procedure TForm1.Button1Click(Sender: TObject);
var
    bm : TBitmap;
    il : TImageList;
begin
    bm := TBitmap.Create;
    bm.LoadFromFile('C:\DownLoad\TEST.BMP');
    il := TImageList.CreateSize(bm.Width,bm.Height);
    il.DrawingStyle := dsTransparent;
    il.Masked := true;
    il.AddMasked(bm, clRed);
    il.Draw(Form1.Canvas, 0, 0, 0);
    bm.Free;
    il.Free;
end;