Magnetic Resources revealed positive pre-feasibility study results for the 100% owned Lady Julie Gold Project in Laverton, Western Australia.

The PFS highlighted a financially strong project with a projected 720,000 oz gold production over nine years. It boasts an 85% pre-tax internal rate of return at the $2,800/oz gold price, rising to 108% at the current spot price of $3,100/oz.

Magnetic Resources plans to enhance project economics in 2024 through process recoveries and ongoing exploration success.

The company anticipates progress with mining lease applications and regulatory approvals for operational status in the coming year.