MINDAX LIMITED — Capital/Financing Update 2011

Aug 15, 2011

==> picture [582 x 173] intentionally omitted <==

ASX ANNOUNCEMENT

RENOUNCEABLE ENTITLEMENTS ISSUE UPDATED APPENDIX 3B

DATE: 16 August 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.

The Company lodged an Appendix 3B on 1 July 2011 setting out the maximum number of new shares and new options to be offered pursuant to a Renounceable Pro-rata Entitlement Offer Prospectus (“the offer”) dated 1 July 2011.

The Company confirms that the final number of securities that have been issued pursuant to the offer are 19,000,000 new shares and 19,000,000 new options, as set out in the updated Appendix 3B which now follows.

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

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 - 16 AUGUST 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) Options (Options) (pursuant to a pro rata Entitlements Issue)
	a) 19,000,000 Shares b) 19,000,000 Options
	a) Shares to rank equally with existing ordinary shares on issue. b) Options are exercisable at 30 cents each during April 2012, expiring 30 April 2012. Each Option then entitles the holder, upon exercise, to one (1) ordinary share and one (1) further option exercisable at 35 cents each on or before 31 May 2015.

4 Do the[+] securities rank equally in all Shares - Yes respects from the date of allotment with an existing[+] class of quoted The Options will form a new class of +securities? securities with any ordinary shares issued as a result of the exercise of any Options to If the additional securities do not then rank equally with existing ordinary rank equally, please state: 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 - $0.25 per share b) Options - Nil. 6 Purpose of the issue Pursuant to the Renounceable pro-rata (If issued as consideration for the Entitlements Issue Prospectus dated 1 July acquisition of assets, clearly identify 2011. those assets)

7 Dates of entering[+] securities into Shares - 15 August 2011 uncertificated holdings or despatch Options - 15 August 2011 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
	170,514,576 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	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.

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
22	Names of any brokers to the issue

• See chapter 19 for defined terms.

Appendix 3B Page 4

1/1/2003

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	Type of securities
	(tick	one)
(a)		Securities described in Part 1
(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 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

• See chapter 19 for defined terms.

Appendix 3B Page 6

1/1/2003

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)

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

Number +Class

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.

Sign here: …………………………………………………….... Company secretary

Date: 16 August 2011

Print name: Angelo Francesca

== == == == ==

• See chapter 19 for defined terms.

Appendix 3B Page 8

1/1/2003