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MGX Resources Limited (ASX:MGX)

ALERT: Price-sensitive ASX Announcement for MGX
Current share price for MGX : $0.350 0 (0%)+
Announcement
Release
21 Aug 2026 7:45AM
Price at Release
$0.350
Full Release
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Summary
The financial report for MGX Resources Limited for the year ending 30 June 2026 indicates significant challenges, including the suspension of mining at Koolan Island following a major rockfall, leading to workforce reductions and a strategic focus on monetizing low-grade stockpiles. The company reported a net loss after tax of $30.2 million, an improvement from the previous year's loss. Despite a decrease in revenue to $220.8 million, the company managed financial assets of $412.1 million by year-end. Significant impairment expenses were recorded, largely due to the rockfall, impacting the overall financial performance. MGX also acquired a 50% interest in the Central Tanami Project Joint Venture. Plans to divest the Koolan Island operation to Crestlink Koolan Pty Ltd are underway, with an agreement for up-front and deferred payments totaling at least $20.2 million along with a revenue share component. No dividends were declared for the year.
Key Points
  • MGX Resources Limited reported a net loss after tax of $30.2 million for FY2026.
  • Total revenue decreased by 37% to $220.8 million.
  • Significant impairment expenses due to a rockfall at Koolan Island.
  • Acquisition of 50% interest in Central Tanami Project Joint Venture.
  • Divestment agreement in place for Koolan Island operation with Crestlink Koolan Pty Ltd.
  • No dividends declared for the year ending 30 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.