Overlaping Georeferenced Data in Matlab

Hello

I have the following problem. I have to images that are georeferenced (contain spatial coordinates) and I would like to be able to overlap them and apply some calculation (on a matrix basis).

The problem arises as I am not sure if this is possible to be done in Matlab (I have the Mapping toolbox and Image Processing toolbox as well). Can somebody give me a clear answer if this is possible or not ?

Thank you in advance