# MGU: Updated Non-Deal Roadshow Presentation Sept 2026 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/mgu-updated-non-deal-roadshow-presentation-sept-2026--d3f9e261-d6e6-4bb5-a0b6-10e641110fea Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03141990 Publisher: asx Original announcement: 2026-09-21T22:43:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-21T23:04:17.294Z Atlas analysis updated: 2026-09-21T23:04:17.294Z - Company: Magnum Mining & Exploration - Ticker: MGU - Exchange: ASX - Region: Brazil - Primary commodity: Rare earths - Secondary commodities: Gold, Copper - Document categories: Drill results, Other - Extracted: 2026-09-21 23:04:17 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Magnum Mining & Exploration has completed its 10,000m auger drilling programme at the Piracanjuba North project in Brazil. The company is now shifting focus toward defining a maiden Mineral Resource Estimate, targeted for November 2026, following successful intersection of near-surface REE mineralisation in all 298 holes reported to date. Reasoning: The presentation summarizes the completion of a major drilling milestone and outlines the strategic path toward a maiden resource estimate for a large-scale IAC REE project. - Positive factor: Completion of 10,000m drilling programme - Positive factor: All 298 holes returned TREO mineralisation - Positive factor: Strong magnet REE component \(32.5% of desorbable TREO\) - Positive factor: Clear path to maiden MRE in November 2026 - Negative factor: Piracanjuba North is currently only an Exploration Target, not a Mineral Resource - Negative factor: Results are based on non-optimised laboratory screening Facts used in scoring: 5 ## Classification and evidence **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The presentation includes a Competent Person's Statement by Mr Leonardo Deringer Fraga, P.Geo. Evidence · text > COMPETENT PERSON'S STATEMENT **Infill Drilling** Polarity: neutral Story-specific tag Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: The company states the focus has shifted to Plateau resource definition with a planned 2,000m diamond drilling phase for infill. Evidence · text > now the priority for infill and resource definition, with a further 2,000m diamond drilling phase planned ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Drill Results (5) ### PIR-AH-0245 [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-updated-non-deal-roadshow-presentation-sept-2026--d3f9e261-d6e6-4bb5-a0b6-10e641110fea#fact-drill-facts-0) Piracanjuba North · rare\_earths #### Identity - Hole ID: PIR-AH-0245 - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: brazil - Ticker: MGU #### Geometry - Grade: 410 - Grade Unit: ppm D-TREO - Intercept: 7 m - From: 0 m - To: 7 m - Intercept Depth: 0 m #### Classification - Sample Type: drill - Group ID: PIR-AH-0245:0-7 #### Location - Location: surface - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QA/QC Methods: standards, blanks #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Best result reported in the recent 86-hole batch, showing high grade and significant desorption \(52%\). - Positive factor: High grade for desorbable TREO - Positive factor: Intercepts from surface Evidence · text > Best result PIR-AH-0245: 7m at 410ppm D-TREO from surface, 52% of contained rare earth released #### Tags used in scoring **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: qaqc\_disclosed is 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 **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Azimuth – Piracanjuba Flagship IAC REE Project ▪ 100% owned ▪ Maiden Exploration Target of 700–1,200 Mt at 500–650ppm TR" ### PIR-AH-0245 [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-updated-non-deal-roadshow-presentation-sept-2026--d3f9e261-d6e6-4bb5-a0b6-10e641110fea#fact-drill-facts-1) Piracanjuba North · rare\_earths #### Identity - Hole ID: PIR-AH-0245 - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: brazil - Ticker: MGU #### Geometry - Grade: 1072 - Grade Unit: ppm #### Classification - Sample Type: drill #### Location - Location: surface - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - QA/QC Methods: standards, blanks #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Richest interval within the best hole reported. - Positive factor: High grade sub-interval Evidence · text > richest interval, 1,072ppm at 59% #### Tags used in scoring **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: qaqc\_disclosed is 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 **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Azimuth – Piracanjuba Flagship IAC REE Project ▪ 100% owned ▪ Maiden Exploration Target of 700–1,200 Mt at 500–650ppm TR" ### PIR-AH-0306 [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-updated-non-deal-roadshow-presentation-sept-2026--d3f9e261-d6e6-4bb5-a0b6-10e641110fea#fact-drill-facts-2) Piracanjuba North · rare\_earths #### Identity - Hole ID: PIR-AH-0306 - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: brazil - Ticker: MGU #### Geometry - Grade: 295 - Grade Unit: ppm D-TREO - Intercept: 11 m #### Classification - Sample Type: drill #### QA/QC - QA/QC Disclosed: Yes - QA/QC Methods: standards, blanks #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Part of the recently reported 86-hole batch. - Positive factor: Consistent mineralisation Evidence · text > PIR-AH-0306: 11m at 295ppm D-TREO #### Tags used in scoring **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: qaqc\_disclosed is 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 **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Azimuth – Piracanjuba Flagship IAC REE Project ▪ 100% owned ▪ Maiden Exploration Target of 700–1,200 Mt at 500–650ppm TR" ### PIR-AH-0254 [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-updated-non-deal-roadshow-presentation-sept-2026--d3f9e261-d6e6-4bb5-a0b6-10e641110fea#fact-drill-facts-3) Piracanjuba North · rare\_earths #### Identity - Hole ID: PIR-AH-0254 - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: brazil - Ticker: MGU #### Geometry - Grade: 252 - Grade Unit: ppm D-TREO - Intercept: 14 m #### Classification - Sample Type: drill #### QA/QC - QA/QC Disclosed: Yes - QA/QC Methods: standards, blanks #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Part of the recently reported 86-hole batch. - Positive factor: Consistent mineralisation Evidence · text > PIR-AH-0254: 14m at 252ppm D-TREO #### Tags used in scoring **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: qaqc\_disclosed is 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 **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Azimuth – Piracanjuba Flagship IAC REE Project ▪ 100% owned ▪ Maiden Exploration Target of 700–1,200 Mt at 500–650ppm TR" ### PIR-AH-0288 [Link to this fact](https://atlas-staging.minestarters.com/news/mgu-updated-non-deal-roadshow-presentation-sept-2026--d3f9e261-d6e6-4bb5-a0b6-10e641110fea#fact-drill-facts-4) Piracanjuba North · rare\_earths #### Identity - Hole ID: PIR-AH-0288 - Project: Piracanjuba North - Commodity: rare\_earths - Region: brazil - Reported Region: brazil - Ticker: MGU #### Geometry - Grade: 227 - Grade Unit: ppm D-TREO - Intercept: 11 m #### Classification - Sample Type: drill #### QA/QC - QA/QC Disclosed: Yes - QA/QC Methods: standards, blanks #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-21T00:00:00.000Z Reasoning: Part of the recently reported 86-hole batch. - Positive factor: Consistent mineralisation Evidence · text > PIR-AH-0288: 11m at 227ppm D-TREO #### Tags used in scoring **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: qaqc\_disclosed is 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 **Nearology Play** Polarity: neutral Definition: Value premise rests on proximity to a known deposit rather than own results. Why it applies: proximity is offered as the value premise: "Azimuth – Piracanjuba Flagship IAC REE Project ▪ 100% owned ▪ Maiden Exploration Target of 700–1,200 Mt at 500–650ppm TR" ## 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.