Magnetic Resources have also recently come into some Julimar lookalike areas east of Northam. In addition to this the company also maintains an existing royalty on a group of tenements north and south of Northam.
The Jullimar lookalike tenements are in application and should be granted early 2021. These assets are 90km north-east of the Julimar high grade palladium-rich Ni-Cu-PGE sulphides at Julimar and 60km NE of Perth. The area itself is a total of 195km2. The areas are highlighted below in green, Goddard, Benjaberring and Trayning.
Additionally, Magnetic Resources still maintains a royalty interest in potentially economic iron ore deposits which are primarily from Mt Joy, Ragged Rock and Kauring. The agreement includes further payments totalling $1,000,000 and a sliding scale royalty with payments starting at $0.25/t for a sale price of $80.00/t or less, and thereafter, for every increase in the sale price of $10.00/t the royalty rate will increase by $0.25/t.