The Company was established in Perth as Mount Gibson Iron Limited in 1996 and listed on the Australian Stock Exchange (ASX) with the ticker code MGX in 2002. It changed its name to MGX Resources Limited in late 2025.
The Company commenced production at its first iron ore mine, Tallering Peak in the Mid West region of WA, in late 2003 and shipped its first cargo in early 2004, becoming WA’s first independent iron ore exporter in almost a decade. Tallering Peak exported over 25Mt by the time ore reserves were depleted and the mine closed in late 2014. Site rehabilitation was completed in 2015.
In early 2007, MGX acquired the high-grade Koolan Island mine 140km north of the Kimberley town of Derby, through its takeover of Aztec Resources Ltd. The Company completed recommissioning of the former BHP mine and commenced shipments in April 2007. Mining was interrupted in late 2014 by a seawall failure which flooded the Main Pit. After construction of a new seawall, production and sales of high-grade hematite recommenced in April 2019 and by July 2025, the Company had exported over 40Mt of ore from Koolan Island. Following a rockfall in October 2025, mining was suspended in the Main Pit, while processing and sales of stockpiled lower grade material were continuing.
MGX commissioned its third mine at Extension Hill, 260km east of the Mid West city of Geraldton, in late 2011. The mine exported over 15Mt of iron ore by the time reserves at the Extension Hill deposit were depleted in late 2016, after which production commenced at the nearby Iron Hill deposit in early 2017. Iron Hill yielded over 5Mt of DSO iron ore by the time final sales were completed in February 2019. Sales of stockpiled low grade material from Extension Hill concluded in late 2020 after which the mine moved to final closure.
In late 2020, the Company commenced development of the Shine Iron Ore Project (SIOP), located 85km north of the Company’s Extension Hill operation and approximately 375km northeast of Perth in the Mid-West region of Western Australia. Ore sales commenced in August 2021, with ore transported from the site to Mount Gibson’s existing export facilities in Geraldton Port for shipping to customers in Asia. Following a rapid deterioration in market conditions, the Company suspended operations in late 2021.
In mid 2023, MGX divested its former Mid-West hematite iron ore mining and infrastructure assets to Fenix Resources Ltd for circa $25 million. The transaction did not include the Company’s exploration tenements in the Tallering Peak region where base metals exploration has continued.
In July 2025, the Company announced a transformational agreement to acquire a 50% interest in the advanced high-grade Central Tanami Gold Project in the Northern Territory for $50 million from Northern Star Resources Ltd. MGX is targeting settlement by 31 March 2026, subject to securing Foreign Investment Review Board approval and the further extension of existing infrastructure arrangements on one tenement from the Central Land Council.