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MGX Resources Limited (ASX:MGX)

ALERT: Price-sensitive ASX Announcement for MGX
Current share price for MGX : $0.330 -0.005 (-1.49%)+
Announcement
Release
11 Jun 2026 9:09AM
Price at Release
$0.335
Full Release
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Summary
MGX Resources Limited announced a binding conditional agreement to sell its Koolan Island iron ore operation to Crestlink Koolan Pty Ltd for $20.2 million plus a potential revenue share of up to $5 million. Crestlink, backed by Cerberus Capital Management, plans to develop the site into a logistics hub. The transaction includes MGX completing certain rehabilitation tasks, with regulatory approval required. Completion is expected by late 2026, with extensions possible to March 2027. MGX will retain certain assets for other projects.
Key Points
  • MGX to sell Koolan Island operation to Crestlink for $20.2 million plus $5 million potential revenue share.
  • Crestlink plans to use the site as a logistics hub with support from Cerberus Capital.
  • Transaction includes rehabilitation tasks by MGX, requiring regulatory approvals.
  • Expected completion by late 2026, with extensions possible to March 2027.
  • MGX retains some assets for use in other projects.
  • Strong support received from the Dambimangari Traditional Owners during negotiations.
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.