Magnetite Mines is advancing the development of its Razorback iron ore project in South Australia, securing technical gains and progressing strategic investment discussions.

“Magnetite Mines is singularly focused on the development of the Razorback iron ore project with a priority on securing appropriate strategic partners,” managing director Tim Dobson said.

The company has extended its non-binding heads of agreement with JFE Shoji Australia, part of Japan’s JFE Holdings, through to December 2025. This extension provides additional time to align a second potential co-investor with the terms of the proposed JFE transaction.

Magnetite Mines has also boosted its Razorback mineral resource estimate (MRE) from approximately 3.2 to 3.8 billion tonnes. This has seen the company’s global mineral resource across the Braemar region rise from 6 to 6.6 billion tonnes.

The project’s probable ore reserve remains unchanged at approximately 2 billion tonnes.

“We have completed an alignment of the cut-off grades used in the JORC mineral resource estimate, which underscores the massive scale of the project, a critical factor for attracting long-term investment and infrastructure support,” Dobson said.

Early testwork using fresh water to process Razorback ore has shown positive results, producing DR-grade concentrates suitable for green iron production. Further optimisation is required to achieve similar grades with saline inputs.

The program has been extended in collaboration with equipment supplier Metso to assess concentrate washing and filtration outcomes.

Meanwhile, the South Australian Government’s validity assessment of the Razorback mining lease proposal is nearing completion, with no material issues raised to date.

Public consultation will follow once final third-party agreements are in place.

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