Magnum Accelerates Brazilian Rare Earth Exploration with New Managing Director

Leadership Change Signals Strategic Push at Azimuth REE Project

Magnum Mining and Exploration Limited (ASX:MGU) has appointed Antonio Vitor Junior as Managing Director, effective 1 April 2026, entrusting him with steering the company’s next growth phase amid a significant exploration drive in Brazil. This leadership change coincides with Magnum’s plans to escalate drilling activities at its Azimuth Rare Earth Element (REE) Project, particularly targeting the Piracanjuba prospect, where early results have already hinted at a potentially large-scale ionic adsorption clay deposit.

Chairman Michael Davy emphasised that Vitor Junior’s blend of in-country expertise and proven rare earth discovery credentials aligns closely with Magnum’s ambitions to evolve Azimuth into a world-class greenfield REE discovery. The board’s renewed focus on core assets is embodied in this appointment, which aims to accelerate exploration execution and shareholder value creation.

Drilling Campaigns to Define Resource and Validate Metallurgy

Magnum is gearing up for a substantial drilling program at Piracanjuba, following exceptional exploration and desorption test results released earlier this year. The campaign is designed to underpin an Exploration Target and ultimately deliver a maiden JORC Mineral Resource Estimate. The company’s recent 10,000m drilling program highlights the scale of this effort, with hundreds of holes planned to map mineralisation continuity and grade distribution.

Vitor Junior’s immediate mandate includes progressing metallurgical validation, where testwork has already demonstrated promising desorption rates, key to unlocking the economic potential of the ionic clay system. The performance rights package proposed for him is closely tied to achieving milestones such as JORC resource announcements, metallurgical benchmarks, and economic assessments, reflecting a results-driven leadership approach.

Executive with Deep Brazilian Rare Earth and Mining Networks

Antonio Vitor Junior brings a rare combination of technical expertise and operational leadership, having been instrumental in discoveries along the Azimuth 125° structural trend and managing Brazilian rare earth projects for companies like Appia Rare Earths and Ultra Rare Earth Inc. His portfolio extends beyond REEs into graphite and base metals, underscoring a broad mining sector experience.

His substantial existing shareholding and the incentive framework align his interests with those of shareholders, while his local knowledge and stakeholder engagement skills are expected to smooth exploration progress in Brazil’s complex regulatory and social environment.

Strategic Focus on Core Assets with Capital Discipline

Magnum is refining its portfolio to prioritise assets with the highest potential for exploration success, notably the Azimuth and Palmares REE projects. The company is also assessing opportunities to realise value from non-core holdings, balancing growth ambitions with disciplined capital allocation. The Managing Director’s remuneration is structured to increase following a capital raise exceeding AUD 10 million and a market capitalisation threshold, signalling a cautious but growth-oriented financial strategy.

While the company’s forward-looking statements carry the usual uncertainties inherent in mineral exploration, the combination of a seasoned leader, a rigorous incentive plan, and a clear exploration roadmap sets a defined path forward. The market will be watching how Magnum translates early promise into tangible resource milestones and economic validation.