MagIron LLC announced that it has completed five new state iron ore mining leases with the Minnesota Department of Natural Resources following the approval by the State of Minnesota Executive Council on December 2, 2025.
These five new iron ore mining leases grant MagIron the rights to explore, mine and process in-situ oxidized hematite iron formation located in Itasca County, Minnesota. The leases are effective January 1, 2026 for a 20-year term and cover an area of 760 acres containing at least 128 million tonnes of ore at an iron grade of 32.19%.
These new leases represent the first State-issued in-situ hematite mining leases specifically aligned with MagIron's proprietary process for upgrading oxidized iron formation into high-grade Direct Reduction ("DR") grade iron ore concentrate, a critical input for ore-based metallics needed for the growing U.S. Electric Arc Furnace ("EAF") steel sector.
Combined with MagIron's existing stockpiles, tailings, private mineral agreements, other State mineral leases and the mineral rights it owns, these new in-situ leases further strengthens the Company's long-term resource position and supports its restart plans for Plant 4, a modern past-producing concentrator designed to supply the U.S. steel industry with low-carbon, domestically sourced iron units.
Larry Lehtinen, CEO of MagIron, said: "This is another major milestone for MagIron and a strong endorsement from the State of Minnesota. For the first time, Minnesota will see the beneficiation of in-situ oxidized hematite into DR-grade concentrate—a breakthrough comparable to the early development of magnetic taconite processing nearly a century ago. These leases enhance our security of supply and supports MagIron's vision to create a long-life, multi-decade source of high-quality iron units for America's rapidly expanding EAF steel industry."
About MagIron
MagIron was established to support and accelerate the decarbonization of the steel industry by becoming a key supplier of high quality, low carbon iron units which will be critical for the future success and decarbonization of the US steel industry. The Company is focused on the restart of an iron ore concentrator located near Grand Rapids, Minnesota and a pelletizing plant located near Reynolds, Indiana. Both facilities are modern, past-producing plants benefiting from over $660 million of prior investment.
