MGX RESOURCES LIMITED — Major Shareholding Notification 2003

Feb 17, 2003

ACN 009 224 800

(SUBJECT TO DEED OF COMPANY ARRANGEMENT)

FACSIMILE TRANSMISSION

To:	Australian Stock Exchange Ltd	From:	Brett Manning
Company:		Pages: $ 3 $	(Including This Cover Page)
Fax:	1300 300 021	Date:	18 February, 2003
Subject:		CC:

□ URGENT O PLEASE REVIEW

C FOR YOUR INFORMATION

The information in this facsimile is intended for the recipient(s) only. It may contain privileged and confidential information and if you are not the intended recipient, you must not copy, distribute or take any action in reliance on it. If you have received this facsimile in error, please notify Kingstream immediately on the number provided below.

ASX Coversheet

Telephone +61 8 9226 2033 Facsimile +61 8 9226 3388 Ground Floor, 17 Ord St, West Perth, Western Australia 6005 PO Box Z5246, St Georges Terrace, Perth, Western Australia 6831 E-mail: info@kingstreamsteel.com Web Site: www.kingstreamsteel.com

603 page 1/2 15 July 2001

Form 603

Corporations Act 2001 Section B71B

Notice of initial substantial holder

Lo Company Name/Scheme	MOUNT GIBSON IRON LIMITED
ACN/ARSN	008 670 817
1. Details of substantial holder (1) Name ACN/ARSN (if applicable)	KINGSTREAM STEEL LIMITED (SUBJECT TO DEED OF COMPANY ARRANGEMENT) 009 224 800
The holder became a substantial holder on	17′02 03

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a
relevant interest (3) in on the date the substantial holder

Class of securities (4)	Number of securities	Person's votes (5) .	Voting power (6)
ר GR רו גס ਸ਼ਮ LV		45 C	. . .
			_____

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities .
BRYAN HUGHES &	AS DEED ADMINISTRATORS .	$17,450,373$ - ORD FULLY PAID.
	SMITH AS DEED ADMINISTRATORS	. ___

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

. Holder of relevant interest	Registered holder of securities .	Porson entitled to be registered as holder (8) --------------------	Class and number. of securities
. AS AROVE	AFOVE.	AS ABOVE	AR NÆ
. .	-----

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)				Class and number. of securities
---- --		JasF	Non-cash
AS ABOVE	FEBRUARY 2003			13,450,373-ORD FULLY PAID

$\sim$

$\hat{\boldsymbol{\beta}}$ $\hat{\mathcal{L}}$

603 - page 2/2 15 July 2001

	6. Associatos
		The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:
		Name and ACN/ARSN (if applicable)
			Nature of association.
	7. Addresses
		The addresses of persons named in this form are as follows:
		Name	Address
		BRYAN HUGHES &	C/- NORGARD CLOHESSY CHARTERED ACCOUNTANTS
		VINCENT SMITH	GROUND FLOOR	10 ORD STREET, WEST PERTH			WA	6005
	Signature
		print name	BRYAN HUGHES		capacity		JOINT & SEVERAL DEED
							ADMINISTRATOR
		sign here			date	18/02/03
			DIRECTIONS
Ð	form.	If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the imanager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the
$\left( 2\right)$		See the definition of "associate" in section 9 of the Corporations Act 2001.
G)		See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
(4)		The voting shares of a company constitute one class unless divided into separate classes.
0	interest in.	The total number of votes attached to all the voting shares in the company or voting Interests in the scheme (if any) that the person or an associate has a relevant
(6)		The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
Ø)		Include details of:
	О)	any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or atrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement, and
	ω,	any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).
		See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.
(H)		If the substantial holder is unable to determine the identity of the parson (eg. if the relevant interest arises because of an option) write "unknown".
ω		Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the porson from whom the relevant interest was acquired.