MGX currently operates in the Kimberley region of WA, where its Koolan Island iron ore mine is located, and holds precious/base metals exploration tenements in the state’s Mid West region and the Edmund Basin in the state’s Gascoyne region. It is also seeking to become a precious metals producer via the acquisition of a 50% interest in the advanced Central Tanami Gold Project in the Northern Territory.
Koolan Island
The Company’s flagship operation, Koolan Island is located in the Buccaneer Archipelago 140km north of Derby. Acquired through the takeover of Aztec Resources Ltd in 2007, the former BHP mine boasts Australia’s highest grade hematite Ore Reserves which average over 65% Fe. MGX completed recommissioning of the former BHP mine and commenced shipments in April 2007. Mining was interrupted in late 2014 when the Main Pit flooded but continued in satellite pits until early 2016. Production and sales of high-grade hematite recommenced in April 2019 following a two year seawall reconstruction and mine refurbishment program. As of July 2025, the Company had exported in excess of 40Mt of ore from Koolan Island.
Mining was suspended in the Main Pit in October 2025 following a significant rockfall, approximately 12 months before the mine’s scheduled end of production. From late 2025, the processing and sale of stockpiled lower grade material were continuing in tandem with progressive rehabilitation work and ongoing monitoring to further assess the damage caused by the rockfall, its impact on the geotechnical stability of the adjacent footwall areas in Main Pit, related safety risks and potential for future access. Circa 0.5 Mmwt of low-grade material was processed and shipped in November-December 2025, with the sale of a further 1.0 Mwmt of low-grade material targeted in the June half of 2026, at which point all saleable stocks will be depleted.
Central Tanami Gold Project
In July 2025, the Company announced a transformational agreement to acquire Northern Star Resources Limited’s
50% interest in the advanced Central Tanami Project Joint Venture (CTPJV) and adjacent wholly-owned exploration tenements in the Northern Territory for cash consideration of $50 million.
The project, in which Tanami Gold NL holds the other 50% interest, has total JORC 2012 Mineral Resources of 31 Mt grading 2.8 grams per tonne gold for 2.8 Moz* of contained gold, including 11 Mt at 3.3/gt Au for 1.2 Moz contained gold in the main Groundrush gold deposit.
The transaction was completed in early February 2026, following satisfaction of relevant conditions, including approval by the Foreign Investment Review Board.
The Company considers the CTPJV to be an attractive advanced large-scale, high-grade gold development project with potential to be advanced to a development decision within 12-18 months of completing the transaction.
*Refer to the Company’s ASX Release dated 11 November 2025 for further details and Competent Persons information relating to the CTP JV Mineral Resources Estimates.
WA Exploration – Tallering Peak and Edmund Basin
Located 175km east of Geraldton, Tallering Peak was the Company’s first mine, commencing production in late 2003 and sales in early 2004. Sales exceeded 25Mt by the time production ceased in late 2014, and final site rehabilitation was concluded in 2015. MGX retains substantial exploration tenements in the Tallering Peak region, where exploration for precious and base metals is progressing.
In 2025, the Company also secured interests in exploration tenements covering over 1,650 sqkm in the Edmund Basin (Gascoyne region) considered highly prospective for precious and base metals. Preliminary exploration is well underway ahead of drilling planned for 2026.
INFORMATION FOR SUPPLIERS
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