In an ideal world, I think a good strategy would be to sell out...

In an ideal world, I think a good strategy would be to sell out of the money calls and buy out of the money puts. But I gave up on the asx options market 20 years ago as I found the spreads to be too large and basically it looked like market makers were the only ones making dough, or people in the know, think TNT. But in general, there just wasn't enough action.

I believe there are no listed options for MGX and it would probably have to be a top 50 company for that to happen. So you can rule that out. And it would not be a good idea to do it on another stock like FMG or RIO as you'd be exposed on the call. If the underlyer was MGX you'd obviously be covered, and probably be quite happy to sell at the OTM strike.

Using a CFD doesn't really cut it, unless you want to lock in a gain but not trigger CGT until a future date. So you could sell an MGX CFD now, buy it back in the new financial year and sell your MGX at that time. But I don't know anyone offering an MGX CFD. You'd also need to seek tax advice to double check that.

Another strategy could be to look at an OTM put of a predominantly iron ore stock, probably FMG. Take the delta of the OTM put. Apply that delta to your holding, and sell that amount of stock. Then you'd just have to monitor it, but this is not a perfect hedge, it's just using a measure to work out how much to take off the table.

Finally, you could pick price points. Current share price is 94 You could select a floor to get out if that floor is broken. And you could also select ceilings, and maybe sell the delta amount when a ceiling has been breached, and then reset the floor and the ceiling.

Good luck. The above ideas are not financial advice, just ideas.