Image Resources NL (ASX:IMA) entered into binding agreement to acquire Eneabba Tenements from Sheffield Resources Limited (ASX:SFX) for AUD 23 million on November 29, 2021. Eneabba Tenements consists of 8 exploration licences and retention licence across 8 project areas which contain 211 million tonnes of Mineral Resources at 3.0% total heavy minerals (THM) for 6.3 million tonnes of contained THM. except 3 mining leases. In a related transaction Image resources entered into binding agreement to acquire Eneabba Tenements 3 mining leases from Sheffield Resources for AUD 1 million. The total consideration for both the transaction is AUD 24 million. Cash proceeds from the transaction will be applied toward Sheffield's AUD 10 million obligation to Kimberley Mineral Sands Pty Ltd (KMS) payable within 60 days following a Final Investment Decision for the Thunderbird Mineral Sands Project as well as general corporate purposes. The transaction is funded out of existing cash reserves. The transaction is subject to regulatory approval and approval of a third party royalty holder. The conditions are expected to be satisfied in early 2022.

Image Resources NL (ASX:IMA) completed the acquisition of Eneabba Tenements from Sheffield Resources Limited (ASX:SFX) for AUD 24 million on January18, 2022.