Magnetite Mines (ASX: $MGT) breakthrough in 'green iron' production

Magnetite Mines Limited (ASX: $MGT) has announced a significant breakthrough in its Razorback Iron Ore Project. The company has successfully achieved pioneering laboratory test results demonstrating the potential to produce 'Green Iron' feed grade magnetite concentrates largely using saline water, particularly seawater, from a composite sample of Iron Peak deposit ore. This breakthrough has the potential to significantly improve the project's economics by reducing the need for fresh water and associated costs with a large desalination plant.

Executive Commentary on Breakthrough

The team at Magnetite Mines has made exciting progress in its metallurgical evaluation of saline water processing, consistently achieving DR-grade in our most recent testwork. This pioneering technical innovation creates optionality for MGT in providing the best water solution for the Razorback Project and is a powerful differentiator. With a technical solution now defined, we will move to evaluate other considerations for saline water processing including permitting and supply options.

Summary of Breakthrough and Outlook

Magnetite Mines has made a significant breakthrough in the production of 'Green Iron' feed grade magnetite concentrates using saline water, particularly seawater. This breakthrough has the potential to simplify the water supply for the Razorback Project, reducing the need for a large desalination plant and associated costs. The company is planning further metallurgical test programs to confirm the efficacy of saline water across the Razorback deposits. Additionally, the breakthrough has potential implications for other Braemar Iron Formation deposits, and the company is seeking legal advice to protect the intellectual property relating to this breakthrough processing technique via patent. The project's approvals scope and delivery program remain unchanged as a result of these preliminary outcomes.