About Us
MGT Resources listed on the National Stock Exchange in December 2008 after a successful initial public offering under its former name of Mono Resources Limited. Its founding directors had a vision to capitalize on exploration and mining resource investment opportunities during the peak of the Global Financial Crisis.
By assembling a team of directors with exceptional backgrounds in their respective fields, the company rapidly attracted investment from both Australia and abroad, notably from Hong Kong and China. This was a significant achievement as the company had not yet acquired any projects specifically but was funded on the merits of its directors, their collective experience and the vision they had in place. Whilst many companies were significantly risk adverse during that time, MGT Resources was preparing to actively seek and acquire highly prospective minerals exploration projects. 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 exploration project in Far North Queensland. This occurred within less than six months from listing.
The company MGT acquired a major stake in is known as Xtreme Resources Limited. See Projects for a full description.
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. This was deemed by independent experts as a particularly modest investment given the potential of the company and its suite of assets, most significantly the fact that it included a processing plant (the Mount Veteran Mill). The project previously had several millions of dollars invested in it by Xtreme (pre acquisition) and its former parent Diatreme Resources Limited. To replicate such an acquisition in the current market would be at potentially a significant premium.
As a result of the proposed transaction MGT Resources Limited became the largest shareholder in Xtreme holding 73.76% and has since increased its stake to 75.27% by way of share acquisitions.
It is with great pleasure that we present to you MGT Resources and its strong capabilities as both an exploration and soon to be mining company.
MGT will soon be known as mining company with an enviable track record of delivering shareholder returns in the final quarter of 2010 when the company goes into production producing tin metal and recovering gold.
I invite you to review our website and feel free to contact us for further information with any query or matter you wish to discuss.
Jonathan Back.
Chairman
Highlights of Xtreme Resources Limited
- Directors and Management have extensive public company, financing and exploration experience.
- Xtreme has acquired the Mount Veteran Mill (a tin processing facility), which is located centrally within the Mt Garnet region..
- $6.6 million spent to date by Xtreme and its former parent company Diatreme Resources Limited establishing drill ready targets with a drilling program in progress.
- Pyramid Gold Project comprising a large exploration permit (EPM 12887 of approximately 120square kms) over large order gold soil anomalies in the Drummond Basin, including the Gettysburg gold prospect showing drilled out gold anomalies with high grade targets (including 8m @ 18 g/t gold) and large low grade targets (including 114m @ 0.49 g/t gold).
Mill Processing Plant:
In stage 1 we are planning a 10tph mill processing plant upgrade with an anticipated commissioning date by end September 2010 with an increased capacity of 25tph by end 2010.