Juno Minerals Limited (ASX:JNO) Reviews Mount Ida Iron Ore Options and Ends September Quarter With $3.2M Cash

Sonal Goyal

28 October 2026 01:09 PM AEDT

Juno Minerals Limited (ASX:JNO) Reviews Mount Ida Iron Ore Options and Ends September Quarter With $3.2M Cash

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Key Highlights

Juno ended the September 2026 quarter with $3,205k in cash and deposits, with annual holding costs at Mount Ida of approximately $1.1m.
The Mount Ida Magnetite Project carries a resource of 1.85B tonnes at 29.48% Fe on a granted mining lease.
Gold Valley Yilgarn has delayed construction of the 27km Mount Mason haul road to early or mid-2027.
Juno completed due diligence on two gold projects and one lithium project during the quarter, with none progressed.

Juno Minerals Limited (ASX:JNO) used the September 2026 quarter to review how its Mount Ida Magnetite Project in the Yilgarn region of Western Australia might be advanced, while its Mount Mason sale to Gold Valley Yilgarn Pty Ltd moved to a later construction date. The company finished the period with $3,205k in cash and deposits and reported that its lithium and gold prospects at Mount Ida would receive no further work.

Mount Ida Magnetite Project Under Review

Mount Ida holds a resource of 1.85B tonnes at 29.48% Fe on a granted mining lease, which Juno describes as the largest magnetite resource in the Yilgarn region. The Central Zone totals 1,231 million tonnes at 29.79% Fe, including 463 million tonnes of magnetic concentrate grading 66.65% Fe, while the North and South Zones total 615 million tonnes at 28.86% Fe, including 214 million tonnes of concentrate at 66.92% Fe. Juno continues to seek a partner to earn into the project and complete the Feasibility Study.

Sedgeman Onyx reviewed the earlier metallurgical test work and the proposed process flowsheet, with the aim of identifying gaps and assessing whether newer fine grinding technology could improve comminution. The review found additional work that could be done but concluded it would not produce a significant step change that justified further spending at present.

A separate third-party review considered Mount Ida as a source of several iron ore products, each with different processing needs, customers, capital intensity and timing. The range runs from shallow hematitic material requiring selective mining, crushing and screening, through partially beneficiated magnetite for customers with their own upgrading capacity, to an intermediate concentrate and the premium concentrate contemplated in earlier studies. Juno noted that none of these products has been proven. A field program of mapping and sampling was due to begin in October on potential direct shipping ore to the south-east of the magnetite deposit, identified from 2012 mapping. Juno also noted that the neighbouring Mt Bevan Magnetite Project joint venture between Hancock Prospecting and Legacy Iron Ore is undergoing feasibility work.

Mount Mason Sale and Business Development

Juno signed an Asset Sale Agreement in June 2025 covering the tenements of the Mount Mason DSO Hematite Project to Gold Valley Yilgarn. The buyer has informed Juno that it has pushed back construction of the 27km haul road, and the start of a DSO mining operation, to early or mid-2027 because additional logistics must be secured. Juno stated that the sale does not negatively affect Mount Ida.

On new projects, Juno carried out due diligence on two gold projects and one lithium project in the quarter. Over the past 24 months it has examined several opportunities, none of which advanced because they did not meet its criteria.

Lithium and Gold Prospects at Mount Ida

Soil sampling and shallow drilling at the Northern and Southern soil anomalies of the Mount Ida Lithium Prospect confirmed an LCT pegmatite system, but no significant lithium intersections were returned, and no further work is planned. At the Mount Ida Gold Prospect, a first-pass drill program was reviewed, including infill options in the north-eastern part of QV1 where high-grade intercepts had down-dip mineralisation confined to about 150 metres of strike. With the best soil anomalies already tested, no further work is planned at present.

Financial Position at Quarter End

Cash and deposits were $3,205k at 30 September 2026. The board is focused on cash conservation, and tenement rents and rates at Mount Ida cost approximately $1.1m a year. Exploration, evaluation and mine development spending for the quarter was $429k, and payments to related parties totalled $125k, covering the executive director's salary, non-executive director fees and superannuation.

FAQs

Q: How much cash did Juno Minerals hold at the end of September 2026?

A: Juno held $3,205k in cash and deposits. Annual holding costs for Mount Ida, mainly tenement rents and rates, are approximately $1.1m.

Q: What is the size of the Mount Ida Magnetite Project resource?

A: The resource is 1.85B tonnes at 29.48% Fe on a granted mining lease. The Central Zone totals 1,231 million tonnes at 29.79% Fe and the North and South Zones total 615 million tonnes at 28.86% Fe.

Q: When will Mount Mason construction begin?

A: Gold Valley Yilgarn has delayed construction of the 27km haul road and the DSO mining operation to early or mid-2027 while it secures additional logistics.

Q: What happened with the Mount Ida lithium and gold prospects?

A: Drilling at the lithium prospect confirmed an LCT pegmatite system but returned no significant lithium intersections. After reviewing the gold prospect, Juno planned no further work at either prospect.

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