Magnetic Resources raises A$10 million for Lady Julie gold project

Magnetic Resources NL (ASX:MAU) has successfully completed a A$10 million placement to advance the Lady Julie Gold Project (LJGP). The placement received firm commitments from several new and existing professional, sophisticated, and institutional investors, indicating strong support for the company's initiatives.

Executive Commentary on Lady Julie Gold Project

The Company continues to expand the gold resources at the South Laverton project, 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 expand the highly promising Lady Julie Gold Project. I'd also like to acknowledge the Lead Manager for building a strong book as part of this Offer. The Lady Julie Gold Project in Laverton continues to expand in size, and with an increasing gold price, the Company continues to be excited by the potential for a financially robust low-cost, high-margin gold production. Funds from this raising will allow the Company to continue to drill for deeper resource extensions at the same time as advancing feasibility work with the view to establishing a long mine life.

Summary of A$10m placement for Lady Julie gold project

Magnetic Resources NL (ASX:MAU) has successfully raised A$10 million through a placement, demonstrating strong support from both domestic and international investors. The funds will be utilized to advance the Lady Julie Gold Project, including resource definition drilling, deeper drilling for resource expansion, exploration drilling, ongoing feasibility work, and general working capital. The Company's Managing Director, George Sakalidis, expressed optimism about the potential for financially robust low-cost, high-margin gold production at the Lady Julie Gold Project. The successful completion of the placement reflects confidence in Magnetic Resources' initiatives and its commitment to advancing its projects.