MGX Completes 50% Acquisition of High-Grade Central Tanami Gold Project

The latest announcement is out from Mount Gibson Iron Limited ( (AU:MGX) ).

MGX Resources Limited has completed the acquisition of a 50% interest in the advanced Central Tanami Gold Project Joint Venture in the Northern Territory from Northern Star Resources for $50 million, including assuming associated bank guarantees and standard completion adjustments. The Central Tanami project, which hosts an estimated 2.8 million ounces of contained gold and is regarded as one of Australia’s highest-grade undeveloped gold projects, is seen by MGX as a transformational opportunity; the company now plans to work with joint venture partner Tanami Gold NL and local stakeholders to finalise a development plan, obtain approvals and accelerate development, strengthening its position in the Australian gold sector.

The most recent analyst rating on (AU:MGX) stock is a Hold with a A$0.48 price target. To see the full list of analyst forecasts on Mount Gibson Iron Limited stock, see the AU:MGX Stock Forecast page.

More about Mount Gibson Iron Limited

MGX Resources Limited is an Australian resources company listed on the ASX that is expanding into gold, with a focus on developing high-grade, long-life gold assets in Australia. The company is positioning itself to build a substantial gold business, leveraging strong gold prices and strategic project acquisitions such as the Central Tanami Gold Project Joint Venture in the Northern Territory.

Average Trading Volume: 864,392

Technical Sentiment Signal: Buy

Current Market Cap: A$543M

See more data about MGX stock on TipRanks’ Stock Analysis page.