Magnetite Mines Limited announced that Mr. Peter Schubert has been appointed as interim Chief Executive Officer (CEO). Mr. Peter Schubert has agreed to take on a role as Interim CEO of the company (in addition to his current role as Executive Chairman). Mr. Schubert was appointed Chairman on 3 September 2018 and since the departure of the previous CEO in September 2018, the Board has temporarily undertaken the responsibilities of the position of CEO. In the last 18 months, the Company, led by Mr. Schubert and the Board, has set out a clear vision for the development of Razorback High Grade Iron Ore project, raised funds to progress the PFS programme and has seen a significant revaluation of the business. In view of this progress and the central contribution by Mr. Schubert, the Board has decided to appoint Mr. Schubert as Interim CEO in addition to his role as Executive Chairman with effect from 1 January 2021. It is intended that Mr. Schubert will continue to act in this role during the study and financing phases of Razorback High Grade Iron Ore project development. It is proposed that Mr. Schubert's existing executive employment contract be changed to reflect his additional role and responsibilities, as well as his contribution to the success of the Company.