MGX -> 19 bid -> breakout?, page-29

Yes Ugly, I was in Aztec Resources as well, and made a monzer out of the t/o. Guess it depends what your entry price was.

I bought MGX at 10c and a mountain of options at 6.5c (with a conversion of 22c) and sold them at $3.06, so both companies have been very good to me. My residual MGX holding "owes" me nothing, so any which way they lurch is always going to be pure profit.

In my view, MGX should collect the insurance payout, settle with GHD out of court, distribute their cash holding back to shareholders as a capital return and shut up shop. The first two actions would most likely be sufficient to pay for closure /care and maintenance costs, leaving shareholders with a circa 30c/share return.

The iron price is unlikely to strengthen significantly and sustainably for at least another 12 - 24 months. MGX will burn their treasury waiting for it to do so.