Magnetic Resources (MAU) Diggers & Dealers Mining Forum 2025 summary

Project milestones and resource updates

• Completed definitive feasibility study (DFS) for Lady Julie Gold Project, showing significant resource growth to 35.7 Mt at 1.9 g/t for 2.1 Moz, with Lady Julie North 4 deposit now at 1.94 Moz, up 400,000 oz in six months.

• Mining lease granted recently, with two more expected soon, paving the way for production.

• Timeline targets production start by mid-2027, with all key agreements and approvals progressing.

Economic and operational highlights

• Pretax NPV of $970 million and IRR of 45% at $4,000/oz gold price; EBITDA of $2.2 billion over nine years.

• Full production planned at 140,000 oz/year, with potential mine life extension to 11 years based on ongoing drilling.

• CapEx estimated at $375 million, with owner-operated model and flexibility to shift some CapEx to OpEx.

• Low AIS cost of $1,900/oz, with strong cash flow sensitivity to gold price and grade.

Technical and infrastructure developments

• Processing plant capacity set at 2.75 Mtpa, including new flotation and fine grind circuit, boosting recovery to 92%.

• Power supplied by combined gas and solar (20–22 MW); water supply confirmed with strong flows.

• Workforce of 300, FIFO based in Laverton, with strong local engagement.