Magnum Mining Hits Rare Earth Mineralisation in All 298 Holes Ahead of November Resource

298 holes, zero blanks: Piracanjuba North defines 32.5km² target ahead of November resource estimate

Magnum Mining and Exploration Limited (ASX: MGU) has reported assay results from a further 86 auger holes at its Piracanjuba North Project in Goiás, Brazil, with every single hole returning positive mineralisation. That brings the total reported hole count to 298, and not one has come back blank across the entire programme.

The latest results do more than extend the dataset. They allow the company to define a single, connected priority domain of approximately 32.5km², named the Plateau Zone, which will form the basis for a maiden JORC Mineral Resource Estimate targeted for November 2026.

Managing Director Antonio Vitor

“These results continue to demonstrate the growing strength of Piracanjuba North. The project is now supported by a significantly larger and more robust database, while continuing to confirm consistent head grades and strong apparent desorption responses across the Plateau Zone. With more than 400 drill-hole assay results still pending at the laboratory, we see substantial potential for the project to strengthen further as new data is incorporated, and additional high-grade and strong-desorption zones are identified.”

Standout assay results reinforce Plateau Zone as the high-priority domain

All seven of the strongest holes in this batch sit within the Plateau Zone. The range of whole-hole desorbable total rare earth oxide (TREO) across all 86 newly reported holes runs from 8 to 410ppm, with a batch mean of 94ppm desorbable TREO at an average apparent desorption rate of 17%.

The 24-hole Piracanjuba North results from the programme’s opening phase established the 100% hit rate that has since held across nearly 300 holes, a consistency rarely seen at this scale in ionic adsorption clay exploration.

Best results in this batch

The headline intercept is PIR-AH-0245, which returned 7m at 410ppm desorbable TREO from surface at 52% desorption. Its richest single metre came in at 1,072ppm desorbable TREO at 59% desorption from 6m depth. Other strong performers from this batch include:

• PIR-AH-0306: 11m at 295ppm desorbable TREO from surface
• PIR-AH-0254: 14m at 252ppm desorbable TREO from surface
• PIR-AH-0288: 11m at 227ppm desorbable TREO from surface
• PIR-AH-0305: 15m at 234ppm desorbable TREO from surface
• PIR-AH-0229: 10m at 221ppm desorbable TREO from surface
• PIR-AH-0284: 12m at 210ppm desorbable TREO from surface

No cut-off grade has been applied. Full collar and composite data for all 86 holes are set out in Appendices A and B of the announcement.

Desorbable values are laboratory screening results under ammonium sulphate protocol at initial pH 4 and are not process recovery, product specification or economic value.

Why desorbable TREO and magnet rare earths matter to investors

The numbers in the table above carry more information than they might first appear to. To understand why, you need to know how this style of deposit works and why Magnum measures what it does.

Ionic adsorption clays: a gentler path to rare earths

Piracanjuba North is an ionic adsorption clay (IAC) deposit, a style of rare earth mineralisation where the rare earth ions sit loosely on the surface of clay particles rather than locked inside hard mineral crystals. Because of this, a portion of the rare earth content can be released by washing the clay with a mild salt solution, rather than the crushing, roasting, and aggressive chemical treatment required for conventional hard-rock rare earth deposits. That distinction matters significantly when you think about potential processing complexity and cost.

The MREO upgrade: why the desorbed fraction matters more than the headline grade

Total rare earth oxide (TREO), or head grade, measures the total concentration of all rare earth elements in a sample. Desorbable TREO (D-TREO) is the portion actually released under mild leach conditions. The ratio between them is the apparent desorption rate, and a hole with a lower head grade but a high desorption rate can be more prospective than a higher-grade hole that releases very little.

That distinction becomes even more important when you look at which rare earths are being released. Magnet rare earth oxides (MREO) comprise neodymium, praseodymium, terbium, and dysprosium. These are the elements used in permanent magnets for electric vehicle motors and wind turbine generators, making them the principal value drivers in a rare earth basket.

The Piracanjuba North data shows a consistent and meaningful upgrade in the MREO proportion within the desorbed fraction:

• MREO as a share of desorbable TREO (86-hole batch): 32.5%
• MREO as a share of head grade TREO (86-hole batch): 21.9%
• Plateau Zone figures: 33.6% desorbable vs 22.1% head grade
• The MREO upgrade is present in 84 of the 86 individually reported holes
• The 53 Plateau Zone holes average 115ppm desorbable TREO at an 18% apparent desorption rate

What this tells you is that the material being leached from Piracanjuba North’s Plateau Zone is systematically richer in the highest-value rare earths than the bulk rock it comes from. The Plateau Zone consistently demonstrates both strong desorption and elevated MREO enrichment together, which is the combination that matters most for this type of deposit.

What comes next: the road to a November resource estimate

Three concrete milestones now stand between the current dataset and a maiden JORC Mineral Resource Estimate. The sequencing is clear:

1. Drilling completion: 9,001m of a planned 10,000m programme has been finished, with 9 rigs on site. Drilling is approximately 90% complete. Approximately 400 assay results remain pending at the laboratory, representing further potential upside to the dataset as those results are incorporated.

2. Mineralogical and metallurgical characterisation: Initial mineralogical characterisation and preliminary metallurgical desorption testwork are expected to commence in September 2026, with results targeted by mid-October 2026. This work informs desorption conditions and is a required input for the Resource Estimate.

3. Maiden JORC Mineral Resource Estimate: Targeted for November 2026, following completion of QAQC reconciliation, the assay pipeline, and preliminary mineralogical and metallurgical characterisation.

It is also worth noting the scale context for what comes after the Resource Estimate. The 32.5km² Plateau Zone sits within the broader 116km² geophysical footprint at Piracanjuba North, the majority of which remains untested. That represents a clear exploration upside narrative extending well beyond the November milestone.

An independently estimated 700-1,200Mt rare earth exploration target has already been outlined for Piracanjuba North, providing scale context for what a maiden JORC resource conversion could represent against the broader 116km2 geophysical footprint.

The combination of a zero-blank record across 298 holes, consistent MREO enrichment in the desorbable fraction, and a defined November Resource Estimate timeline positions Magnum as a company moving from exploration confirmation toward resource definition in rare earths, a commodity group central to EV manufacturing and clean energy infrastructure.

Ready to Explore the Piracanjuba North Plateau Zone Opportunity?

Magnum Mining’s (ASX: MGU) Piracanjuba North Project has now delivered positive mineralisation across all 298 auger holes, defining a 32.5km² Plateau Zone with consistent MREO enrichment and a maiden JORC Mineral Resource Estimate targeted for November 2026.

With 400 assay results still pending and a broader 116km² geophysical footprint largely untested, investors can explore the full Piracanjuba North project profile on Discovery Alert to assess the scale of this rare earth opportunity ahead of the November resource milestone.