Bottom is in its TIME TO PUMP!!!! 97¢ by August, page-28

MGX will go back up mostly driven by shorters closing out their positions. Shorters expected that iron ore prices would be going down rather than up.
The shorters have nearly 60 million shares shorted at present.

https://stocktrack.com.au/asx/mgx/shorts

Many of these shorts occurred between the 14th Feb and the 1st March, total number of shorts added during this period was 30 million.
The problem for the shorters is that the price sold was between 50c and 55c during this period for the 30 million shares.

Previously the shorters had been smart closing out 10 million shares on the 30th Nov 21 at 37c.

Now the shorters are in a difficult position where they're losing money at the current share price of 60c.
To try and close out 60 million shares is damn near impossible without pumping the share price to 70c or 80c.