Mt Bevan Magnetite Joint Venture with Hancock

(Hawthorn Resources Limited 28% - Hancock Magnetite Holdings Pty Ltd 30% - Legacy Iron Ore Limited 42% )


Mt Bevan is one of the largest, high grade magnetite projects in Australia. Current JORC indicated and inferred resource of 1.178 Bt Fe @34.9% Fe. Located in the South Yilgarn, south west of Leonora.

Hancock Magnetite Holdings Pty Ltd (Hancock) have formed a joint venture with Hawthorn and Legacy Iron Ore on Mt Bevan with key objectives agreed in April 2022. Hancock acquired its initial 30% equity interest in the Mt Bevan JV via a cash payment of $9 million ; $3.2 million paid to Hawthorn and $4.8 million to Legacy. The balance of $1 million is to be used for working capital purposes of the Joint Venture. Hancock is sole funding a Pre-Feasibility Study (PFS) which is due to be finalised May 2024.

Significant progress to date on the PFS with 8,824m of RC and Diamond drilling, Hancock has completed benchmark studies for the PFS including. 

  • Confirmation of magnetite resource and 70% Fe DSO grade
  • Transport and Port options
  • Metallurgical testing
  • Geotechnical and hydrology
  • Process engineering and
  • Flora and Fauna studies.

On delivery of a completed  PFS, equity interests will be;

  • Hancock – 51%
  • Legacy Iron Ore – 29.4% and
  • Hawthorn – 19.6%

For details of this major development, see Hawthorn’s ASX announcements of 15 November 2021, 7 April 2022, 3 May 2022, 29 August 2022 and subsequent quarterly reports.