Magnetite Mines Raises $1.15m in Rights Issue to Advance Razorback and Exploration

Magnetite Mines Limited ( (AU:MGT) ) has shared an update.

Magnetite Mines has completed a 1-for-2 renounceable rights issue, raising about $1.15 million before costs and issuing nearly 28.8 million new shares and the same number of options exercisable at $0.08 and expiring in October 2028. The offer, supported by shareholders, directors and management despite heightened global uncertainty, underpins the company’s commitment to developing its Razorback Project and advancing exploration across its critical minerals tenements.

Proceeds from the raising will fund working capital and key priorities, including exploration targeting rare earths, gold, silver, copper and other critical minerals, as well as progression of discussions with potential strategic partners following Razorback’s award of Major Project Status. Magnetite Mines will also use the funds to advance the Razorback Mining Lease Proposal and related infrastructure and stakeholder engagement, while options issued under the offer are expected to trade on ASX alongside additional options granted to the lead manager for its services.

The most recent analyst rating on (AU:MGT) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Magnetite Mines Limited stock, see the AU:MGT Stock Forecast page.

More about Magnetite Mines Limited

Magnetite Mines Limited is an ASX-listed iron ore company focused on developing magnetite resources in South Australia’s Braemar Iron Formation. The company controls a 100%-owned 6.6 billion tonne iron ore resource and is advancing the Razorback Iron Ore Project, one of the few undeveloped magnetite assets capable of producing premium direct-reduction grade concentrate for lower-emissions steelmaking. It also holds a broad South Australian tenement portfolio prospective for rare earths, copper, silver and gold, providing exposure to critical minerals demand driven by global electrification and decarbonisation trends.

Average Trading Volume: 650,296

Technical Sentiment Signal: Sell

Current Market Cap: A$11.17M

See more data about MGT stock on TipRanks’ Stock Analysis page.