Not convinced Athena will be a good deal. They would have to get...

Not convinced Athena will be a good deal. They would have to get rid of current management first.

I would absolutely love if Fenix take over Magnetite Mines.
Only point against it is that MGT is on the wrong side of the continent.

Share prices are identic most times, currently both trading around 28 Cent.
A merger or friendly takeover would make sense. MGT holders get one share of FEX for one of MGT.
Dilution for FEX only 1 : 7.

Benefit for MGT: they are like most juniors always struggling to find the few million dollars per year to proceed with feasability studies.
MGT holders get a share in a stable, profitable company. And dividends.

Benefit for FEX:
We get a HUGE resource of highest grade magnetite. So far 6 billion tons in JORC resources, with much more likely in strike length.
Enough for the next 100 years.
Among the problems yet to be solved is logistics. Core competence.
And there is a port development project - Port Pirie - which could mirror Geraldton.
While a working mine is years away this would only cost us a small bit of our profit until then.
And give us a lot of phantasy for future growth.

Just an idea.

I hold shares in both FEX an MGT.