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 the last shipment completed and site rehabilitation underway.

• Substantial cash reserves exceeding 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 shareholders.

• Divestment of Koolan Island is expected to yield AUD 20–25 million and transfer AUD 30 million in rehabilitation obligations.

Central Tanami Project development

• CTP comprises 31 million tonnes at 2.8 g/t gold, totaling 2.8 million ounces, with MGX holding a 50% JV interest.

• Groundrush is the core deposit: 11 million tonnes at 3.3 g/t for 1.2 million ounces, open at depth and down plunge.

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

• Exploration decline at Groundrush to commence within months, targeting a +400,000 ounce inferred resource and further extensions.

• Jims deposit prioritized for open pit mining, with 2.6 million tonnes at 2.7 g/t for 220,000 ounces; ongoing drilling aims to expand resources.

Infrastructure, operations, and outlook

• Existing processing plant at CTP will be replaced; engineering studies and site upgrades are underway.

• Modernization of camp and infrastructure, with plans for a new airstrip in the future.

• Strong support from traditional owners, with approvals progressing and production anticipated.

• Koolan Island sale to an infrastructure group is pending regulatory approval, with transition expected by March next year.

• Upcoming news flow includes drilling results, engineering updates, and commencement of the exploration decline.