Have you tried using the method ExtractIcon? This will return an object IPictureDisprepresenting the item icon ListImage.
Then, once you have extracted the image object, you can simply call the function SavePictureto save it to a file on disk.
So you can use something like the following code:
Dim myPic As Picture
Set myPic = ImageList1.ListImages(1).ExtractIcon
SavePicture myPic, "C:\MyIcon.ico" '(never hardcode a path in your actual code!)
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