Latest Iron Ore News

Fortescue shipped 46.8 million tonnes of iron ore in the September quarter, down 6% from a year earlier, while sales lagged production amid negotiations with China Mineral Resources Group. Net debt also rose to US$2.8 billion after the final dividend and quarterly capital spending, although FY27 guidance remains unchanged.

Corazon Mining has exercised its option to secure an 80% interest in the 154-square-kilometre Feather Cap Gold Project after drilling confirmed shallow, high-grade mineralisation at Wembley. The company now faces the more difficult task of proving scale, continuity and economic significance through follow-up drilling.

Burley Minerals has confirmed shallow Channel Iron Deposit mineralisation across the North and Step-Out Targets at its Cane Bore project, with assays averaging 50.6% Fe across reported intersections. The mineralisation remains open northeast and southwest, but further drilling, metallurgy and approvals are still required before any resource can be defined.

Magnetite Mines has opened a partially underwritten share purchase plan targeting approximately $1 million from eligible Australian and New Zealand shareholders. Investors who receive shares will also be entitled to one free listed option per share, subject to shareholder approval.

Peregrine Gold has secured $2.25 million through a discounted placement backed by major shareholder Mark Creasy, Lion Selection Group and company directors. The funding is earmarked for maiden drilling and broader gold and iron ore exploration in Western Australia, subject to heritage and Programme of Work approvals.

Macro Metals turned a largely exploratory business into a revenue-generating mining services operator in FY26, with statutory revenue rising to A$1.72 million and approximately A$21.13 million of work awarded. The progress came with a material warning: the auditor said additional funding remains necessary to support the company as it grows.

Magnetite Mines has warned that its existing cash is insufficient to fund planned activities for the next 12 months, while auditors highlighted a material uncertainty over the company’s ability to continue as a going concern. The ASX-listed miner is cutting costs and reshaping Razorback around a lower-capital development pathway.

Killi Resources has emerged from FY2026 with $14.68 million in cash and a far larger strategic ambition, centred on its proposed 80% acquisition of the Lodestone Iron Ore Project. The company remains loss-making and the transaction was still conditional at year-end, but a 20,000-metre drilling campaign is now targeting rapid resource growth.

Reedy Lagoon is relying on shareholder approval for a $1.8 million underwritten placement after ending the year with $44,416 in cash and a material uncertainty over its ability to continue as a going concern. The recapitalisation would fund exploration, but comes with substantial dilution and a staged repayment of related-party debt.

Hawthorn Resources reported a wider Australian-dollar loss for FY2026, with revenue falling sharply and cash declining by $1.53 million. The company is directing its remaining balance sheet toward exploration at the Trouser Legs gold joint venture and Mount Bevan’s other minerals project.

Independent LONGi testwork has produced 66.3% to 68.0% Fe magnetite concentrates from four Magnetite Range samples using a bench-scale dry flowsheet. The results strengthen the case for a water-efficient route in Accent Resources' pre-feasibility study, but remain preliminary and untested at pilot scale.

Athena Resources has expanded its Byro Magnetite Project resource to 76.3 million tonnes and begun drilling at Narryer, the prospect earmarked for potential early development. The progress came with a $1.11 million FY2026 loss, a non-binding joint venture and fresh funding still supporting an exploration-stage business.