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MGX Resources Limited (ASX:MGX)

ALERT: Price-sensitive ASX Announcement for MGX
Current share price for MGX : $0.300 -0.02 (-6.25%)+
Announcement
Release
15 Oct 2026 8:11AM
Price at Release
$0.320
Full Release
download
Summary
MGX Resources Limited’s Mineral Resources Statement as at 30 June 2026, prepared under the JORC Code (2012 Edition) and ASX Listing Rules, reports for the first time the Company’s 50% interest in the Central Tanami Project Joint Venture in the Northern Territory following completion of the acquisition in February 2026, with total CTPJV gold Mineral Resources on a 100% basis of 31.0 million tonnes at 2.8 g/t Au for 2.8 million ounces, equating to 1.4 million ounces attributable to MGX, while remaining Koolan Island hematite Mineral Resources in Western Australia total 3.3 million dry tonnes at 59.3% Fe, all in the undeveloped Mangrove deposit, with no Ore Reserves remaining after depletion, declassification following the October 2025 Main Pit rockfall, and cessation of mining in favour of processing low-grade stockpiles; the statement notes that MGX agreed in June 2026 to divest Koolan Island to Crestlink Koolan Pty Ltd with settlement targeted for late 2026, and provides supporting detail on CTPJV deposits, cut-off grades, mining and metallurgical assumptions, resource classification, and JORC technical appendices for the first 60 pages reviewed.
Key Points
  • ASX announcement date is 15 October 2026.
  • The document is MGX Resources Limited’s Mineral Resources Statement as at 30 June 2026.
  • MGX acquired a 50% interest in the Central Tanami Project Joint Venture in February 2026.
  • CTPJV total gold Mineral Resources are 31.0 Mt at 2.8 g/t Au for 2.8 Moz contained gold on a 100% basis.
  • MGX’s attributable share of the CTPJV gold Mineral Resources is 1.4 Moz.
  • All reported gold Mineral Resources are located in the Central Tanami Project Joint Venture in the Northern Territory.
  • The CTPJV is a 50:50 joint venture between MGX and Tanami Gold NL.
  • Open pit gold resources in the CTPJV use cut-off grades ranging from 0.6 g/t Au to 0.8 g/t Au.
  • Underground gold resources in the CTPJV use cut-off grades ranging from 1.4 g/t Au to 1.8 g/t Au.
  • The CTPJV resource estimates are based on a gold price assumption of A$3,500 per ounce.
  • The CTPJV includes existing infrastructure such as a non-operating 1.2 Mtpa CIL plant, haul roads, camp, bore field and airstrip.
  • MGX and its joint venture partner are seeking to progress the Central Tanami project toward a development decision.
  • The updated CTPJV estimates do not include all 2025 drilling results and do not include 2026 field season results still in process for some deposits.
  • Groundrush and Ripcord on ML22934 total 13.0 Mt at 3.2 g/t Au for 1.3 Moz.
  • ML33760 deposits total 5.4 Mt at 2.7 g/t Au for 460 koz.
  • EL26926 deposits total about 0.21 Mt at 1.8 g/t Au for 13 koz.
  • ML(S)167 deposits total 6.8 Mt at 2.9 g/t Au for 630 koz.
  • ML(S)168 deposits total 3.2 Mt at 2.4 g/t Au for 250 koz.
  • ML(S)180 and EL26925 deposits total 1.3 Mt at 2.5 g/t Au for about 110 koz.
  • EL28282 Crusade deposit totals 1.6 Mt at 2.2 g/t Au for 110 koz.
  • Remaining Koolan Island Mineral Resources total 3.3 Mt at 59.3% Fe.
  • All remaining Koolan Island Mineral Resources are in the Mangrove deposit.
  • Koolan Island Mineral Resources were 9.7 Mt at 63.2% Fe at 30 June 2025, so the 2026 statement reflects a substantial reduction.
  • No Ore Reserves remain at Koolan Island as at 30 June 2026.
  • The reduction at Koolan Island reflects mining depletion before the October 2025 Main Pit rockfall and the later sale of low-grade stockpiles.
  • MGX states that mining at Main Pit could not safely resume after geotechnical review following the rockfall.
  • A 50% Fe cut-off grade applies to Koolan Island hematite Mineral Resources.
  • MGX announced a binding agreement in June 2026 to divest Koolan Island to Crestlink Koolan Pty Ltd.
  • Settlement of the Koolan Island divestment is targeted for late 2026 and may be extended to the end of March 2027 if necessary.
  • MGX does not expect to hold iron ore Mineral Resources after settlement of the Koolan Island divestment.
  • The statement includes Competent Person disclosures for both the CTPJV gold resources and Koolan Island iron ore resources.
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.