MINDAX LIMITED — AGM Information 2008

Nov 26, 2008

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ASX-MDX ASX-MDXOA

Annual General Meeting 27 November 2008

ABN 28 106 866 442

MINDAX LIMITED

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Disclaimer

This presentation was prepared by Mindax Limited (ABN 28 106 866 442), a public company listed on the Australian Stock Exchange.

The presentation is based on internal company reports, stock exchange announcements and technical information believed to be reliable but Mindax does not make any representation or warranty to its accuracy, completeness or currency. Some statements contained regarding estimates or future events are forward looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results.

Mindax accepts no obligation to correct or update the information or opinions expressed in the presentation. Opinions expressed are subject to change without notice and accurately reflect the views of Mindax at the time of presenting.

The presentation does not purport to provide all of the information an interested party may require in order to investigate the affairs of Mindax nor shall it be construed as a solicitation to buy or sell Mindax securities, or to engage in or refrain from engaging in any financial transaction.

In preparing this presentation Mindax did not take into account the investment objectives, financial situation and particular needs of the individual investors. Before making an investment decision on the basis of this presentation, the investor needs to consider, with or without the assistance of a financial advisor, whether the investment is appropriate in light of their particular investment needs, objectives and financial circumstances.

Competent Person Statement

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Gregory John Bromley who is a member of the Australasian Institute of Mining and Metallurgy, with more than 5 years experience in the field of activity being reported on.

Mr Bromley is a full-time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Bromley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Corporate

CAPITAL STRUCTURE

Chairman Gilbert George Managing Director Greg Bromley Non-executive Director Nicholas Smith Non-executive Director Andrew Tsang Company Secretary Angelo Francesca

Issued Shares 129.12 Million (MDX)

Shareholders

~ 580

52 week trading 9 – 51c range

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Recent share price
MDX - 170908
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Market Cap $33M (VWAP 0.25c) Cash $10.0M

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outline

• Highlights of the year past

• What Mindax is and where we are going

• The three key projects

• The road ahead

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HIGHLIGHTS for the year
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• Two projects show great promise of advancing beyond discoveries to being of economic significance

• iron project valued at $150M by adjacent transactions

• o U at perhaps $50M

• A solid financial position both in terms of cash and market capitalisation

o cap$10M cash reserve, o $30M market

• A more substantial share holder base particularly with the support of our new Asian and European investors reflected in recent trading range

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Business model

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Project trajectory

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tenure
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Area under tenure …….km2

Iron tenure

Mindax have 15 tenements we consider prospective for iron mineralisation, covering an area of . approx 441km[2] The Mt Forrest Prospect at the Bulga Downs Project is our current area of most focus.

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Mt Forrest EXPLORATION Target

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Exploration target estimation has been calculated using the area of outcrop of ironstone and by applying a density factor of 3.5 to estimate tonnes per vertical metre.

Extrapolated to a nominal depth of 75metres, this suggests potential for 650-750 Mt of iron stone for the full prospect area.

Based on the surface rock chip sampling within the target areas, 90 to 110 Mt of material at a grade in the range of 57% to 63% Fe may be achievable.

Target	Outcrop Area (Km2)	SG	Million tonnes per
			vertical metre
Fe1	0.1210	3.5	0.42
Fe2	0.0912		0.32
Fe3	0.0792		0.28
Fe4	0.0304		0.11
Fe5	0.0998		0.35
	0.4216		1.48
All BIF	2.8264		9.89

There has not yet been any drilling of these targets and accordingly there has been insufficient exploration to define a Mineral Resource. The target quantity and quality is conceptual in nature. Being conceptual in nature it is not certain that further exploration will result in the determination of a Mineral Resource.

650-750Mt low grade ironstone dominantly magnetite ~40% Fe

90-110Mt direct shipping hematite-goethite ~60% Fe

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yilgarn iron province

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• Regional production 8mtpa

• Regional resource 212 Mt DSO

• Rail from Menzies (by road150km)

• Rail to out ship port at Esperance (500km)

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Mt Forrest Mapping

• Detailed mapping to control drilling with detailed surface sampling (25m)

• • To date 40% of overall prospective area covered, results pending.

The area in these pictures represent an initial 6% of area to be mapped.

Currently 40% has been mapped and sampled.

This work continues to provide confidence in the exploration targets and adds precision to drill planning

• Mineralisation aggregates 184 000m[2] at average 60.1% Fe (57.5% Fe cut off)

• • Material averages (+57.5% Fe Samples): Fe 60.48%, P 0.07% Si02 5.98% Al2O3 1.71%

• • Similar mineralisation mined by Portman at Windarling to south.

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Mt Forrest Enterprise model

• Nationally 10 Mtonne /year DSO operation

• Similar scale to Portman’s Koolyanobbing-Windarling operation

• Similar logistical issues

• Potential to bring magnetite on stream later on at 5Mtonne/year

• Portman’s Mt Richardson purchase imputes $150M value as is

• Significant impact on local economy with direct employment of 400 people

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MT Forrest issues

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HERITAGE AND ENVIRONMENT

HERITAGE IS A SHOW STOPPER

ENVIRONMENT IS AN IMPEDIMENT BUT NOT A SHOW STOPPER

Drilling at Mt Forrest has been prevented by the lodgement of a complex mythological heritage site late in 2007. The validity of this very extensive site (12.5 x 3 km) has not yet been assessed by the Department of Indigenous Affairs despite the efforts of Mindax and the rejection of the site by the Wutha group, the sole registered native title applicant.

The Mt Forrest area falls within the proposed Ida Valley Conservation Park. This area was purchased from pastoralist in 2002 but has not yet been proclaimed. Protocols established between DEC and DOIR at the time of purchase allowed for the continuation of exploration and rights within the future park and the excision of tenure that contained mineral resources from the proposed park.

The Wutha are intimately involved with Mindax in the identification and protection of the heritage attributes of the area as our exploration progresses.

Mindax has maintained an active role in quantifying ecological diversity in the area since 2003 and is pressing the Government to honour the protocols.

The issue of ecological diversity through the Ironstone Ridges program poses a long term risk to all mining activity within the wider area of the Central Yilgarn Iron Province.

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Uranium tenure

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The main focus for Uranium Exploration for Mindax is the YilgarnAvon Joint Venture with Quasar in the Western Australian Wheatbelt. Mindax has 27 tenements currently being explored for uranium, and area of 4038km[2] .

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YILGARN-AVON PROJECT

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U Exploration model

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Uranium results

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Copper gold tenure

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• Mindax has 26 tenements prospective for Gold & Copper equating to .

• an area of 1,495km[2]

• We have a gold resource at Paradise Bore.

• The Mortlock Project is becoming our area of most focus.

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Mortlock project

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Mortlock Project covers areas with prospectivity for disseminated and massive gold and copper mineralisation

Mortlock targets

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• CFSB trend includes known Cu/Au mineralisation

• Lomu Trend includes EM conductors

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Forward program and budget

Expenditure estimates for the period ahead (Equity funds, ignoring interest incomes)

Corporate/Administration estimated at $98K/mth Technical base costs estimated at $200K/mth Includes technical staff at $70k/mth Exploration programs Iron $2M for initial resource drilling Uranium $200K for palaeochannel drill definition Mortlock $200K for regolith geochemistry/drilling

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Our core assets are our tenements - PROJECTS

Our core resources are our people - EXPERTISE Our core support are our investors - FUNDS Our core beneficiaries are our SHAREHOLDERS