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Magnetite Mines - Fourth Quarter Activities & Cashflow Reports


Highlights

-- $15.8 million target raised in Rights Issue
-- Strategic board and management appointments of Non-Executive Director, Simon Wandke, and Chief Financial Officer, Ian Kirkham
-- Formal grant of the Muster Dam tenement received from the South Australian Department for Energy and Mining
-- Native Title Agreement process commenced with the Ngadjuri Traditional Owners
-- Significant progress achieved in the Definitive Feasibility Study including:
---- ~70% of Hatch processing plant studies complete
---- Power, water, NPI, tailings and logistics components of study progressing
---- Commencement of geotechnical investigations
---- Commencement of detailed mine design, schedule optimisation and equipment selection for open pit mining at Razorback
-- Positive interim metallurgical testwork results announced post-quarter and additional testwork commissioned to assess the suitability of Razorback ores for premium DR-grade concentrates

During the quarter, the Razorback Iron Ore Project Definitive Feasibility Study (“DFS”) was advanced across all major workstreams including mining, processing, tailings, power and logistics. The permitting and approvals program – which encompasses environmental studies, mining and environmental licensing, land access negotiations, and Native Title Act processes – also achieved several important milestones including the commencement of Native Title Agreement negotiations with the Ngadjuri Traditional Owners. These activities are detailed in the relevant sections of this report.

For more information, download the attached PDF.

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