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MGX Resources (ASX:MGX) is preparing to move quickly to help advance the Tanami Gold Project Joint Venture after wrapping up its acquisition of a 50% interest in the project in Australia’s Northern Territory.
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With the conditions precedent, including the receipt of Australian Foreign Investment Review Board (FIRB) approval in early December, MGX has now paid the $50 million purchase consideration to Northern Star to effect the buy.
“We are extremely pleased to formally complete the Central Tanami Project Joint Venture acquisition ahead of schedule, and we appreciate the positive engagement of all key parties, including Northern Star, our new CTPJV partner Tanami Gold and the Central Land Council, which represents the local traditional owners,” MGX Resources chief executive Peter Kerr told shareholders today.
“Work in the near term will focus on defining the development plan, securing relevant approvals and accelerating development activities. This project represents a substantial transformational opportunity to establish a new long-life Australian gold business in a strongly positive gold price environment.”
The CTPJV is one of Australia’s highest-grade undeveloped gold projects with a current estimated resource of 31.0 million tonnes grading 2.8 grams per tonne gold for approximately 2.8Moz of contained gold.
Under the terms of the transaction, MGX has also acquired 3,600 sq. kilometres of wholly-owned exploration tenure in the Central Tanami region outside the CTPJV.
The acquisition of the 50% interest was initially announced in mid-July 2025 when MGX was trading as Mount Gibson Iron. The CTPJV is located approximately 650 km northwest of Alice Springs and encompasses a landholding of around 2,100 sq. km in the Tanami region of the Northern Territory.
MGX has been up +1.14% today, to sell at 44.5cps.
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