Magnetic Resources boosts Lady Julie underground target and extends mine life

The latest update is out from Magnetic Resources NL ( (AU:MAU) ).

Magnetic Resources has updated the underground scoping study for its Lady Julie Gold Project, defining a larger conceptual underground production target of about 13Mt at 2g/t gold, underpinned by additional high-grade resources in key ore zones. The revised plan envisages an indicative mine life of 14 to 19 years, higher average and peak production rates, and total underground mining costs of about $116 to $122 per tonne, with start-up focused on open-pit mining to defer underground capital expenditure.

The optimisation, completed by Mining Plus, points to a significantly larger and longer-life underground operation than outlined in the 2025 feasibility work, albeit still at scoping level and reliant partly on inferred resources that require further drilling and geotechnical studies. Magnetic’s board also reiterated its unanimous support for the proposed Genesis Scheme, signalling that the enlarged underground potential could enhance the strategic value of Lady Julie under new ownership and influence shareholder considerations around the transaction.

The most recent analyst rating on (AU:MAU) stock is a Sell with a A$2.00 price target. To see the full list of analyst forecasts on Magnetic Resources NL stock, see the AU:MAU Stock Forecast page.

More about Magnetic Resources NL

Magnetic Resources NL is an Australian gold exploration and development company focused on its 100%-owned Lady Julie Gold Project in the Eastern Goldfields of Western Australia. The company is advancing both open-pit and potential underground operations, targeting high-margin gold production in a well-established mining region.

Average Trading Volume: 817,075

Technical Sentiment Signal: Buy

Current Market Cap: A$583.5M

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