Magnetite Mines hired Jim McKerlie as Chair of the Board with effect from September 25, 2023. McKerlie will succeed Mark Eames who is retiring and will not stand for re-election as a Director of MGT at the next Annual General Meeting of Shareholders. Mr. McKerlie joined the Magnetite Mines Board in January 2022 and is an experienced public company chairman and corporate executive with more than 30 years' experience in business.

Mr. McKerlie's ASX listed roles have included being Chair of Drill search Energy Limited, where he oversaw significant growth underpinned by successful M&A transactions and international capital raisings, and as a Director of Beach Energy Ltd. following the Beach-Drill search merger.