If you look at the last 5 years the highest the share price got was around $1.20 and that was when we were generating profit of around $133M in 2019.
This year we could reach a profit figure of twice that at $260M if the Iron ore price stays where it is and the costs are maintained below $92/tonne (inclusive of royalties).
Therefore no reason not to get to high $1.70-$1.80 per share.
The fact that we are bogged blow 45c is really amazing. It does allow us to slowly accumulate more shares for the final run. Remember 80% are held by top 20 so not many free shares when this decided to break out and run.
It should be a spectacular run when it finally comes. Just make sure you are set.
MGX Price at posting:
45.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)