From my perspective, I see three things that will move this...

From my perspective, I see three things that will move this share price around:

1. Resumption of dividends. As noted by Docweemo, this is unlikely to actually commence until they have sufficient franking credits available, but they may give more perspective on timing with the FY24 profit announcement.

2. Announced plans that will extend the life of Koolan Island. I am sure that they are carefully considering what options are available to access more of the resource over and above the current mine plan. Technically, there is enough resource there to extend KI by another 5 years, but what is practically feasible is the issue.

3. Announcement of other ways of utilising their cash reserves such as using some to take a big equity chunk of a new project that is being advanced to development by a cash-strapped junior. There are some interesting options out there across the ASX listed junior landscape, and given that MGX has equity stakes in some juniors (but they have been quiet on which ones), this may well be on their strategic radar.

Any one of the above could land at any time, and it is for this optionality backed by an otherwise sound and profitable enterprise that continues to accumulate cash that I continue to hold my position in MGX. As the share price is effectively "cash-backed" at these levels, I believe it has the potential to multi-bag from here with the right announcements.