MGX RESOURCES LIMITED — Capital/Financing Update 2006

Nov 29, 2006

Mount Gibson Iron Limited

ABN 87 008 670 817

omputershare

Please return completed form to: Computershare Investor Services Pty Limited GPO Box D182 Perth Western Australia 6840 Australia Enquiries (within Australia) 1300 557 010 (outside Australia) 61 3 9415 4000 Facsimile 61 8 9323 2033 web.queries@computershare.com.au www.computershare.com

Securityholder Reference Number (SRN)

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I 1234567890

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SAM MR JOHN SMITH 1 FI AT 123 123 SAMPLE STREET THE SAMPLE HILL SAMPLE ESTATE SAMPLEVILLE VIC 3030

Use a black pen.
Print in CAPITAL letters inside the grey areas.

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Option Expiry Notice

Options exercisable at A\$0.25 expiring on 5.00pm WST on 31 December 2006

Dear Optionholder(s)

You are reminded that the Options to subscribe for Shares in the capital of Mount Gibson Iron Limited registered in your name expire on 31 December 2006. These Options are exercisable wholly or in part by the payment of A\$0.25 for each option exercised. Payment has to be received at either of the addresses overleaf, by 5,00pm WST on 31 December 2006. For every one option exercised, the optionholder will be allotted Shares in the capital of Mount Gibson Iron Limited.

Options not exercised by 5.00pm WST on 31 December 2006 will lapse.

To be completed by Optionholder

Number of Options to be exercised $\overline{B}$

Optionholder Entitlement details
Subregister	Issuer
ASX Code	XXXXXX
Number of Options reaistered in усил пате	XXX, XXX, XXX
Amount payable on full exercise of Options at A\$0.25 per Option	X, XXX, XXX. XX
Number of Shares to be issued	XXX,XXX,XXX

Amount enclosed at A\$0.25 per Option

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I/We enclose my/our payment for the amount shown above being payment of A\$0.25 per Option.

To the Directors

Mount Gibson Iron Limited

I/We the abovenamed being the registered holder(s) of the options, hereby exercise my/our option for Shares in Mount Gibson Iron Limited and I/we request you allot such Shares to me/us and I/we agree to be bound by the Constitution of the Company.

I C.

Cheque details - Make your cheque or bank draft payable to Mount Gibson Iron Limited

Drawer	Cheaue Number	BSB Number	Account Number	Amount of cheque
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Drawer	Cheaue Number	BSB Number	Account Number	Amount of cheque

Sign Here - This section must be signed for your instructions to be executed

Individual or Optionholder 1

Optionholder 2

Optionholder 3

Sole Director and Sole Company Secretary

Director/Company Secretary

The directors reserve the right to make amendments to this form where appropriate. Please refer to the lodgement instructions overleaf. This form may not be used to effect an address change. Please contact Computershare Investor Services Pty Limited on 1300 557 010 for an appropriate form, or download a Change of Address Notification form from www.computershare.com See back of form for completion guidelines

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Director

Exercise of your Options in full or part
Registration Name(s) A	P	Signature(s)
Your name and address as it appears on the Register of Mount Gibson Iron Limited.			You must sign the form as follows in the space provided:
B Options Exercised		Joint holding:	where the holding is in more than one name all of the securityholders must sign.
Enter the number of Options you wish to exercise. Exercise Monies C. Enter the amount of exercise monies. To calculate the amount payable, multiply the number of Options exercised by the exercise price.		Power of Attorney: Deceased Estate:	to sign under Power of Attorney, you must have already lodged this document with the registry. Alternatively, attach a certified copy of the Power of Attorney to this form when you return it. all executors must sign and, if not already noted by
Payment $\mathbf{D}$ Make your cheque or bank draft payable to Mount Gibson Iron Limited in Australian currency and cross it Not Negotiable. Your cheque or bank draft must be drawn on an Australian Bank. Complete the cheque details in the boxes provided. The total amount must		Companies:	the registry, a certified copy of Probate or Letters of Administration must accompany this form. this form must be signed by either 2 Directors or a Director and a Company Secretary. Alternatively, where the company has a Sole Director and, pursuant to the Corporations Act, there is no Company
agree with the amount shown in box C. Cheques will be processed on the day of receipt and as such, sufficient cleared funds must be held in your account as cheques returned unpaid may not be re-presented and may result in your Expiry Notice being rejected. Pin (do not staple) your cheque(s) to			Company Secretary, that Director may sign alone. Delete titles as applicable.
the Options Expiry Notice where indicated. Cash will not be accepted. Receipt for payment will not be forwarded.
This is an important document and requires your immediate attention. If you are in any doubt as to how to deal with it, please consult your Financial or other Professional Advisor. Lodgement of Notice Option Expiry Notices must be received at the Perth office of Computershare Investor Services Pty Limited by no later than 5.00pm WST on 31 December 2006. Return the Option Expiry Notice with cheque(s) attached to: Computershare Investor Services Pty Limited GPO Box D182 PERTH WA 6840	Computershare Investor Services Pty Limited OR Level 2 45 St Georges Terrace PERTH WA 6000
Privacy Statement Personal information is collected on this form by Computershare Investor Services Pty Limited ("CIS"), as registrar for securities issuers ("the issuer"), for the purpose of related bodies corporate, to external service companies such as print or mail service providers, or as otherwise required or permitted by law. If you would like details of your material by contacting CIS. You can contact CIS using the details provided on the front of this form or E-mail privacy@computershare.com.au			maintaining registers of securityholders, facilitating distribution payments and other corporate actions and communications. Your personal information may be disclosed to our personal information held by CIS, or you would like to correct information that is inaccurate, incorrect or out of date, please contact CIS. In accordance with the Corporations Act 2001, you may be sent material (including marketing material) approved by the issuer in addition to general corporate communications. You may elect not to receive marketing
Recent Share Prices on Australian Stock Exchange Latest available market sale price of the Shares was \$A0.815 on 29 November 2006. Highest sale price during the 3 months proceeding 29 November 2006 was \$A0.89 on 21 September 2006. Lowest sale price during the 3 months proceeding 29 November 2006 was \$A0.65 on 9 November 2006.
Last trading day of Options on the Australian Stock Exchange will be on 31 December 2006.

Please return the completed form in the envelope provided or to the address opposite: Computershare Investor Services Pty Limited GPO Box D182 Perth Western Australia 6840 Australia