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MGX Resources Limited (ASX:MGX)

ALERT: Price-sensitive ASX Announcement for MGX
Current share price for MGX : $0.325 -0.025 (-7.14%)+
Announcement
Release
21 Aug 2026 7:46AM
Price at Release
$0.350
Full Release
download
Summary
MGX Resources Limited reported a financial loss for the 2025/2026 financial year, largely due to a significant rockfall at Koolan Island, which halted mining and led to reliance on lower-grade stockpile sales. Despite this setback, the company completed sales of 2.68 million wet metric tonnes of iron ore for $204 million, entered a conditional agreement to divest Koolan Island to Crestlink, and acquired a stake in the Central Tanami Project Joint Venture. MGX changed its name from Mount Gibson Iron Limited and maintains a strong cash position for future projects.
Key Points
  • MGX Resources Limited reported a net loss after tax of $30.2 million for FY26.
  • A major rockfall incident at Koolan Island in October 2025 significantly impacted operations.
  • The company sold 2.68 million wet metric tonnes of iron ore, generating $204.0 million in revenue.
  • MGX executed a binding agreement to divest Koolan Island to Crestlink for up to $25.2 million.
  • MGX acquired a 50% interest in the Central Tanami Project Joint Venture for $50 million.
  • The company's total cash and investments were $412.1 million as of 30 June 2026.
  • MGX completed a successful low-grade sales program at Koolan Island.
  • MGX changed its name from Mount Gibson Iron Limited to MGX Resources Limited in December 2025.
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.