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Magnetite Mines Limited (ASX:MGT)

ALERT: Price-sensitive ASX Announcement for MGT
Current share price for MGT : $0.018 -0.01 (-35.71%)+
Announcement
Release
29 Apr 2026 11:16AM
Price at Release
$0.028
Full Release
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Summary
Magnetite Mines Limited reported significant advancements in their quarterly activities for the period ending March 31, 2026. The Razorback Iron Ore Project received 'Major Project Status' from the Australian Federal Government, facilitating project approvals. The company confirmed high-grade copper and silver mineralisation at Mutooroo Ridge and commenced a Rare Earth Elements drill program at Ironback Hill. Additionally, a new gold exploration tenement at Manna Hill was secured. Strategic partnerships especially in China are being pursued, supported by dynamics in decarbonization and the steel sector. The company completed a renounceable rights issue, enhancing its cash position to $2.12 million at quarter-end.
Key Points
  • Copper and silver mineralisation confirmed at Mutooroo Ridge.
  • Rare Earth Elements drill program commenced at Ironback Hill.
  • New gold exploration tenement secured at Manna Hill.
  • Razorback Project awarded 'Major Project Status' by the Federal Government.
  • Potential iron ore export port configuration at Port Pirie.
  • Razorback Mining Lease Proposal advanced to public consultation.
  • Strategic partnerships explored, focusing on China.
  • Cash position enhanced with a renounceable rights issue raising $1.15 million.
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.