There is some useful data about the Koolan Island pits from an...

There is some useful data about the Koolan Island pits from an old 2008 presentation.

https://announcements.asx.com.au/asxpdf/20080825/pdf/31bwck0s61v7h3.pdf

I am not geologist so have no idea of how to interpret potential options, but I find it interesting that this presentation talks about underground potential in the main pit. (Page 22) Not sure if that view still stands but as you can see from the slides there is still some very high-grade iron ore under the existing pit that is well defined. Whether or not it's possible to mine from either a geological or economic perspective is another matter.

Last years resource statement says the pit is 215 metres below sea level. If that's the case, then the 30 metres at 67% in the main pit is about another 150 metres lower than the bottom of pit. To deep for open cut I would guess?

The smaller pits are lower grade. Given the main pit's high grade is clearing around $60-$70 a tonne after stripping I am not sure that those pits would be economically feasible, even though they are on higher ground so the seawall would not be an issue.

Later presentations have mentioned the west end of the main pit is where most of the remaining KI resource is. While some stripping has been done at the main pit end, there would be plenty more to move but if prices remained high, it should be a chance of becoming a reserve.

If management want to lift the share price, then they need to outline their plans or else MGX will only trade at cash backing limiting upside. With only three years left they owe it to shareholders to outline if they can get more ore out of KI. They've owned it for long enough to know.

If not, they should say so and get busy finding another business. Some goldies are cheap and some viable lithium prospects need cash.

40 cents gives a market cap of $486 million. 13 million tonnes at say $60 margin a tonne plus existing cash and shares would see total cash and shares at $970 in three years so if the mine plan and iron ore price holds up there is a good chance of derisking the current price.

GLTA/IMHO