Lady Julie Gold Resource Surges 22% to 2.14Moz, Laverton Total Hits 2.32Moz

Resource Growth and Project Scale

Magnetic Resources NL has delivered a compelling update on its flagship Lady Julie Gold Project (LJGP), revealing a 22% increase in the resource estimate to 2.14 million ounces of gold. This uplift pushes the total mineral inventory for the broader Laverton region to 2.32 million ounces, underscoring the project's growing significance in Western Australia's gold landscape.

The bulk of this growth stems from the Lady Julie North 4 (LJN4) deposit, which now comprises 91% of the resource ounces within LJGP. Notably, contained gold at LJN4 has surged 25% since the January 2025 update, reaching 1.94 million ounces. This expansion is attributed to recent deeper infill drilling and a refined structural geological model that better captures mineralisation continuity.

Advancing Towards Production Readiness

The project is progressing through an advanced feasibility study stage, targeting completion within the current quarter. The development plan envisages a combination of three open pits alongside an underground mine, supported by a carbon-in-leach (CIL) processing plant and associated infrastructure. Recent metallurgical test work has identified opportunities to enhance gold recovery by incorporating flotation and fine grinding stages into the plant design, which, despite increasing capital and operating costs, are expected to be economically justified by improved recoveries.

Permitting is also advancing, buoyed by the recent signing of a Native Title Agreement, which is expected to accelerate approvals. The company is concurrently refining mining proposals, updating equipment costings, and designing underground stopes with geotechnical assessments to ensure safe and efficient extraction at depth.

Technical Confidence and Resource Classification

The resource estimate, prepared under the JORC 2012 Code and verified by competent persons, reflects increased confidence with 81% of LJN4's resource now classified as Indicated, up from 75%. The mineralisation remains open at depth, particularly within the central high-grade core zone 3, which continues to be tested by ongoing drilling. The geological modelling benefits from extensive drilling data, including over 2,400 reverse circulation holes and diamond drilling, ensuring robust spatial understanding of the deposit.

While the resource estimate excludes environmental factors and mining dilution, it assumes a gold price of A$3,600 per ounce and applies cut-off grades appropriate for both open pit and underground mining scenarios. The company acknowledges that further infill drilling and feasibility work will refine these parameters.

Outlook and Strategic Implications

Managing Director George Sakalidis highlighted the exceptional nature of LJN4, noting its growth from a modest 0.1 million ounces in 2022 to nearly 2 million ounces today. The scale and detail now available provide increased confidence in the project's viability and value potential. With the feasibility study nearing completion and permitting advancing, Magnetic Resources is positioning itself to become shovel-ready, a critical milestone for attracting investment and moving towards production.

Investors and stakeholders will be watching closely as the company finalises its feasibility outcomes, navigates regulatory approvals, and continues to explore resource extensions at depth. The integration of metallurgical improvements and infrastructure planning signals a maturing project with tangible pathways to commercialisation.