Ann: Test work confirms over 68% high grade product, page-27

I have not posted for a while but you will see from my previous posts that I believe this is an excellent magnetite deposit with brilliant metallurgy, as confirmed in this announcement.

Magnum has a great deposit, access to world class HBI technology and the fundamentals of the green pig iron business in America are looking great with the combination of geopolitical and environmental forces in the project's favour
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To me, the issue was about management execution and some good old fashioned hard work.

I see the significance of this announcement is that Marcus has done his homework and decided to leverage off the extensive geological and metallurgical database, and previous feasibility study by Richmond and the later N41-101 report by New Nevada.

For the last two years the management team has not embraced this and consequently we have made little progress on the mining side of things.

Therefore I see this as a very significant step forward to expediting the project assessment timeline.

If they can follow through on one of the deals that Neil has alluded too, then we will start to get more clarity on the plant location and funding available.

I still feel the Board needs a shake up and the two money men (Athan and Anoosh) should be replaced with more appropriate directors for a development phase. A high profile Steel man based in the US as Chairman, would do wonders for Magnum's profile.

Therefore I see this as a first significant step in expediting the feasibility process which will allow the market to better understand the project's value.

Good luck to all. Its been a long wait.