Magnum Mining and Exploration Limited has completed approximately 6,900 metres of its ongoing 10,000-metre drilling programme at the Piracanjuba North project in Brazil, advancing from the 4,400 metres reported on July 28, 2026.

The drilling campaign has expanded across the PN-7 target and its western and northeastern extensions, covering a broader lateral area within the interpreted 116-square-kilometre geophysical anomaly and the 44-square-kilometre Exploration Target boundary. Nine drill rigs remain on site, with individual units periodically rotated offline for mechanical maintenance.

The company remains on track to deliver a maiden Mineral Resource Estimate for Piracanjuba North in November 2026, subject to ongoing exploration results.

At the Palmares Rare Earth Project, which Magnum acquired 100% of in May 2025, drilling has concluded across a 75-hole, 1,145-metre reverse circulation programme. Five holes were completed at the northern portion of Palmares, with the remaining 70 holes drilled at the Feirinha Prospect.

All assay samples dispatched to the ALS laboratory in Brazil have been received. Quality assurance and quality control procedures, technical reviews, and geological interpretations are underway, with interpreted results expected shortly.

In corporate developments, Jack Lifton has elected to terminate his consultancy engagement with the company due to personal circumstances. None of the five million performance rights issued to him have vested, and no further consideration is payable beyond accrued fees.

Magnum has also launched a corporate website reflecting its strategic focus on Piracanjuba North and the wider Brazilian portfolio. Concurrently, the board is reviewing its asset portfolio to reduce holding costs and overheads, with preliminary discussions underway with third parties regarding potential joint ventures and divestments. Elsewhere in the surrounding region, high-grade diamond drill results were reported at the Monte Alto project in July 2026.

Read the full announcement: MAGNUM MINING CORPORATE AND ACTIVITIES UPDATE