Here’s why the Magnetite Mines (ASX:MGT) share price is up 11% today

Magnetite Mines Ltd (ASX: MGT) shares are soaring following the release of the company’s (corrected) third-quarter results on Friday afternoon. At the time of writing, the Magnetite Mines share price is trading 10.71% higher at 6.2 cents.

Magnetite Mines initially released its activities and cash flow report shortly after midday on Friday. But within a few hours, the revised version copy hit the market barely 50 minutes before it closed for the week.

Let’s take a look at the mining company’s activities and results for the quarter ended 31 March 2021.

Third-quarter financial results

Magnetite Mines spent $648,000 on…