Magnum Mining and Exploration Limited has signed a Memorandum of Understanding (MOU) with Biochar Now. The MOU envisages that the parties will enter a non - exclusive agreement or partnership regarding a potential biochar production and supply contract related to the proposed GREEN steel operation at the Company's Buena Vista Project. Under the terms of the MOU, the parties are to jointly study: Engineering and design of biochar production facility at Magnum Buena Vista site; Logistics arrangement of local biomass supply; Maximise federal and state governments' carbon credit incentives; and ESG funding options from both government and private sectors.