Be silly to sell before finding out the result of Bankable...

Be silly to sell before finding out the result of Bankable Feasibility Study in unison with Shougang entities


The extensive Balmoral deposit, which is owned by private company Mineralogy Pty Ltd, is reputedly the world’s largest undeveloped magnetite resource which, according to estimates by Hellman & Schofield Pty Ltd independent geological consultants, has the potential to host 60 – 100 billion tonnes of magnetic Banded Iron Formation.

The Company finalised negotiations with China’s fourth largest steelmaker, Shougang Corporation and its associated entities for the placement of A$56 million with A$42 million attaching options which provides a solid platform for the development of the Project that enhances value and minimises risks for Australasian shareholders.

The Project involves the mining and processing of magnetite ore from the Susan Palmer deposit to produce premium iron ore products for export.

The project has significant advantages over its peers including:

Project is already part of a State Agreement (Act of Parliament);
Bulk scale test programs have proven a premium Iron Ore product can be produced (68 – 71% Fe);
Lowest quartile of cost curve for traded pellets and HBI;
Close to major markets;
Coastal location;
Access to own port;
No rail infrastructure required;
Adjacent to major North West Gas Field;
Full access to Mineralogy feasibility studies;
All granted mining leases; and
Huge upside potential with Mineralogy which has defined an exploration target under secrtion 18 of the JORC Code of between 60 and 100 million tonnes of magnetite mineralisation in the area.


The Company is currently completing the Bankable Feasibility Study in unison with Shougang entities with an emphasis on:

Increasing Ore Reserves;
Completing confirmatory metallurgical testwork;
Finalising Infrastructure studies (water, power, gas);
Completing detailed mine and process design;
Finalising environmental approvals; and
Pre Ordering long lead items.