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Magnetite Mines Limited (ASX:MGT)

ALERT: Price-sensitive ASX Announcement for MGT
Current share price for MGT : $0.018 -0.039 (-68.42%)+
Announcement
Release
30 Oct 2025 9:46AM
Price at Release
$0.057
Full Release
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Summary
Magnetite Mines Limited has provided an update on its activities and financial results for the quarter ending 30 September 2025. The company is advancing its Razorback Iron Ore Project with strategic partnerships and progressing with mining lease proposals and infrastructure planning. Significant exploration results have been identified in the Rare Earth Elements sector at Ironback Hill. The company successfully raised $3.86 million through a rights issue. Financially, the company reported a net cash inflow from financing activities and ended the period with cash and equivalents totaling $3.909 million.
Key Points
  • Magnetite Mines Limited is focusing on strategic partnerships for the Razorback Iron Ore Project.
  • The company is progressing Mining Lease Proposal assessments and infrastructure planning with government support.
  • Significant progress in Rare Earth Elements exploration at Ironback Hill with promising mineralization results.
  • The company completed a renounceable rights issue raising $3.86 million.
  • An Extraordinary General Meeting was held to ratify funding transaction mechanisms.
  • The cash flow report indicates a net cash inflow from financing activities of $3,486,000.
  • Cash and cash equivalents at the end of the period amounted to $3,909,000.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.