Ann: Chairman Succession, page-50

"if they've received any meaningful assay results from it they would be obliged to announce it to the market due to ASX continuous disclosure policy"

Hi bsredoje,

I had the same thought as to why TP has not been included in the resource and reserve statement.

Although the previous owner had stated a magnetite resource of some 40 Mt at shallow depth, it has never been recorded by MGX on the annual resource and reserve statement . . . why ? . . . because magnetite has been unpopular because it requires beneficiation . . . . . . MGX have not had an interest in magnetite.

If MGX had an interest in magnetite then all the years that they have been drilling TP would have been sufficient to establish a reserve. So I think all the drilling has not been about magnetite, but rather something else. Something else that would require processing beyond crushing . . . something that would require the services of an experienced in processing, such as Brett Smith

I think MGX would like to pivot away from iron ore, and especially are not interested in magnetite.
The QRs have already stated a focus on other materials, including precious metals, of which tenaments in the Mullewa area have been seeing positive assay results.

Under JORC regulations it is not enough to have the ore in the ground, it also must be economically viable to extract and process in order to be recorded as an ore reserve. That is where someone, such as Brett Smith is required.

I do not necessarily see TP as the main play, but it is definitely part of the future, otherwise why did we retain it and continue drilling it.