MINDAX LIMITED — AGM Information 2010

Nov 17, 2010

PRINCIPAL OFFICE

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Level 2, 25 Richardson Street, West Perth WA 6005 PO Box 92, West Perth WA 6872 T +61 8 9485 2600 F +61 8 9485 2500 www.mindax.com.au

ABN 28 106 866 442

2010 ANNUAL GENERAL MEETING

Chairman’s Address

During the 2009/2010 year Mindax enjoyed a year of solid progress on our key iron ore and uranium projects, and culminating with a placement to a wholly owned subsidiary of Lion Asiapac Limited ( Lion Asiapac ), raising gross proceeds of A$7.8million at 52 cents per share (a premium to market). This was against a background of the re-emergence of uncertainty and a stuttering economic recovery in the first 6 months of 2010, with many companies being forced to raise funds at deep discounts.

Lion Asiapac is part of the Lion Group of Malaysia, the largest steel producer in the ASEAN group of countries. Lion’s significant shareholding in Mindax further links us to the strongly growing region to the north, and helps position your company for the next stage of development.

I welcome Lion to the register and believe it is another confirmation of the quality of our management and our portfolio.

Iron Ore

A Heritage determination by the Minister for Indigenous Affairs in July 2009 enabled us to commence drilling on our Mt Forrest project.

After an 18 month delay, drilling commenced at Mt Forrest in late 2009 and a small maiden JORC inferred DSO resource of 1.2m tonnes @54.8% Fe was announced in March of this year. Also in March independent resource modelling work by CSA began to strengthen our Magnetite position, with an initial JORC inferred resource of 387 million tonnes announced @31.4%. Initial Davis Tube Recovery analysis of the magnetite indicated potential for an excellent concentrate.

In October we announced a JORC inferred Magnetite resource of just over 1 billion tonnes grading at 31.3 Fe, and the DSO position also increased to 4.6 million tonnes grading at 54.3% Fe in the inferred and indicated JORC categories.

Uranium

Mindax controls the majority of what we have identified as a new uranium province in Western Australia – almost 300 km of palaeochannel stretching from east of Mukinbudin to Quairading.

Early in the financial year we encountered substantial lignite intercepts (up to 5 metres) at Mukinbudin – the first time coal had been identified in the area - and this provided further strength to our view that the area had strong potential for roll-front style deposits. Scout drilling in October confirmed uranium intercepts of grade and thickness comparable with other significant deposits in Western Australia.

This is a very exciting advance given that our programs to date have been mainly scout drilling to identify palaeochannel characteristics. Scout drilling in Quairading has also encountered mineralisation. Roll front style mineralisation

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MINDAX LIMITED

often occurs in “repeat” formations, and in November we announced exceptionally good drilling results at our Yandegin prospect near Mukinbudin, with the best intercept being over 0.63% uranium, and significant intercepts in adjacent holes.

During the year our JV partner, Quasar Resources ( Quasar ), and ourselves agreed that Quasar enter into a period of dilution. This would allow Quasar to focus on its rich Four Mile discovery in the vicinity of its Beverley mine in South Australia. Mindax has consequently assumed control of the project without paying any premium for what has the potential to be a valuable asset. Quasar continues to support our efforts and has indicated it wishes to retain a significant holding in anticipation of achieving an economic project. Mindax will benefit from Quasar’s continued interest and technical capabilities. At the end of the financial year our share in the YAJV had increased from 50% to 53%.

Other

Subsequent to year-end a number of important events have occurred.

The RSPT came and went. Australia also has a new minority government and a proposed MRRT. We believe there is further room to re-negotiate the terms of any such ‘mining’ tax and the issue is still far from resolved.

The other significant event was our call to develop an association to examine the potential for shared infrastructure amongst the Yilgarn explorers and producers. This has received very positive responses from government agencies, companies in the region, and infrastructure providers. Greg Bromley will expand on this and our other activities as part of the ‘Managing Director’s Review’.

I wish to acknowledge the efforts during the year of Greg, and my fellow nonexecutive directors Andrew Tsang and Benjamin Chow, as well as our Company Secretary Angelo Francesca.

Nicholas Smith announced his resignation as a non-executive director on October 30 and I would like to acknowledge Nicholas’ contribution during his 7 years with Mindax, from its inception, through to listing, and to the point where we have a number of significant projects and a market capitalization in excess of $60 million.

Our small staff has also worked very hard to advance our cause. Their dedication and strong focus not only helps us develop our projects, but enhances our standing amongst the communities where we work, and our efforts to engage with the wider community of stakeholders.

Finally I wish to thank our shareholders, old and new, for their continued support as we enter a new phase for the Company - considering options for our maturing iron ore position, and as our uranium project continues to meet expectations.

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Gilbert George Chairman

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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 Greg 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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