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"Waiting for them to announce an earnings accretive purchase/acquisition over the next 3-5months."

You are obviously dreaming with no connection to reality. In the last 12 months MGX has only had an increase of $38 million in its cash holdings and thats with boom iron ore prices.
Other smaller iron ore companies are making twice that amount per quarter.
Koolon Island costs are far more than I thought, checking on the last financial year the costs are as high as $127/tonne. MGX went backwards by $10 million in the Dec 2020 quarter during boom iron ore prices.

" To add to our growing stockpile of cash."
What growing stockpile of cash, considering MGX went backwards in the Dec quarter 2020 and is likely to lose more cash during the March quarter. (We'll see in the quarterly report in 3 weeks)

Most of MGX's cash comes from an insurance payout, its not from mining iron ore.
Iron ore reserves are very small in size, Shine is only 10 million tonnes of low grade 58% ore.

MGX has Total Group Mineral Resources of 69.4 million tonnes.
Koolan Is has just 18.7 million tonnes.

https://www.asx.com.au/asxpdf/20200923/pdf/44mwv6q5cpz2jw.pdf

I don't think the market realises how little iron ore reserves that MGX has, its a sell at 80c.