Magnetite, a common mineral in alkaline magmatic complexes hosting giant epithermal Au deposits, is examined to obtain insights into the magmatic evolution and ore fertility of alkaline systems. Textural and compositional analyses of magmatic magnetite from Cripple Creek, USA, and Lihir Island, Papua New Guinea, reveal distinct magma sources and evolution paths. High HFSE concentrations and high La/Yb ratios in magnetite from Cripple Creek suggest relatively low-degree partial melting of lithospheric and asthenospheric mantle sources, whereas magnetite from Lihir Island indicates higher degree partial melting from subduction-modified mantle. Chromium concentrations track magma evolution, while V systematics record decreasing oxygen fugacity with magma differentiation. Sulfide saturation is observed at Cripple Creek, potentially affecting ore fertility. Magnetite itself bears the capability to scavenge Au from melts as indicated by Au concentrations of up to 40 ng/g. This might point towards elevated Au concentrations in the parental magmas, although experimental data on Au partitioning is lacking. Magnetite compositions overlap across different mineralization styles, challenging its reliability as an exploration tool but analysis of noble metals in magnetite and its inclusion cargo could offer promising alternative approaches. Overall, magnetite serves as a valuable tool for investigating ore deposit petrogenesis and holds potential for exploration.