Magnetite Mines : Razorback High Grade Iron Ore Investor Webinar Presentation

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Razorback High Grade Iron Ore Project

Premium Iron Ore

July 2022

Disclaimer

IMPORTANT NOTICE

onlyThe purpose of this presentation is to provide general information about Magnetite Mines Limited ("MGT"). It is not recommended that any person makes any investment decision in relation to MGT based on this presentation. This presentation contains certain statements which may constitute "forward-looking statements". Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-looking statements.

No representation or warranty, express or implied, is made by MGT that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of MGT, its officers,

usemployees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom. MGT accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information.

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ADDITIONAL INFORMATION

This presentation should be read in conjunction with the Annual Report at 30 June 2021 together with any announcements made by MGT in accordance with its continuous disclosure obligations arising under the Corporations Act 2001. Any references to resources estimations should be read in conjunction with MGT's Mineral Resources statement for its Magnetite projects at 30 June 2021 and subsequent releases to the Australian Securities Exchange as referenced. MGT confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement and, in the case of estimates of mineral resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. All amounts within this presentation are stated in Australian Dollars consistent with the functional currency of MGT, unless otherwise stated. Tables contained within this presentation may contain immaterial rounding differences.

ACKNOWLEDGEMENT OF COUNTRY

Magnetite Mines, our shareholders and our stakeholders acknowledge the Ngadjuri People as the Traditional Owners of the lands on which the Razorback Iron Ore Project is located. We respect their continuing custodianship of this Country, and their spiritual and cultural beliefs and practices.

Corporate Overview

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	Market Cap
	$98.58M
	(Share price $0.026 09 June 2022)
	Cash
	$20.14M
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	(09 June 2022)
	Shares on Issue: 3,791M
	Listed options MGTOE: 363.3M
	Options: 153M*
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3	* Various unlisted options - average $0.03

SHARE PERFORMANCE AND REGISTER

	$0.10			180
	$0.09			160
	$0.08			140
PriceShare(A$)	$0.07			120
$0.06			Volume(M)
		100
$0.05
		80
	$0.04
			60
	$0.03
	$0.02			40
	$0.01			20
	$-			0
	OTHER SHAREHOLDERS: 68.5%	TOP 20: 26.4%	5%	BOARD AND
	MANAGEMENT

CONSULTING PARTNERS

Non-process	Environmental	Processing	Mining
Infrastructure

Board & Management

Strong leadership team with experience in resources and company growth

BOARD OF DIRECTORS

onlyMark Eames

BA Metallurgy (Hons) MBA MAUSIMM

CHAIR OF THE BOARD

Mark has a successful track record in the global minerals industry in exploration, evaluation, development, acquisitions,

useop rations, marketing and senior corporate management.

He is a qualified metallurgist with xt nsive experience in Australia and overseas and has held senior

roles working with the iron ore

bu inesses of Glencore, Rio Tinto and BHP.

MANAGEMENT TEAM

Peter Schubert

NON-EXECUTIVE DIRECTOR

Peter has significant experience in identifying, growing and developing businesses with a focus on the resources sector, with over 30 years of direct experience in international and domestic markets.

He was the Executive Chairman of Magnetite Mines from Sep 2018 to May 2022 and Interim CEO from Mar 2021 to May 2022.

Malcolm Randall

Dip Applied Chem, FAICD NON-EXECUTIVE DIRECTOR

Malcolm has more than 46 years' broad experience in corporate, management and marketing in the resources sector, including more than 25 years with the Rio Tinto group of companies.

His experience covers a diverse range of commodities including iron ore, potash brine, uranium, mineral sands and coal ark.

Jim McKerlie

BA Economics (Hons) Dip Fin Mgt

NON-EXECUTIVE DIRECTOR

Jim has had an extensive career as an international chief executive and as a public company director including Chairman of Drillsearch for 8 years and of Beach Energy. He has chaired four IPOs and has depth of experience in the technology and energy sectors. He is a Fellow of both the Australian Institute of Company Directors and the Institute of Chartered Accountants.

Paul White	Simon Wandke
Master of Business Administration	BA Psych Mkt (Comm) G Dip Corp Fin
NON-EXECUTIVE DIRECTOR	NON-EXECUTIVE DIRECTOR
Paul has a background of driving	Simon has over 40 years'
organisational performance and	experience in the mining and
delivering superior outcomes in	minerals industry and is a highly-
both corporate and board	accomplished C-suite leader.
positions.	Most recently, Simon was
He was the CEO of ASX-listed	Executive Vice President and
Brisbane Broncos until March	Chief Executive Officer of
2021, a position he held for a	ArcelorMittal Mining, the world's
decade. Prior to this, Paul gained	leading steel company with the
substantial executive experience	fifth largest iron ore business
with global mining companies	globally.
including Anglo American and
Xstrata

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Stephen Weir

B.Eng Hons (Mech), Grad Dip. Appl. Fin. SIA

CHIEF EXECUTIVE OFFICER

Stephen has over 20 years experience providing corporate finance advice to clients in the mining and energy sectors, most recently as Managing Director at RFC Ambrian.

Prior to that his career spans construction management of high-speed bulk material handling equipment, minerals and coal processing (John Holland), project management of technology introduction, Equipment and Industrial Services (Brambles) and Project Finance (Bankers Trust).

Trevor Thomas

MEarthSci (Hons) MAIG, MAUSIMM

STUDY DIRECTOR

Trevor is a long-term employee of Magnetite Mines with over 14 years experience as an exploration and resource development geologist. Over 12 years, he has been responsible for the project management of technical studies for the PFS and prior Scoping Studies and was responsible for the delivery of the Project's maiden Ore Reserve, Mineral Resource estimates and acquisition of the Muster Dam Iron Ore Project.

The High-Grade Price Premium

FASTMARKETS IRON ORE INDEX GRADE SPREADS (US$/TONNE)

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60

40

20

0

-20

-40

-60

-80

58% Fe $/tonne discount to 62% Fe		65% Fe $/tonne premium to 62% Fe