- Magnum Mining and Exploration (ASX:MGU) ends Q1 FY24 with $3.5 million in cash
- The company advanced talks to list on a US stock market across the quarter
- An updated feasibility study promotes an output forecast of 800,000 tonnes per annum of concentrate
- This reflects a doubling of previous estimates in the original 2011 document
- A scoping study supporting a 25Y LOM was also published
- Shares last traded at 2.3 cents
Buena Vista iron ore project developer Magnum Mining and Exploration (ASX:MGU) has reported its quarterly for Q1 FY24, ending the period with $3.59 million in cash.
The company kicked off and completed surface outcrop sampling and drilling through the quarter, joined by an updated feasibility study.
Magnum also minted an MOU with mining giant Anglo American through the quarter. It signed another with a company called Midmetal, looking at possible value propositions in Saudi Arabia.
US listing on the cards
Most notably, Magnum intends to list on a US stock market.
The company was in New York back in August to discuss the move, it also met with Mitsubishi reps.
To this end, the company secured a leading attorney to advise on its trajectory towards a North American listing.
Feasibility update doubles output
The feasibility study update underpinned a doubling of the company’s original goal to produce 450,000 tonnes per annum of concentrate.
By operating on a 24/7 basis, the company now sees a way forward to 800,000tpa output.
The same firm tasked with producing the 2011 study swung by again in 2023 to update what it had once created.
Scoping study published
The company’s scoping study was also published across the last three months.
That document awarded Buena Vista a projected 25-year mine life on a resource containing 232 million tonnes at 22.6 per cent direct reduced iron (DRI).
All in all, some US$280 million in funding will be required.
MGU shares last traded at 2.3 cents.