LB Group extends signing deadline for overseas mineral sands project

LB Group announced on November 2 that the deadline to sign the definitive transaction documents for its cooperation agreement with associate company Image Resources NL regarding the Durack and Yandanooka mineral sands projects in Western Australia has been extended for a second time to November 30, 2026.

The cooperation was initiated on September 22, 2026, with the signing of a Term Sheet. Under the agreement, LB Group or its designated subsidiary will invest cash and assets such as machinery and equipment to acquire an approximately 80% interest in the two mineral sands projects held by a wholly-owned subsidiary of Image Resources.

Originally, the definitive documents were scheduled to be signed by October 7, 2026. This was first extended to October 31 on October 8. On October 30, both parties signed a Second Amendment to the Term Sheet, further extending the signing deadline to November 30.

The mineral sands at Durack and Yandanooka contain elements such as titanium and zirconium, which can be further processed through mining and beneficiation to produce titanium concentrate and zircon sand.