Magnetic Resources secured $4.8 million in funding, accelerating development plans at the Laverton gold projects.

The development will involve infill, extension, and deep drilling to follow up on promising high-grade results, leading to increased resources and JORC categorisation, preliminary studies, and preparations for mining.

Magnetic also received a delayed payment of $500,000 plus interest from Northam Resources for selling its Northam iron ore projects.

With a total cash balance of $7 million, Magnetic is fully funded to vigorously progress to the next phase of exploration and project development, focusing on resource expansion and advancing towards mining.