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The latest update is out from Magnetite Mines Limited ( (AU:MGT) ).
Magnetite Mines Limited has made significant progress in its Razorback Iron Ore Project, continuing negotiations to secure a second strategic partner for funding the Definitive Feasibility Study. The company has also advanced its Mining Lease Proposal, reaching in-principle terms on tenement overlap agreements, and is exploring infrastructure opportunities with government support. Additionally, Magnetite Mines is actively pursuing multi-commodity exploration, identifying rare earth elements at Ironback Hill and conducting a geological review for gold and copper. The company raised $3.86 million through a rights issue and completed a convertible loan note conversion, strengthening its financial position.
More about Magnetite Mines Limited
Magnetite Mines Limited is a company operating in the mining industry, focusing on the development of its Razorback Iron Ore Project. The company specializes in producing premium-grade magnetite concentrate and is engaged in multi-commodity exploration, including rare earth elements, gold, and copper.
Average Trading Volume: 802,297
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$10.98M
Find detailed analytics on MGT stock on TipRanks’ Stock Analysis page.