What a disaster this investment has turned out to be. The SP is lower now than before they started to mine for the high grade product and the company has said they would be making plenty of free cash flow for the next few years. That lasted only half a year. Now going backwards in cash flow. And loosing another year as well.
Big mistake I made was switching my investment in FEX at 25 c and moving it all to my MGX portfolio. Which I thought was prudent, as they were stipulated to be making much more free cashflow and already had some savings in bank.
That did not go well but could have been worst as I was able to sell in 50s. Opportunity cost $95K. It is what it is.
I do wish you all luck. Maybe when they announce something positive and can get back into cash flow positive territory in Fy26 maybe it will be worth an investment again but it would need to be trending higher on volume with strong fundamentals such as a purchase of another profitable or near profitable mine.
In the short term without a catalyst this could trade lower 80% of cash backing. Which could be a low of around 29-30c. Absolute worst case.
Cash backing, page-17
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Last
32.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $388.8M | |||
| Open | High | Low | Value | Volume |
| 32.0¢ | 33.0¢ | 32.0¢ | $309.9K | 956.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 10000 | 32.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 32.5¢ | 100000 | 1 |
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| Last trade - 16.10pm 08/11/2024 (20 minute delay) ? |
| MGX (ASX) Chart |