Magnum Advances Green Pig Iron Opportunity

Highlights:

• 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