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Magnum Mining and Exploration Limited ( (AU:MGU) ) has provided an announcement.
Magnum Mining and Exploration has resumed drilling at its Palmares and Azimuth rare earth projects in Brazil following a planned shutdown, reporting that both programs remain under budget and are ramping up in early 2026. At the Feirinha prospect within Palmares, the company has completed 15 shallow reverse circulation holes (225 metres) as part of a 143-hole program aimed at defining near-surface REE mineralisation that could underpin a low-cost discovery, with 24-hour drilling by two crews expected to accelerate progress and initial assay results due by the end of January. Previous trench and rock sampling at Feirinha has indicated high-grade TREO values, including elevated terbium and dysprosium, reinforcing its strategic potential in a market where China dominates supply. At Azimuth’s Piracanjuba prospect, 13 auger holes totalling 155 metres have been drilled, with deeper holes targeting clay-rich horizons associated with REE mineralisation, assays now with the laboratory, and a second auger rig set to speed up the campaign under the guidance of Magnum’s in-country manager and major shareholder Antonio Vitor, potentially strengthening the company’s position in Brazil’s emerging rare earth sector.
The most recent analyst rating on (AU:MGU) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on Magnum Mining and Exploration Limited stock, see the AU:MGU Stock Forecast page.
More about Magnum Mining and Exploration Limited
Magnum Mining and Exploration Limited is an Australian-listed resources company focused on the exploration and development of rare earth element (REE) projects, with key assets at the Palmares and Azimuth projects in Brazil. Its activities target high-grade, near-surface REE mineralisation, including critical elements such as terbium and dysprosium that are essential for high-tech applications and subject to concentrated global supply, positioning the company within the strategic critical minerals and clean-energy supply chain space.
Average Trading Volume: 17,216,859
Technical Sentiment Signal: Sell
Current Market Cap: A$15.97M
For an in-depth examination of MGU stock, go to TipRanks’ Overview page.