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MGX Resources Limited (ASX:MGX)

ALERT: Price-sensitive ASX Announcement for MGX
Current share price for MGX : $0.345 -0.1 (-22.47%)+
Announcement
Release
19 Feb 2026 8:07AM
Price at Release
$0.445
Full Release
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Summary
MGX Resources Limited reported a net loss after tax of $20.8 million for the half-year ending 31 December 2025, attributed mainly to a major rockfall incident at Koolan Island in October 2025. This event led to the suspension of mining activities and forced the company to rely on sales of stockpiled low-grade material. Despite this setback, MGX achieved a 113% increase in profit before tax and impairments, amounting to $39.9 million, largely from iron ore sales. The company reported a total cash and investments of $496.2 million by the end of the period, with no bank borrowings. A significant name change to MGX Resources Limited was completed to reflect its diversification into precious and base metals. Additionally, a $50 million acquisition of a 50% interest in the Central Tanami Gold Project was finalized, positioning the company for future growth in the gold sector.
Key Points
  • Net loss after tax of $20.8 million for the half-year ending 31 December 2025.
  • Major rockfall incident at Koolan Island in October 2025 impacted operations.
  • Shift to sales of stockpiled low-grade material due to mining suspension.
  • 113% increase in profit before tax and impairments to $39.9 million.
  • Total cash and investments of $496.2 million with no bank borrowings.
  • Name change to MGX Resources Limited to reflect diversification.
  • Completion of $50 million acquisition of 50% interest in Central Tanami Gold Project.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.