• Profit before tax and impairments increased 113% to $39.9 million
• Net loss after tax of $20.8 million due to $60.3 million in impairment expenses
• Koolan Island operations impacted by major rockfall, leading to suspension of mining

MGX Resources Limited (formerly Mount Gibson Iron Limited) reported its financial results for the half-year ended 31 December 2025. The company recorded a profit before tax and impairments of $39.9 million, up 113% from the prior corresponding period, but a net loss after tax of $20.8 million due to $60.3 million in impairment expenses following a major rockfall incident at the Koolan Island mine in mid-October 2025. The rockfall led to the suspension of mining operations, with the company focusing on shipping available high-grade iron ore stocks and processing and selling low-grade stockpiled material. Ore sales increased 6% to 1.35 million wet metric tonnes, but the average grade was substantially lower at 63.7% Fe for high-grade fines and 49.6% Fe for low-grade material. Sales revenue totaled $147.2 million, down 8% from the prior corresponding period. The company's cash and investment reserves decreased by $5.7 million to $456.2 million as at 31 December 2025. MGX also holds a 9.7% equity interest in Fenix Resources Limited valued at $37.8 million.