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5 stories mentioning ASX:MGXUpdated 14d ago

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Asia

Tanami Gold Starts Field Season Activities at Northern Territory Joint Venture in June Quarter

Tanami Gold (ASX:TAM) started field season activities at its 50%-owned Central Tanami project joint venture in the Northern Territory with MGX Resources (ASX:MGX) in the June quarter, according to a Friday filing with the Australian bourse.Initial works at the underground exploration decline at Groundrush Mine will begin in August, with portal development expected to start in September, the filing said.Meanwhile, resource definition drilling restarted at Jims Mine, a key open pit located near the Central Tanami mill site.Infrastructure upgrades and key project activities progressed ahead of schedule, per the filing.Tanami Gold shares rose 2% in morning trade Friday.

ASX:MGXASX:TAM
Asia

MGX Resources Reports Higher June Quarter Iron Ore Sales; Shares Rise 3%

MGX Resources (ASX:MGX) reported June quarter total iron ore sales of 944,000 wet metric tonnes, up from 632,000 wet metric tonnes a year earlier, according to a Monday filing with the Australian bourse.The amount of total iron ore sales during fiscal 2026 came in at 2.7 million wet metric tonnes, comprising 870,000 wet metric tonnes of high-grade iron ore products and 1.81 million wet metric tonnes of low-grade cargoes.After the completion of the shipments in late July, its Koolan Island iron ore operations site will transition to care and maintenance status.It is preparing for the start of the Groundrush gold deposit underground exploration decline at the Central Tanami project joint venture in the Northern Territory, with initial site works scheduled to begin in August.Its shares advanced 3% in recent trading on Monday.

ASX:MGX
Asia

MGX Resources to Sell Koolan Island Iron Ore Operation to Crestlink

MGX Resources (ASX:MGX) agreed to divest its stake in the Koolan Island iron ore operation to infrastructure and logistics provider Crestlink Koolan for up-front and deferred payments of AU$20.2 million and a future revenue share component of up to an additional AU$5 million, according to a Thursday filing with the Australian bourse.The deal is structured as the sale to Crestlink of all the shares in MGX's Aztec Resources subsidiary on a cash and debt-free basis, with MGX retaining the benefit of revenue from ore shipped before the sale's completion.Crestlink will also assume the rehabilitation obligations that are outstanding at completion, which are expected to be around AU$30 million, per the filing.MGX expects to complete its low-grade iron ore shipping program at Koolan Island in July before it ramps down site operations.Following the deal's expected completion later in the year, Crestlink will use Koolan Island's infrastructure assets to set up a logistics base for offshore energy, government, and defense-related stakeholders. It will also continue to explore future mining opportunities on the island.MGX Resources shares gained 1% in recent Thursday trade.

ASX:MGX
Asia

MGX Resources Reports Lower March Quarter Iron Ore Sales; Shares Rise 3%

MGX Resources (ASX:MGX) reported March quarter iron ore sales of 390,000 wet metric tonnes, down from 715,000 wet metric tonnes a year earlier, according to a Friday filing with the Australian bourse.During the quarter, the company completed its acquisition of a 50% stake in the Central Tanami project joint venture in the Northern Territory for AU$50 million.MGX Resources said it is now working with JV partner Tanami Gold to determine the best path to a development decision and future production.Shares of MGX gained 3% in recent Friday trade.

ASX:MGX
Asia

Macmahon Unit Selected as Preferred Mining Contractor for Northern Territory Gold Deposit

The Central Tanami Project Joint Venture, in which both MGX Resources (ASX:MGX) and Tanami Gold (ASX:TAM) hold a 50% interest, selected a unit of Macmahon Holdings (ASX:MAH) as the preferred mining contractor for the construction of the exploration decline at the Groundrush gold deposit in the Northern Territory, according to separate filings with the Australian bourse on Tuesday.Macmahon Underground will conduct around 3,500 meters of exploration decline development and portal and vent establishment, with the work valued at around AU$38 million. The work is expected to start in the September quarter and extend for a 14-month period.The appointment of Macmahon remains subject to finalization and execution of a binding agreement.

ASX:MAHASX:MGXASX:TAM

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