Grange Resources Limited has advanced its Southdown Magnetite Project with a comprehensive feasibility study that confirms a robust outlook for developing an open pit magnetite concentrate operation targeting 5 million tonnes per annum of high‐grade product. The updated study shows a Probable Ore Reserve of 412 million tonnes that is expected to yield 134 million tonnes of concentrate containing nearly 70% iron—a characteristic that places the product in high demand for direct reduction steelmaking, especially as the industry shifts toward decarbonisation. Key technical findings include a nominal free cash flow capability of over A$10 billion, an after‐tax net present value of A$877 million at a 10% discount rate, and a payback period of approximately 8.3 years based on forecast commodity prices of around A$175 per tonne. The capital cost for construction is estimated at A$2.34 billion, with operating costs for producing concentrate coming in at approximately A$87.7 per tonne (ex-Albany) and an all-in cost of about A$117 per tonne. The study outlines a conventional, yet technically achievable, mining and processing plan that combines ultra-fine grinding with dry and wet magnetic separation technologies, and incorporates a 110 km slurry pipeline to efficient port logistics at Albany. The FS update also emphasizes environmental and infrastructure considerations. Through dry grinding methods and a reduced water demand of roughly 5 gigalitres per year, the project aligns with sustainability targets while minimizing capital and operational pressures. Additionally, preliminary agreements and retained rights with major global steel trading partners indicate that up to 86% of the production could be off-taken, reinforcing confidence in market demand. Market sentiment on the project is mixed. On the bullish side, the high-grade magnetite concentrate, strong technical economics with an IRR of 18.1% (pre-tax) and a long 28-year mine life, and alignment with decarbonisation trends in the steel industry present an attractive opportunity for investors. Conversely, the project’s sensitivity to fluctuations in iron ore prices and exchange rates, coupled with the high capital expenditure and the need for further environmental approvals and investor support, constitute potential headwinds that could temper immediate investor enthusiasm. Overall, Grange Resources’ updated feasibility study positions the Southdown Magnetite Project as a promising long-term, high-quality asset in a market increasingly focused on sustainable and decarbonised steel production, though it will require careful funding and regulatory management to fully realise its potential.