Torex Gold changes name to Torex Resources
MGX Resources reported its Q1 2026 earnings call, highlighting a strategic shift from iron ore production to gold development. The company ended the quarter with AUD 408.7 million in cash and investments, giving it financial flexibility as it transitions to a gold-focused business. Koolan Island, once Australia's richest hematite iron ore mine, completed its final shipments in July, marking the end of MGX's iron ore era.
The Central Tanami Project advanced, with construction and drilling work underway. Shares of MGX closed at $0.30, up 1.69% from the previous close, but remained near the 52-week low. The company reported positive operating cash flow at Koolan Island and had no bank debt. Management emphasized the strong balance sheet, with the ability to self-fund its gold growth plans.
Despite the progress, the stock is trading below its Fair Value, presenting an opportunity for patient investors. MGX expects ongoing updates throughout the financial year, focusing on decline construction, drilling results, metallurgical testing, and permitting.
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