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Magnum Mining and Exploration Limited

1 Nov 2023

Magnum Mining and Exploration Limited Uploaded a News Release
November 1, 2023

Magnum Advances Green Pig Iron Opportunity


  • Agreement with Midmetal to jointly fund a Feasibility Study into the development of a HIsmelt facility in Saudi Arabia on a 50/50 basis
  • HIsmelt to operate on a net zero-carbon basis to produce green, high quality pig iron
  • HIsmelt to be fed by Buena Vista magnetite concentrate augmented with steel mill waste
  • Feasibility Study will include the production and supply of renewable biochar
  • Magnum and Midmetal will jointly develop agreements for project funding and pig iron offtake
  • The study is being fast tracked and is expected to be completed by the end of 2023
27 Oct 2023

Magnum Mining and Exploration Limited Uploaded a News Release
October 27, 2023

Logistic Reviews Progress at Buena Vista


  • Identification of optimal rail load out site progressing; down to two candidates
  • Discussions with rail providers advances; rail design to begin
  • Options for mine to railroad haulage crystallises as costs defined
  • Multiple port options verified; bespoke port services partner identified
  • Arrowhead initiates coverage of Magnum

Magnum Mining & Exploration (ASX: MGU, “Magnum” or “the Company”) is progressing its logistics studies in support of a mine start-up at the Buena Vista Iron Project in Nevada, USA (“the Project”). Work is focussed on the following logistics activities:

  • Rail load out facilities, including:
    • Choice of the optimal location of the facility
    • Identification of available land and utilities to support the loadout operation
    • Advisory talks with rail providers on access to Right of Way land, spur lines, switching, and capacities
  • Magnetite concentrate haulage, including:
    • Optimal route identification
    • Road access and maintenance agreements with the local counties
    • Upgrade and road maintenance costs
    • Traffic studies to support the safe operation of the proposed haulage operation
  • Progression of negotiations with port operators for the receival, storage, and ship loading of Buena Vista Direct Reduction Iron (DRI) grade magnetite concentrates.
25 Oct 2023

Magnum Mining and Exploration Limited Uploaded a Corporate Update
October 25, 2023

Quarterly Activities Report


Buena Vista:

  • Drilling and surface sampling started and completed on outcrops.
  • Feasibility study refresh by Samuels Engineering started and completed
  • Scoping study results published
  • Stockpile sampling and testing completed

DRI Grade Concentrate, Pig Iron and Biochar:

  • Anglo American enters into concentrate offtake MOU
  • Midmetal enters into MOU for pig iron project in Saudi Arabia


  • New York based EGS lawyers appointed to advance dual listing.
  • Appointment of New York based EAS Advisers
  • $2.65M Raised for Buena Vista Project
25 Oct 2023

Arrowhead published an Equity Research Report on Magnum Mining and Exploration Limited
October 25, 2023

Magnum Mining and Exploration Ltd.(ASX: MGU) Research Initiation


  • Arrowhead is initiating its coverage on Magnum Mining and Exploration Limited (Magnum) with a fair value bracket of AUD 0.21 to AUD 0.30 per share (share price on October 25, 2023: AUD 0.022) based on the Relative Valuation (Reserve-based multiple) method.
  • Magnum Mining is an Australia-based company that specializes in the production of iron ore concentrate and green pig iron. The company has two key projects: the Buena Vista Magnetite Iron Ore Project, its flagship development located in Nevada, US, and the acquired Appalachian Iron Hlsmelt Pig Iron Project in West Virginia.
  • The Buena Vista iron resource contains 232 mn tonnes (Mt) @ 18.6% Fe and 22.6% DTR. The company targets a production rate of 2.4 mn tonnes per annum (Mtpa) Direct Reduced Iron (DRI) magnetite concentrate over an initial life of mine of 25 years.
  • Magnum expects to commence production of 0.8 Mtpa in the next 18 months (Q1 2025), which is a significant milestone in the project’s timeline. The technical work related to the project, such as drilling, metallurgy, hydrogeology and plant design, has already been completed, and the necessary development permits have been secured.
  • The global DRI market, which was valued at around USD 8.2 bn in FY 2022, is expected to reach USD 16.8 bn by FY 2030, growing at a CAGR of 8.2%. In terms of volumes, the annual global DRI production stood at 127.36 Mt in FY 2022 and is likely to expand to reach c. 272.0 Mt by FY 2050, as per World Steel Dynamics (WSD) estimate. Given the close access to infrastructural facilities, such as railroads, highways, water supply and solar power, Magnum will have a first-mover advantage in serving the growing demand for DRI-grade ore globally.
  • The company aims to leverage the HIsmelt technology acquired from Appalachian Iron to build the first green pig iron plant in the US, with net-zero carbon emissions using low-cost iron ore concentrate, at its Buena Vista Project in the coming years.
  • Magnum plans to produce 1.3 Mtpa of pig iron in the Ohio Valley, using locally sourced, low-cost raw materials. This will enable MGU to decarbonize the US steel market while offering the lowest-cost pig iron, thereby making it the most reliable and preferred “Supplier of Choice”.
  • MGU has entered a non-binding MoU with Anglo American and Mitsubishi Corporation RtM International Pte. Ltd. for the offtake of 100% of its commercial iron ore products from the Buena Vista Iron Project, including direct shipping ore (DSO) and iron concentrate for both blast furnace (BF) and DRI grades.
  • Further, it has formed a strategic alliance with Midmetal, signing a non-binding MoU to develop the proposed magnetite mine and processing plant at the Buena Iron Project and a green pig iron plant in Saudi Arabia. The primary aim of this partnership is to expand green pig iron production projects in various regions, including North America and Saudi Arabia, through the deployment of Hlsmelt technology.
  • Recently, Magnum has also signed a non-binding MoU with Levin-Richmond Terminal Corporation to leverage its rail terminal, stockpile area and bulk ship loading facilities to service its DRI magnetite export requirements.
  • In September 2023, the company raised AUD 2.65 mn through a one-time placement with a one-for-two free attaching option to accelerate the development of the Buena Vista Iron Project and fund its working capital requirements.
  • Magnum has an experienced top management with Mr. Neil Goodman, an iron and steel industry veteran with 40+ years of experience in the design, construction and operation of ironmaking plants worldwide, at the helm. His knowledge of the HIsmelt technology will be instrumental in the development of the green pig iron plant at the Buena Vista project in the coming years.
  • The company has highly experienced professionals, such as Mr. Athan Lekkas and Mr. Luke John Martino, who will be responsible for successfully attracting top talent, raising capital for the Buena Vista Iron project and spearheading the company’s overall growth. Further, Magnum’s Board comprises Mr. Anoosh Manzoori (Chairman) and Mr. Matt Latimore (Non-Executive Director), who will contribute to the company’s success by bringing their vast and global experience to the table.
  • The company is listed on the Australian Securities Exchange (ASX) under the ticker MGU and has commenced work for obtaining a second listing on the US stock exchange.
17 Oct 2023

Magnum Mining and Exploration Limited Uploaded a Video
October 17, 2023

Magnum Mining and Exploration (ASX: MGU) Executive Presentation

This is a short summary of Australia-based mining company Magnum Mining from CEO Neil Goodman.

17 Oct 2023

Magnum Mining and Exploration Limited Uploaded a Video
October 17, 2023

Magnum Mining and Exploration (ASX: MGU) Investor Presentation

This is an executive summary of Australia-based mining company Magnum Mining from CEO Neil Goodman, who will run you through Magnum’s slide deck.

3 Oct 2023

Magnum Mining and Exploration Limited Uploaded a News Release
October 3, 2023

Webinar Invitation to Shareholders


  • When: Wednesday, 11 October 2023
  • Time: 1pm (AEST) / 10am (AWST)
  • Register: htps://
15 Sep 2023

Magnum Mining and Exploration Limited Uploaded a News Release
September 15, 2023

Magnum sucessfully raises $2.65m to advance the buena Vista Iron Project

21 Aug 2023

Magnum Mining and Exploration Limited Uploaded a News Release
August 21, 2023

Buena Vista Technical Feasibility Refresh Completed


  • Samuel Engineering delivers refresh engineering design and capital costings at Buena Vista
  • Designed to potentially deliver a +68% Fe product based on recent test work
  • Move to 24/7 operation to increase potential output to 800,000tpa with same capital
  • Discussions on rail, port and power optionality advance
  • Dialogue with possible off-take partners intensifies
16 Aug 2023

Magnum Mining and Exploration Limited Uploaded a News Release
August 16, 2023

Stockpiles at Buena Vista evaluated for Mill Feed


  • Existing ore stockpiles at Buena Vista mine site assessed for possible early processing feedstock
  • The stockpiles are located within 500m of the proposed crusher
  • Extensive stockpile surface sampling returned an average grade of 26.7% Fe
  • Grade estimation of stockpiles cannot be based on surface sampling: drilling of the stockpiles is required to determine the bulk grade
  • Drilling is planned to fully characterise the stockpiles


Magnum Mining and Exploration Limited is listed on the Australian Securities Exchange (ASX:MGU).

Magnum’s main focus is the Buena Vista Magnetite and HIsmelt Green Pig Iron Project, located in Nevada in the United States.

Magnum is also developing the Appalachian Iron HIsmelt Green Pig Iron Project, located in West Viriginia in the United States.

Magnum is now focused on funding the definitive feasibility studies and looking at off-take arrangements for its product for both projects. These projects will unlock the significant value of the Buena Vista resource, and supply a high value green product to the US steel industry.

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