MINDAX LIMITED — Capital/Financing Update 2011

Dec 1, 2011

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ASX ANNOUNCEMENT

DATE: 2[nd] December 2011

EXPIRY OF OPTIONS

ASX Code: MDX

Corporate Description

Mindax's Mt Forrest Iron Project progressing through development with a view to moving toward mining phase. The company is carefully putting in place necessary approvals and aligning infrastructure partners including and port.

Coupled with its significant iron assets, Mindax is also the greenfields discoverer of a new uranium province near Mukinbudin, Western Australia.

Through technically advanced exploration and an eye for detail, Mindax has successfully built a significant portfolio of minerals projects in Western Australia’s Yilgarn Craton of about 40 tenements covering over 4,600 square kilometres.

Mindax Limited ( Company ) advises that the following options have expired without exercise:

1. 64,938,800 listed options (MDXO) with an exercise price of $0.75.

2. 3,000,000 unlisted options with an exercise price of $0.75.

Yours sincerely

Mindax aims to develop strategic resources through innovative exploration. Higher yield projects will be moved to production via strategic partnerships.

Key Projects

Mt Forrest DSO Iron, Magnetite Yilgarn-Avon JV Sedimentary Uranium Mortlock JV Copper-Gold

Address

Angelo Francesca Company secretary

Level 2, 25 Richardson Street West Perth WA 6005 T : +61 8 9485 2600 F : +61 8 9485 2500

Investors

Greg Bromley Managing Director E: info@mindax.com.au

Media

David Utting M: 0416 187 462 E: david@davidutting.com Mindax ABN: 28 106 866 442

MINDAX LIMITED |ASX ANNOUNCEMENT - 2 DECEMBER 2011

www.mindax.com.au