Magnetite Mines Ltd. · ASX:MGT
Magnetite Mines — Investor Presentation (September 2026)
41 slides from Magnetite Mines's investor presentation, September 2026
Slide 1: Equity raising presentation
Equity raising presentation Premium Iron Ore ... for green iron and steelmaking September 2026
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer IMPORTANT NOTICE ADDITIONAL INFORMATION The purpose of this presentation is to provide general information about Magnetite Mines Limited This presentation should be read in conjunction with the SPP Offer Booklet dated 28 September ("MGT“ or “Company”) in connection wi
Slide 3: Table of contents
Table of contents Section 1 Executive Summary Section 2 Equity Raising Overview Section 3 Razorback Project Overview Section 4 Other Exploration Portfolio Section 5 Key Risks Appendix 1 Mineral Resources & Reserves 3
Slide 4: Executive Summary
1 Executive Summary 4
Slide 5: Corporate overview
Corporate overview (ASX:MGT) Skilled and experienced leadership with iron ore production and development experience Board of Directors Cash Scott Lowe Executive Chair ASX Code MGT MBA, Certified Mine Manager (Coal) Experience in major mining companies including BHP Last price (A$/sh) A 0.017 Del
Slide 6: Investment thesis / value proposition
Investment thesis / value proposition The revised development pathway designed to minimise upfront capital requirements and reduce development risk while preserving Razorback’s long-term potential Leadership and strategy Razorback credentials New Razorback Study MGT Re-rate potential New Executive
Slide 7: Equity Raising Overview
2 Equity Raising Overview 7
Slide 8: Equity raising overview
Equity raising overview Offer structure • Share Purchase Plan (SPP) and proposed Top-up Placement targeting up to approximately $1.5 million before costs. and size • SPP is partially underwritten to $0.5 million by the Lead Manager, GBA Capital Pty Ltd. • Eligible Shareholders may apply for up to $3
Slide 9: Capital Raising - Sources and Uses of Funds
Capital Raising - Sources and Uses of Funds Advancing Razorback Gross Proceeds* A$m • Progress the revised Razorback development pathway following the September 2026 Scoping Study Gross proceeds from Capital Raising 1.5 • Targeted technical and project development activities towards the next stage o
Slide 10: Timetable and pro-forma position
Timetable and pro-forma position Event Date (2026)* Pro-forma capital structure – Based on $1.5m raise Shares (m) % Record Date for eligibility to participate in SPP Friday, 25 September 2026 Shares on issue 229.0 70.0 Announcement of SPP Offer Monday, 28 September 2026 New shares 100.0 30.0 Lodge O
Slide 11: Razorback Project Overview
3 Razorback Project Overview 11
Slide 12: Asset highlights
Asset highlights Massive, future-facing iron ore project and multi-commodity exploration tenements Flagship Razorback Iron Ore Project Multi-commodity exploration portfolio 6.6bt Mineral Resource3,4,5 Large, 100% owned tenement position 2 billion tonne Ore Reserve with access to rail & ports6 2,500k
Slide 13: Razorback: Expansive, soft, outcropping iron ore
Razorback: Expansive, soft, outcropping iron ore South Australia’s Braemar Iron Formation – a globally significant magnetite province The Braemar advantage Outcropping ore: low strip ratio Iron Peak Siltstone-hosted iron ore, not BIFA Soft relative to WA magnetite ores7 Concentrates to premi
Slide 14: Vast South Australian mineral tenement position
Vast South Australian mineral tenement position MGT holds one third of South Australia’s defined magnetite resources25 * 14 Source: Department for Energy and Mining (DEM), SARIG Open file datasets (5 Aug 2025)
Slide 15: Razorback - New study ready to re-engage potential partners
Razorback - New study ready to re-engage potential partners New scoping study Saline water supply solution from Spencer Gulf Mining higher grade zones in early years New rail spur line to be added from plant to main rail line Project water supply de-risking Removal of capital for desalinatio
Slide 16: Project Infrastructure
Project Infrastructure Close to export hubs Port Pirie and Whyalla (~ 3.5 hours by road to Adelaide, South Australia’s capital city) Adelaide 240km (149 miles) Open-access rail ~50km (31 miles) spur line to site Port Pirie Port Upgrade 180km (112 miles) Whyalla Port 315km (196 miles) Grid Power Prop
Slide 17: Razorback site overview
M/ GNETITE Razorback site overview = TAILING STORAGE FACILITY HAUL AND ACCESS ROADS AND WATER SUPPLY PIPELINE DECANT POND @ CAMP & TAILING ACCESS AND INFRASTRUCTURE CORRIDOR RAZORBACK ~ S : WASTE ROCK DUMP Foams) \, Ag PROCESSING PLANT P ‘ TRANSMISSION LINE MiNyy IG. "lease 00H, : ay | 2 3 g aa REHA
Slide 18: Razorback water supply
Razorback water supply New scoping study Use of seawater Magnetite Mines proprietary process; Provisional Patent submitted8,9 Avoids capital and operating costs of desalination plant Government support: State Infrastructure Strategy 2025 Recommendation 3: Undertake feasibility planning to identi
Slide 19: Awarded Major Project Status in February 2026
Awarded Major Project Status in February 2026 Recognising the project’s national significance12 The Razorback Iron Ore Project was awarded Major What Major Project Status means for Razorback Project Status by the Hon Tim Ayres, Minister for Industry and Innovation in February 2026 for a period Rec
Slide 20: New premium-grade iron ore supply critical to transition
New premium-grade iron ore supply critical to transition Large-scale magnetite deposits that are suitable for green iron supply chain are rare Not all magnetite deposits can produce “DR-grade” concentrates High-grade iron ore demand-supply gap to increase Razorback’s ability to produce DR-grade co
Slide 21: The South Australia advantage
The South Australia advantage SA is leading the way to a future green iron economy Attracting international investment Value adding Australia’s opportunity can be realised through collaboration and investment in green iron hubs Magnetite + Renewable Energy Geopolitically stable mining jurisdiction
Slide 22: What is “green iron”?
What is “green iron”? Replacing coal in ironmaking is by far the biggest impact to carbon emissions CURRENT PRACTICE Waterfall chart of emissions in steel life cycle ~70% OF GLOBAL PRODUCTION 8% of global carbon emissions CO2 Med. Grade Iron Ores Basic Blast Iron Steel Furnace Oxygen Coking Furnace
Slide 23: Green Iron SA consortium formed
Green Iron SA consortium formed Accelerating South Australia’s Green Iron opportunity Green Iron SA plans to transform the strategic location of Port Pirie into a green iron production & export hub11,20 Development of the Razorback Iron Ore Project Delivery of DR-Grade iron concentrates Projec
Slide 24: Other Exploration Portfolio
4 Other Exploration Portfolio 24
Slide 25: Other exploration portfolio
Other exploration portfolio Capital-efficient optionality across REE, gold and copper-silver Rare Earth Elements (REE) Ironback Hill maiden air-core drilling confirmed shallow clay-hosted REE mineralisation, with a peak assay of 4,937 ppm TREO. 20 Gold Manna Hill desktop review identified prospectiv
Slide 26: Exploration highlights
Exploration highlights REE momentum with selective evaluation of gold and base-metal opportunities MANNA HILL IRONBACK HILL + BRAEMAR GOLD CREEK • Historical workings and datasets REE reviewed; prospective gold targets identified. • Maiden air-core drilling completed in April 2026 • 171 retained RC
Slide 27: Key Risks
27 fs) Key Risks
Slide 28: Key Risks
Key Risks MATERIAL BUSINESS RISKS This section describes the key business risks of investing in Magnetite Mines, together with risks relating to participation in the Offer which may affect the value of Magnetite Mines shares. It does not describe all the risks of an investment. Investors should cons
Slide 29: Key Risks
Key Risks Material business risk Magnetite Mines recognises that effective risk management is a critical component of its operations. The Company has developed a robust framework for identifying, understanding, managing, and reporting risks. As outlined in the Company’s Board Charter, the Board bear
Slide 30: Key Risks
Key Risks Commodity price volatility and exchange rate risks In the early stages of development, resource project economics are particularly sensitive to changes in commodity prices and foreign currency exchange rates assumptions, which can impact investment attractiveness. In the event that the Com
Slide 31: Key Risks
Key Risks Climate Change Magnetite Mines is likely to be subject to increasing regulations and costs associated with climate change and, specifically, management of carbon emissions. Strategic, regulatory and operational risks and opportunities associated with climate change and the energy transitio
Slide 32: Key Risks
Key Risks RAZORBACK PROJECT RISKS The Company currently has a number of iron ore projects within South Australia. The Razorback Project is the primary focus, consisting of the Razorback and Iron Peak deposits. On 9 June 2023, the Company announced to ASX the results of a pre-feasibility optimisation
Slide 33: Key Risks
Key Risks Processing Process plant capital and operating costs, throughput rates, and metallurgical recoveries for the reserves were estimated from investigations completed to a PFS level of accuracy. Further investigations and refinement will be required to progress from the new Scoping Study to a
Slide 34: Key Risks
Key Risks Power The Razorback Project requires access to reliable electrical power, to be supplied via a high-voltage transmission line connection to the South Australian electricity grid. Preliminary engineering and commercial options for grid connection were assessed during the Razorback Project’s
Slide 35: Key Risks
Key Risks Reliance on key personnel and consultants The Company’s success largely depends on the core competencies of its Directors, management and third-party consultants and their familiarisation with, and ability to operate in, the resources industry. The financial performance of the Company and
Slide 36: Key Risks
Key Risks Regulatory risk Changes in government policy (such as in relation to taxation, environmental and cultural protection, and licensing) or statutory changes may affect Magnetite Mines’ business operations and its financial position. A change in government regime may significantly result in ch
Slide 37: Key Risks
Key Risks GENERAL RISKS The price of Shares may fluctuate The price of Shares may trade on ASX at a price higher or lower than the exercise price of the Options which could determine whether a holder wishes to exercise the Options (and receive value upon exercise in the form of a Share) or not. The
Slide 38: Key Risks
Key Risks Debt and interest rates The Company currently has indebtedness to an investor in the form of convertible notes, which have various maturity dates in 2028. If the Company is unable to refinance or repay that debt at maturity, and the investor is not willing to convert that debt into Shares,
Slide 39: References
References 1. ASX Announcement - 04/09/2026 - New Razorback Project Scoping Study and Funding Options 2. ASX Announcement – 12/08/2026 - Convertible Notes Maturity Extended by 12 Months 3. ASX Announcement - 30/06/25 - Razorback Iron Ore Project 2025 Mineral Resource Update 4. ASX Announcement - 20/
Slide 40: Mineral Resources and Reserves
Appendix 1 Mineral Resources and Reserves3,4,5,6 Razorback Iron Ore Project3,6,14,* (Razorback & Iron Peak deposits combined) Classification Tonnes (Mt) Mass Rec % Fe % SiO2 % Al2O3 % P% LOI % Magnetite % Indicated 1,973 15.01 17.75 48.59 8.19 0.18 5.55 14.04 Inferred 1,864 15.09 17.02 49.28 8.38 0.
Slide 41: Contact
Contact info@magnetitemines.com Scott Lowe, Executive Chair +61 8 8427 0516 www.magnetitemines.com 41
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