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Lady Julie Project

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Summary

Mine TypeOpen Pit & Underground
Study CompletedFeasibility
StagePermitting
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
  • Longhole stoping
  • Sub-level stoping
  • Pillar mining
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SnapshotLady Julie Gold Project is one of the highest margin undeveloped gold projects in Australia. The Project’s strong financial return metrics are primarily driven by the extraordinary near-surface, high-grade nature of the Lady Julie Central and Lady Julie North 4 deposits.

The operation comprises 3 open pits (Julie North 4, Lady Julie Central and Hawkes Nest 9), an underground mine (Julie North 4) and a dedicated gold processing plant with all associated services and facilities.

In August 2025, Magnetic Resources raised A$35 million via placement to fund FS optimisation, early works, long-lead procurement, drilling, and working capital, accelerating LJGP development.
Latest NewsMagnetic Resources NL: Feasibility Study Confirms Robust Economics for Lady Julie     July 23, 2025

Owners

SourceSource
CompanyInterestOwnership
Magnetic Resources NL 100 % Indirect
The Lady Julie Gold Project is 100% owned by Magnetic Resources NL.

Contractors

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Deposit type

  • Breccia pipe / Stockwork
  • Porphyry
  • Vein / narrow vein

Summary:

The Hawkes Nest 9 (HN9), Lady Julie Central (LJC) and Lady Julie North 4 (LJN4) deposits are situated in the Laverton Terrane of the Archean Yilgarn Craton, in the hinge area and on the eastern limb of the regional-scale Mount Margaret anticline. The anticline is upright and moderately southeast plunging.

Hawkes Nest 9
Mineralisation at HN9 is interpreted to extend approximately 3km along strike and to be hosted within a north-northwest-trending shear with an inflection to south-southwest-trending to the south. Mineralisation is intermittently exposed along a series of old diggings some 2km in extent. The inferred shear zone transects a series of north–south to NNE–SSW-striking mafic-hosted porphyry dykes that dip at 20-25 degrees to the east-north east. Gold mineralisation frequently, but not exclusively, is along or proximal to the mafic–porphyry contacts.

Lady Julie Central
Mineralisation at LJC, situated to the east of HN9, is also hosted along the contact between mafic volcanics and ultramafics. The deposit has a moderately southeast-plunging shoot-like geometry, generated via the intersection between multiple orientations of felsic–dacitic porphyries and shear zones.

Modelling of the lithologies across the Lady Julie area shows that porphyries intruding the mafic– ultramafic sequence are broadly north–south trending, with deviations to north-northwest trending. RC drilling data focused around LJC constrains the porphyries there as more diversely oriented. Here, some of the more planar porphyry bodies are locally n ortheast–southwest striking and dipping 60 degrees east.

Lady Julie North 4
The LJN4 deposit is situated in an area of deep weathering and extensive transported cover with no outcrop. Modelling of the lithologies intersected in drilling shows a footwall sequence of serpentinised ultramafics, in places sheared to talc–tremolite and chlorite–tremolite schists. This footwall sequence is overlain by sedimentary rocks comprising mostly carbonate (limestone) and chert with minor carbonaceous and non-carbonaceous shale. Irregular lenses of ultramafic occur within the sediments. There is some evidence from multi-element geochemistry that the limestone has been dolomitised in places. Recent drilling shows a sequence of basalts overlies the sediments to the east. This whole sequence, which dips moderately (45-50°) to the east, is intruded by a series of felsic porphyry dykes, which also dip at various angles to the east.

Mineralisation
Gold mineralisation at HN9 and LJC is broadly similar comprising structurally controlled quartz veining and shearing with minor pyrite along or adjacent to mafic–porphyry contacts but also including quartz stockworks within porphyry in places.

Mineralisation at LJN4 is quite different and comprises multiple lodes in two main styles associated with the Chatterbox Shear Zone: a brittle domain hosted in the sedimentary carbonate in the southern part of the deposit consisting of quartz veining and breccias with silica-pyrite alteration; and a ductile domain in the northern part of the deposit consisting of silicified, quartz veined and partly fuchsite-altered ultramafic. A third subordinate style occurs in carbonate and minor black shale above these main lodes, consisting of structurally controlled irregular pyrite replacements.

Three high grade core zones have been defined. The southern core zone 1 is 300 x 200m in size and is associated with multiple breccia lodes. High-grade core zone 2 is 150m x 600m and is associated with silicified and fuchsite-altered ultramafic lodes. The newly defined most northern high-grade core 3 is 150m x 500m and has similar alteration to core 2. High-grade core zone 3 remains open at depth and is currently being tested with deeper extension hole MLJDD084.

Dimensions
The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource. LJN4 exists as a series of shallow E dipping lenses with a strike length of 750m, thickness of 100m, and continuing from near surface to current depths below surface of 700m – it remains open at depth. LJC is similar but smaller with a strike length of 300m and final depth below surface of 150m. HN9 is generally a single shallow NE dipping structure with strike length of 1km, width of 10-30m and depth below surface of 100m.

Reserves

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Mining Methods

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Required Heavy Mobile Equipment

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Process plant feed includes stock piles.
CommodityUnitsAvg. AnnualLOM
Gold oz 140,0001,019,803
All production numbers are expressed as metal in doré.

Operational metrics

Metrics
Annual processing capacity  ....  Subscribe
Stripping ratio OP  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Tonnes processed, LOM  ....  Subscribe
* According to 2025 study.

Production Costs

CommodityUnitsAverage
Total cash costs Gold AUD  ....  Subscribe
All-in sustaining costs (AISC) Gold AUD  ....  Subscribe
Assumed price Gold AUD  ....  Subscribe
* According to 2025 study / presentation.

Project Costs

MetricsUnitsLOM Total
Pre-Production capital costs $M AUD  ......  Subscribe
Sustaining CapEx $M AUD  ......  Subscribe
OP OpEx $M AUD  ......  Subscribe
UG OpEx $M AUD  ......  Subscribe
Processing OpEx $M AUD 466.9
G&A costs $M AUD 64.8
Total OpEx $M AUD  ......  Subscribe
Royalty payments $M AUD  ......  Subscribe
Gross revenue (LOM) $M AUD  ......  Subscribe
Operating margin, %  ......  Subscribe
EBITDA (LOM) $M AUD  ......  Subscribe
Pre-tax Cash Flow (LOM) $M AUD  ......  Subscribe
Pre-tax NPV @ 8% $M AUD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe

Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Sep 2, 2025

Workforce

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