Juno Minerals Reports A$6 Million Mount Mason Sale and Mount Ida Drilling Results

Mount Mason Sale Completes but Development Delayed

Juno Minerals (ASX:JNO) has completed the sale of its Mount Mason DSO Hematite Project to Gold Valley Yilgarn Pty Ltd for A$6 million cash plus a 2% FOB revenue royalty. The transaction closed in October 2025 with half the cash paid upfront and the balance on transfer completion. However, Gold Valley Yilgarn has since delayed the start of construction for the project's 27-kilometre haul road and mining operation until early to mid-2027, citing the need to secure additional logistics.

This delay pushes back the expected royalty income for Juno but places the project with an established producer, potentially improving its long-term viability compared to Juno developing the small standalone asset itself.

Mount Ida Gold Prospect Drilling Confirms Mineralisation but No Further Work Planned

During the quarter, Juno completed a 40-hole reverse circulation drilling program at the Mount Ida Gold Prospect, totaling 1,450 metres. The campaign targeted down-dip extensions of quartz vein lodes identified in late 2025 sampling, successfully intersecting mineralisation across most holes. Significant intercepts included 3 metres at 3.14 g/t gold from 30 metres, including a standout 1 metre at 7.94 g/t gold.

The mineralised quartz vein, dipping moderately east-northeast, showed erratic continuity with pinching and swelling along strike. The higher-grade intercepts were confined to about 150 metres of strike in the north-eastern part of the QV1 structure. Following a geological review, Juno decided not to pursue further infill drilling or exploration at Mount Ida Gold at this stage, having tested the best soil anomalies.

Mount Ida Magnetite Project Remains Strategic Focus with JV Partner Search

Juno's flagship Mount Ida Magnetite Project remains a major strategic asset, boasting a substantial resource of 1.85 billion tonnes at 29.48% iron on a granted mining lease. The project is the largest magnetite resource in the Yilgarn region and offers potential to become a long-life mine. Juno is actively seeking a substantial joint venture partner to fund and complete a feasibility study.

The recent sale of Mount Mason indirectly benefits Mount Ida, as Gold Valley Yilgarn’s planned haul road construction will improve access and reduce Juno’s future infrastructure requirements. A metallurgical review by Sedgeman Onyx found no immediate need for further test work, suggesting current processing approaches remain appropriate.

Mount Ida's proximity to Hancock Prospecting and Legacy Iron Ore’s Mt Bevan Magnetite Project JV, which is undergoing feasibility, adds regional validation. The project’s magnetite concentrate, prized for its high-grade and consistent quality, aligns well with green steel production trends, reinforcing its long-term value.

Lithium Prospect Evaluation Yields No Significant Results

Juno also assessed lithium prospects at Mount Ida through soil sampling and shallow drilling of northern and southern anomalies. While the presence of an LCT pegmatite system was confirmed, no significant lithium mineralisation was intersected. Consequently, the company does not plan further work on the lithium prospect this year.

Financial Position and Business Development Activities

Juno closed the quarter with A$3.8 million in cash and deposits, having spent A$130,000 on exploration and evaluation activities. Payments to related parties, including executive and non-executive director fees, totalled A$107,000. Operating cash outflows were modest, reflecting the company’s cautious expenditure posture.

With the capital-intensive nature of advancing Mount Ida Magnetite and the sale of Mount Mason behind it, Juno continues to pursue new business development opportunities. The company is currently conducting due diligence on two gold projects after previously evaluating four gold, one copper, and one copper-gold project over the past 18 months but finding none meeting its investment criteria.