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Magnetic Resources NL (ASX:MAU)

ALERT: Price-sensitive ASX Announcement for MAU
Current share price for MAU : $1.850 -0.125 (-6.33%)+
Announcement
Release
12 Mar 2026 8:25AM
Price at Release
$1.975
Full Release
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Summary
Magnetic Resources NL has announced an update on the Lady Julie Gold Project in the Eastern Goldfields of Western Australia, indicating an increased underground production target as part of a scoping study. The conceptual target stands at approximately 13 million tonnes at 2 grams per tonne of gold, with a projected mine life of 14 to 19 years and annual production rates from 710 to 920 thousand tonnes. Total underground mining costs are estimated at $116 to $122 per tonne, including a capital expenditure ranging from $181 to $222 million. The project will initially focus on open pit operations, deferring the underground capital expenditure. The Board is also backing the Genesis Scheme, suggesting it is in the best interest of shareholders.
Key Points
  • Underground production target of approximately 13Mt at 2g/t Au defined.
  • Indicative underground mine life is 14 - 19 years.
  • Average production rate is 710 - 920 K.tonnes per year, with a maximum sustained production of 930 – 1,250 K.tonnes per year.
  • Total Underground Mining Costs estimated at $116 - $122 per ore tonne.
  • Project start-up to concentrate on open pit operations, deferring underground pre-production CAPEX.
  • Underground optimisation work satisfies scoping level study requirements.
  • Further work required for geotechnical investigations and paste fill testwork.
  • Magnetic Board supports the Genesis Scheme.
  • The Lady Julie Gold Project is among the highest margin undeveloped gold projects in Australia.
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.