Mount Gibson Iron Limited (AU:MGX) has released an update.
Mount Gibson Iron Limited reports a buoyant 2023-24 fiscal year with operating cashflow from its Koolan Island operation tripling and cash reserves increasing to $442 million, excluding a $21 million investment in Fenix Resources. The company has announced a 5% on-market share buyback, signaling confidence in the future as they capitalize on Koolan Island’s remaining 2-3 years of operation. Despite non-cash impairment charges due to lower iron ore prices, the company’s sales revenue surged to $667.7 million with an underlying profit before tax and impairments of $211.6 million.
For further insights into AU:MGX stock, check out TipRanks’ Stock Analysis page.
