Resource Upgrade Boosts Lady Julie’s Development Prospects Amid Permitting Advances

Resource Upgrade Highlights

Magnetic Resources NL has announced a significant update to the Mineral Resource Estimate for its Lady Julie Gold Project in Western Australia. Following a series of deep diamond drill holes targeting the northern and deeper portions of the LJN4 deposit, the combined resource now exceeds 39.1 million tonnes containing 2.24 million ounces of gold. Notably, over 80% of this resource is classified as Indicated, reflecting a higher confidence level in the estimate.

The LJN4 deposit, the largest within the project, alone contains more than 2 million ounces of gold, making it one of the largest and highest-grade undeveloped open pit gold deposits in Western Australia. This upgrade represents an 8% increase in Indicated resources at LJN4, underscoring the continuity and robustness of the orebody.

Advancing Toward Development

Managing Director George Sakalidis emphasised the exceptional nature of LJN4, highlighting that the resource upgrade confirms previous geological interpretations and enhances confidence in the project's economic viability. With the Feasibility Study completed in July 2025 and mining lease approvals secured, Magnetic Resources is progressing rapidly through permitting and pre-production phases. The company is positioning itself to be shovel-ready, signalling a potential transition from exploration to development in the near term.

Ongoing drilling programs continue to focus on both infill and extension targets, with planned holes aiming to test near-surface and deeper zones, including a possible fifth high-grade core zone. This aggressive drilling strategy reflects Magnetic’s commitment to expanding the resource base and improving the project's value proposition.

Technical and Geological Context

The resource estimate adheres to the 2012 JORC Code and incorporates detailed geological modelling, including four defined high-grade core zones within LJN4. The mineralisation extends to depths of up to 600 metres below surface, with open pit resources defined to 450 metres and underground potential below that depth. The cutoff grades applied reflect economic considerations based on a gold price of A$4,500 per ounce and mining method assumptions.

Metallurgical testwork indicates strong gold recoveries, and bulk density measurements have been carefully assigned according to oxidation states. The resource estimate excludes environmental factors and mining recovery assumptions at this stage but provides a solid foundation for ongoing feasibility and mine planning work.

Strategic Implications

This resource upgrade not only increases the scale of the Lady Julie Gold Project but also enhances its attractiveness as a development opportunity. The combination of a large, high-grade resource with advancing approvals and a completed Feasibility Study positions Magnetic Resources well within the competitive Western Australian gold sector. Investors and stakeholders will be watching closely as the company moves toward production readiness and further resource expansion.