MINDAX LIMITED — Capital/Financing Update 2008

Jun 9, 2008

9/57 Labouchere Road SOUTH PERTH 6151 Western Australia

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Telephone 08 9474 3266 Facsimile 08 9474 3299

ABN 28 106 866 442

9 June 2008

EXPLORATION/CORPORATE UPDATE

Bulga Downs-Mt Forrest

A meeting has been held between representatives of the Company and senior personnel of the Department of Indigenous Affairs. The meeting was productive in scoping with some clarity the further research and information required by the Aboriginal Cultural Materials Committee (“ACMC”) in order for the ACMC to make a decision regarding the proposed site complex. The Company hopes to provide the information to ACMC within the next two weeks with a view to having its application dealt with at the early July meeting of ACMC.

Mortlock Project (YAJV 100%)

Analysis of airborne geophysical data and other geotechnical information indicates the possible existence of iron on land to the east of the Mortlock project within the Yilgarn-Avon JV . Mindax (as operator of the YAJV) has applied for an exploration licence over approximately 90 sq. km. Mindax awaits a determination by its Joint Venture partner Qasar Resources P/L as to whether it wishes the application to form part of the Yilgarn-Avon JV.

Capital Management

Presently the Company has approximately $2.38 million cash at bank . The series of MDXOA listed option securities is due to expire on 30 June 2008. Subject to terms, Mr Andrew Tsang a director of the Company has agreed to underwrite up to approximately 20% of any shortfall in take up .

The Company has received a number of proposals for underwriting any shortfall in take up of MDXOA’s and continues to consider and evaluate those proposals. If a decision is made to supplement on foot underwriting arrangements, the Directors would endeavour to select as prospective underwriters, investors who are likely to commit to being long term investors in the Company’s shares .

If all MDXOA’s are exercised or taken up by way of underwriting arrangements, Mindax anticipates having a cash position of approximately $10 million immediately post 30 June 2008 .

Red Rock Resources Request for Board Seat

In late March following the appointment of Mr Tsang to the Board, Red Rock Resources PLC (“RRR”) requested consideration for a representative to be appointed to the Board. At the time of making that request RRR held approximately almost 9% of the Company and had indicated that its investment in Mindax was not short term.

Since that request RRR has significantly reduced its shareholding to 0.445% (though in recent days it has increased its MDXOA holding to some 6,270,826 representing 16.64% of MDXOA’s on issue.

The Directors of Mindax have determined that presently they do not believe that an expansion of the Mindax Board is warranted and RRR has been advised accordingly. RRR has also suggested possible operational co-operation arrangements and these will continue to be considered given the potential synergies that exist.

Pallinghurst Resources LLP

Based upon disclosure information released by Pallinghurst Resources LLP (“Pallinghurst”) and RRR in relation to the securities in Jupiter Mines Limited (“JMS”), Mindax understands Pallinghurst to be acting in association with RRR though Mindax is unaware of the basis upon which the association arises.

Pallinghurst has written to Mindax advising that together with RRR it has taken a large equity stake in JMS and it has formally requested permission to undertake a visual due diligence inspection of the Mindax iron ore properties located contiguous to and in the area of the RRR and JMS tenements .

Mindax has consented to Pallinghurst undertaking an unescorted visit to its properties. Mindax has no commercial or technical or other relationship with Pallinghurst . Other than RRR having expressed an interest in underwriting the series of MDXOA’s, seeking a Mindax Board position and exploring potential cooperation arrangements as previously disclosed, Mindax has not received any proposal of any kind from RRR or Pallinghurst.

Yours sincerely

Gregory J Bromley Managing Director

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.

Confidential 09/06/2008

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MINDAX LIMITED