MINDAX LIMITED — Capital/Financing Update 2011

Oct 10, 2011

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ISSUE OF SHARES AND UNLISTED OPTIONS

ASX ANNOUNCEMENT

DATE: 11[th] October 2011

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

Mindax Limited ( Company ) advises that 600,000 Shares and 3,500,000 Unlisted Options have been issued to unrelated, arms length employees of the Company. The Shares have been issued pursuant to the Company’s Employee Share Plan, the terms of which were approved at its 2010 AGM; and the Unlisted Options have been issued pursuant to the Company’s Employee Option Scheme, the terms of which were approved at its 2008 AGM.

Following is an Appendix 3B confirming the current issued capital of the Company after taking the above issues of securities into account. Application for quotation of the Shares is being made as part of the Appendix 3B . Also following is the relevant Section 708A notice in respect of the Shares.

Yours sincerely

Key Projects

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

Address

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

Angelo Francesca Company secretary

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 - 11TH OCTOBER 2011

www.mindax.com.au

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

MINDAX LIMITED

ABN

28 106 866 442

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	Ordinary fully paid shares (Shares) Unlisted Options (Options)
	a) 600,000 Shares b) 3,500,000 Options
	a) Shares to rank equally with existing listed ordinary shares on issue. b) 1,750,000 Options are exercisable at 45 cents, expiring 30 September 2013. 1,750,000 Options are exercisable at 60 cents, expiring 30 September 2014.

4 Do the[+] securities rank equally in Shares - Yes all respects from the date of allotment with an existing[+] class The Options will form a new class of of quoted[+] securities? unlisted securities with any ordinary shares issued as a result of the exercise of any If the additional securities do not Options to then rank equally with existing rank equally, please state: ordinary shares.  the date from which they do  the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment  the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 5 Issue price or consideration a) Shares - Nil b) Options - Nil. 6 Purpose of the issue Issued to arms length employees of the (If issued as consideration for the Company pursuant to the Company’s acquisition of assets, clearly ‘Employee Share Plan’ and ‘Employee identify those assets) Option Scheme’. 7 Dates of entering +securities Shares - 11[th] October 2011 into uncertificated holdings or Options – 11[th] October 2011 despatch of certificates

• See chapter 19 for defined terms.

Appendix 3B Page 2

1/1/2003

8 Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable) 9 Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable)	Number	+Class
	171,114,576 64,938,800 19,000,000	Shares. Options with $0.75 exercise price, expiring 1 December 2011. Options with $0.30 exercise price, exercisable during April 2012, expiring 30 April 2012. Each option then entitles the holder, upon exercise, to one ordinary share and one further option exercisable at 35 cents each on or before 31 May2015.
	Number	+Class
	250,000 300,000 1,800,000 3,000,000 1,750,000 1,750,000	Employee options with $0.53 exercise price, expiring 1 August 2012. Employee/consulta nt options with $0.48 exercise price, expiring 12 October 2012. Director/consultant options with $0.60 exercise price, expiring 31 March 2012. Options with $0.75 exercise price, expiring 1 December 2011. Employee options with $0.45 exercise price, expiring 30 September 2013. Employee options with $0.60 exercise price, expiring 30 September 2014.

10 Dividend policy (in the case of a N/A trust, distribution policy) on the increased capital (interests)

Part 2 - Bonus issue or pro rata issue

11	Is security holder approval
	required?
12	Is the issue renounceable or non-
	renounceable?
13	Ratio in which the+securities
	will be offered
14	+Class of+securities to which the
	offer relates
15	+Record date to determine
	entitlements
16	Will holdings on different
	registers (or subregisters) be
	aggregated for calculating
	entitlements?
17	Policy for deciding entitlements
	in relation to fractions
18	Names of countries in which the
	entity has+security holders who
	will not be sent new issue
	documents
	Note: Security holders must be told how their
	entitlements are to be dealt with.
	Cross reference: rule 7.7.
19	Closing date for receipt of
	acceptances or renunciations
20	Names of any underwriters
21	Amount of any underwriting fee
	or commission

• See chapter 19 for defined terms.

Appendix 3B Page 4

1/1/2003

22	Names of any brokers to the
	issue
23	Fee or commission payable to
	the broker to the issue
24	Amount of any handling fee
	payable to brokers who lodge
	acceptances or renunciations on
	behalf of+security holders
25	If the issue is contingent on
	+security holders’ approval, the
	date of the meeting
26	Date entitlement and acceptance
	form and prospectus or Product
	Disclosure Statement will be sent
	to persons entitled
27	If the entity has issued options,
	and the terms entitle option
	holders to participate on
	exercise, the date on which
	notices will be sent to option
	holders
28	Date rights trading will begin (if
	applicable)
29	Date rights trading will end (if
	applicable)
30	How do+security holders sell
	their entitlements_in full_through
	a broker?
31	How do+security holders sell
	part of their entitlements
	through a broker and accept for
	the balance?

• 32 How do[+] security holders dispose of their entitlements (except by sale through a broker)?

33 +Despatch date

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

34 Type of securities ( tick one ) (a)[Securities described in Part 1 – ] [Shares Only]

(b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders

36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

• 1 - 1,000

1,001 - 5,000

5,001 - 10,000 10,001 - 100,000 100,001 and over

• See chapter 19 for defined terms.

Appendix 3B Page 6

1/1/2003

37

A copy of any trust deed for the additional[+] securities

Entities that have ticked box 34(b)

38 Number of securities for which +quotation is sought

39 Class of +securities for which quotation is sought 40 Do the[+] securities rank equally in all respects from the date of allotment with an existing[+] class of quoted[+] securities? If the additional securities do not rank equally, please state:  the date from which they do  the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment  the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security)

Number

+Class

42 Number and +class of all +securities quoted on ASX ( including the securities in clause 38)

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted +quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

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Sign here: …………………………………………………….... Date: 11 [th] October 2011
Company secretary
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Print name: Angelo Francesca

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• See chapter 19 for defined terms.

Appendix 3B Page 8

1/1/2003

SECTION 708A NOTICE

Name of Issuer: MINDAX LIMITED ABN: 28 106 866 442

The Issuer named above notifies ASX (as the market operator for the Issuer) under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act) :

• (a) the securities identified below were issued without disclosure under Part 6D.2 of the Corporations Act; and

• (b) as at the date of this notice:

• (i) the Issuer has complied with the provisions of Chapter 2M and section 674 of the Corporations Act; and

• (ii) there is no information which is excluded information as contained in sections 708A(7) and 708A(8) of the Corporations Act.

DETAILS OF THE ISSUE OR OFFER OF SECURITIES	DETAILS OF THE ISSUE OR OFFER OF SECURITIES
Class ofSecurities:	OrdinaryFullyPaidShares
ASX Code of the Securities:	MDX
Date of Issue:	11thOctober 2011
Total number of securities issued:	600,000ordinaryfully paid shares

Signed for and on behalf of the Issuer:

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Gregory J. Bromley Date: 11th October 2011