Image Resources said the advance deposit is part of discussions with LB Group about a potential acquisition by LB Group of a significant interest in Image's Durack and Yandanooka mineral sands projects. LB Group holds a 22.5% shareholding in Image through its wholly owned subsidiary Murray Zircon Pty Ltd.
The company said the potential transaction contemplates A$20 million in cash consideration and an interest in certain plant, equipment and other assets expected to be used in development and operation of the projects.
The A$5 million advance has been paid to Image and is repayable within 90 days if the parties do not enter legally binding documentation by 31 October, or a later date agreed by them. Image said discussions remain ongoing and there is no certainty a binding transaction will be reached.
If a binding transaction is entered into, Image said it would require shareholder approval and any applicable regulatory approvals.
Source: Download IMA official ASX announcement, 2026-09-25.
Mine-site header image from Image Resources' ASX announcement, “Clarification Regarding Terms of A$5 Million Advance,” dated 25 September 2026.