Ann: ACCESS AGREEMENT FOR BOONANARRING MINING EXTENSION, page-29

From the Annual Report 21/3/23 so no approvals expected until mid 2023..

Atlas Development
The Atlas Project is 100%-owned and was included as part of Image’s BFS published in 2017. It is contemplated to be
mined following the conclusion of mining at Boonanarring and is currently progressing through final stages of
development planning and permitting.
Atlas is located approximately 160km north of Perth (80km north of Boonanarring). The plan outlined in the BFS was
for the WCP and associated equipment, infrastructure, and mining operations to be relocated from Boonanarring to Atlas
when mining and processing at Boonanarring is complete.
On 21 December 2022 the Company released an Atlas Project Ore Reserve Update (refer to the Company’s ASX release
dated 21 December 2022). The Ore Reserve is limited to the southern section of the overall Mineral Resources footprint,
due to potential heritage, native vegetation, and flora issues in the north. Current plans are to complete construction and
commence mining at Atlas in 2H 2023 and with first HMC production in Q4 2023. Development and construction is
expected to be funded from internal cash reserves with the Company maintaining its current debt-free position.
Atlas is currently progressing through the final approval process, with the Environmental Review Document submitted in
December 2022 for public comment. Current estimate for the grant of approvals for Atlas is mid-CY2023.
The 100%-owned Hyperion and Helene projects are located to the immediate north of Atlas and are potentially within
economic pumping distance from the proposed location of the Atlas WCP. Both projects are being assessed as part of
the overall plan to extend the mine life in the Atlas area.