Inside Juno Minerals' (ASX:JNO) Plan to Test Shallow Hematite at Mount Ida

Aditi Sarkar

28 October 2026 04:10 PM AEDT

Inside Juno Minerals' (ASX:JNO) Plan to Test Shallow Hematite at Mount Ida

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Highlights

A field program planned for October 2026 will evaluate hematitic material southeast of the Mount Ida magnetite resource.
Juno calls Mount Ida the Yilgarn region's largest magnetite resource, at 1.85 billion tonnes and 29.48 per cent iron.
A third-party review identified possible products including direct shipping ore, partially beneficiated magnetite, an intermediate concentrate and a premium concentrate.
The company is seeking a substantial project-level partner to earn in and complete a feasibility study.

Juno describes Mount Ida as the largest magnetite resource in the Yilgarn region. In October, the company is looking at what sits on the other side of it. Juno Minerals Limited (ASX:JNO) said in its quarterly activities report for the period to 30 September 2026 that it reviewed the Western Australian project for potential iron ore products and planned a field program to evaluate previously identified hematitic material southeast of the magnetite resource. It also kept exploring new business development opportunities.

The Mount Ida resource

The resource stands at 1.85 billion tonnes at 29.48 per cent iron on a granted mining lease. Of that, 1,062 million tonnes are Indicated at 30.23 per cent iron and 784 million tonnes are Inferred at 28.47 per cent iron, using a 10 per cent magnetic iron block grade cut-off. The company reports a potential concentrate of 677 million tonnes at 66.74 per cent iron. The figures come from the company's 2021 prospectus, and Juno said the Competent Person's findings have not been materially modified.

Product options and a partner search

Juno is seeking a substantial partner to earn in at project level and complete a feasibility study. A review by Sedgeman Onyx of past metallurgical test work and the process flowsheet found that further work could be done but identified no significant step change that justifies spending now.

A separate third-party review pointed to a possible portfolio: shallow hematitic material shipped as direct shipping ore, partially beneficiated magnetite, an intermediate concentrate and a premium concentrate. None of these is yet proven. Ground investigation of direct shipping potential starts in October, with the work progressing over the following year.

Business development and other tenements

During the quarter, Juno carried out due diligence on two gold projects and one lithium project. Over the past 24 months, several projects were investigated but not pursued because they did not meet its investment criteria. No acquisition was announced.

At Mount Ida Lithium, soil sampling and shallow drilling confirmed a lithium-caesium-tantalum pegmatite system but returned no significant lithium intersections, and no further work is planned. At Mount Ida Gold, first-pass drilling has been reviewed and no further work is planned at this time.

The Mount Mason sale

The asset sale agreement for the Mount Mason direct shipping hematite project with Gold Valley Yilgarn Pty Ltd was executed in June 2025. The buyer has delayed construction of the 27 kilometre haul road and the start of mining to early or mid-2027, pending additional logistics. Juno said Mount Ida is not negatively affected by the sale.

Costs and cash

Opening cash was A$3.809 million. Net operating cash outflow was A$200,000, and investing outflow was A$584,000, including A$429,000 of exploration and evaluation and A$155,000 of property, plant and equipment. There was no financing cash flow. Juno estimated 4.8 quarters of funding.

Annual holding costs for Mount Ida, covering tenement rents and rates, are about A$1.1 million. Related-party payments of A$125,000 covered executive and non-executive director remuneration and superannuation.

What to watch

The confirmed near-term milestone is the October field program on the hematitic material. The partner search for Mount Ida and the timing of the Mount Mason haul road remain open items.

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