Mount Gibson Iron (MGX) investor relations material

Executive summary

• Achieved reasonable underlying financial performance in FY25, increasing cash and investment reserves despite weaker iron ore prices and challenging mining conditions at Coolin Island.

• Net loss after tax of AUD 82.2 million, compared to a net profit of AUD 6.4 million in the previous year, mainly due to non-cash impairments and derecognition of deferred tax assets.

• Cash and investment reserves increased to nearly AUD 485 million at year end, with no bank borrowings.

• Advanced corporate growth with the agreement to acquire a 50% interest in the Central Tanami gold project, aiming to diversify into a multi-commodity business.

Financial highlights

• Sales volume was 2.61 million wet metric tonnes at 64.5% FE, down from 4.1 million tonnes in the prior year.

• Sales revenue totaled AUD 330.5 million FOB, reflecting lower volumes and prices.

• Cash operating costs rose to AUD 101 per wet metric tonne FOB, or AUD 110 per tonne including capitalized waste mining, up from AUD 74 in the prior year.

• Gross profit before tax and impairments was AUD 20.2 million.

• Operating cash flow from Coolin Island was AUD 26.5 million; profit before interest, tax, and impairments was AUD 29.3 million.

Outlook and guidance

• Targeting strong cash flow over the next 12–18 months as waste mining at Coolin Island nears completion.

• FY26 guidance: high-grade iron ore sales of 3.0–3.2 million tonnes at unit cash operating costs of AUD 80–85 per tonne FOB.

• Production and sales expected to accelerate after the current quarter.

• Aiming to advance Central Tanami gold project to a development decision within 12–18 months.