MGX Resources Reports 2.8 Moz Central Tanami Gold Resource Base
Key Takeaways
- MGX's Central Tanami JV holds 31.0 Mt at 2.8 g/t Au for 2.8 Moz on a 100% basis, giving MGX 1.4 Moz attributable from its 50% stake acquired in February 2026.
- Groundrush is the standout at 11 Mt at 3.3 g/t for 1.2 Moz, and it and Jims both remain open down plunge, with 2025 and 2026 drilling not yet in the resource.
- The resource is split evenly by confidence, with about 1.4 Moz Indicated and 1.4 Moz Inferred, and it is optimised at A$3,500/oz gold.
- A 1.2 Mtpa CIL plant, camp and airstrip already sit on site, but no development decision date has been set.
- Koolan Island iron ore is on the way out, with the Crestlink sale due to settle in late 2026 or by March 2027, leaving MGX as a gold-only resource company.
Mineral Resources statement confirms 2.8 Moz gold base at Central Tanami
MGX Resources has reported its 30 June 2026 Mineral Resources statement, which shows 31.0 Mt at 2.8 g/t Au for 2.8 Moz of contained Central Tanami gold (100% basis) at the 50%-owned Central Tanami Project Joint Venture (CTPJV) in the Northern Territory. MGX’s attributable share is 1.4 Moz, from the 50% interest it acquired in February 2026.
This is the first time CTPJV gold appears in MGX’s annual statement. The resource itself is not new: Tanami Gold NL first reported it on 7 November 2025, and MGX followed on 11 November 2025.
For investors, the statement shows a resource base that is now gold-led. MGX and its joint venture partner Tanami Gold NL are working to progress the project to a development decision “in the shortest possible timeframe”.
The announcement was authorised by Peter Kerr, Chief Executive Officer, but contains no direct quote.
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CTPJV gold resource breakdown
Where the ounces sit matters, because it shows how concentrated the resource is. Most of the CTPJV gold sits in a handful of tenements.
Where the ounces sit
The table below shows the main CTPJV tenements on a 100% basis, as reported in the statement.
| Tenement | Key deposits | Mt | Grade g/t Au | Contained gold |
|---|---|---|---|---|
| ML22934 | Groundrush, Ripcord | 13 | 3.2 | 1.3 Moz |
| ML(S)167 | Carbine, Phoenix, Inca, Legs and others | 6.8 | 2.9 | 630koz |
| ML33760 | Hurricane, Repulse, Southern and others | 5.4 | 2.7 | 460koz |
| ML(S)168 | Jims, Camel Bore | 3.2 | 2.4 | 250koz |
| CTPJV total (100% basis) | 31 | 2.8 | 2.8 Moz |
The four tenements above do not sum to the total. The remaining ounces sit in smaller tenements, including ML(S)180 and EL26925, EL28282 and EL26926.
The standout is Groundrush, within ML22934, at 11 Mt at 3.3 g/t for 1.2 Moz. That single deposit holds a large share of the project’s contained gold, at a grade above the project average.
Resource quality and upside
Not all ounces carry the same confidence. The statement splits the resource by mining method and category:
- Open pit: 10 Mt at 2.6 g/t for 880koz.
- Underground: 19 Mt at 3.1 g/t for 1.9 Moz.
- Indicated: about 15 Mt at 2.8 g/t for 1.4 Moz, with Inferred of 14 Mt at 3.1 g/t for 1.4 Moz and a smaller Measured component.
An Indicated Resource has enough drilling to give reasonable confidence in its shape and grade. An Inferred Resource has less drilling support, so its estimate is less certain.
The reported resources are constrained by pit and stope optimisations at A$3,500/oz gold. That means the ounces counted are those that fit inside optimised mining shapes at that gold price.
The estimates do not include all results from drilling completed by the CTPJV during the 2025 field season, or results from the 2026 field season (still in process) at the Jims and Groundrush deposits. These results are planned to be reflected in future resource updates, and both deposits remain open down plunge.
What do Mineral Resources mean, and why does Central Tanami matter?
A Mineral Resource is a concentration of minerals with reasonable prospects for eventual economic extraction. It is not the same as an Ore Reserve, which is the portion shown to be economically mineable under defined assumptions. The statement reports CTPJV gold as Mineral Resources only.
The estimates follow the JORC Code (2012 Edition), the Australian reporting standard. The A$3,500/oz optimisations are how the statement satisfies the requirement for Reasonable Prospects for Eventual Economic Extraction (RPEEE). A resource of this kind is not a development decision, which is why the partners’ push towards one matters.
The asset context adds weight to the numbers:
- The CTPJV is an unincorporated 50:50 joint venture between MGX and Tanami Gold NL.
- It holds a landholding of approximately 2,100 sqkm, about 650 km northwest of Alice Springs.
- It includes a non-operating 1.2 Mtpa carbon-in-leach (CIL) processing plant, idle since 2005. CIL is a method that recovers gold from crushed ore using cyanide and activated carbon.
- Infrastructure assets include mine haul roads, an accommodation camp, a water bore field and a 1.4km gravel airstrip.
- Groundrush produced more than 600,000oz from a single open pit for Newmont Mining Ltd between 2001 and 2005.
- More than 2 Moz of gold has previously been extracted from the tenements.
Koolan Island resource reduced ahead of Crestlink divestment
The iron ore side of the statement shows a much smaller picture. Remaining Koolan Island Mineral Resources total 3.3 Mt of iron ore (hematite) at 59.3% Fe, all within the undeveloped Mangrove deposit, unchanged since 30 June 2025.
The headline text cites 2025 resources of 9.7 Mt at 63.2% Fe across the Main and Mangrove deposits. The statement’s Table 1 shows a different 2025 total of 6.1 Mt at 65.5% Fe, so the prior-year comparison is not consistent within the announcement itself.
Ore Reserves are no longer reported (30 June 2025: 4.1 Mt at 65.0% Fe). The statement links this to the October 2025 Main Pit rockfall, after which mining ceased and operations focused on selling low-grade stockpiles. Those sales were completed in July 2026, totalling 1.8 Mt in the year to 30 June 2026 and 2.1 Mt to the cessation of sales.
In June 2026, MGX announced a binding agreement to divest Koolan Island to Crestlink Koolan Pty Ltd, a specialist logistics proponent, as announced on 11 June 2026. Settlement is targeted for late 2026 but may be extended to the end of March 2027 if necessary.
MGX does not expect to hold any iron ore Mineral Resources after settlement. Once that completes, the resource statement would cover gold alone.
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What comes next for MGX
The statement points to several workstreams:
- Progress the CTPJV to a development decision “in the shortest possible timeframe”, together with Tanami Gold NL.
- Reflect the 2025 and 2026 drilling at Jims and Groundrush in future resource updates.
- Complete settlement of the Koolan Island divestment to Crestlink Koolan Pty Ltd.
- Refurbish the existing mill, which the resource assumptions rely on (an assumption, not a stated commitment).
A scoping study by MineScope and AFX Commodities examined treating semi-refractory fresh material through a concentrate pathway. It concluded an additional operating cost of A$3.95/t of plant feed and a capital cost of A$34M. These are study figures, not company commitments.
The takeaway for you: MGX holds 1.4 Moz attributable gold in the 50%-owned CTPJV, backed by existing infrastructure and drilling that remains open down plunge at Groundrush and Jims. The key open question is the development decision, which the announcement does not put a date on.
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