Overview of Magnum Mining & Exploration's Metallurgical Test Results

Magnum Mining & Exploration Limited (ASX: $MGU) has successfully concluded metallurgical test work on a bulk magnetite sample from its Buena Vista Iron Project. The results indicate the achievement of a 68.3% Fe grade magnetite concentrate with low silica and aluminium levels, meeting the DRI grade requirements. The company has also initiated flotation test work to pursue higher iron grades, and appointed Australian Laboratory Services (ALS) for the processing of the sample in Perth, Western Australia.

Executive Commentary on Metallurgical Test Results

This test work has proven that the Buena Vista magnetite orebody can deliver a premium magnetite concentrate from across the mineralisation style seen there. Significantly, deleterious elements, particularly alumina, silica, phosphorous and sulphur, are well below that needed to deliver a DRI product that is in increasing demand in the push to decarbonise the steel industry.

Summary of Metallurgical Test Results and Future Outlook

The completion of metallurgical test work by Magnum Mining & Exploration has demonstrated the potential to produce a premium magnetite concentrate from the Buena Vista Iron Project. The results indicate the feasibility of achieving a 68.3% Fe grade magnetite concentrate with low levels of silica and aluminium, meeting the DRI grade requirements. The company's pursuit of higher iron grades through flotation test work reflects its commitment to delivering high-quality products. The outlook for Magnum Mining & Exploration appears promising, with the potential to meet the increasing demand for DRI products in the steel industry's decarbonization efforts.