Magnetic Resources (MAU) Q2 2026 TU earnings summary

Executive summary

• Aggressive deep drilling at Lady Julie Gold Project led to new thick gold intersections and resource expansion, with 9 holes for 4,339m completed in the December quarter.

• Combined resource for Lady Julie now stands at 39.1Mt at 1.78g/t for 2.24Moz, with over 80% in the Indicated category; LJN4 alone contains 34.61Mt at 1.83g/t for 2.03Moz.

• Feasibility Study completed and permitting process advancing, positioning the project as "shovel ready".

• Ongoing discussions with mining companies and financiers for potential development and funding.

Financial highlights

• Cash position at quarter end was $35.4m.

• $1.089m spent on exploration and evaluation activities during the quarter.

• No substantive costs incurred on mining and development activities during the quarter.

Outlook and guidance

• Further infill and extension drilling planned, including 14 holes for 7,050m to extend LJN4 resource.

• Underground mine design and development schedule being updated to include new high-grade cores, reduce pre-production capital, and improve ore recovery.

• Most assay results from current drilling expected next quarter.