Magnetic Resources' A$12m placement announcement

Magnetic Resources NL (ASX: $MAU) has successfully completed a A$12 million placement to advance the Lady Julie Gold Project (LGG). The placement, heavily oversubscribed, received firm commitments from several new and existing professional, sophisticated, and institutional investors. The funding will enable Magnetic to progress the rapid expansion of the Lady Julie Gold Project and advance commercialization works.

Executive commentary on the successful placement

It is an exciting time in the journey of the Company, and on behalf of the Magnetic Board, I would like to thank our existing shareholders for their ongoing support and welcome new shareholders as we continue to develop the highly promising Lady Julie Gold Project. I'd also like to acknowledge the Lead Managers for ensuring a successful outcome to this Offer. The Lady Julie Gold Project in Laverton is rapidly shaping up as a financially robust low-cost, high margin gold production with potential to further expand the current known resources. Our recently released prefeasibility study shows the ability to generate gold over a 9-year mine life, and the funds from this raising will allow the Company to continue work towards production and further resource expansion work with the aim for a longer mine life.

Summary of Magnetic Resources' A$12m placement

Magnetic Resources NL (ASX: $MAU) has received firm commitments to raise A$12 million from several new and existing professional, sophisticated, and institutional investors. The heavily oversubscribed placement will enable the company to advance the rapid expansion of the Lady Julie Gold Project (LGG) and progress commercialization works. The funding will be used for deeper drilling for resource expansion at LJGP, exploration drilling along the Chatterbox Shear, ongoing feasibility work, and general working capital. The successful completion of the placement reflects strong support from high-quality new and existing investors, including multiple specialist resources funds. The proposed timetable for the placement is indicative and subject to variation. Magnetic Resources continues to work towards production and further resource expansion with the aim for a longer mine life.