• The Central Tanami Project Joint Venture resource is 31.0 million tonnes at 2.8 grams per tonne gold for 2.8 million ounces on a 100 per cent basis, with an attributable share of 1.4 million ounces.
  • The Koolan Island hematite resource is 3.3 million tonnes at 59.3 per cent iron, with no Ore Reserves at 30 June 2026.
  • MGX has a binding agreement to sell Koolan Island to Crestlink Koolan Pty Ltd, with settlement targeted for late 2026 and extendable to the end of March 2027.

MGX Resources Limited (ASX:MGX) has published its annual statement of Mineral Resources as at 30 June 2026, prepared under the JORC Code (2012 Edition). It reports a Mineral Resource of 2.8 million ounces of gold at the Central Tanami Project Joint Venture, on a 100 per cent basis, and a reduced hematite resource at Koolan Island. The statement is a resource update and not a production forecast.

Central Tanami gold

MGX holds a 50 per cent interest in the Central Tanami Project Joint Venture with Tanami Gold NL, which it acquired in February 2026, with the transaction completing on 5 February 2026. On a 100 per cent basis, the resource totals 31.0 million tonnes at 2.8 grams per tonne gold for 2,800 thousand ounces. That comprises Measured 1.3 million tonnes at 0.8 grams per tonne for 36 thousand ounces, Indicated 15.0 million tonnes at 2.8 grams per tonne for 1,400 thousand ounces, and Inferred 14.0 million tonnes at 3.1 grams per tonne for 1,400 thousand ounces. MGX says its attributable share is 1.4 million ounces.

The company states that these estimates were first reported by Tanami Gold on 7 November 2025 and by MGX on 11 November 2025. The largest single tenement is ML22934, which includes Groundrush and has a total resource of 13.0 million tonnes at 3.2 grams per tonne for 1,300 thousand ounces.

The estimates use open pit cut-offs of 0.6 to 0.8 grams per tonne and underground cut-offs of 1.4 to 1.8 grams per tonne, optimised at a gold price of A$3,500 per ounce. MGX notes that deposits with fresh, refractory material carry additional costs and concentrate-production recoveries, and that drilling from the 2025 and 2026 field seasons at Jims and Groundrush is not yet included.

The statement notes that figures are rounded to two significant figures and that rounding may cause discrepancies when components are added. The reported total remains 31.0 million tonnes and 2,800 thousand ounces; adding rounded tenement subtotals does not replace that total.

Koolan Island iron ore

At Koolan Island, which MGX holds at 100 per cent until a divestment completes, the 2026 hematite Mineral Resource is 3.3 million tonnes at 59.3 per cent iron, made up of Indicated 2.1 million tonnes at 59.9 per cent and Inferred 1.2 million tonnes at 58.2 per cent. There are no Ore Reserves at 30 June 2026, compared with 4.1 million tonnes at 65.0 per cent iron a year earlier.

MGX says total resources fell by 6.4 million tonnes. It attributes this to Mining depletion of 0.7 million tonnes before the October 2025 Main Pit rockfall, after which mining ceased, and to low-grade stockpile sales of 1.8 million tonnes during the year, with sales ceasing in July 2026. All remaining resources are in the Mangrove deposit, whose estimate is unchanged from 2025. The statement's narrative and its comparison table give different 2025 totals, 9.7 million tonnes and 6.1 million tonnes respectively, so the prior-year comparison is unclear.

Koolan divestment

MGX has a binding agreement, announced on 11 June 2026, to sell Koolan Island to Crestlink Koolan Pty Ltd. Settlement is targeted for late 2026 and may be extended to the end of March 2027. The company states that it does not expect to hold any iron ore Mineral Resources after settlement.

Governance and next points

Graeme Thompson of MoJoe Mining Pty Ltd is named as competent person for the Central Tanami estimates, and Elizabeth Haren of Haren Consulting for the Koolan Island resource.

The announcement does not give a mine plan, production target, funding arrangement or development timetable for the Tanami gold resource, which includes a large Inferred portion carrying lower geological confidence. The confirmed milestone is settlement of the Koolan Island sale.