Ann: Razorback BMD Farm-in Will not Procced, page-117

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HOT OFF THE PRESS.

STOCK-HEAD,

Has just released a Daily Report containing the following regarding Iron Ore players and High Chinese demand for ore..

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Yesterday, red hot iron ore project developer Magnetite Mines (ASX:MGT) announced that an unfavourable ‘farm-in’ with Braemar Mining Developments would not proceed.

The farm-in proposal announced in April would’ve allowed BMD to earn up to 70 per cent of the Razorback iron ore project if it sole-funded a pre-feasibility study.

But things have changed. The stock is now up ~550 per cent since the start of April.

“In the last four months the company’s market capitalisation increased substantially and, as announced on 2 October 2020, the company closed a rights issue raising $5.95m, a substantial portion of which is allocated to accelerating pre-feasibility study (PFS) work on the project,” Magnetite says.

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This also shows the "true" amount of earn-in by BMD being up to 70%. A REAL BAD DEAL but masterly played by our MGT Management.

Yak52
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