。纳特福尔（前身为汕头市国富锆钛有限公司）成立于 201 1 年 12 月，位于中国汕头市固阿吴东省澄海区盐虹莲花山。

Natfort focuses exclusively on separating HMC, zircon concentrates, and titanium dioxide (TiO₂) concentrates into individual products of zircon and TiO₂ products ilmenite and rutile, and lesser amounts of monazite containing rare earth elements, for sale to zirconium and titanium industry customers in China.
Natfort 专注于 将 HMC、锆精矿和二氧化钛 （TiO₂） 精矿分离成 锆石和TiO₂产品钛铁矿和金红石，以及少量含有稀有的独居石Earth ElementS 出售给中国的锆钛行业客户。

Natfort is neither a shareholder of, nor a related party to, Image Resources
Natfort 既不是 Image Resources 的股东，也不是 Image Resources 的关联方.

ABOUT IMAGE RESOURCES
关于图像资源

Image Resources NL is a mineral sands focused miner and supplier of critical minerals titanium dioxide, zircon and monazite containing rare earth elements for sale into global markets. The Company has a demonstrated track record of successful project development and operations at its Boonanarring project located 80km north of Perth in the infrastructure rich North Perth Basin.
Image Resources NL 是一家专注于矿砂的采矿商和供应商，主要生产含有稀土元素的关键矿物钛白粉、锆石和独居石，并销往全球市场。该公司位于珀斯以北 8.0公里的基础设施丰富的北珀斯盆地的 Boonanarring 项目拥有成功项目开发和运营的良好记录。

Boonanarring was a high-grade, high-zircon, low capital cost mine development that was constructed on-time and on-budget in CY2018 and then ramped up to name plate capacity in the second month of operation and went on to operate profitably through Q3 2023. Debt for the project was paid off early in February 2021 and the Company paid dividends to shareholders in April 2021 and April 2022. Image is currently developing the Atlas project and is constructing the mine and infrastructure and will be relocating the processing plant and equipment from Boonanarring to Atlas, with anticipated return to production, sales and profitability in 1H 2025
Boonanarring 是一个高品位、高锆石、低资本成本的矿山开发项目，于 2018 财年按预算按时建设，然后在运营的第二个月提高到铭牌产能，并在 2023 年第三季度继续盈利运营。该项目的债务已于 2021 年 2 月初还清，公司于 2021 年 4 月和 2022 年 4 月向股东支付了股息。Image 目前正在开发 Atlas 项目，并正在建设矿山和基础设施，并将加工厂和设备从 Boonanarring 搬迁到 Atlas，预计将于 2025 年上半年恢复生产、销售和盈利能力.

Chapter 1 operating strategy for Image involved the transition from advanced explorer to active miner, operating one mine at a time, and producing a single product (HMC) sold into a single jurisdiction (China). Chapter 2 strategy (post Atlas) focuses on growth and sustainability and involves the operation of multiple mines in parallel, producing multiple products (separating HMC), and selling into a global market. The Company is also investigating a significant value adding step of upgrading its ilmenite to synthetic rutile using a lower GHG emissions, innovative process which Image has provisionally patented, and aims to demonstration through potential grant funding support.
Image 的第 1 章运营战略涉及从高级勘探者到活跃矿工的转变，一次经营一个矿山，并生产单一产品 （HMC） 销往单一司法管辖区（中国）。第 2 章战略（后 Atlas）侧重于增长和可持续性，涉及并行运营多个矿山，生产多种产品（分离 HMC）并销往全球市场。 该公司还在研究一项重要的增值步骤，即使用较低的温室气体排放将其钛铁矿升级为合成金红石，该创新工艺已获得 Image 的临时专利，旨在通过潜在的赠款资金支持进行示范 。

FORWARD LOOKING STATEMENTS
前瞻性陈述

Statements contained in this release, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Image Resources, are, or may be, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.
本新闻稿中包含的陈述，特别是关于可能或假设的未来业绩、成本、股息、生产水平或费率、价格、资源、储量或 Image Resources 潜在增长的陈述，属于或可能是前瞻性陈述。此类陈述与未来事件和预期有关，因此涉及已知和未知的风险和不确定性。实际结果和发展可能与这些前瞻性陈述中明示或暗示的结果和发展存在重大差异，具体取决于各种因素。