Step 1: Magnetic moment of each bar magnet.
Magnetic moment of one bar magnet is given by:
\[
M = m\ell
\]
Step 2: Orientation of magnetic moments.
The two magnetic moments are equal in magnitude and are placed mutually perpendicular to each other.
Step 3: Resultant magnetic moment.
For two vectors of equal magnitude $M$ at right angles, resultant is:
\[
M_R = \sqrt{M^2 + M^2} = \sqrt{2}\,M
\]
Step 4: Substituting value of $M$.
\[
M_R = \sqrt{2}\,m\ell
\]
Step 5: Conclusion.
The magnitude of resultant magnetic moment is $\sqrt{2}\,m\ell$.