Announcement • Mar 03
Magnetite Mines Limited has filed a Follow-on Equity Offering. Magnetite Mines Limited has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Price\Range: AUD 0.04
Transaction Features: Rights Offering Announcement • Oct 28
Magnetite Mines Limited, Annual General Meeting, Nov 26, 2025 Magnetite Mines Limited, Annual General Meeting, Nov 26, 2025. Location: in the torrens room 1, hotel grand chancellor, 65 hindley street, adelaide Australia New Risk • Sep 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 82% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (82% increase in shares outstanding). Revenue is less than US$1m (AU$226k revenue, or US$148k). Market cap is less than US$10m (AU$11.7m market cap, or US$7.67m). New Risk • Aug 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 22% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 34% per year over the past 5 years. Revenue is less than US$1m (AU$261k revenue, or US$170k). Market cap is less than US$10m (AU$14.7m market cap, or US$9.54m). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Aug 08
Magnetite Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 2.65 million. Magnetite Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 2.65 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,692,308
Price\Range: AUD 0.065
Discount Per Security: AUD 0.0039
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,076,923
Price\Range: AUD 0.065
Discount Per Security: AUD 0.00065
Security Features: Attached Options
Transaction Features: Rights Offering New Risk • Mar 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$6.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$6.2m free cash flow). Earnings have declined by 34% per year over the past 5 years. Revenue is less than US$1m (AU$261k revenue, or US$166k). Market cap is less than US$10m (AU$12.8m market cap, or US$8.16m). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (18% increase in shares outstanding). New Risk • Dec 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 40% per year over the past 5 years. Revenue is less than US$1m (AU$214k revenue, or US$136k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (AU$16.1m market cap, or US$10.3m). New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 40% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m (AU$214k revenue, or US$139k). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$16.7m market cap, or US$10.8m). New Risk • Nov 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$13.8m (US$9.06m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 40% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m (AU$214k revenue, or US$140k). Market cap is less than US$10m (AU$13.8m market cap, or US$9.06m). Announcement • Oct 29
Magnetite Mines Limited Announces Resignation of Jim Mckerlie as Director Magnetite Mines Limited advised that Mr. Jim McKerlie will resign as a Non-Executive Director at the Company's upcoming Annual General Meeting (AGM) due to personal commitments and other business interests. Mr. McKerlie joined the Board in January 2022 as a Non-Executive Director. He then served as Chair of the Board from September 2023 to September 2024 before transitioning back to a Non-Executive Director role. New Risk • Oct 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 40% per year over the past 5 years. Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Revenue is less than US$1m (AU$372k revenue, or US$255k). Minor Risk Market cap is less than US$100m (AU$21.3m market cap, or US$14.6m). New Risk • Sep 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m (AU$236k revenue, or US$161k). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (AU$18.4m market cap, or US$12.5m). Announcement • Sep 03
Magnetite Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 4.1 million. Magnetite Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 4.1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: AUD 0.2
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,500,000
Price\Range: AUD 0.2
Discount Per Security: AUD 0.002
Security Features: Attached Options
Transaction Features: Rights Offering Announcement • Jun 21
Magnetite Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 5.085792 million. Magnetite Mines Limited has filed a Follow-on Equity Offering in the amount of AUD 5.085792 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 16,405,781
Price\Range: AUD 0.31
Transaction Features: Rights Offering New Risk • Jun 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.7m free cash flow). Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m (AU$236k revenue, or US$157k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (AU$38.4m market cap, or US$25.5m). New Risk • Mar 09
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$8.7m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.7m free cash flow). Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m (AU$186k revenue, or US$123k). Minor Risks Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (AU$26.6m market cap, or US$17.6m). New Risk • Nov 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m (AU$213k revenue, or US$139k). Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). Market cap is less than US$100m (AU$31.0m market cap, or US$20.3m). New Risk • Oct 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$14m free cash flow). Earnings have declined by 26% per year over the past 5 years. Revenue is less than US$1m (AU$213k revenue, or US$136k). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$29.2m market cap, or US$18.6m). Announcement • Oct 23
Magnetite Mines Limited, Annual General Meeting, Nov 23, 2023 Magnetite Mines Limited, Annual General Meeting, Nov 23, 2023, at 10:00 Cen. Australia Standard Time. Location: David Spence Room Adelaide Town Hall, 128 King William Street, Adelaide Adelaide Australia Agenda: To consider the Non-Binding Resolution to adopt Remuneration Report; to consider the Election of Dr. Carmen Letton as a Director; to consider the Approval to issue Performance Rights and Options to Chief Executive Officer, Tim Dobson; to consider the Approval of Additional 10% Placement Capacity; to consider the Board Spill Meeting Resolution; and to consider other matters. New Risk • Sep 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Earnings have declined by 6.1% per year over the past 5 years. Revenue is less than US$1m (AU$254k revenue, or US$163k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (AU$25.3m market cap, or US$16.3m). New Risk • Sep 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$17m free cash flow). Earnings have declined by 6.1% per year over the past 5 years. Revenue is less than US$1m (AU$254k revenue, or US$162k). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (AU$27.3m market cap, or US$17.4m). Announcement • Jul 06
Magnetite Mines Limited Announces the Appointment of Simon Smith as Chief Financial Officer, Commencing September 2023 Magnetite Mines Limited announced the appointment of Mr. Simon Smith as Chief Financial Officer (CFO), commencing September 2023. Simon is a highly accomplished CFO and Company Secretary with extensive experience in both ASX and TSX listed companies. He has played a pivotal role in the leadership and strategic direction of growth-driven companies, effectively driving their financial success. Simon has successfully led the execution of capital raisings totalling over AUD 500 million, encompassing both debt and equity financing, as well as initial public offerings (IPOs). Simon is a member of the Australian Institute of Chartered Accountants and was most recently the CFO of Energy Action Limited. Prior to that, he was CFO and Company Secretary of ASX-listed Heron Resources Limited, overseeing the $340 million project financing and commercial development of the Woodlawn Zinc Copper Mine in NSW through to full scale operations. Announcement • Jun 27
Magnetite Mines Limited Launches Foothight Sustainability Platform Magnetite Mines Limited launched foresight, the Company's sustainability platform driving ESG-related actions through the project study, design, delivery and operational stages. As the existing iron ore sector seeks to transition to a new future centered on sustainable practices, Magnetite Mines intends to emerge as a new producer of premium-grade iron ore to meet the demand of the decarbonizing steel industry, with a collaborative and focused sustainability culture embedded from the outset. By bringing focus to Magnetite Mines' leading ESG profile, the company can design and showcase a sustainable mining future with the objective of becoming an iron ore supplier of choice. project delivery must demonstrate pathways to net zero carbon operations, nature-positive outcomes, actions that support the building of resilient, inclusive communities and adaptive governance. adoption of, and alignment with, global standards, such as the Initiative for Responsible Mining Assurance (IRMA), will demonstrate credibility as responsible operators and support attractiveness to customers. foresight is intended to become a key identifier and differentiator for Magnetite Mines, and an essential component of the Company's strategy for engaging with project partners, financiers, regulators and other stakeholders. MGT recognizes that embedding sustainability within its business provides a significant competitive advantage and opens opportunities for new value creation. A meaningful commitment to responsible resource development across environment, social and governance (ESG) aspects can commonly deliver: reduced cost of capital, insurance, etc.; market opportunities, particularly for supply chains where product assurance is critical (i.e., ResponsibleSteel); cost efficiencies associated with sustainable practices and collaboration; efficient attraction and retention of labor; improved environmental performance and compliance outcomes; and engaged and supportive communities and stakeholders. Recent Insider Transactions • Feb 16
Non-Executive Director recently bought AU$99k worth of stock On the 13th of February, Paul White bought around 124k shares on-market at roughly AU$0.80 per share. This transaction increased Paul's direct individual holding by 6x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$149k more in shares than they have sold in the last 12 months. Announcement • Jan 25
Magnetite Mines Limited Announces Appointment of Carmen Letton as Non-Executive Director Magnetite Mines Limited announced the appointment of Dr. Carmen Letton as Non- Executive Director, effective immediately. Dr. Letton is a mining engineer and mineral economist with over 35 years' global mining experience, holding senior leadership positions in operations, engineering, asset and business development and corporate strategy. She has particular technical expertise in open pit and underground mines across multiple commodities and the many stages of asset development. Most recently, Dr. Letton was Head of Resource Development and Life of Asset Planning (Asset Strategy Development) at Anglo American, having previously worked at BHP Billiton, Rio Tinto, Newmont, and Newcrest. Dr. Letton was selected as one of the "100 Global Inspirational Women in Mining" in 2016 and 2018 by Women in Mining UK. She holds a PhD Mineral Economics from the University of Queensland and a Bachelor of Engineering (Hon) (Mining) from the West Australian School of Mines. Announcement • Jan 17
Magnetite Mines Limited Provides Update on Razorback Project Optimisation Studies Magnetite Mines Limited provided a progress update on the optimisation studies commenced in September 2022 and scheduled for completion by the end of first quarter 2023. As announced on 13 September 20221, the Company refocused its Razorback Iron Ore Project (Project) development strategy in line with evolving market conditions and downstream industry feedback. A suite of optimisation studies were commenced aimed at defining the go-forward scope for a refocused DFS (Definitive Feasibility Study). The key objectives of the optimisation studies are to: Increase and optimise Stage 1 production, with a minimum 5Mtpa capacity, to enhance project economics via economies of scale, while taking advantage of the 5.7 billion tonne Project resource base; Increase Project attractiveness to potential iron and steel industry partners and customers, institutional investors, and project financiers; Access potential to re-estimate Ore Reserves as a direct result of expanded production scale; and Improve ESG credentials through enhanced concentrate specifications that support downstream iron and steelmaking decarbonisation, and potential electrification of major equipment supported by larger-scale development. The Company reported that all studies are progressing to plan, with initial AACE Class 5 engineering estimates received on time from the Company's engineering partners. A staged development philosophy has been maintained throughout, commencing with a manageable but robustly economic start-up capacity, expanding thereafter to meet market demand. Key Study outcomes achieved so far which are subject to further testing include: Plant Optimisation: Magnetite processing specialists Hatch are leading the plant optimisation studies with respect to assessing larger scale production scenarios. A key focus of these studies has been the assessment of alternative front-end crushing options and the investigation of opportunities for early-stage rejection of waste and low-grade material via dry magnetic separation. Hatch are also completing parallel studies with respect to tailings storage facility configurations, with both conventional and thickened tailings options currently being investigated. Announcement • Dec 22
Magnetite Mines Limited Announces Peer Review Confirms Razorback Process Plant Design Magnetite Mines Limited announce the completion of a peer review of the Razorback Iron Ore Project's (Project) process plant (Review), with outcomes confirming the feasibility of the Hatch-engineered flowsheet and plant design. With the overall objective of producing high-grade magnetite concentrate with iron grades above 67.5% Fe, the Razorback process flowsheet has been designed to process iron ores for minimum operating cost. An accompanying metallurgical testwork suite has been undertaken to de-risk the flowsheet at every stage of processing. The Review was completed by independent industry specialists with extensive magnetite processing experience. The independent technical team completed the assessment across four key areas: Process flowsheet; Equipment selection, including crushing, HPGR, milling, dewatering and filtration; Materials handling aspects; and Metallurgical results. While confirming the feasibility of the current process flowsheet and plant design, the Review also highlighted economies of scale benefits that may be realised with increased production capacity. This is in line with the Company's decision to increase the scale of Stage 1 production capacity to a minimum of 5Mtpa. In particular, scale-up opportunities were identified in the areas of stockpile reclaim and primary grinding for capacities of 5Mtpa and higher. Optimisation Studies: The Review's findings have underpinned and supported the scope of processing-focused Optimisation Studies being undertaken by the Company. These studies also reference the extensive metallurgical testwork and engineering design studies already completed and are well underway with results due in the first quarter of 2023. Key features of the process plant design and flowsheet are expected to carry over into scaled-up designs, including: Process plant feed flexibility: To accommodate anticipated ore variability from the mine during operations, the process plant has been designed to cope with a wide range of head grade and mass recovery parameters at nominal throughput rates. This feature allows the process plant to maintain throughput consistency and yield over the life of mine, addressing many of the orebody variability issues seen in West Australian magnetite processing operations. Concentrate specification flexibility: The process plant design is centred around the Razorback ore's ability to produce high-grade concentrates with a minimum 67.5% Fe concentrate specification. Metallurgical testwork results have demonstrated that higher-grade outputs are achievable for some areas of the ore body2. This feature has been adapted into the design of the process flowsheet and plant design whereby operation can be adjusted with respect to product quality in response to market conditions or customer preference, without capital-intensive plant modifications. Modular construction: The process plant design centres around single production trains of nominal 2.5Mtpa capacity, with expansion to higher capacities largely entailing duplication. The current Optimisation Studies are assessing economies of scale benefits that apply to increasing plant modules. For example, a single large primary crusher may service two production lines, decreasing capital and operating costs. Early-stage rejection of low-grade material: The process plant has been designed to reject low- grade material early in the flow sheet, taking advantage of high level confidence in the metallurgical and comminution performance of the ore. Early-stage rejection of gangue or low- grade material significantly reduces the downstream plant size for a given output capacity, a key capital and operating cost benefit. Additionally, the production of wet tailings is significantly reduced, a further benefit in terms of capital and operating cost, as well as improved environmental and safety outcomes. Tailings construction materials: The early-stage rejection of gangue material following grinding creates 140 micron (sand size) material for use in tailings dam construction. This use of reject material for tailings dam construction has been validated by rheology testwork and represents a significant cost reduction in incremental tailings dam construction over time with much of the raw materials required being provided by the mine and plant, reducing the need to source external materials, reducing costs and improving environmental outcomes. The Company is committed to the optimisation and de-risking of the Razorback Iron Ore Project in readiness for development. As previously communicated to the market, an update on the final go- forward position with respect to staged development and production capacity is expected in late Q1, 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Director Mal Randall was the last independent director to join the board, commencing their role in 2006. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 12
Magnetite Mines Limited, Annual General Meeting, Nov 23, 2022 Magnetite Mines Limited, Annual General Meeting, Nov 23, 2022. Agenda: To consider election of directors. Announcement • Sep 13
Magnetite Mines Limited Transforms to Meet Growing High-Grade Market Magnetite Mines Limited (MGT or the Company) announced that in response to rapidly-evolving market conditions and downstream industry feedback, it is increasing the planned production scale for the Razorback Iron Ore Project (Project) and assessing production options for high-value concentrate product streams. Accordingly, the Company's current strategy of pursuing a small-scale, lower-capital expenditure development is being refocused in favour of a larger-scale, staged development that takes full advantage of the large resource base, available infrastructure and attractive mineral processing characteristics of Braemar ores. Magnetite Mines is increasing the scale of its Razorback Iron Ore Project to meet accelerating market demand for premium iron ore products Following market feedback, the scale of the initial development is being increased to at least 5Mtpa Optimization studies are underway to investigate a range of higher-grade iron ore products, potentially including high-value Direct Reduction (DR) grade concentrates Following optimisation, a refocused DFS will be undertaken, taking advantage of all transferable outcomes from studies and work programmes completed to date The Company has enhanced its marketing, governance, technical and project capability with a range of highly-credentialled Board and leadership appointments. Announcement • Jul 22
Magnetite Mines Limited Announces Positive Interim Metallurgical Test Results Magnetite Mines Limited announced positive interim metallurgical results confirming the Company's ability to produce high-grade concentrates with low gangue mineralogy. The testwork to date has also identified the opportunity for premium Direct Reduced Iron concentrates from the Razorback Project ores. To date, analysis incorporating the full flow sheet has produced concentrates exceeding the design specification of 67.5% iron and 4.5% Silica + Alumina, with one bulk sample producing 69.7% iron with 2.6% Silica + Alumina. This represents a very high-quality concentrate product with a low waste component which attracts premium pricing and significant demand from steelmakers for use in decarbonising steel mills. The testwork program designed and managed by global magnetite experts Hatch, is currently in progress and has been designed to verify and establish metallurgical performance of the process flow sheet and plant design. Subject to further analytical updates, the work program is a significant addition to the existing metallurgical knowledge base and incorporates leading edge analytical techniques to fully characterise and technically derisk the ore deposit for every stage of the process flow sheet. The Definitive Feasibility Study metallurgical testwork program aims to test, in detail, all steps of the Hatch designed processing flow sheet. This is being undertaken through the validation and analysis of bulk samples retrieved from all relevant geological domains, for laboratory testwork at bench to pilot plant scale. The general layout and configuration of the flow sheet follows that of the 2021 Pre-Feasibility Study1 and consists of crushing followed by dry HPGR and air classification processing for primary grinding. There is a rougher magnetic separation stage followed by ball milling and a rougher flotation circuit for a cleaning stage. A final silica rich flotation concentrate is subject to fine grinding before cleaner magnetic separation, the magnetics reporting to final concentrate. The flow sheet is conventional by modern standards and makes use of proven technologies currently installed in iron ore processing plants. The basis of design for the processing plant is to receive 15.5Mtpa ore feed to produce 2.5 to 3Mtpa high grade concentrates. This 15.5Mtpa processing line (or train) represents a single stage of the mining production and has been designed as a replicable processing line, to be duplicated with mining expansion opportunities2. The flow sheet aims to produce high grade concentrates at mass recoveries estimated at 16%, in line with the Mineral Resource estimate3 and with mine optimisation and scheduling completed to date1. Flexibility of run-of-mine (ROM) ore feed grade is considered in the design allowing the plant to maintain consistent concentrate output within operational limits. The objective of the metallurgical and processing flow sheet testwork is to achieve the cleanest concentrate possible at the coarsest grind size to reduce both capital and operating costs. Designed and managed by Hatch, the testwork has predominantly occurred at Bureau Veritas Laboratories in Adelaide with significant portions of the work undertaken in the Netherlands using vendor equipment. The DFS metallurgical testwork program represents a significant increase in the scale of metallurgical testwork completed to date. It has included pilot plant scale testwork, focused on high-pressure grinding rolls (HPGR) and air classification equipment. Sample selection and ore body representivity has been at the core of the testwork program with a dramatic increase in the number of spatially distributed samples targeting early year ore mineralisation typically associated with greater degrees of weathering and ore body complexity. Announcement • Jul 07
Magnetite Mines Limited Announces Company Secretary Changes Magnetite Mines Limited announced the appointment of Mr. Ian Kirkham as Company Secretary, effective 20 July 2022. He will replace Mr. JohnRodriguez who was appointed as Company Secretary of the company on a temporary basis. Mr. Kirkham joined Magnetite Mines as Chief Financial Officer (CFO) in May 2022 and has extensive senior corporate governance, risk and financial management experience in ASX-listed resource companies. Prior to this, he was CFO and Company Secretary of Warrego Energy where he was integral to its listing on the ASX via a reverse takeover of Petrel Energy. Prior to that, he was CFO and Company Secretary of Eastern Star Gas. He has also held similar roles for other ASX-listed companies including Hillgrove Resources Limited, Intermet Resources Limited, Allstate Explorations N.L. and Otter Gold Mines Limited. Mr. rkham holds a Bachelor of Economics from Macquarie University. He is a Member of Chartered Accountants Australia and New Zealand (CA ANZ) and the Australian Institute of Company Directors(AICD). Announcement • Jun 03
Magnetite Mines Limited Appoints Simon Wandke as Non-Executive Director Magnetite Mines Limited announced the appointment of Simon Wandke as Non-Executive Director, effective immediately. Mr. Wandke is a highly-accomplished C-suite leader, with extensive global iron ore leadership, strategy, value chain and commercial experience in major resource organisations. Most recently, Mr. Wandke was Executive Vice President and Chief Executive Officer of ArcelorMittal Mining. During his tenure, Mr. Wandke played a key role in helping to drive the mining division forward to the next stage of its development as one of the largest global producers of iron ore, coking coal and other minerals. Mr. Wandke has over 40 years' experience in the mining and minerals industry, holding senior management, strategy and commercial positions internationally with a particular focus on the development of greenfield and brownfield projects, designing and implementing major change and effective commercial strategies, strategic marketing, risk management and ESG. Starting his career in 1981 at BHP Billiton, where he held a number of senior positions in Australia, Hong Kong and Indonesia and other commercial offices globally until 2002. He then joined Destra Consulting Group as Partner before becoming Chief Marketing Officer for iron ore mining and processing company Ferrexpo plc in 2006 based in Hong Kong and Switzerland. Mr. Wandke is a graduate of the Australian Institute of Company Directors with a Diploma in Company Directorship. He also holds a Graduate Diploma in Corporate Finance from Swinburne University, Australia, as well as a B.A., Psych, Marketing (Comm) from the University of Melbourne, Australia. Mr. Wandke is a citizen of the UK and Australia. Announcement • May 30
Magnetite Mines Limited Appoints Ian Kirkham as Chief Financial Officer Magnetite Mines Limited announced the appointment of Ian Kirkham as Chief Financial Officer (CFO), commencing on 30 May 2022. Mr. Kirkham is a senior finance professional with over 25 years' experience in the mining and oil and gas industries across project development, debt and equity capital raising, financial accounting, treasury services, taxation and company secretarial. Most recently, he was CFO and Company Secretary of Warrego Energy where he was integral to its listing on ASX via a reverse takeover of Petrel Energy. Prior to that, he was CFO and Company Secretary of ASX-listed Eastern Star Gas. During his five-year tenure, the company grew from a market capitalisation of $280 million to $924 million when it was sold to Santos via a scheme of arrangement. Mr. Kirkham also gained exposure to the commercial team appraising domestic and offshore gas sales agreements and oversaw $192 million raised in equity from 4 separate transactions. He has also held similar roles for other ASX-listed companies including Hillgrove Resources Limited, Intermet Resources Limited, Allstate Explorations N.L. and Otter Gold Mines Limited. In all of these roles, he worked closely with Board and management to evaluate, finance and construct resource projects. Mr. Kirkham is a Member of Chartered Accountants Australia and New Zealand (CA ANZ) and the Australian Institute of Company Directors (AICD). Announcement • May 20
Magnetite Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 15.798734 million. Magnetite Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 15.798734 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 333,133,936
Price\Range: AUD 0.025
Discount Per Security: AUD 0.00025
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 298,815,440
Price\Range: AUD 0.025
Transaction Features: Rights Offering Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Mal Randall was the last independent director to join the board, commencing their role in 2006. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Executive Departure • Dec 05
CFO & Company Secretary Frank DeMarte has left the company On the 3rd of December, Frank DeMarte's tenure as CFO & Company Secretary ended after 8.3 years in the role. As of September 2021, Frank still personally held 16.53m shares (AU$413k worth at the time). Frank is the only executive to leave the company over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Announcement • Sep 24
Magnetite Mines Limited Announces Appointment of Ghd to Razorback Definitive Feasibility Study Magnetite Mines Limited (Magnetite Mines or the Company) announced that it has appointed leading global engineering and professional services company GHD to deliver the critical Power Supply and Non Process Infrastructure elements of the Definitive Feasibility Study (DFS) for the Razorback Iron Ore Project (Razorback). GHD's appointment follows the preparatory work for the DFS that commenced immediately after the positive Razorback Preliminary Feasibility Study results were released in July 2021. It reflects Magnetite Mines' continued strategy of appointing high calibre, well recognised companies to partner with as Razorback is developed. GHD's scope of work will include further investigation of: Off Site Infrastructure: Power Supply Haul road and rail siding Mine Site Non Process Infrastructure comprising: Administration buildings, mine accommodation camp, workshop, hardstands, maintenance facilities; Site services including provision of water, sewer, communications, power etc.; and Internal road network, car park and haul roads GHD is also contributing to the following study wide elements:· Project execution strategy· Risk Management· Capital Cost. Of these, the Power Supply to site is the most time critical and a significant start has been made. Building on the PFS where a 132KVA transmission line connecting at Robertstown is the preferred option. A LIDAR aerial survey will commence over the proposed route in October informing design and location of the Transmission Line as a precursor to commencing the necessary clearances and obtaining approval.
Appointments of other key consultants and contractors to the DFS are in progress. Board Change • Aug 26
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Mal Randall was the last independent director to join the board, commencing their role in 2006. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 30
Magnetite Mines Limited Announces Ore Reserve for the Razorback Iron Project Magnetite Mines Limited announced a maiden Ore Reserve estimate for its 100% owned South Australian Razorback Iron Project (the Project). The maiden Ore Reserve estimate for the Project has been derived from the recently updated Mineral Resources by generating schedules with an estimated tonnage and grade which, in the opinion of the Competent Person, form the basis of a technically and economically viable project, after taking account of material relevant Modifying Factors. The term `economically mineable' as used in the JORC 2012 guidelines implies that, in the judgement of the Competent Person, extraction of the Ore Reserves has been demonstrated to be both economic and viable using reasonable technical and financial assumptions. These assumptions have been provided by the Company, by various consulting and advisory groups commissioned by the company, and by Orelogy Mine Consulting and have been reviewed by the Competent Person. Studies have confirmed a mine plan and production schedule that are technically achievable and economically viable and from which the Ore Reserves are derived. Ore Reserves represent a high level of confidence in the economic extraction of Mineral Resources and are reported in preparation for the Pre-Feasibility Study results, which is presently being finalised and due imminently. Recent Insider Transactions Derivative • Jun 13
Interim CEO & Executive Chairman exercised options to buy AU$355k worth of stock. On the 4th of June, Peter Schubert exercised options to buy 5m shares at a strike price of around AU$0.05, costing a total of AU$265k. This transaction amounted to 5.3% of their direct individual holding at the time of the trade. Since June 2020, Peter's direct individual holding has increased from 85.49m shares to 100.49m. Company insiders have collectively bought AU$290k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • May 24
Magnetite Mines Limited Announces Update from Razorback Iron Ore Project Mineral Resource Upgrade Magnetite Mines Limited announced a JORC Code 2012 Mineral Resource upgrade for the Razorback High Grade Iron Ore Concentrate Project This resource is separate to the previously released resources at Ironback Hill and Muster Dam. As part of the Pre-Feasibility Study (PFS), the Company has incorporated the results of refined geological understanding of mineral distribution. The re-modelling of the resources with significantly smaller block sizes was undertaken to optimise selective mining studies. Also, as a result of the re-classification of much of the near-surface weathering material from Inferred to Indicated Resource, the Company will be able to include this material as plant feed rather than waste, thus improving stripping ratios, particularly in the early years. The improved Mineral Resource estimate has increased the total tonnage of the Razorback Iron Project (JORC Indicated and Inferred) to 3.0 billion tonnes (from 2.7 billion tonnes) for the Razorback and Iron Peak deposits, which are currently the focus of the PFS. The increase in Mineral Resource tonnage, particularly at the higher confidence Indicated classification, and estimated mass recovery is the result of an improved geological dataset and studies related to an updated geological model and the near surface weathered zone, which has demonstrated amenability to mineral processing through the additional Davis Tube Recovery (DTR) testwork and geometallurgical studies. Of particular significance is the improvement in the total tonnage of Indicated Resource classification to 1.5 billion tonnes (from 1 billion tonnes). Indicated Mineral Resources are part of a Mineral Resource for which quantity, grade, density, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. The Mineral Resource estimate of 1.5 billion tonnes at Indicated classification is therefore critical to ore reserve estimation mine planning and optimisation studies which are currently the focus of PFS assessments. The increase in mass recovery in the new Mineral Resource model has positive implications for mineral processing. Global mass recovery for the deposits has increased to 15.8% (from 15.3%), with Razorback deposit now 15.6% and Iron Peak now at 16.9%. The mass recovery improvement should lead to better overall concentrate recovery during processing. Announcement • May 18
Magnetite Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 7.008 million. Magnetite Mines Limited has completed a Follow-on Equity Offering in the amount of AUD 7.008 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 120,827,586
Price\Range: AUD 0.058
Discount Per Security: AUD 0.00116
Transaction Features: Subsequent Direct Listing Announcement • May 07
Magnetite Mines Limited announced that it expects to receive AUD 7.008 million in funding Magnetite Mines Limited (ASX:MGT) announced a private placement to issue up to 120,827,586 fully paid ordinary shares at a price of AUD 0.058 per share for the gross proceeds of AUD 7,007,999.988 on May 7, 2021. The transaction will include participation from sophisticated and institutional investors. The transaction is expected to close on May 14, 2021. Announcement • Mar 17
Magnetite Mines Limited Names Peter Schubert as Interim Chief Executive Officer Magnetite Mines Limited announced that Mr. Peter Schubert has been appointed as interim Chief Executive Officer (CEO). Mr. Peter Schubert has agreed to take on a role as Interim CEO of the company (in addition to his current role as Executive Chairman). Mr. Schubert was appointed Chairman on 3 September 2018 and since the departure of the previous CEO in September 2018, the Board has temporarily undertaken the responsibilities of the position of CEO. In the last 18 months, the Company, led by Mr. Schubert and the Board, has set out a clear vision for the development of Razorback High Grade Iron Ore project, raised funds to progress the PFS programme and has seen a significant revaluation of the business. In view of this progress and the central contribution by Mr. Schubert, the Board has decided to appoint Mr. Schubert as Interim CEO in addition to his role as Executive Chairman with effect from 1 January 2021. It is intended that Mr. Schubert will continue to act in this role during the study and financing phases of Razorback High Grade Iron Ore project development. It is proposed that Mr. Schubert's existing executive employment contract be changed to reflect his additional role and responsibilities, as well as his contribution to the success of the Company. Announcement • Mar 16
Magnetite Mines Limited Names Mark Eames as Technical Director Magnetite Mines Limited announced that Mr. Mark Eames has been appointed as the Technical Director. Mr. Mark Eames will take on the role of Technical Director of the Company (previously, Mr. Eames worked as Non-Executive Director and provided consulting services to the Company). Mr. Eames, as an experienced mining executive, has been providing consulting services to the Company since May 2019 and was responsible for leading the Scoping Study in that year, which led to the PFS that is currently underway. He was appointed a non-executive director in March 2020. The Board considers that Mr. Eames has made a material contribution to the direction of the Company and is pleased that Mr. Eames is prepared to formalise his role in a suitable employment arrangement as the Technical Director. This will secure his services for the current development programme and allow Mr. Eames to provide leadership and technical direction to the PFS team. Announcement • Oct 07
Magnetite Mines Limited Enters into Agreement with NextOre Pty Ltd Magnetite Mines Limited announce it has entered in to an agreement with NextOre Pty Ltd. to supply a mobile bulk ore sorting plant using a Magnetic Resonance (MR) sensor for a trial of the technology to the Razorback High Grade Iron Ore Project (Razorback Project). This advances exclusive partnership with NextOre and is an important step in journey to unlocking the potential of the Razorback Project. The Company is excited by the potential of the NextOre technology to enhance processing of by 'pre-concentrating' run of mine ore feed to increase plant head grade. The NextOre agreement includes a non-refundable deposit of $100,000 and contemplates further, staged payments of $700,000. The scope of the agreement covers supply of a full-scale mobile ore sorting plant to site at the Razorback Project for sorting magnetite ore using MR technology during the trial period for the purpose of mine feasibility analysis. The agreement includes milestone dates, with the equipment despatch from the CSIRO Lucas Heights facility in 2021. Announcement • Aug 12
Magnetite Mines Limited announced that it has received AUD 0.075 million in funding On April 28, 2020, Magnetite Mines Limited (ASX:MGT) closed the transaction. 