Magnetite Mines (ASX: $MGT) Entitlement Offer Notification

Magnetite Mines Limited (ASX: $MGT) is conducting a pro rata non-renounceable Entitlement Offer to raise up to approximately $5 million for the development of its 100% owned Razorback Iron Ore Project in South Australia's Braemar Iron Formation. The Entitlement Offer opened on 28 June 2024 and is scheduled to close on 12 July 2024.

Executive Commentary on Entitlement Offer and Project Development

The Company is focused on capitalizing on the forecast increase in demand for premium-quality iron ore products required to produce green iron and green steel. The development of the Razorback Iron Ore Project aligns with the global steel industry's commitment to decarbonize steelmaking. The Company is actively engaging with state and federal governments, forming strategic alliances, and progressing regulatory approval processes to realize the potential of becoming a major iron ore player and key enabler of Australia's green iron industry.

Summary of Entitlement Offer and Project Outlook

Magnetite Mines' Entitlement Offer aims to raise funds for the Razorback Iron Ore Project, which is strategically positioned to meet the forecast increase in demand for premium-quality iron ore products required for green iron and steel production. The Company's focus on forming strategic partnerships, progressing regulatory approvals, and engaging with government initiatives demonstrates its commitment to becoming a significant player in Australia's green iron industry. The successful development of the Razorback Project could position Magnetite Mines as a key contributor to Australia's green steel production and export industry.