Magnum Mining & Exploration (ASX: $MGU) secures US$210M capital raising for Saudi Green Pig Iron Project

Magnum Mining & Exploration Limited (ASX: $MGU) has entered into an agreement with V Capital Consulting Limited (VCCL) and 2x1. Digital Private Limited (2x1. Digital) to undertake a capital raising of no less than US$210M to advance its Green Pig Iron Project in Saudi Arabia. The capital raising will fund the building of a Hlsmelt plant in the Kingdom of Saudi Arabia that will see the planned production of Green High Purity Pig Iron by Midmetal.

Executive Commentary on Capital Raising and Project Funding Agreement

Magnum's CEO, Mr Neil Goodman, stated, 'Magnum has reached a major milestone in its pursuit of developing a commercial hot metal facility. The Hlsmelt based technology has the capability to deliver green pig iron now, without the long and expensive process being experienced by our peers in the development of the hydrogen iron reductant pathway. Magnum's strategic culturing of the opportunity provided by the Midmetal alliance in Saudi Arabia is now coming to fruition.'

Summary of Project Funding Agreement and Outlook

Magnum Mining & Exploration (ASX: $MGU) has secured a US$210M capital raising with VCCL and 2x1. Digital to advance its Green Pig Iron Project in Saudi Arabia. The funding will support the construction and operation of a Hlsmelt plant in the Kingdom of Saudi Arabia, aiming to produce Green High Purity Pig Iron by Midmetal. The company's strategic alliance in Saudi Arabia aligns with the 'Nusaned Initiative' and 'Saudi Vision 2030', emphasizing increased localisation of downstream industries and reduced carbon emissions. The Hlsmelt technology, utilizing renewable biomass as the iron reductant, is positioned to deliver high purity pig iron without the challenges of hydrogen reduction techniques. Magnum's pursuit of the Midmetal alliance marks a significant step towards achieving its commercial hot metal facility and contributing to sustainable industrial development.