Ann: Change of Director's Interest Notice, page-19

Hi Runningbear62

Thank you for sharing your perspective, it is appreciated.

In the most recent quarterly report Peter Kerr wrote "guidance met".
From the way the boats are lining up, Peter Kerr will be able to stamp those words again on the next report.

Peter Kerr holds 4.7 million shares.
Other board members have not sold shares.
Only one director, Alan Jones, sold 300,000 shares.
I cannot see that as an alarm bell that the gates are about to be closed.

Peter Kerr also wrote in recent reports that his "focus is on getting the plant running and ships loaded". . . getting the cash coming in.
Rightly so, when the bicky barrwl is low.

When there is more cash on hand then will be the appropriate time to turn some more mineral resource into ore reserve . . . that will take time and money . . . so I am not hanging out to see any change this September.

Time and money has already been invested in establishng 44.7 mt of mineral resource / ore reserve . . . which are majority located "within' the main ore body.

BHP walked away from Koolan in the 1990s after the easy pickings had gone. BHP's production was a mere fraction of what has been achieved under MGX management.
On exit BHP put explosives in the sea wall.
When MGX took over they relocated the marine life that had established, had the seawall repaired and pumped out the seawater. When the seawall later failed, it did not faze MGX, they got it repaired and got back into production. When the main ore body had to have almost a year's worth of over burden removed, it did not faze MGX, they moved the overburden and got back into production. Similarly last August when we had the fire, it was fix it and get on with the job.
The point I am trying to make is that it will be in MGX's nature to utilize the last of the mineral resource. A bit of drilling and lab tests in compliance with ASX rules seems a small task to what MGX has already achieved.