InvestSMART

MGX Resources Limited (ASX:MGX)

ALERT: Price-sensitive ASX Announcement for MGX
Current share price for MGX : $0.355 0.025 (7.58%)+
Announcement
Release
20 Jul 2026 8:24AM
Price at Release
$0.330
Full Release
download
Summary
MGX Resources Limited's Quarterly Activities Report for June 2026 highlights significant developments including the successful completion of low-grade iron ore shipments from Koolan Island, totaling 0.94 million wet metric tonnes for the quarter, contributing to total FY26 sales of 2.68 million wet metric tonnes. A key development was the binding agreement to divest the Koolan Island operations to Crestlink, with up-front and deferred payments totaling $20.2 million and additional revenue share potential. MGX's transition towards gold production is marked by activities in the Central Tanami Project Joint Venture (CTPJV), where they hold a 50% stake. Key activities include resource definition drilling and preparatory work for an underground exploration decline at the Groundrush gold deposit. The report also notes MGX's strong cash position of $412.1 million, allowing for continued investment in gold and base metals opportunities.
Key Points
  • Completion of Koolan Island low-grade shipments totaling 0.94 million wet metric tonnes.
  • Total iron ore sales for FY26 reached 2.68 million wet metric tonnes.
  • Agreement to sell Koolan Island operation to Crestlink for $20.2 million.
  • Crestlink to assume $30 million in rehabilitation obligations.
  • MGX holds 50% interest in Central Tanami Project Joint Venture.
  • Resource definition drilling initiated at Jims gold deposit.
  • Preparation for Groundrush exploration decline with Macmahon as contractor.
  • MGX has cash reserves of $412.1 million as of June 2026.
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.