MGX Resources (MGX) Noosa Mining Conference 2026 summary

Strategic transition and project focus

• Transitioned from iron ore to gold, acquiring a 50% stake in the Central Tanami Project (CTP) in the Northern Territory.

• Koolan Island iron ore operations have ceased, with successful monetization of stockpiles funding rehabilitation.

• Substantial cash reserves of over AUD 400 million provide flexibility for CTP development and other opportunities.

• Institutional ownership has increased from 12% to 17%, with a stable board and supportive major shareholder APAC Resources.

• Divestment of Koolan Island is underway, with sale proceeds and rehabilitation obligations transferring to a new owner.

Central Tanami Project development

• CTP comprises both joint venture (50/50) and wholly owned exploration tenements, with focus on bringing the project into production within 2–3 years.

• Groundrush is the core deposit, with 11 million tonnes at 3.3 g/t for 1.2 million ounces, and total project resources of 2.8 million ounces.

• Scoping indicates potential for 1.5 million tonnes throughput per year, producing 100,000–120,000 ounces annually over a 10-year mine life.

• An exploration decline of 3.5 km is planned to convert inferred resources and test extensions, with triple decline development proposed.

• Jims deposit, prioritized for open pit mining, holds 2.6 million tonnes at 2.7 g/t for 220,000 ounces, with ongoing drilling and resource expansion.

Infrastructure, operations, and outlook

• Existing plant site will be partly scrapped; new plant design underway with GR Engineering.

• Infrastructure upgrades include camp modernization and potential new airstrip; current airstrip and camp are operational.

• Strong support from traditional owners and ongoing engagement for project approvals.

• News flow expected in the next 6–12 months includes engineering studies, drilling results, and start of the exploration decline.

• Koolan Island sale expected to close by March next year, with AUD 20–25 million proceeds and AUD 30 million in rehabilitation obligations transferred.