' Neues Bitmap erstellen
Dim oBitmap As New Bitmap(PictureBox1.Image)
Using g As Graphics = Graphics.FromImage(oBitmap)
  ' ...
  g.DrawEllipse(Pens.Black, New Rectangle(5, 5, 15, 15))
End Using

' geändertes Bild der PictureBox zuweisen
PictureBox1.Image = oBitmap

' Bild speichern
PictureBox1.Image.Save(...)

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