Magnetite Mines Launches AU$2.65 million Rights Issue to Advance Razorback Project

Magnetite Mines Ltd (ASX: MGT) has announced a 1-for-3 renounceable rights issue to raise up to AU$2.65 million, partially underwritten to AU$0.5 million by Mahe Capital. Shares will be priced at AU$0.065—representing a 25% discount to the last close—with one free tradeable option (exercise price AU$0.12, 2.5-year term) attached per share. Proceeds will fund the Definitive Feasibility Study (DFS) for the Razorback Iron Ore Project, regulatory approvals, water supply studies, and exploration of South Australian tenements for gold and critical minerals.

Chair Paul White highlighted the strategic value of Razorback amid the steel industry’s shift to low-carbon production, driven by Electric Arc Furnaces requiring premium magnetite. Recent progress includes a mining lease proposal, a 20% resource increase to 6.6Bt, and a provisional patent for saline water ore processing. All directors will participate in the issue, offering shareholders an opportunity to invest at a significant discount

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