Magnetic Resources (MAU) H2 2024 earnings summary

Executive summary

• Achieved a 57% increase in Lady Julie North 4 (LJN4) Mineral Resource to 1.49Moz within four months, driving a 40% rise in total project ounces to 1.87Moz at 0.5g/t cutoff year-over-year.

• LJN4 resource now stands at 23.2Mt @ 2.01g/t Au, with significant thick, high-grade intersections and mineralisation open at depth, supporting both open pit and underground mining potential.

• Prefeasibility Study (PFS) for Lady Julie Gold Project demonstrates high margins and low-cost profile, with feasibility and mining proposal work ongoing.

• Cash position improved to $9.2M as of 30 June 2024, up from $4.1M last year, supporting ongoing exploration and development.

Financial highlights

• Operating loss increased to $12.34M for FY2024 (FY2023: $7.14M), mainly due to higher exploration and share-based payment expenses.

• Basic loss per share was 5.29 cents (FY2023: 3.13 cents); diluted loss per share was 4.98 cents.

• Cash and cash equivalents at year-end were $9.22M, with net assets of $8.85M.

• Share-based payment expenses rose to $1.48M (FY2023: $0.75M).

Outlook and guidance

• Ongoing extension drilling at LJN4 expected to further increase resources, with deeper mineralisation open and feasibility studies advancing.

• Economic studies underway to incorporate recent resource upgrades and rising gold prices.

• Financing discussions active, with Argonaut PCF appointed as debt advisor and multiple parties conducting due diligence.