Magnetic Resources boosts gold resources, Lady Julie feasibility study positive

Magnetic Resources NL announced a substantial 107% increase in its total mineral resources, reaching 22.7m tonnes at 1.69 grams per tonne gold for 1.24m ounces of gold at a 0.5 g/t cut-off. The Lady Julie North 4 (LJN4) deposit contributed significantly with an 852,000 ounce increase. The company's feasibility study for the 100%-owned Lady Julie Gold Project confirmed robust economics and a viable standalone development pathway.

The company further reported the granting of mining lease M38/1315 for the Lady Julie North 4 deposit and executed an access agreement with the pastoral lease holder. A single-tranche institutional placement successfully raised A$35,000,000 (before costs) through the issuance of 26,923,077 new fully paid ordinary shares at A$1.30 per share.

Despite a net decrease in cash and cash equivalents of A$1,305,914, resulting in a balance of A$7,915,649 as of June 30, 2025, the company's financial position is deemed adequate to fund committed exploration expenditure. The basic loss per share for the financial period was 5.18 cents.