Dear MGX Shareholders
Do you ever wonder why the market cap of MGX is well below the net cash and mining investments value of MGX?
MGX has two very substantial Hong Kong (Chinese) companies owning 35% of MGX. For some time MGX has steadily been acquiring stakes in dirt cheap miners, and appearing to hide it from you by keeping these investments well hidden just below the 5% reporting threshold (within different nominee accounts) in different ASX junior mining companies. We have no real knowledge of the number of investments MGX have made because they keep the investments unreported. We have known for some time that MGX have held 4.88% stakes in AIC Mines (they recently crossed over 5%) and Maronan Metals 4.13%) and we assume there are more they are not disclosing.
I discovered the very carefully concealed investments only because of court requests I have made as I am currently involved in a court case against one of these companies. It took several legal requests to find the real owner of Marona Metals shares inside a nominee account (Zero Nominees). When I did the same legal request in AIC Mines to find a true owner, I found that MGX had a large shareholding there too within a different nominee account - this time Argonaut Nominees. The coincidence was unusual to me so I investigated further about why MGX would be doing this.
I found what I believe to be a motive. That MGX may be controlled from Hong Kong and have an interest in acquiring MGX outright for as cheap as possible. For this reason, MGX may have an incentive to not release details of all the carefully selected junior mining companies they have invested in. I found that MGX is a company which has a share price and market cap well below what it should be based on the Net Tangible Value of all its investments.
This prompted me to write to you all and ask you to sign this petition (attached).
I kindly request that as many people sign it as possible. This is to show the Board that people are watching their disclosures (or lack of) from now on. All you need to do for your signature is to reply by email with your agreement to the petition. I will supply the final list of names and emails to the board and media.
I also believe the recent public announcements (becoming a substantial shareholder in AIC Mines and the 50% joint venture with Tanami Gold could be a result because they knew I was preparing to write to you all. Lets hope these higher visibility deals continue. Sunlight in dark places is the best disinfectant.
I notice in the 2024 Annual report there were three pages about climate change and not one page about how to address the falling share price. While I care about environmental concerns, I think most people who read the annual report would like priorities to change a little.
Kind Regards
Ben Pauley
20:33 (1 hour ago)
(20min delay)