History

MGT Resources is Australia’s second largest tin producer with gold exploration assets in Queensland, Australia.

MGT was founded in 2008 with a vision to capitalize on exploration and mining resource investment opportunities during the peak of the Global Financial Crisis.

MGT Resources proceeded to take full advantage of a market with highly undervalued assets and did
so by acquiring a controlling interest in a tin and gold project in Far North Queensland.

MGT acquired a stake in what was known as Xtreme Resources Limited (now MGT Mining Limited).

With the uncertainty of the financial climate at that time, MGT Resources saw value in and agreed to invest $1.86M in Xtreme to acquire just under 74% of the issued capital in the company, and has since increased its stake to 89.43%

Since the acquisition, the Company has proceeded to upgrade the existing plant and equipment, and to undertake further exploration, reaching the following milestones:

  • A full upgrade of the existing plant, improving recovery rate to up to 85%;
  • Processing capacity of 70,000tpa (input capacity);
  • Recruitment and deployment of a high calibre technical team with significant experience in minerals processing;
  • Exploration programs to expand and upgrade current JORC resources.

MGT's Milestones

2013

MGT successfully listed on the Australian Securities Exchange (ASX) in January with an offering underwritten by Patersons Securities Limited

In late January ML 20547 “Summer Hills”, one of the biggest mining leases in the region, was granted. This mining lease surrounds the Mt Veteran processing plant, and contains MGT’s first mining target, the Dalcouth Prospect. Dalcouth, a shallow open-pittable deposit is situated around 500 metres from the processing plant. This will keep extraction costs very competitive.

In February, MGT sent its maiden shipment of tin concentrate to a London Metals Exchange licensed smelter in Asia. This was a particularly significant milestone for the company as it demonstrated that its tin concentrate would be accepted by an LME approved smelter.

In February, acquisition of further MGT Mining shares brings total shareholding to 86.48%

In mid 2013, Phases One, Two & Three of the 2013 Summer Hills Drilling Program produced some of the highest grades and shallowest tin intercepts reported in Australia for some time, validating the decision to focus on Dalcouth as the first mining target.

In August, acquisition of further MGT Mining shares brings total shareholding to 89.48%

2012

A JORC resource is defined at the Dalcouth prospect which is identified as the first hard rock mining target pending the grant of the mining lease application 20547‘Summer Hills’

Acquisition of further MGT Mining Limited shares brought the total shareholding to 83.48%

During mid 2012, drilling at the historic Smiths Creek Mine within Nymbool EPM 16948 confirmed potential for discovery of high grade polymetallic mineralisation and identifed a new high grade tin target. Intersections include 9.8m @ 0.4% Sn, 12m @ 0.8% Sn, 0.75m @ 3.55g/t Au and 3m @ 0.56%Cu.

In late 2012 MGT conducted a small RC drilling program at the Gettysberg prospect of the Pyramid Gold Project. The program was extremely successful with 10 out of 11 holes contacting mineralisation. Intersections include:
67m grading 0.59 g/t gold from 86m including 22m at 1.03 g/t gold from 130m
100m grading 0.47 g/t gold from 48m
18m grading 1.73 g/t gold from surface including 2m grading 8.08 g/t gold from 16m
20m grading 1.42 g/t gold from 30m including 2m at 4.58 g/t gold from 48m

In October, MGT secured an off-take agreement with Taimetco International Trade Co., Ltd, a Taiwanese metals buyer, for 20% of MGT’s annual production of tin from its Mount Garnet Projects.

2011

Pilot tin production commenced and was sustained throughout the year in anticipation of the granting of Mining Lease Application 20547 ‘Summer Hills”

Ore from the Run of Mine (ROM) pad left by previous owners was used to trial the mill production.

In February Robert Vagnoni joined the board of directors, bringing with him over 20 years’ experience in the mining industry both in operations and senior management.

In September 2011, MGT and the Bar Barrum people reached an agreement regarding Native Title for MLA 20655 ‘Heads or Tails’ and MLA 20547 ‘Summer Hills’.

In December 2011, mining lease 20655 ‘Heads or Tails’ was granted

2010

In mid 2010, MGT discovered high-grade tin mineralization from its Summer Hills (MLA 20547) drilling program at its Mt Garnet Project. Results from prospects Dalcouth and Extended included 2m @ 8% Sn, 3m @ 4.7% Sn, and 1m @ 15.75% Sn. With all significant intercepts being 50 metres from the surface.

Mono Resources was renamed MGT Resources Limited, and Xtreme Resources was renamed MGT Mining Limited, a recognition of the company’s Mt Garnet Tin projects.

Commencement of Mt Veteran Plant upgrades to process hard rock tin ore

2009

In April MGT acquired just under 74% of Xtreme Resources, a company with a substantial tin project and crushing and refining plant in the Mount Garnet region in North Queensland, along with a suite of gold exploration assets. MGT later acquired further Xtreme shares bringing the shareholding to 75.24%

The board made the strategic decision to focus on refurbishing and upgrading the existing Mt Veteran tin mill with the express purpose getting into production and producing cash flow as soon as possible, thereby minimizing future dilution of existing shareholders.

Plant upgrade began in earnest, with modern additions such as a Falcon concentrator significantly improving recovery rates, and floatation circuits added to recover copper and gold.

2008

The company was founded in June and listed on the National Stock Exchange of Australia in December under its previous name of Mono Resources Limited, with the express purpose of searching for undervalued mining assets during the Global Financial Crisis

write my essayswrite my essays