With iron ore price still rising and some brokers think it could remain in the $120-$130 mark surely MGX will be raking in the cash and it’s financial position strengthens enormously. We just haven’t seen it translated to an appreciating SP.
I have seen explosive upward moves before in MGx and I am expecting something shortly. Seems like the accumulation phase is nearing its completion and the BEOT will soon let this run.
70c first target then 80c finally $1.
The stretch target would be $1.25 next year.
I am also hoping for a 3-4 c interim dividend when they announce half yearly results and that would only be a modest 30% payout.
MGX Price at posting:
53.5¢ Sentiment: Buy Disclosure: Held
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