Magnetic Resources NL (ASX:MAU)

The document provides an update on the underground production target for the Lady Julie Gold Project, with a focus on recent underground optimization work. The project is set to achieve a production target of approximately 13 million tonnes at 2g/t Au, mainly from additional mineral resources with high-grade cores. The underground mine's indicative life is projected to be 14-19 years, with an average production rate between 710,000 to 920,000 tonnes per year and a peak production of up to 1.25 million tonnes per year. The project integrates both longitudinal and transverse mining methods using paste fill, with a deferral of approximately two years following the commencement of the Lady Julie North 4 open pit. Estimated total underground mining costs are between $116 to $122 per ore tonne, including a capital expenditure of $181 to $222 million. The scoping study, conducted by Mining Plus, supports future feasibility with further geotechnical and paste fill test work required before advancing beyond the current scoping level.