Rocket973,
Why do you think MGX is at 80c and not over $1.0 or higher. Because the market is aware of their short term production of lower grade iron ore and only at the back end of this year will we be able to get into higher quality grade Iron ore including shine production.
The market is forward looking. By the time you are waiting for 60c or 50c the companies SP will be over $1 well before we are actually producing high quality ore.
At these levels it is a buy. Not saying it can’t drop lower but the back end of this year we will be rolling in lots of surplus cash each month. To add to our growing stockpile of cash.
Waiting for them to announce an earnings accretive purchase/acquisition over the next 3-5months.
cheers.
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Last
35.5¢ |
Change
-0.005(1.39%) |
Mkt cap ! $432.5M | |||
| Open | High | Low | Value | Volume |
| 36.0¢ | 36.5¢ | 35.5¢ | $283.0K | 790.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 439557 | 35.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 36.0¢ | 67284 | 6 |
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| Last trade - 16.10pm 30/07/2024 (20 minute delay) ? |
| MGX (ASX) Chart |