# MGT: Equity Raising Investor Presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03144476 Publisher: asx Original announcement: 2026-09-27T22:44:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T18:56:04.668Z Atlas analysis updated: 2026-09-29T18:56:04.668Z - Company: Magnetite Mines Limited - Ticker: MGT - Exchange: ASX - Region: South Australia - Primary commodity: Iron ore - Secondary commodities: Gold, Copper, Silver, Rare earth elements - Document categories: Resource update, Capital raise - Extracted: 2026-09-29 18:56:05 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Magnetite Mines Limited \(MGT\) is conducting a capital raise of up to $1.5 million to advance its Razorback Iron Ore Project. The presentation highlights the project's massive scale, including 6.6 billion tonnes of resources and 2.0 billion tonnes of reserves, and a new development strategy focusing on saline water processing and higher-grade mining in early years. Reasoning: The document is an investor presentation for a capital raise, highlighting significant iron ore assets and a revised, more capital-efficient development pathway for the Razorback project. - Positive factor: Capital raise to advance Razorback project - Positive factor: Large scale iron ore resources and reserves - Positive factor: Major Project Status awarded - Positive factor: Strategic shift to saline water processing to reduce CAPEX - Negative factor: High capital requirements for project development - Negative factor: Reliance on strategic partners - Negative factor: Commodity price volatility Facts used in scoring: 10 ## Classification and evidence **Capital Raise** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The presentation is specifically for an equity raising of up to $1.5 million. Evidence · text > Equity raising presentation **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The presentation includes updated resource and reserve information for the Razorback project. Evidence · text > Razorback Project Mineral Resource Estimate and Ore Reserve is extracted from the Company’s ASX announcements ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Resource Estimates (9) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5#fact-resource-facts-1) Razorback Iron Ore Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Resource group id: resource:91b81f21951070e6739e #### Resource Data - Category: indicated - Tonnes: 1973000000 - Grade: 17.75 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Indicated resource grade for Razorback Iron Ore Project. - Positive factor: High grade Fe content Evidence · table > 17.75 Context: 1,973 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5#fact-resource-facts-2) Razorback Iron Ore Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Resource group id: resource:79e9ea404feb475e848f #### Resource Data - Category: inferred - Tonnes: 1864000000 - Grade: 17.02 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Inferred resource grade for Razorback Iron Ore Project. - Positive factor: Significant tonnage Evidence · table > 17.02 Context: 1,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5#fact-resource-facts-3) Razorback Iron Ore Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore Project - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: reserve - Resource group id: resource:37a449174c5b8201048a #### Resource Data - Category: probable - Tonnes: 1977000000 - Grade: 68.5 - Grade Unit: % Concentrate #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-06-09T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Probable ore reserve concentrate grade for Razorback. - Positive factor: High grade concentrate Evidence · table > 68.5 Context: 1,977 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.3 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5#fact-resource-facts-4) Ironback Hill · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Ironback Hill - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Resource group id: resource:9909f5cb2f7b1da409a5 #### Resource Data - Category: inferred - Tonnes: 1187000000 - Grade: 23.2 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-11-20T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Inferred resource grade for Ironback Hill. - Positive factor: Strong grade for Inferred resource Evidence · table > 23.2 Context: 1,187 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5#fact-resource-facts-5) Muster Dam Iron Ore Project · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Muster Dam Iron Ore Project - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Resource group id: resource:36f687116d88aaf4dc7d #### Resource Data - Category: inferred - Tonnes: 1550000000 - Grade: 18.7 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-03T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Inferred resource grade for Muster Dam. Evidence · table > 18.7 Context: 1,550 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.9 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5#fact-resource-facts-6) Razorback Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Resource group id: resource:992208267f17fa9a7ec5 #### Resource Data - Category: indicated - Tonnes: 1973000000 - Grade: 17.75 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Indicated resource grade for Razorback Iron Ore Project. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: High grade Fe content Evidence · table > 17.75 Context: 1,973 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5#fact-resource-facts-7) Razorback Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Razorback Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Resource group id: resource:c553ea607f7819ef4941 #### Resource Data - Category: inferred - Tonnes: 1864000000 - Grade: 17.02 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2025-06-30T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Inferred resource grade for Razorback Iron Ore Project. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant tonnage Evidence · table > 17.02 Context: 1,864 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5#fact-resource-facts-8) Ironback Hill · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Ironback Hill - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Resource group id: resource:9909f5cb2f7b1da409a5 #### Resource Data - Category: inferred - Tonnes: 1187000000 - Grade: 23.2 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2018-11-20T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Inferred resource grade for Ironback Hill. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Strong grade for Inferred resource Evidence · table > 23.2 Context: 1,187 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 7.9 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/mgt-equity-raising-investor-presentation--ad46009e-1508-49d7-99ce-fd4197708be5#fact-resource-facts-9) Muster Dam Iron Ore · iron\_ore Historical result Needs review: historical\_restatement #### Identity - Project: Muster Dam Iron Ore - Commodity: iron\_ore - Region: australia\_sa - Reported Region: South Australia - Ticker: MGT #### Resource scope - Estimate type: resource - Resource group id: resource:07a5668b4b8d732cdf6c #### Resource Data - Category: inferred - Tonnes: 1550000000 - Grade: 18.7 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2022-11-03T00:00:00.000Z #### Dates - Event date: 2026-09-27T00:00:00.000Z Reasoning: Inferred resource grade for Muster Dam. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 18.7 Context: 1,550 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.9 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.