Day trading pre-market open December 2, page-27

MEDIA REPORT ON STRATEGIC INTEREST IN THE RAZORBACK IRON ORE
PROJECT
In reference to an article published in The Australian on December 1 (online) and December 2 (print
version), Magnetite Mines Limited (ASX:MGT) (the Company) confirms that it has not launched any
formal processes relating to the sale or partnering of any of its assets, including its flagship Razorback
Iron Ore Project (Project), nor has it appointed advisors in readiness to commence such a process.
As outlined in recent ASX announcements, including the Chair’s address to the Annual General
Meeting on 23 November 2022, the Company has experienced a substantial increase in interest in the
Project from a range of global iron and steel industry participants over recent months. The nature of
this interest relates to securing access to high-grade iron ore, now increasingly in demand to support
the mandated decarbonisation of the iron and steelmaking industry.
In support of these discussions, the Company has provided a number of these parties, under
confidentiality agreements, with access to a Virtual Data Room (VDR) containing asset-level Project
technical information. There is no corporate information provided in the VDR, and no proposals have
been received to date.
The Company welcomes investment interest at the Project level and will continue discussions with
potential partners in support of the development of the Project with the objective of achieving
maximum value for shareholders.
The Company confirms that it is in compliance with ASX Listing Rule 3.1 (Continuous Disclosure).
This announcement has been authorised for release to the market by the Board.