In the absence of any announcement since the buyback stopped two months ago, please permit me to speculate.
A pivot away from iron ore has been signalled in the QRs under the business development section which has stated a focus on iron ore, metallurgical coal, bauxite, copper, lead, zinc and precious metals.
I wonder if Tallering Peak is part of the play. TP was our first mine and also the only asset other than KI that was not sold.
Exploration drilling continued after we exhausted the haematite. Years of exploration drilling ceased 6 months ago with the comment in the QR that they are "reviewing results with view to a project".
Although there is a large magnetite resource on the TP tennament, it is in an area with a lot of exploration on surrounding tenaments posting positive results for materials other than magnetite.
As usual, MGX stayed very tight lip about what they were drilling for, and never once released an assay result or gave a clue about what they were drilling for
Brett Smith, the materials processing guy who turns ore bodies into producing projects, was appointed chairman not long after the statement was made that TP assay results were being reviewed with a view to a project. (reviewed by Brett Smith ?).
What gave Peter Kerr the confidence in the February audio to state a "sizeable" investment that would make MGX "bigger and more profitable" ? . . . (possibly because PK had received a very positive review of the assay results).
MGX Price at posting:
27.5¢ 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)