What did Killi Resources (ASX:KLI) acquire in Western Australia?

Killi Resources has secured 100% of the Lodestone Iron Ore Project located in Western Australia’s Midwest region. The acquisition marks a strategic pivot for the company into the high-purity magnetite market.

Why is the Lodestone Iron Ore Project considered relevant to the "green steel" transition?

The project produced a premium 69% Fe (iron) concentrate with exceptionally low impurities during initial metallurgical testwork. High-grade, low-impurity magnetite of this calibre is a critical raw material required for Direct Reduced Iron (DRI) processing.

What infrastructure advantages does Killi Resources (ASX:KLI) have at the new site?

The Lodestone project is located 200 kilometres from the operational Port of Geraldton, reducing logistics friction. It features immediate access to existing regional infrastructure, including established grid power, road networks, and rail lines.

What are the key resource metrics and growth potential for the Lodestone project?

The project holds an initial inferred resource of 110 million tonnes at a 33% mass recovery rate. This footprint covers only 20% of the known 25-kilometre magnetite mineralisation strike.

How does the geology of this project impact Killi Resources’ projected operating costs?

The deposit contains a uniquely coarse crystalline magnetite body. This specific geological characteristic means the ore can be processed and upgraded more easily than finer-grained deposits.

How much capital is Killi Resources (ASX:KLI) raising and what is the dilution impact?

Killi has secured firm commitments for a $15 million share placement to fund the acquisition and initial project development. While this placement introduces immediate share dilution for existing retail holders, it significantly strengthens the balance sheet.

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Killi Resources secures major WA green steel project

Written by Heidi Cuthbert Published Jun 11, 2026, 2:13 AM

Killi Resources (ASX:KLI) announced an expansion into the high-purity magnetite market after securing the Lodestone Iron Ore Project in Western Australia’s Midwest region.

Described by company Chairman and former Fortescue Metals (ASX:FMG) Group Managing Director, Nev Power, as a "company-making acquisition", the project offers a clear pathway to future production and aligns directly with the global manufacturing shift towards green steel.

Positioned just 200km from the Port of Geraldton, the site benefits from immediate access to critical existing infrastructure, including established grid power, road, and rail networks.

Metallurgical testwork has yielded results, generating a premium 69% Fe concentrate with remarkably low impurities.

The current inferred resource of 110 million tonnes—at 33% mass recovery—covers a mere 20% of the project's known 25-kilometre magnetite mineralisation strike, indicating immense scope for resource expansion.

The distinct geological characteristic is expected to allow for a high-grade concentrate to be produced via a more cost-effective processing route compared to competing regional operations.

To advance development and underpin the acquisition, Killi has secured firm commitments for a $15 million share placement, boosting its total cash position to approximately $18.5 million upon completion.

Mining executive Hamish Halliday, associated with the project's vendors, will also join the Killi board as a non-executive director to help steer the venture forward.

Killi Resources secures major WA green steel project

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