Magnetic Resource Advances Permitting with Updated Lady Julie Mining Proposal

Updated Mining Proposal Targets Streamlined Permitting

Magnetic Resource NL (ASX:MAU) has taken a significant step forward in advancing its Lady Julie Gold Project in Western Australia by submitting an updated Mining Proposal and Mine Closure Plan to the Department of Mine, Petroleum and Exploration (DMPE). This update addresses various requests for information and reflects recent project optimisations, including a reconfigured tailings storage approach and enhanced technical assessments.

Tailings Strategy and Technical Enhancements

The revised plan consolidates all tailings storage within a single Tailings Storage Facility (TSF) located at Lady Julie North 4, integrated within the waste rock dump. This approach aims to improve operational efficiency and environmental management. Complementing this, Magnetic has undertaken additional geotechnical analysis to ensure slope stability of open pits and waste rock dumps, incorporating conservative safety factors that consider impacts on adjacent tenements.

Further hydrogeological fieldwork has refined understanding of water availability for construction, pit dewatering, and processing requirements. Detailed studies on flood mitigation, waste rock classification, and flora and fauna assessments have also been incorporated, underscoring the company’s commitment to meeting regulatory and environmental standards.

Regulatory Engagement and Lease Status

Since securing mining leases in July and September 2025, Magnetic has been actively responding to DMPE’s requests for information to progress permitting. The company emphasises its priority to align development with legislative requirements and industry best practices, aiming to secure approvals that will enable timely project commencement.

This permitting progress comes amid ongoing corporate developments, with Magnetic’s board unanimously backing the Genesis Scheme; a proposed acquisition by Genesis Minerals. The board recommends shareholders vote in favour of the Scheme, contingent on an independent expert continuing to endorse it as being in shareholders’ best interests. This follows recent updates where the acquisition is valued at approximately A$639 million, reflecting a 25-35% premium and promising to unlock synergies at Lady Julie, including an expanded underground production target and extended mine life. The Scheme is on track for completion by mid-2026, with key documentation already lodged with regulators.

Project Economics and Outlook

Magnetic’s Managing Director George Sakalidis highlighted that the Lady Julie Gold Project remains one of Australia’s highest margin undeveloped gold assets, supported by a robust feasibility study. The ongoing optimisation and regulatory engagement are positioned to ensure the project advances efficiently and responsibly.

With the permitting process still active and technical refinements underway, the company’s next milestones will likely hinge on regulatory feedback and shareholder decisions regarding the Genesis Scheme, which collectively will shape the project’s development trajectory.