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2026-11-06
◂ Monitor MGX ASX

MGX Resources Limited (formerly Mount Gibson Iron Limited)

Resource Stage · Gold · Iron Ore · AU Rating locked: sign in to view v8.1 · mgx-20261104t223124-full
Last 2026-11-06
A$0.29
1D
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1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$342.3M
EV
A$1.2M
Cash
A$332.2M
Debt
A$0

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$332.2M2026-06-30: 412,100,000 A$2026-09-30: 408,700,000 A$ Finite
Debt A$0 Net cash A$332.2M
Basic shares 1.2B 2026-09-10
Runway 18 quarters Cash and term deposits A$332.2m at 30 June 2026 divided by gross quarterly outflow of about A$18.6m (MGX CTPJV share A$14.7m plus corporate and exploration A$3.9m), about 18 quarters. The derived metric uses the net outflow of A$5.1m after A$13.2m of interest, equipment and insurance receipts and so overstates runway; it is disclosed rather than overridden.

Liquidity

Financial position

No bank borrowings; liabilities are leases of A$0.6m and rehabilitation provisions of A$45.7m, of which about A$30m transfers to Crestlink at completion. Cash and investment reserves were A$408.7m at 30 September 2026. Performance bonding facility of A$20m has A$7.6m unused and expired 30 September 2026 per the note; renewal status is not disclosed.

Inventory composition4

Koolan inventories carried at A$5.0m at 30 June 2026. Listed holdings are strategic investments with September 2026 market values; the A$67.0m portfolio total is the quarter-end figure reported by MGX.

Koolan Island inventories at 30 June 2026 (ore, stockpiles and consumables, carrying value)
A$5M carrying · 1 lot
Fenix Resources 9.4% holding (strategic, market value at 30 September 2026)
— carrying · 9.4 percent
AIC Mines 3.8% holding (strategic, market value at 30 September 2026)
— carrying · 3.8 percent
Maronan Metals 4.6% holding (strategic, market value at 30 September 2026)
— carrying · 4.6 percent

Capital structure

Ownership and dilution

Ordinary shares
1.2B
Fully diluted
1.2B

Total shares on issue 1,179,551,935 at 30 June 2025 (incl. 12,837,000 loan share plan and 1,265,300 treasury); no FY26 buy-back; 1,180,428,735 at 30 June 2026 (incl. 14,979,100 loan share plan); unchanged at 10 September 2026. Fully diluted equals basic because no options or performance rights are on issue.

Security classes2
ClassTypeQuantityStrikeExpiry
Loan share plan restricted shares included in total shares on issue (12,916,000 at the report date)Ordinary Share12.9M——
Options and performance rights on issue: none at 30 June 2026 or at the report dateOption0——

KPI history

Operating metrics

Source values by period
Operating metric source table7
MetricProjectPeriodPeriod typeValueStatus
Koolan Island iron ore sales, low-grade (kwmt)KoolanSeptember 2026 quarterQuarter319 kwmtReported
Koolan Island iron ore sales, total (kwmt)KoolanJune 2026 quarterQuarter944 kwmtReported
Koolan cash operating cost per wet tonne soldKoolanSeptember 2026 quarterQuarter28 AUD/wmtReported
Koolan rehabilitation expenditure in quarterKoolanSeptember 2026 quarterQuarter7.7 AUD millionReported
MGX 50% share of CTPJV expenditureCentral TanamiSeptember 2026 quarterQuarter14.7 AUD millionReported
Cash and investment reserves (incl. equity holdings)Company30 September 2026Point In Time408.7 AUD millionReported
Cash and investment reserves (cash, term deposits, listed and other investments)Company30 June 2026Point In Time412.1 AUD millionReported
Company guidance3
MetricProjectPeriodLowHighStatus
Ctpjv Development Decisioncentral-tanamiwithin 12 months of 29 October 2026—— dateCurrent
Plant Throughput (Subject To Testwork)central-tanamifuture development plan—1.5 MtpaCurrent
Crestlink Settlement Completionkoolanlate 2026 with longstop 31 March 2027—— dateCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2024-08-21BuybackOrdinary ShareA$12.2M38.8MA$0.313CompletedOn-market buy-back of up to 10% of issued shares; cumulative 38,803,598 shares bought back (3%) at an average A$0.313. No buy-back transactions in FY26; final Appendix 3C lodged November 2025.Period 2024-08-21 to 2025-11-13

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-11-04

Live arrangements from the CTPJV joint venture, the Koolan divestment, the Macmahon decline contract and minority holdings in the FY26 annual report and September 2026 quarterly; the expired Koolan iron ore sale to APAC is listed for completeness.

MGX holds 50% of the CTPJV and funds half its programme, including the Groundrush decline. Tanami Gold holds a right of first refusal (non-exercised at completion).

Joint Venture · Active
Counterparties
Tanami Gold NL
Applies to
Central Tanami Project Joint Venture (50%, with Tanami Gold NL) · Gold
Economic direction
Mixed
Period
From 2026-02-05; no end date stated
Key terms
MGX interest: 50 %
Funding: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Sale of Aztec Resources (Koolan Island) on a cash and debt free basis for at least A$20.2m deferred and up-front payments and a capped revenue share; buyer assumes remaining rehabilitation. Conditions: FIRB and ACCC (received per the September 2026 quarterly), completion of MGX rehabilitation tasks. Guarantee of A$2m bank guarantee from buyer.

Other · Conditional
Counterparties
Crestlink Koolan Pty Ltd
Applies to
Koolan Island iron ore operation (sale to Crestlink pending) · Iron Ore
Economic direction
Benefit
Period
2026-06-11 to 2027-03-31
Key terms
Tranche 1 cash on completion: 5.2 AUD million
Tranche 2 cash: 5 AUD million
Tranche 3 cash: 10 AUD million
Revenue share: 1.5 % of gross revenue
Rehabilitation assumed by buyer: 30 AUD million
How it affects our valuation

No valuation treatment is available for this arrangement.

CTPJV contract for Groundrush decline construction. Treated as pre-decision spend in the CTPJV funding claim, not in project value, to avoid double counting.

Other · Active
Counterparties
Macmahon Underground Pty Ltd
Applies to
Central Tanami Project Joint Venture (50%, with Tanami Gold NL) · Gold
Economic direction
Burden
Period
From 2026-08-31; no end date stated
Key terms
Contract value (100%): 38 AUD million
Duration: 14 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Minority listed holding carried in the equity bridge at market value less a haircut. Options are not valued separately.

Other · Active
Counterparties
Fenix Resources Limited
Applies to
Company-wide · Iron Ore
Economic direction
Benefit
Period
Through 2028-07-21; start date not stated
Key terms
Equity holding: 9.4 %
Options: 12,500,000 options
Market value: 18.7 AUD million
How it affects our valuation

No valuation treatment is available for this arrangement.

Minority listed copper producer holding carried in the equity bridge at market value less a haircut.

Other · Active
Counterparties
AIC Mines Limited
Applies to
Company-wide · Copper
Economic direction
Benefit
Period
Dates not stated
Key terms
Equity holding: 3.8 %
Market value: 34.6 AUD million
How it affects our valuation

No valuation treatment is available for this arrangement.

Minority holding in a silver and base metals developer carried in the equity bridge at market value less a haircut.

Other · Active
Counterparties
Maronan Metals Limited
Applies to
Company-wide · Silver · Zinc
Economic direction
Benefit
Period
Dates not stated
Key terms
Equity holding: 4.6 %
Market value: 6.1 AUD million
How it affects our valuation

No valuation treatment is available for this arrangement.

Historical sales agreement for 20% of Koolan available mined iron ore to APAC Resources; not live after mining ceased.

Offtake · Expired
Counterparties
APAC Resources Limited
Applies to
Koolan Island iron ore operation (sale to Crestlink pending) · Iron Ore
Economic direction
Benefit
Period
Dates not stated
Key terms
Share of Koolan mined iron ore sold: 20 %
How it affects our valuation

No valuation treatment is available for this arrangement.