# MGU: Non-Deal Roadshow Presentation October 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mgu-non-deal-roadshow-presentation-october-2026--4b36c68e-99d2-4431-8007-1327d2901afd Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03148209 Publisher: asx Original announcement: 2026-10-04T21:21:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-04T22:16:39.412Z Atlas analysis updated: 2026-10-04T22:16:39.412Z - Company: Magnum Mining & Exploration - Ticker: MGU - Exchange: ASX - Region: Goiás, Brazil - Primary commodity: Rare earths - Secondary commodities: Praseodymium, Neodymium, Terbium, Dysprosium, Copper, Gold - Document categories: Drill results, Resource update, Metallurgy - Extracted: 2026-10-04 22:16:40 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Magnum Mining & Exploration has confirmed an Ionic Adsorption Clay \(IAC\) Rare Earth Element \(REE\) discovery at its Piracanjuba North project in Brazil, following the completion of a 10,000-meter auger drilling program. The company highlights high desorption rates and a strong proportion of magnet REEs in the desorbable fraction, with a maiden JORC-compliant Mineral Resource Estimate targeted for November 2026. While the exploration target is conceptual and results are previously released, the company is advancing the project in an established mining jurisdiction with supportive infrastructure. Reasoning: Magnum Mining & Exploration has confirmed an Ionic Adsorption Clay \(IAC\) Rare Earth Element \(REE\) discovery at its Piracanjuba North project in Brazil, following the completion of a 10,000-meter auger drilling program. The company highlights high desorption rates and a strong proportion of magnet REEs in the desorbable fraction, with a maiden JORC-compliant Mineral Resource Estimate targeted for November 2026. While the exploration target is conceptual and results are previously released, the company is advancing the project in an established mining jurisdiction with supportive infrastructure. - Positive factor: Confirmed IAC REE discovery - Positive factor: Completion of significant drilling program - Positive factor: High desorption rates for MREO - Positive factor: Strong proportion of magnet REEs in desorbable fraction - Positive factor: Targeting maiden JORC-compliant Mineral Resource Estimate - Positive factor: Established mining jurisdiction with supportive infrastructure - Negative factor: Exploration Target is conceptual in nature - Negative factor: Drill results are previously released, limiting novelty - Negative factor: Metallurgical testwork is preliminary laboratory screening, not optimized process recovery - Negative factor: No current Mineral Resource Estimate or Ore Reserve - Negative factor: Naturally Occurring Radioactive Material \(NORM\) assessment underway, indicating potential for deleterious elements Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 6 ## Classification and evidence **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document states that the information is based on and fairly represents documentation prepared and compiled by Mr Leonardo Deringer Fraga, P.Geo., a registered Professional Geoscientist with Engineers and Geoscientists British Columbia \(EGBC \#61611\), a Recognised Professional Organisation under the JORC Code \(2012\). Evidence · text > The information in this presentation that relates to Exploration Results and the Piracanjuba North Exploration Target is based on, and fairly represents, information and supporting documentation prepared and compiled by Mr Leonardo Deringer Fraga, P.Geo., a registered Professional Geoscientist with Engineers and Geoscientists British Columbia \(EGBC \#61611\), a Recognised Professional Organisation under the JORC Code \(2012\). **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The reported drill intercepts are given as '4 m composite' or '4 m composites' without any mention of true width or drill orientation. Evidence · text > Highest 4 m composite: PIR-AH-0010 — 620 ppm D-TREO from 8–12 m **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The document explicitly states that the exploration results presented were previously released on the ASX. Evidence · text > The information in this presentation relates to exploration results previously released on the ASX **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: The company is undertaking NORM \(Naturally Occurring Radioactive Material\) assessment, indicating potential for penalty elements. Evidence · text > Radiation Characterisation Target Oct 2026 ... NORM assessment \(GLP\) **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: The 68% TREO recovery is below the moderate threshold \(70%\) for rare earths. Evidence · text > Mild leaching & high desorption — 68% TREO **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: The metallurgical testwork is described as 'Laboratory screening only, not optimised' and 'screening results, not process recovery'. Evidence · text > Laboratory screening only, not optimised Mineralogy and metallurgical testwork \(CETEM\) **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The 83% MREO recovery is above the exceptional threshold \(80%\) for rare earths. Evidence · text > Mild leaching & high desorption — ... 83% MREO **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Drill Results (4) ### PIR-AH-0010 [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-non-deal-roadshow-presentation-october-2026--4b36c68e-99d2-4431-8007-1327d2901afd#fact-drill-facts-0) Piracanjuba North · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Hole ID: PIR-AH-0010 - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: brazil - Ticker: MGU #### Geometry - Grade: 620 - Grade Unit: ppm - Intercept: 4 m - From: 8 m - To: 12 m - Hole Depth: 2272 m - Intercept Depth: 8 m #### Classification - Program: exploration - Sample Type: drill - Group ID: PIR-AH-0010:8-12 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: naturally occurring radioactive material #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-28T00:00:00.000Z #### Dates - Event date: 2026-10-04T00:00:00.000Z Reasoning: The D-TREO grade of 620 ppm over 4 meters is significantly above the project's average grade for rare earths, confirming high-grade desorbable rare earth mineralization, although it is a previously released result and not the highest grade for the project. - Positive factor: High D-TREO grade \(620 ppm\) significantly above project average \(451.2 ppm\) - Positive factor: Confirms high-grade desorbable rare earth mineralization - Negative factor: Result is historical, not new information - Negative factor: Not the highest grade for the project \(best grade 1072 ppm in RAG\) - Negative factor: Apparent width only, true width not stated Evidence · text > Highest 4 m composite: PIR-AH-0010 — 620 ppm D-TREO from 8–12 m #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### PIR-AH-0306 [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-non-deal-roadshow-presentation-october-2026--4b36c68e-99d2-4431-8007-1327d2901afd#fact-drill-facts-1) Piracanjuba North · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Hole ID: PIR-AH-0306 - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: brazil - Ticker: MGU #### Geometry - Grade: 567 - Grade Unit: ppm - Intercept: 4 m - From: 6 m - To: 10 m - Hole Depth: 2272 m - Intercept Depth: 6 m #### Classification - Program: exploration - Sample Type: drill - Group ID: PIR-AH-0306:6-10 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: naturally occurring radioactive material #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-28T00:00:00.000Z #### Dates - Event date: 2026-10-04T00:00:00.000Z Reasoning: The D-TREO grade of 567 ppm over 4 meters is above the project's average grade for rare earths, confirming high-grade desorbable rare earth mineralization, although it is a previously released result and not the highest grade for the project. - Positive factor: High D-TREO grade \(567 ppm\) above project average \(451.2 ppm\) - Positive factor: Confirms high-grade desorbable rare earth mineralization - Negative factor: Result is historical, not new information - Negative factor: Not the highest grade for the project \(best grade 1072 ppm in RAG\) - Negative factor: Apparent width only, true width not stated Evidence · text > Next highest 4 m composites: 567 ppm D-TREO \(0306, 6–10 m\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### PIR-AH-0254 [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-non-deal-roadshow-presentation-october-2026--4b36c68e-99d2-4431-8007-1327d2901afd#fact-drill-facts-2) Piracanjuba North · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Hole ID: PIR-AH-0254 - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: brazil - Ticker: MGU #### Geometry - Grade: 562 - Grade Unit: ppm - Intercept: 4 m - From: 6 m - To: 10 m - Hole Depth: 2272 m - Intercept Depth: 6 m #### Classification - Program: exploration - Sample Type: drill - Group ID: PIR-AH-0254:6-10 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: naturally occurring radioactive material #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-28T00:00:00.000Z #### Dates - Event date: 2026-10-04T00:00:00.000Z Reasoning: The D-TREO grade of 562 ppm over 4 meters is above the project's average grade for rare earths, confirming high-grade desorbable rare earth mineralization, although it is a previously released result and not the highest grade for the project. - Positive factor: High D-TREO grade \(562 ppm\) above project average \(451.2 ppm\) - Positive factor: Confirms high-grade desorbable rare earth mineralization - Negative factor: Result is historical, not new information - Negative factor: Not the highest grade for the project \(best grade 1072 ppm in RAG\) - Negative factor: Apparent width only, true width not stated Evidence · text > Next highest 4 m composites: ... 562 ppm D-TREO \(0254, 6–10 m\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### PIR-AH-0222 [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-non-deal-roadshow-presentation-october-2026--4b36c68e-99d2-4431-8007-1327d2901afd#fact-drill-facts-3) Piracanjuba North · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Hole ID: PIR-AH-0222 - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: brazil - Ticker: MGU #### Geometry - Grade: 526 - Grade Unit: ppm - Intercept: 4 m - From: 8 m - To: 12 m - Hole Depth: 2272 m - Intercept Depth: 8 m #### Classification - Program: exploration - Sample Type: drill - Group ID: PIR-AH-0222:8-12 - Mining Method: open\_pit #### QA/QC - QP Signed: Yes #### Deleterious - Deleterious Flag: Yes - Deleterious Elements: naturally occurring radioactive material #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes - Historical Source Date: 2026-09-28T00:00:00.000Z #### Dates - Event date: 2026-10-04T00:00:00.000Z Reasoning: The D-TREO grade of 526 ppm over 4 meters is above the project's average grade for rare earths, confirming high-grade desorbable rare earth mineralization, although it is a previously released result and not the highest grade for the project. - Positive factor: High D-TREO grade \(526 ppm\) above project average \(451.2 ppm\) - Positive factor: Confirms high-grade desorbable rare earth mineralization - Negative factor: Result is historical, not new information - Negative factor: Not the highest grade for the project \(best grade 1072 ppm in RAG\) - Negative factor: Apparent width only, true width not stated Evidence · text > Next highest 4 m composites: ... 526 ppm D-TREO \(0222, 8–12 m\) #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **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 **Deleterious Elements Present** Polarity: negative Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: deleterious\_flag is true **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Metallurgical Results (2) ### screening test [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-non-deal-roadshow-presentation-october-2026--4b36c68e-99d2-4431-8007-1327d2901afd#fact-metallurgical-facts-4) Piracanjuba North · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: Goiás, Brazil - Ticker: MGU #### Test Work - Program Status: preliminary - Test Type: screening test - Processing Route: mild leaching - Sample: hole PIR-AH-0157 #### Recovery - Recovery: 68 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-05T00:00:00.000Z #### Dates - Event date: 2026-10-04T00:00:00.000Z Reasoning: The 68% TREO recovery from mild leaching is at the lower end of expectations for rare earths, and the testwork is preliminary screening, indicating further optimization is required. This is a historical result. - Positive factor: Demonstrates desorbable TREO from mild leaching - Negative factor: Recovery is at the weak end of the range for rare earths \(68%\) - Negative factor: Testwork is preliminary laboratory screening, not optimized process recovery - Negative factor: Result is historical, not new information Evidence · text > Mild leaching & high desorption — 68% TREO and 83% MREO \[2\], hole PIR-AH-0157 ### screening test [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-non-deal-roadshow-presentation-october-2026--4b36c68e-99d2-4431-8007-1327d2901afd#fact-metallurgical-facts-5) Piracanjuba North · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: Goiás, Brazil - Ticker: MGU #### Test Work - Program Status: preliminary - Test Type: screening test - Processing Route: mild leaching - Sample: hole PIR-AH-0157 #### Recovery - Recovery: 83 % - Recovery Basis: actual\_test #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-05T00:00:00.000Z #### Dates - Event date: 2026-10-04T00:00:00.000Z Reasoning: The 83% MREO recovery from mild leaching is an exceptional result, indicating strong potential for high-value magnet rare earth recovery, although the testwork is preliminary screening and the result is historical. - Positive factor: High MREO recovery \(83%\) from mild leaching, exceeding exceptional threshold - Positive factor: Indicates strong potential for high-value magnet rare earth recovery - Negative factor: Testwork is preliminary laboratory screening, not optimized process recovery - Negative factor: Result is historical, not new information Evidence · text > Mild leaching & high desorption — 68% TREO and 83% MREO \[2\], hole PIR-AH-0157 ## 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.