Just have a few things to add as a holder of MGX. 1st of October...

Just have a few things to add as a holder of MGX. 1st of October 2021 MGX announced that shine operations had to be scaled back as the mining operations were not profitable. At the time the Iron ore price was between $105-$110 USD/T for 63.5% (Trading economics). They reported that freight was $30 USD per tonne at the time of the closure. I can't find the 58% historical price, but one would assume it would be significantly cheaper than the 63.5%. Shine is renowned for 58% grading. If we apply to today's scenario the iron ore price is $118 USD/T (NABtrade) which we can assume the operations are not profitable given the operating costs of shine was 65-70 USD WMT BEFORE royalties which was reported in the December quarter 2020. Shine was only in operation when Iron Ore prices were well north of $160 USD per tonne.

Shine is not a huge asset which a stated previously on the FEX forums but I think it's actually part of a bigger picture for MGX, I believe if MGX generates enough cash from Koolan Island they will initiate a takeover for FEX which they already own a large portion of.