MGT magnetite mines limited.

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Funny you mentioned CIA, I noticed Citi pump CIA yesterday of...

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14/01/25

13:01

Post #: 77397357
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Originally posted by mondyinvest: ↑

No, I just think it's fluff. They signed a non-binding 'Heads of Agreement' (i.e. just an MOU) way back in early July 2024 and strangely gave themselves over 6 months to turn it into a definitive agreement... why so long? How difficult can it be to get funding locked away for a study that's already been happening for literally years? And if the definitive funding agreement is really imminent (31 January is the deadline), why are they having to tap a dreadful convertible note to provide themselves working capital?

Regardless, I've long thought the whole project is a zero I'm afraid. There's a reason deposits like this have stayed buried for 15+ years. I've said it before, go back and look at the breathless studies that happened on Razorback when MGT was called ROY, in 2011. Then look at the 2021 PFS which saw the share price tank... capex back then was A$572M, imagine what that number looks like with 3 years of inflation whacked on top. It shouldn't take more than 30 seconds of thinking to figure out why MGT management keep kicking the DFS can down the road and trying to "optimize" it - because it's completely uneconomical for a company of this size, and with the iron ore market looking like it is, MIN bringing Onslow online, RIO bringing the big dog Simandou online, the IO market simply doesn't need a stranded niche 'green steel' iron ore project. If there really is demand for 'green steel' input then CIA are best placed to serve it and they have significant (and funded!) expansion plans of their own in Labrador.

Unfortunately, this is just another 'story stock' (like HIO), left over from the 2021 iron ore boom. In my opinion management of both companies will keep stringing things along, signing largely toothless MOU's with port authorities, local landowners, anyone they can find to make it look like things are pressing ahead.

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Funny you mentioned CIA, I noticed Citi pump CIA yesterday of course Citicorp has 10%.

MGT Price at posting: 13.0¢ Sentiment: Sell Disclosure: Not Held
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(20min delay)
Last 8.6¢		Change 0.000(0.00%)		Mkt cap ! $10.53M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

Buyers (Bids)

No.	Vol.	Price($)
1	15984	8.6¢

Sellers (Offers)

Price($)	Vol.	No.
8.9¢	79337	1

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No.	Vol.	Price($)
1	15984	0.086
1	10000	0.085
1	16199	0.083
2	24833	0.082
1	123712	0.081

Price($)	Vol.	No.
0.089	79337	1
0.090	257719	2
0.092	100000	1
0.095	6779	1
0.098	21000	2

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