Shares of Mindax (ASX:MDX) remained steady in recent Thursday trade after it said in a late Wednesday filing that it had executed an option deed to acquire Norton Goldfields' 35% stake in the Mt Forrest magnetite iron ore project in Western Australia, paving the way for the company to assume full ownership.

Under the option deed, the company has secured the right to acquire Norton's stake in Yilgiron for AU$26.24 million plus 5.5% annual interest, for a nominal option fee of AU$1, the filing said.

Additionally, the five-year option includes 12 months of exclusivity, permits third-party nomination, and is subject to debt forgiveness, shareholder and regulatory approvals, and a successful capital raise.

The company plans to fund the purchase and project costs through an equity raise under its Australian Securities Exchange capacity or by securing a development partner, seeking shareholder approval if more funding is needed, the filing added.

The option automatically lapses if not exercised by the expiry date, which is five years from the date of execution.