Magnetite Mines

Magnetite Mines looks forward to being back in Port Pirie next week for the Tactic - Connecting Regional Industry 'Meet The Buyer' conference. As planning for the Razorback Iron Ore Project continues, Allan Kane and Trevor Thomas will be in attendance to engage with local suppliers and share more information on the core services and supplies we will need for our multi-generational mining project. 📅 Date: Wednesday, October 16th, 2024 📍 Location: Port Pirie Sports Precinct, 50 Mary Elie Street, Port Pirie 🎟️ Tickets: https://lnkd.in/gf_iDw85 Tactic - Connecting Regional Industry #MGT #MagnetiteMines #Magnetite #Tactic #UpperSpencerGulf #SouthAustralia #PortPirie

Magnetite Mines' MD Tim Dobson joins APAC Outlook Magazine’s Jack Salter to discuss Razorback’s critical role in enabling green iron production in South Australia. Currently, Australia does not produce magnetite concentrates that meet the specifications required for green iron technology ("HDRI-EAF") which is the foundation for green iron and steel production. Magnetite Mines’ 4.5 Billion tonne Razorback Project has the ability to produce premium DR-Grade products at scale to provide foundational DRPF supply into a new Australian green iron industry as well as for export.    Full article https://lnkd.in/gheqB8sw #MGT #Magnetite #GreenIron #GreenSteel #SouthAustralia Department for Energy and Mining, South Australia Department of State Development Department of the Premier and Cabinet, Government of South Australia Hon Tom Koutsantonis MP South Australian Chamber of Mines & Energy (SACOME)

Magnetite Mines looks forward to being back in Peterborough next week as it continues its foresight One-to-One community engagement. The meetings are designed to provide local residents and business owners the opportunity to meet directly with company representatives to discuss proposals for the Razorback Project. Whatever your interest, you are invited to book a meeting to: 💠 Learn more about the Razorback Project 💠 Review Mining Lease Proposal information 💠 Share your views and aspirations 💠 Investigate future opportunities. To reserve a 30-minute meeting, please call 08 8427 0516. #MGT #MagnetiteMines #Magnetite #GreenIron #SouthAustralia

Magnetite Mines has completed a review of its governance structure and cost base aimed at streamlining operations and positioning the Company for the next development phase of the Razorback Iron Ore Project. 💠 The Company is focusing its operational footprint in South Australia with positive consequences on effectiveness and costs. 💠 The Company’s key priorities remain unchanged with a focus on finalising definitive agreements with strategic partner JFE Shoji Australia Pty Ltd and submission of the Razorback Iron Ore Project Mining Lease Proposal. 💠 Board composition has been comprehensively reviewed with the following transition now enacted: - CEO Tim Dobson will join the Board as Managing Director with immediate effect and with no change to compensation - Mr Jim McKerlie has for personal reasons advised that he will stand down from the Chair role with immediate effect and will remain a Non-Executive Director - Non-Executive Director Paul White has accepted the role of Chair with immediate effect and no change in compensation, until such time that a replacement Chair is appointed. - Simon Wandke will continue in his role as Non-Executive Director - After 8 years of loyal service to the Company, Non-Executive Director Peter Schubert will not stand for re-election at the upcoming AGM - Non-Executive Director Carmen Letton will resign from the Board at the upcoming AGM. 💠 The above changes to overheads and director fees will realise immediate cost savings for the Company of over $600k per annum. Full Announcement https://lnkd.in/gaDac6Gj #MGT #MagnetiteMines #Magnetite #GreenIron #SouthAustralia #ASXNews #MiningNews

Magnetite Mines is pleased to advise that the Company’s pro rata (1 for 5) renounceable rights issue with attaching options on a 1 for 1 basis opens for applications today via the Company's offer website: https://lnkd.in/g5ZjKWPd 💠 1 for 5 Renounceable Rights Issue to raise up to $4.1 million, partially underwritten to $2 million by Lead Manager and Underwriter, Mahe Capital 💠 Issue price $0.20 per share representing a 13% discount to the last closing price of $0.23 per share and 20% to the 15-day VWAP on ASX of $0.25 per share 💠 With every 1 New Share subscribed, shareholders receive 1 free attaching Option 💠 Options will have an exercise price of $0.30, a term of 3 years and quotation will be sought on ASX 💠 The Rights Issue is renounceable, meaning shareholders can trade their rights from 5 September 2024 and can also apply to take up additional New Shares from any shortfall under the Rights Issue 💠 Funds raised (net of costs) will provide necessary working capital to complete DFS funding negotiations with strategic partners and submission of Razorback Iron Ore Project Mining Lease Proposal. 💠 The Company has an ongoing cost management programme in place. 💠 Directors and Management subscribed $242,000 to the Previous Offer and will also be participating in this current offer. Full announcement: https://lnkd.in/gAcFUVdQ Prospectus: https://lnkd.in/gymsVmFa The Rights Issue is scheduled to close on Wednesday September 25, 2024. #MGT #MagnetiteMines #Magnetite #GreenIron #SouthAustralia #ASXNews

Via Proactive Investors: https://lnkd.in/e6VzDeFj Hear more about Magnetite Mines' $4.1 million renounceable Rights Issue from CEO Tim Dobson as he discusses today’s announcement with Proactive’s Tylah Tully. #MGT #MagnetiteMines #Magnetite #GreenIron #SouthAustralia #ASXNews

Magnetite Mines is inviting Eligible Shareholders to participate in a pro rata (1 for 5) renounceable Rights Issue at $0.20 per share to raise up to approximately $4.1 million before costs. 💠 1 for 5 Renounceable Rights Issue to raise up to $4.1 million, partially underwritten to $2 million by Lead Manager and Underwriter, Mahe Capital 💠 Issue price $0.20 per share representing a 13% discount to the last closing price of $0.23 per share and 20% to the 15-day VWAP on ASX of $0.25 per share 💠 With every 1 New Share subscribed, shareholders receive 1 free attaching Option 💠 Options will have an exercise price of $0.30, a term of 3 years and quotation will be sought on ASX 💠 The Rights Issue is renounceable, meaning shareholders can trade their rights from 5 September 2024 and can also apply to take up additional New Shares from any shortfall under the Rights Issue 💠 Shareholders who participated in the July 2024 Rights Issue can apply to receive 1 free option for every 1 share purchased on the same terms as under the Rights Issue 💠 Funds raised (net of costs) will provide necessary working capital to complete DFS funding negotiations with strategic partners and submission of Razorback Iron Ore Project Mining Lease Proposal. 💠 The Company has an ongoing cost management programme in place. 💠 Directors and Management subscribed $242,000 to the Previous Offer and will also be participating in this current offer. MGT Chair Jim McKerlie commented: “In July 2024, the Company achieved a major milestone by signing a Heads of Agreement with JFE Shoji to negotiate a binding transaction that will provide funding support for the completion of a Definitive Feasibility Study for the Razorback Iron Ore Project. JFE Shoji is part of the JFE Group, which also incorporates JFE Steel, Japan’s second largest steelmaker. “The Board believes that a stronger balance sheet will enable Magnetite Mines to continue to build on this progress, secure the strategic partnerships crucial for the development of Razorback, and to progress the essential regulatory approvals required to build the Project. “Magnetite Mines has made significant achievements over the past 12 months and we are committed to ensuring greater recognition of the long-term shareholder value this has created.” Full announcement: https://lnkd.in/gTw5se2b #MGT #MagnetiteMines #Magnetite #GreenIron #GreenSteel #SouthAustralia #ASXNews

Magnetite Mines is pleased to announce our membership to the Australia Japan Business Co-operation Committee (AJBCC), one of the longest established joint bilateral committees fostering stronger business ties between Australia and Japan. Established in 1962, this influential organisation has played a pivotal role in fostering collaboration and enhancing bilateral trade relations between the two nations. View announcement: https://lnkd.in/gQtQjwSD

The Australian reported today on the need to set green steel targets for the nation, including insight from Magnetite Mines CEO Tim Dobson. Via The Australian - Cameron England Magnetite Mines says Australia should set up a Green Iron Centre of Excellence and set a goal of producing at least 10 million tonnes of export-quality green iron by 2035. In the company’s submission to the Federal Government’s Green Metals Consultation Paper, it argues that the absence of domestic facilities to test and demonstrate the production of Australian green iron is a significant barrier to getting the industry going. Chief Executive Tim Dobson says the global industry has a “carbon problem’’ which the emerging Australian green iron sector can help address. "However, we are not the only nation eyeing this opportunity, and Australia must act now to seize the opportunity to produce green iron if it is to secure the massive economic, environmental and regional community benefits possible by being a first-mover in this industry," Mr Dobson said. Full Article: https://lnkd.in/e74-T9DG Federal Government Paper: https://lnkd.in/eyXeamMH #Miningnews #MGT #Magnetite #GreenIron #GreenSteel #SouthAustralia

This week, Magnetite Mines was in Port Augusta for the Tactic Conference and Trade Expo. It was a fantastic opportunity for us to engage with local providers on core services and supplies we will need for our multi-generational mining project. CEO Tim Dobson presented yesterday, highlighting the key advantages of our 4.5 Billion tonne Razorback Project and its critical role in enabling a Green Iron industry in South Australia. Tactic - Connecting Regional Industry #MGT #MagnetiteMines #Magnetite #Tactic #UpperSpencerGulf #GreenIron #SouthAustralia