Powershell Progress Bar when converting via ImageMagick. How can I capture -monitor output?

I have a PowerShell script that simply converts any number of PSD files to PNG files.

Here's the code:

param (
    [Parameter(Mandatory,Position = 0)]
    [String]
    $FileList,

    [Parameter(Mandatory)]
    [ValidateSet('png','jpg',IgnoreCase = $true)]
    [String]
    $DestFormat
)

$Files = Get-Content $FileList

$Files | ForEach-Object -Parallel {

    $MagickArgs = [System.Collections.ArrayList]@()
    $File       = $_

    $OrgFilePathOnly = [System.IO.Path]::GetDirectoryName($File)
    $OrgFilenameNoExtension = [System.IO.Path]::GetFileNameWithoutExtension($File)
    $OrgFilename = $OrgFilenameNoExtension + '.psd[0]'
    $OrgFile = $OrgFilePathOnly + '\' + $OrgFilename

    $NewFile = [System.IO.Path]::ChangeExtension($File, ($Using:DestFormat).ToLower())
    
    magick.exe -monitor $OrgFile $NewFile | Out-Null


} -ThrottleLimit 20

Everything is working fine, but I want to be able to show a progress bar in the console window for each conversion. If I add the -monitor flag to the magick call, I get output like:

save image[D:\2D\Test\Just Flow Dark 03.png]: 50 of 4500, 01% complete
save image[D:\2D\Test\Just Flow Dark 03.png]: 100 of 4500, 02% complete
save image[D:\2D\Test\Just Flow Dark 03.png]: 150 of 4500, 03% complete
save image[D:\2D\Test\Just Flow Dark 03.png]: 200 of 4500, 04% complete
save image[D:\2D\Test\Just Flow Dark 03.png]: 250 of 4500, 05% complete
save image[D:\2D\Test\Just Flow Dark 03.png]: 300 of 4500, 06% complete

Etc. While I could probably just leave things like they are, I want to learn how to redirect or capture this output in such a way that I can display a custom progress bar (either winforms or Show-Progress / Write-Progress).

Any help at all would be great.

Thanks!