Magnetic Resources (MAU) RIU Explorers Conference 2026 summary

Key transaction details

• Genesis Minerals announced a takeover at AUD 2 per share, valuing the company at AUD 639 million, with a 70% cash and 30% share split pegged to Genesis at AUD 6.70.

• The offer represents a 25% premium to the prior closing price and a 35% premium to the 30-day VWAP.

• Major shareholders representing 19.6% have agreed to support the deal, and the board unanimously recommends it.

• Shareholders can elect cash, scrip, or a mix, with a default of 70% cash and 30% Genesis shares.

• Completion is targeted for mid-June, with a shareholder meeting and court approval required.

Strategic rationale and asset overview

• The acquisition unlocks synergies by combining Lady Julie with Genesis’ nearby assets, enabling a larger open pit operation and cost savings.

• Genesis’s processing plant is located 20 km away, facilitating efficient ore transport.

• The transaction de-risks Lady Julie’s development by leveraging Genesis’ financial and technical resources.

• Corporate advisors include Jefferies, Canaccord, and Sternship.

• Magnetic’s tenements are in the Laverton gold belt, adjacent to major producers and infrastructure.

Lady Julie North 4 resource and growth

• Lady Julie North 4 resource has grown to 34.6Mt at 1.8g/t for 2.0Moz, with 82% Indicated and representing 91% of the total Lady Julie resource.

• The deposit is one of the largest and highest-grade undeveloped open pit gold resources in Western Australia.

• Drilling continues to expand the resource at depth, with new high-grade core zones identified.

• Since 2022, contained gold at Lady Julie North 4 has grown over 17-fold, with further increases expected.

• The deposit stands out for its grade, scale, and low AISC compared to peers.