Image Resources NL (IMA.ASX) Gold Assets Strategy Review

Image Resources NL (ASX:IMA) (FRA:I5R) advised it is conducting a comprehensive review of its go-forward strategy regarding the Company's gold tenements located 140km southeast of Kalgoorlie in Western Australia.

Argonaut Corporate Finance has been engaged to act as financial advisor to assist Image to assess opportunities to unlock the value of the Erayinia / King Gold Project.

The strategy review will include potential divestiture or other commercialisation options for Image's entire gold tenement package which contains a recently announced maiden Mineral Resources Estimate of 2.0 Mt at 2.1 g/t Au for 139k ounces Au in the inferred category (see 7 January 2026 ASX announcement - MAIDEN MINERAL RESOURCE ESTIMATE ERAYINIA / KING GOLD PROJECT).

Managing Director and CEO Patrick Mutz commented:

"The time is right to assess our options for extracting the best value from our gold tenements. We have been and remain focused on mineral sands mining and processing as our principal business. However, given the continuing buoyant gold price, it is appropriate to determine if any value can be unlocked from these gold assets in the shorter term.

"If this strategy review results in Image being able to extract appropriate value from these tenements in the form of cash, those funds would be used to either repay remaining debt or for project development capital for our next minerals sands development project.

"We will also be evaluating the potential for Image to setup and control a contract mining, ore hauling, and toll-processing model with minimum capital requirements for the Erayinia / King project, to take advantage of the potential operating margins supported by the buoyant gold price."

Background information

Image's gold tenement package is comprised of the following contiguous tenements as shown in Figures 1 and 2 below:

- E28/1895 - Erayinia (~59 km2)

- E28/2742 - Madoonia Downs (~34 km2)

- P28/1320 & P28/1321 - King (~3.6 km2)

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/S6G2264M

INVESTORS
Patrick Mutz
MANAGING DIRECTOR and CEO
E. info@imageres.com.au

MEDIA
Helena Bogle
MEDIA CONSULTANT - SPOKE.
E. helena@hellospoke.com.au

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