MGX Resources (MGX) AGM 2024 summary

Opening remarks and agenda

• Meeting chaired by Lead Independent Director due to Chairman's absence; acknowledgment of traditional land custodians and introduction of directors and executive team.

• CEO Peter Kerr presented the AGM, marking the company's 20th year as an iron ore producer and highlighting milestones since 2002.

• Hybrid AGM format enabled both in-person and online participation, with voting and Q&A accessible to all shareholders.

• Agenda included Chairman’s address, tabling of financial statements, three resolutions, CEO’s operational update, and open Q&A.

Financial performance review

• Group sales revenue rose to AUD 667.7 million, with high-grade ore sales at 4.1 million wet metric tons, up from AUD 452.6 million and 3 million tons the prior year.

• Net profit after tax was AUD 6.4 million, after significant non-cash impairments and tax asset de-recognition; profit before tax and impairments doubled to AUD 211.6 million.

• Operating cash flow trebled to AUD 284.3 million, with cash and investment reserves increasing to AUD 442.3 million by year-end.

• Average cash cost was AUD 74/wmt shipped FOB, with an average realised price of USD 110/dmt FOB.

• September 2024 quarter sales revenue was AUD 61 million, with cashflow of AUD 5 million and cash/investment reserves at AUD 412 million.

Board and executive committee updates

• Board supported the re-election of Simon Bird and Professor Paul Dougas as directors, with proxy results in favor.

• Remuneration report detailing director and executive pay policy was tabled and supported by proxy votes.

• Board includes Lee Seng Hui (Chairman), Simon Bird, Paul Dougas, Alan Jones, Evian Delfabbro, Ding Rucai, and CEO Peter Kerr.

• Gillian Dobson serves as CFO, with David Stokes as Company Secretary and General Counsel.