Magnetite Mines (ASX:MGT) lodged a mining lease proposal with the South Australian Department for Energy & Mining to secure tenure for mining and processing operations at the company's Razorback project, according to a Wednesday filing with the Australian bourse.

The proposal will undergo a validity assessment, expected to be completed in the second quarter of the year, followed by a public consultation period, the filing said.

Shares were up 4% in morning trade Thursday.