Back to the Mines: Mogul Games Group Will Become Galaxy Resources Limited

Credit: Mogul Games Group

Esports Mogul was formed in October of 2015 as an Australian proprietary company, first being referred to as an ”Australian based esports investment company”—and later a skill-based tournament platform business that served the APAC/SEA region. 

At the end of 2016, Esports Mogul (now called Mogul Games Group, or MGG for short) became a publicly traded company on the Australian Securities Exchange (ASX), but in all that time it has not successfully recorded a profit, despite securing several partnerships over the years, raising tens of millions of dollars from an IPO, and multiple capital raises from stock sales. 

Over the last year or so the company said in public filings that it was pivoting to what it called a “buy and build strategy,” with the hope that an acquisition of someone else’s business or product will help it to find success where it could not in being a content creator, esports education and coaching operation, or as a tournament platform provider. In all this time—particularly the last couple of years—the public sentiment of retail investors to company executives and its  business model ranges from non-existence to openly hostile. 

Apparently the company’s “buy and build strategy,” which was supposed to focus on acquiring a game- or esports-related business, has shifted back to the company’s original area of focus: mining and mineral rights exploration. 

On May 29, the company announced that it had entered into a binding agreement to acquire lithium and rare earth exploration projects located in Canada and Australia. The company will change its name to Lithium Galaxy Limited and will appoint Iggy Tan, former Managing Director of Galaxy Resources Limited (Galaxy), as its new chairman of the board and hopes to raise up to AUD $4.5M ($3.8M USD before costs) via a public offer. The question remains: what investors will be foolhardy enough to take the journey with them, given the track record of Mogul Gaming Group since 2015 and its principle architects Gernot Abl (who will be named executive director) and George Lazarou (former CFO and current non-executive director)?

The Esports Advocate will have a more robust telling of the totality of Mogul Games Group’s journey later today. Stay tuned!