Magnetic Resources NL announced Maiden Mineral Resource Estimates from its deposits in the Laverton and Homeward Bound area. The main deposits include HN9, Lady Julie Central, Lady Julie North 4, Mount Jumbo East and Homeward Bound South, which are all located in an area with well-endowed regional infrastructure including three processing plants within 35kms. The verification and reporting of Mineral Resources on behalf of the Company was completed by its JORC Competent Person, Mr. L Widenbar of Widenbar & Associates. The Mineral Resources Estimate has been prepared and reported in accordance with the 2012 Edition of the JORC Code.

Total Mineral Resources reported for the Laverton and Homeward Bound South projects is 13.1Mt @ 1.22g/t Au at 0.5g/t cut-off totaling 511,000oz of gold, with 49% of the resources within 50m of the surface and a further 38% from 50 to 100m of the surface. Open-pit optimization studies show up to 87% of the contained gold is constrained using a gold price of up to AUD 2,600. Lady Julie North Central: The Lady Julie Central (Indicated and Inferred) Resource of 1.6 Mt at 1.48 g/t for 75,000 oz is 400m by 200m in area and is predominately an Indicated Category (90%).

There are some thicker intersections including a number of intersections that start from surface. There is a significant Exploration Target starting at the north side of Lady Julie Central Resource that extends within a 1km distance and comprises most of the Exploration Target in the Lady Julie area of 1.6Mt to 2.2Mt at 0.9g/t to 1.2g/t Au for 67,000oz to 83,000oz. This Exploration Target is considered reasonable as it extends from known mineralisation at Lady Julie Central with a number of intersections within the 1km length to the north where there is an expectation of further intersections.

In accordance with Clause 18 of JORC, the Exploration Targets and the potential quantity and grade is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource increase and it is uncertain that further exploration will result in the estimation of an increased Mineral Resource. Lady Julie North 4 Resource: The Lady Julie 4 (Indicated and Inferred) Resource of 2.7 Mt at 1.27 g/t for 109,000 oz covers an 850m x150m area and is open down dip and to the E and SSE, which augers well for the potential size. The SSE direction is associated with a sinistral fault where the mineralisation is interpreted to be to the east of the main NS trend of the deposit.

A more detailed map is within ASX release of 30 May 2022. This resource is partly in the Indicated Category (28%) and is being infill drilled with a programme of 17 RC holes for 2,796m with most of these holes aiming to extend the mineralisation at depth and to test the SSE extension. Hawks Nest 9 Resource: The HN9 (Indicated and Inferred) Resource of 3.2 Mt at 1.28 g/t for 130,000 oz is contained within three main zones within a 2km x 250m wide area and is largely within the Indicated Category (63%).

There are a number of zones that remain open to the NE and at depth especially in the central thickened zone, at the southern end of the HN9 deposit, which trends to the NE. This depth extent of HN9 is supported by the deep-seated thrust zones identified by the shallow 2D seismic completed in early 2021. Technical Summary of the Mineral Resource Estimate: Drilling at the various deposits has been by a variety of methods, and the drill holes used in the modelling of each deposit are summarised.

In general, all holes are used to assist in geological interpretation, while DDH (Diamond), RC (Reverse Circulation) and RAB (Rotary Air Blast) are used for grade estimation.