MGX Resources (MGX) Investor Update summary

Acquisition overview

• Agreement to acquire a 50% interest in the Central Tanami Gold Project and adjacent exploration land from Northern Star Resources for AUD 50 million in cash, with adjustments and replacement of AUD 5.8 million in guarantees.

• The acquisition includes a large gold resource base, significant exploration tenements, and a major landholding of approximately 5,700 sq km, supporting diversification beyond iron ore.

• The project features over 2.6 million ounces of gold inventory at an average grade of 3.2g/t, with a JORC 2012 Mineral Resource of 1.6Moz, mostly on granted mining leases.

• Existing infrastructure includes a non-operational 1.2Mtpa processing plant, accommodation, airstrip, haul roads, and water bore field, though refurbishment is needed.

• The purchase price equates to AUD 61 per ounce of contained gold (JORC 2012 resources), or AUD 38 per ounce including historic estimates, well below the sector average of AUD 174/oz.

Strategic rationale and development plans

• The move aligns with a strategy to diversify into gold and other commodities as Koolan Island mine nears end of life.

• Acquisition provides a dominant land position in a productive gold region, with a history of over 2Moz produced from the tenements.

• Plan to fast-track project to a development decision within 12–18 months, focusing on Groundrush, Ripcord, and Jims deposits, which together hold a combined Mineral Resource of 1.3Moz.

• Ongoing technical work and infill drilling aim to optimize mining and processing scenarios, upgrade resource categories, and support resource growth.

• Common major shareholder (APAC Resources) with JV partner Tanami Gold expected to facilitate project advancement.

Key deposits and resource details

• Groundrush: 7.7Mt at 4.3g/t Au for 1.1Moz; past production of 611koz at 4.0g/t Au; mineralisation remains open at depth.

• Ripcord: 0.75Mt at 2.1g/t Au for 51koz; mineralisation open down dip and along strike.

• Jims: 1.5Mt at 2.3g/t Au for 120koz; past production of 125koz at 2.3g/t Au; mineralisation open down dip and along strike.

• Additional deposits and historical estimates provide further upside potential, with ongoing work to update resources to JORC 2012 standards.

• Resource estimates based on extensive drilling and validated by a Competent Person.