Magnetic Resources was first and foremost an explorer. This exploration success has led us to today, a mid tier gold company with one of the largest and highest grade pre production gold assets in WA.
Not only is the asset an incredible discovery, but discovering a large gold asset of this calibre in this tier 1 location, in a gold belt in Laverton, an established mining region, is a feat in itself. This area is home to some of the largest gold discoveries in Western Australia.
So how did this occur? Traditional pegging and aquiring land and tenements, raising the capital to explore in order to grow the company from the grass roots up. People discuss 10 baggers, Magnetic has grown from a tiny junior explorer to having a current market capitalisation of $453M. This growth is based purely on discovery. For example on 27th January 2017 the share price was 5c. On the 27th January 2026 is now $1.47. Similarly on the same date in 2019 the price was 14c. This is an undoubtedly a true success story in the ASX listed mining company game.
Early success with the Lady Julie Central and Hawks Nest 9 assets began the momentum for the company and as we grew the exploration continued. All exploration was funded very carefully in order to protect early investors so as not to dilute the stock. Today the company can proudly declare 295,000 shares on issue which is a testament to managements careful use of shareholder funds throughout this growth period.
Magnetic has drilled 2575 holes which totals 188,111 metres in the Lady Julie Gold Project which equates to $11 an ounce discovery cost. This is an incredibly low figure in comparison to our peers.
