Magnetite Mines Ltd (ASX:MGT) has surged on completing a robust optimisation study on the Razorback Iron Ore Project in South Australia that highlights the Iron Peak high-grade deposit’s potential to service the green steel market.

Providing further confidence for MGT is a vastly increased project scale with the company boosting the ore reserve by 340% or 1.1 billion tonnes of iron ore to 1.6 billion tonnes.

The optimisation work is particularly relevant as Iron Peak was not included in this latest ore reserve, offering potential for a high-value market opportunity and further material growth for the project’s resource.

Welcoming the positive news, investors have responded strongly, sending shares almost 32% higher in early trading to $0.725.

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