Ann: Chairman Succession, page-53

Market Cap of $318.4 million is equal to 69% of the cash position of $460 million.

Contributing to the falling market cap would be the two months without an announcement since the buy back being halted and Brett Smith being appointed as chairman.

Of note is that there has been no changes in substantial holding announcements for over 3 years, which when combined with low volumes indicates that retail are the ones selling down.

While the majors, such as APAC, are holding fast . . . with previous APAC man, Brett Smith, over seeing the "bigger and more profitable" future of MGX . . as he has also done for APAC controlled Tasmanian tin company.

I feel that Brett Smith's experience in setting up processing plants maybe to do with a pivot away from iron ore.

For example Brett used tin as an example of how complex processing can be with some ore having to go through up to 15 processes to refine it.

Such complexity in processing would add to the time taken to do due diligence.

Also Brett does not accept feasability studies on face value, he scrutinizes them, and in Brett's own words identifies the "bs" in them.

Peter Kerr stated in February that MGX will be "bigger and more profitable". Being more profitable may well be another signal of a pivot away from iron ore.