It was regarded as a mine which would last forever, but fell into decline after 1915, when many miners went off to fight in the First World War.

[9] From a moderate sized operation, the Hill 50 mine grew to produce 13,500 ounces per annum by the outbreak of World War II.

[10] From 1961 onwards, profits gradually decreased because of lowering grade and the increasing depth the ore was hauled up from, below 1,000 meters.

[18] Monarch already owned the Mount Ida and the Davyhurst Gold Mine, who had both recently entered production at the time.

[19] Monarch was to take possession of the mine on 1 April 2008 and complete the financial transaction on 30 June 2008,[20] but failed to make the final payment before entering administration, despite receiving improved sales conditions and a cash-cost reduction.

[21] Monarch appointed Pitcher Partners as voluntary administrators on 10 July 2008, with all mining operations thereby being put on hold.

It considered the option of consolidating historic resources into one large "super pit", rather than carrying out costly underground mining.

Additionally, transport of ore from the Penny Gold Mine to the south-east of Mount Magnet for processing commenced in July 2021.

[4] Ramelius Resources have been operating the Mt Magnet mine and processing plant since its reopening in late 2011.