* Positive Expansion Study completed for the Razorback Iron Ore Project, demonstrating the business case for further, staged expansion scenarios at the Project.
* The Single Step Expansion case generated a post-tax IRR of 27% and NPV-8 of A$2,455m at a 62% Fe iron ore price of US$110/t and has an all-in 62% Fe breakeven price of US$40/t
* Completion of metallurgical and shallow infill drilling at the Iron Peak Deposit for a total of 17 diamond drill cores (~2000m) to deliver metallurgical and resource definition datasets.
* Advancement of permitting and approvals baseline studies and stakeholder engagement towards statutory permitting requirements
* Significant progress achieved for the Definitive Feasibility Study including the engagement of key consultants for mining (AMC) and tailings design (Hatch) as well as considerable progress in engineering and design of the proposed processing plant
* Appointment of new Non-Executive Directors, Mr. Jim McKerlie and Mr. Paul White, strengthening the board’s experience and expertise.
Magnetite Mines Limited (ASX:MGT) (Company) continues to advance the Definitive Feasibility Study (DFS) for its flagship Razorback Iron Ore Project (Project).
During the quarter, a number of key work programs were completed for the Project. An Expansion Study assessing production expansion at the Project generated a post-tax IRR of 27% and NPV-8 of A$2,455m at a 62% Fe iron ore price of US$110/t and has an all-in 62% Fe breakeven price of US$40/t.
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