Opportunity to Acquire Six Mineral Sands Deposits with a 124Mt @ 3.0% THM JORC Resource in Western Australia

Image Resources NL (ASX: IMA) (the Vendor) has appointed Argonaut Corporate Finance Limited (Argonaut) to seek expressions of interest for the acquisition, or such other arrangement to the satisfaction of the Vendor, of its Eneabba mineral sands tenements (the Project) located in the North Perth Basin, approximately 275km north of Perth, Western Australia (Transaction).

The Project comprises eight project areas across 11 tenements, including four granted Mining Leases and one Retention Licence, held 100% by the Vendor. Six deposits host combined JORC (2012) Mineral Resources totalling 124Mt @ 3.0% THM, with 3.7Mt of contained heavy minerals (HM).

Key Project Highlights:

  • Substantial JORC Resource Base — six deposits with combined Mineral Resources of 124Mt @ 3.0% THM for 3.7Mt of contained HM, 53% Indicated by tonnes.
  • High-Value Zircon–Rutile Assemblage — zircon c.11% and rutile c.9% of HM across the Project, rising to 19% zircon and 14% rutile at Thomson. Zircon and rutile make up 24–33% of HM at the dunal deposits.
  • Advanced, Granted Tenure — four granted Mining Leases and one Retention Licence across 11 tenements, providing an established tenure base for an acquirer.
  • Dry-Mineable with Supportive Metallurgy — metallurgical testwork on Drummond Crossing and West Mine North concluded the HM is amenable to standard mineral sands separation, with West Mine North producing chloride-grade ilmenite.
  • Exploration Upside — Ding Road, a dunal occurrence between Drummond Crossing and Robbs Cross, is open to the east with >35% combined zircon and rutile in HM. Further upside lies along the Corridor strandlines linking Ellengail and West Mine North, at Robbs Cross (open and thickening to the south), and across the Beekeepers and Wongaburra project areas.
  • Established Mineral Sands District — the Brand Highway runs through the Project, which lies ~5km from Iluka’s Eneabba mine site and rare earths refinery, ~55km from the Midland rail line at Three Springs, ~125km from Iluka’s Narngulu separation plant and ~135km from Geraldton Port.

Further information and access to a data room is available to interested parties that execute a confidentiality deed.

Argonaut is seeking expressions of interest by no later than 5:00pm (AWST) Friday, 27 November 2026.

To register your interest, please contact Argonaut:

Eve Chen, Analyst
M: +61 469 189 804
E: [email protected]