Magnetic Resources (MAU) Q1 2026 TU earnings summary

Executive summary

• Feasibility Study confirms a robust, standalone 9-year gold project with low-cost production and high margins, targeting 1.02Moz total output and 140,000 oz/year at full production.

• Pre-tax NPV (8%) is A$970M and IRR is 45% at A$4,000/oz gold, rising to A$1,668M and 66% IRR at A$5,145/oz.

• Maiden Mining Reserve of 18.0Mt @ 1.72g/t for 997,300oz Au, with additional 287,000oz resource excluded from current study but available for future expansion.

• All mining leases and a Native Title Agreement are secured, enabling project advancement.

• A$35M capital raising completed to fund feasibility optimization, drilling, and early site works.

Financial highlights

• Outstanding EBITDA of A$2,230M over LOM at A$4,000/oz gold price.

• Average AISC of A$1,908/oz, including A$101M sustaining capital.

• Initial CAPEX of A$375M (A$15M contingency, A$47M working capital), with payback in ~30 months, reduced to 21 months at higher gold prices.

• Cash position at quarter end: A$37.8M.

Outlook and guidance

• Focus on advancing to construction readiness, with ongoing optimization to reduce capital expenditure and refine execution.

• Project is resilient to cost and gold price variations, with NPV most sensitive to gold price, process recovery, and grade.

• Ongoing recruitment for project development team and finalization of funding plan.