• MGX has completed acquisition of 50% interest in Central Tanami Gold Project from Northern Star
• $50 million cash consideration paid to Northern Star
• MGX to work with Tanami Gold NL and other stakeholders to define development pathway

MGX Resources Limited (MGX) has completed its previously announced acquisition of a 50% interest in the advanced Central Tanami Gold Project Joint Venture (CTPJV) in the Northern Territory of Australia from Northern Star Resources Limited (Northern Star). The conditions precedent for the transaction have now been satisfied or waived, and MGX has paid the $50 million purchase consideration to Northern Star to effect the acquisition. In addition, normal completion adjustments relating to pre-completion expenditure, cash, debt and working capital within the acquired entity will be made in due course. MGX has also replaced existing bank guarantees totalling approximately $5.8 million. MGX Chief Executive Officer Peter Kerr stated that the company is extremely pleased to formally complete the CTPJV acquisition ahead of schedule, and appreciates the positive engagement of all key parties, including Northern Star, new CTPJV partner Tanami Gold NL, and the Central Land Council representing the local Traditional Owners. Work in the near term will focus on defining the development plan, securing relevant approvals and accelerating development activities. The CTPJV is one of Australia's highest-grade undeveloped gold projects with current estimated Mineral Resources of 31.0 million tonnes grading 2.8 grams per tonne gold for approximately 2.8 million ounces of contained gold, including 11.0 million tonnes grading 3.3 grams per tonne gold for 1.2 million ounces within the core Groundrush deposit.

MGX looks forward to working with joint venture partner Tanami Gold NL and other stakeholders to define the development pathway and accelerate development activities for the Central Tanami Gold Project.