Why Juno Minerals (ASX:JNO) is planning a hematite field programme at its Mount Ida magnetite iron ore project

Sonal Goyal

28 October 2026 04:40 PM AEDT

Why Juno Minerals (ASX:JNO) is planning a hematite field programme at its Mount Ida magnetite iron ore project

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

The company planned an October 2026 field program to evaluate hematitic material southeast of the Mount Ida magnetite resource.
Mount Ida holds a mineral resource of 1.85 billion tonnes at 29.48 per cent iron, and Juno is seeking a project-level partner to complete a feasibility study.
Net operating cash outflow was A$200,000 and the cash flow table shows closing cash of A$3.025 million, with an estimated 4.8 quarters of funding.

Juno Minerals Limited (ASX:JNO) said in its quarterly activities report for the period to 30 September 2026 that it reviewed the Mount Ida Magnetite Project in Western Australia for potential iron ore products and planned a field programme in October 2026 to evaluate previously identified hematitic material southeast of the magnetite resource. The company also continued to explore new business development opportunities.

Mount Ida magnetite

Mount Ida holds a mineral resource of 1.85 billion tonnes at 29.48 per cent iron on a granted mining lease, which Juno describes as the largest magnetite resource in the Yilgarn region. Of that, 1,062 million tonnes are classed as indicated at 30.23 per cent iron and 784 million tonnes as 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 resource is drawn from the company's 2021 prospectus, and Juno said the Competent Person's findings have not been materially modified.

Juno said it 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 identified a possible portfolio of products: shallow hematitic material that could be shipped as direct shipping ore, partially beneficiated magnetite, an intermediate concentrate and a premium concentrate. The company stressed that none of these is yet proven. It plans to investigate direct shipping potential on the ground 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. It said that 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.

Mount Mason sale

Juno said the asset sale agreement for its Mount Mason direct shipping hematite project with Gold Valley Yilgarn Pty Ltd was executed in June 2025. According to the report, 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.

Cash and costs

The Appendix 5B showed net operating cash outflow of A$200,000 and investing outflow of 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. Opening cash was A$3.809 million and the cash flow table gives closing cash of A$3.025 million, with an estimated 4.8 quarters of funding. The narrative corporate section instead states cash and deposits of A$3.205 million, a A$180,000 difference the report does not explain. Annual holding costs for Mount Ida, covering tenement rents and rates, are about A$1.1 million. Related-party payments were A$125,000, covering executive and non-executive director remuneration and superannuation.

What to watch

The confirmed near-term milestone is the October field programme at the hematitic material. Beyond that, the company's search for a project-level partner for Mount Ida and the timing of the Mount Mason haul road remain open items.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.