Magnetite Mines Limited (ASX:MGT)

ALERT: Price-sensitive ASX Announcement for MGT

Current share price for MGT : $0.015 -0.004 (-21.05%)⁺

Announcement

Quarterly Activities/Appendix 5B Cash Flow Report

Release

30 Jul 2026 11:35AM

Price at Release

$0.019

Full Release

Summary

Magnetite Mines Limited reported a strategic transition during the quarter ending 30 June 2026, focusing on strengthening its financial position and progressing the Razorback Iron Ore Project amidst challenging market conditions. The company implemented a leadership transition, appointing Scott Lowe as the CEO and Managing Director. Key financial activities included operating cash flows of negative $510,000 and financing activities generating $834,000. The company continues to develop the Razorback Iron Ore Project and advance exploration at the Ironback Hill Rare Earth Elements Project and Manna Hill Gold Project. The report also details efforts in stakeholder engagement, securing funding, and pursuing strategic partnerships, including discussions with potential Chinese investors and evaluating royalty funding opportunities.

Key Points

Net cash from operating activities was negative $510,000.
Net cash from investing activities was negative $432,000.
Net cash from financing activities was $834,000.
Cash and cash equivalents at the end of the quarter were $2,014,000.
Strategic reset included leadership change and focus on cost reduction.
Exploration at Ironback Hill and Manna Hill shows promising results.
Razorback Project remains a key asset with ongoing development efforts.
Engagement with potential strategic partners, including Chinese investors.
Evaluation of royalty funding opportunities for the Razorback Project.

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.