Magnetite Mines Limited provided an extensive update on its Razorback Iron Ore Project in South Australia, highlighting significant advancements on several fronts. The company is progressing negotiations with a second potential strategic partner to co-invest in its Definitive Feasibility Study alongside JFE Shoji Australia, with discussions under a non-binding Heads of Agreement that has now been extended until 31 December 2025. The intent is to secure favorable funding while ensuring alignment between strategic partners, reflecting the project’s strategic importance in the global push toward low-emission steelmaking. On the technical side, the project’s Mineral Resource Estimate has been updated by aligning the cut-off grade to 8% estimated Davis Tube Recovery. This change increased the tonnage of the Razorback deposit from approximately 3.2 to 3.8 billion tonnes, while Magnetite Mines’ global resource in the Braemar Iron Region has grown from roughly 6.0 to 6.6 billion tonnes. The Probable Ore Reserve remains steady at about 2.0 billion tonnes, and these figures are reported in accordance with the JORC 2012 Code. In parallel, initial metallurgical testwork on the Razorback deposit has produced Direct Reduction-grade concentrates using both fresh and saline water, demonstrating the project’s potential to deliver premium products suited for green iron production. Although the fresh water tests yielded exceptional concentrate grades, the saline water results suggest that further optimization of flotation chemistry is needed to match those outcomes. The announcement also noted progress on the project’s regulatory approvals. The Mining Lease Proposal submitted to the South Australian Government is nearing the end of its validity assessment with only minor administrative issues outstanding. This stage will soon be followed by a public consultation process once final agreements with overlapping tenement holders are concluded. Additionally, Magnetite Mines is actively involved in a government-led initiative to create a green iron hub at Port Pirie. Through the Green Iron SA consortium, which includes key logistics and engineering companies, the company is positioning the Razorback Project to support the transition to low-carbon iron and steel production in line with recent industrial developments in Japan. The news presents a mix of bullish and cautious signals for market observers. On the bullish side, the increase in the mineral resource estimate and the progress in strategic partnerships underline the scale and long-term investment appeal of the project. The positive test results for DR-grade concentrates using fresh water, along with the promising potential for saline water processing, further reinforce expectations of high-quality production outputs that could meet growing global demand for green iron. Conversely, the bearish perspective arises from the early-stage nature of the metallurgical tests and the need for further process optimization. Additionally, while regulatory approvals are on track, the finalization of tenement overlap agreements and public consultation steps introduce a degree of uncertainty in the near term. Overall, the developments suggest strong potential, albeit with some technical and regulatory hurdles that investors should monitor closely.