Magnetic Resources NL has provided a detailed update on its flagship Lady Julie Gold Project, with a strong focus on the LJN4 deposit in the Laverton region. Recent quarterly drilling has defined three high‐grade core zones—core 1 in the southern silicified ultramafic, core 2 in the northern silicified fuchsite‐altered ultramafic, and a newly outlined northern core 3—that extend over a strike length of 750m and remain open at depth. Notable intersections include one drillhole reporting 51m at 3.48g/t gold from 444m, with intervals reaching up to 10.77g/t, and additional intersections from other drillholes confirm thickness, continuity, and the potential to further boost resource estimates. Further drilling results have revealed strong mineralised zones associated with varying alteration styles including vuggy silica, polymictic breccia, silicified ultramafic with fuchsite alteration, and subtle pyritic carbonate zones. These lithologies are hosted in a complex ultramafic–carbonate–chert sequence cut by the Chatterbox Shear Zone, a significant N- to NNE-trending structure that appears closely linked to gold mineralisation across several deposits in the region. The company’s resource update now shows approximately 33.1Mt at an average grade of 1.81g/t gold, with LJN4 contributing 23.6Mt at 2.04g/t, and a significant percentage upgraded into the Indicated category. In parallel, extensive metallurgical testwork has yielded exceptional results. Optimised flotation with fine grinding to 20 microns boosted recovery in deep altered ultramafic samples from a conventional 88% up to 97.5%, while the overall project average recovery remains above 92%. These improvements in metallurgical performance are expected to reduce capital and operating costs by allowing for a smaller grinding circuit and lower energy use, supporting the enhanced economics of both the open pit and potential concurrent underground operations. A scoping study has already indicated that combining an underground mine producing 550,000 tonnes per annum of higher-grade ore with the open pit could add significant value, targeting output levels of approximately 150,000oz per annum over an eight-year period. Moreover, Magnetic Resources NL continues to expand its technical understanding of the deposit through strategic infill drilling, with several diamond holes completed and further drilling planned to extend high-grade zones deeper. Updated resource wireframes and drill hole data provide a robust geological framework that supports both the current open pit resource and the prospective underground reserve, reinforcing the project’s growth potential. The company is also actively engaging with mining companies and financiers, as due diligence and financing discussions are underway to secure further project advancement. Bullish sentiment arises from the impressive drilling intersections, robust resource continuity, and upgraded metallurgical recoveries that point to a larger, more economically viable resource base. New high-grade zones, improved test work showing near-complete gold recovery, and the strategic potential for concurrent underground production further enhance the long-term project outlook. On the other hand, the bearish view may focus on the inherent technical risks associated with extrapolating resource extensions at depth, the continued need to secure financing, and the complexities of integrating an underground operation with the existing open pit design. Overall, the news reflects significant progress for Magnetic Resources NL, with technical and economic updates that are expected to positively impact the project’s future development.