• Completed 50% acquisition of Central Tanami Gold Project
• Selected Macmahon as preferred contractor for Groundrush exploration decline
• Continued low-grade iron ore sales from Koolan Island to fund rehabilitation

In the March 2026 quarter, MGX Resources Limited (MGX) completed its acquisition of a 50% interest in the Central Tanami Gold Project Joint Venture (CTPJV) in the Northern Territory. The CTPJV assets comprise over 2,100 sq km of mining and exploration tenements hosting significant gold mineral resources. Since the acquisition, MGX has worked with joint venture partner Tanami Gold to identify the optimal path to achieving a development decision, focusing on site infrastructure improvements, regulatory approvals, resource definition drilling, and reviews of processing plant options. The CTPJV has selected Macmahon Underground as the preferred mining contractor for construction of the Groundrush exploration decline, which is expected to commence in the September 2026 quarter. At Koolan Island, MGX continued its program of low-grade iron ore stockpile sales, with 0.39 million wet metric tonnes sold in the quarter at an average grade of 44.2% Fe. The sales are aimed at substantially funding the required site rehabilitation works, which are on track for completion in mid-2026. MGX remains strongly positioned with substantial cash and investment reserves to pursue the development objectives of the Central Tanami Project as well as other opportunistic investments.

In addition to the Groundrush exploration decline, the CTPJV work program for the next 12-18 months will include resource definition drilling, metallurgical and geotechnical testwork, environmental and regulatory approvals, and ongoing engagement with Traditional Owners. At Koolan Island, MGX expects sales of around 1.0 million wet metric tonnes of low-grade material in the June 2026 half-year as shipping accelerates after the end of the wet season.