In July 2025, MGX 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 transaction was completed in early February 2026, following satisfaction of relevant conditions, including approval by the Foreign Investment Review Board.
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. Full details of the CTPJV Mineral Resource Estimates are available here: CTPJV Resource Update
The cash consideration of $50 million represented a highly compelling acquisition cost of just $36/oz of contained gold.
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.
Project Details
The CTPJV is an unincorporated 50:50 joint venture between MGX and ASX-listed gold explorer Tanami Gold NL (Tanami Gold) located approximately 650 kilometres northwest of Alice Springs and encompassing a total landholding of approximately 2,100 sqkm in the Tanami region of the Northern Territory. (Refer to featured map)
The CTPJV was initially established between Tanami and Northern Star in 2015 as a farm-in arrangement and subsequently restructured in 2021 into the current 50:50 arrangement whereby each party is required to contribute its share of expenditure to the joint venture.
The objective of the CTPJV is to advance the Central Tanami Gold Project, a highly prospective and underexplored area that is known to be well-endowed with gold mineralisation. In excess of 2 million ounces (Moz) of gold have previously been extracted from the tenements, including approximately 1.3 Moz between 1995 and 2005. The CTPJV includes a non-operating 1.2 Mtpa carbon-in-leach (CIL) processing plant which has been idle since 2005, and the high-grade Groundrush gold deposit which yielded production of more than 600,000oz from a single open pit for Newmont Mining Ltd between 2001 and 2005. In addition, the CTPJV infrastructure assets include existing mine haul roads, an accommodation camp, a water bore field and a 1.4km gravel airstrip.
Project Development
Work within the CTPJV in recent years has focused on the Groundrush, Ripcord and Jims deposits, including technical development and scoping studies. Each of these deposits is located on existing mining leases. MGX considers the CTPJV to have potential for accelerated development and production based on its substantial current Mineral Resource estimates located on granted mining leases, notably at Groundrush, the extensive work conducted to date on technical development studies, and the strong potential to substantially increase resources. The CTPJV continues to conduct drilling at several brownfields targets with a view to further increasing gold resources in the near term.
Wholly-owned exploration tenements
The acquisition also included approximately 3,600 sqkm of granted and pending exploration tenements in the Central Tanami region wholly owned by Northern Star, giving MGX exposure to a dominant exploration position covering approximately 5,700 sqkm in a proven gold province with a century-long record of substantial gold production. (Refer to featured map)
Having completed the transaction, MGX intends to work actively with Tanami Gold to bring the CTPJV to a development decision in the shortest possible timeframe. The Company’s intention will be to progress technical update studies for the Groundrush, Ripcord and Jims deposits to feasibility level, incorporating additional drilling and other data generated by the CTPJV partners in recent periods.
In addition, an engineering review will be required to define the optimum processing and infrastructure options
for re-establishing production within the CTPJV. This includes assessment of both new build and full or partial
refurbishment of the existing CTPJV processing plant which has been idle since 2005.
