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Magnum Mining and Exploration Limited (ASX:MGU)

ALERT: Price-sensitive ASX Announcement for MGU
Current share price for MGU : $0.006 -0.004 (-38.89%)+
Announcement
Release
19 Aug 2026 10:06AM
Price at Release
$0.009
Full Release
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Summary
Magnum Mining and Exploration Limited has provided an update on its Brazilian rare earth element (REE) projects and corporate activities. The company is making progress in its Piracanjuba North drilling program, having completed approximately 6,900 meters of the planned 10,000 meters. This expansion aims to cover a broader geophysical anomaly and remains on track for a maiden Mineral Resource Estimate by November 2026. The Palmares REE Project has also concluded its drilling phase, with quality control and interpretation of assay results underway. Corporate developments include the launch of a new website, reflecting an increased focus on the Piracanjuba North project and other Brazilian assets. Additionally, potential joint ventures and divestments are being explored. Mr. Jack Lifton has terminated his consultancy with Magnum due to personal reasons, and the company is reviewing its project portfolio to optimize exploration focus and reduce overhead costs.
Key Points
  • Approximately 6,900m drilled at Piracanjuba North as part of a 10,000m program.
  • Maiden Mineral Resource Estimate expected by November 2026.
  • Palmares REE Project drilling completed; results under technical review.
  • New corporate website launched for improved stakeholder engagement.
  • Exploration of joint venture and divestment opportunities.
  • Jack Lifton's consultancy with Magnum terminated.
  • Portfolio review underway to rationalize projects and focus on core priorities.
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.