Key Highlights

  • Scott Lowe became chief executive and managing director of Magnetite Mines on 26 May 2026 and Chair on 1 July 2026.
  • The company is assessing staged, lower-capital development Options for the Razorback iron ore project in South Australia.
  • Cash was A$2.01 million at 30 June 2026, which the company estimated as 2.13 quarters of funding.

Magnetite Mines Limited (ASX:MGT) is developing the Razorback iron ore project in South Australia and has changed its approach: a new chief executive, a reset of the development pathway and a funding position the company measured at just over two quarters. The details come from the company's June 2026 quarterly report, released on 30 July 2026, and its 1 July 2026 announcement of a new Chair.

The project and its stage

Razorback lies about 240 kilometres from Adelaide. The company reports a 100%-owned iron ore Mineral Resource of 6.6 billion tonnes and says the project could produce premium direct-reduction-grade magnetite concentrate. That is the company's description; the resource is not a reserve and the statement is not a production forecast. The project is at the approvals and development-planning stage and generates no revenue. The Quarterly Report said the Mining Lease Proposal lodged in March 2025 remained in state regulatory assessment, and that the project had been awarded Major Project Status earlier in 2026.

New leadership, revised strategy

Tim Dobson stepped down as managing director on 26 May 2026, and Scott Lowe became chief executive and managing director the same day. On 1 July 2026 Mr Lowe also became Chair, succeeding Paul White, who remains a non-executive director. Shareholders passed all resolutions at an extraordinary general meeting on 29 May 2026.

The company said its priorities are improving its funding position, progressing strategic partnerships and advancing a development pathway. According to the quarterly report, it is assessing staged, lower-capital development options and will update the market once a study update is complete.

Cash, notes and dilution

Cash closed the June quarter at A$2.01 million, compared with A$2.12 million at 31 March. Operating outflow was A$510,000 for the quarter and A$2.23 million for the year, including A$433,000 of exploration and evaluation spending in the quarter. The company raised A$968,000 of Equity before A$90,000 of costs. It reported 2.13 quarters of funding, just above the two-quarter level that triggers additional disclosure.

Convertible notes with a Face Value of A$2.71 million are on issue to C/M Capital and mature between January and June 2027. C/M may provide up to a further A$3.46 million, subject to mutual agreement and approvals. The company has engaged ProspEx Group to evaluate Royalty funding among other options, and the engagement of GC Partners Asia as corporate adviser has ended. Whether the notes are repaid or converted will affect the share count and balance sheet. Directors took part of their fees in shares during the quarter.

Exploration outside Razorback

At Ironback Hill, a 37-hole air-core program returned peak assays of 4,937 parts per million total rare earth oxides, announced on 22 June 2026. At Manna Hill, a desktop review identified historical gold targets, and 171 historical samples are being re-assayed. These are exploration results, not resources.

Key Insights

Iron ore is a cyclical commodity, and large magnetite projects generally require substantial infrastructure, offtake agreements and external finance before construction, which is why the Partnership discussions matter. Razorback has not yet been approved for mining, and iron ore prices, capital costs and partner interest all bear on the funding outlook. The convertible note maturities in the first half of 2027 fall close to the company's stated funding horizon.