MINDAX LIMITED — Capital/Financing Update 2018

Dec 11, 2018

PRINCIPAL OFFICE

==> picture [96 x 85] intentionally omitted <==

Suite 2, 11 Ventnor Avenue, West Perth WA 6005 PO Box 1153, West Perth WA 6872 T +61 8 9389 2111 www.mindax.com.au

==> picture [17 x 20] intentionally omitted <==

ABN 28 106 866 442

12 December 2018

COMPANY UPDATE

The Company is pleased to provide this operational update on the Company's activities.

The Company continues to engage with interested counterparties for the development of the Company's exploration properties, principally the Mt Forrest Iron Project.

A recent visit to China to meet with representatives of a Chinese conglomerate has resulted in agreement between the parties to conduct further discussions in Australia which will culminate in a site visit to the Company’s Mt Forrest Iron Project. These meetings and site visits are currently scheduled to take place in the second half of January 2019. Subject to the outcome, the Company expects to enter further detailed commercial discussions with respect to a potential refinancing of the Company, followed by detailed due diligence. Once due diligence is completed, the Company anticipates terms of investment, to fund the feasibility studies and associated work to progress the Mt Forrest Iron Project towards production, will be discussed.

The Company also confirms it continues discussions with Australian infrastructure groups with respect to the development of infrastructure solutions to enable the Mt Forrest iron product to be commercially exploited.

All discussions are non-binding and without obligation. However, Mindax is very pleased with the level of engagement and depth of discussions to date.

The Company looks forward to providing further updates as they occur.

A copy of the non-binding letter of intent is attached for information.

For further information,

Mr Benjamin Chow AO Chairman Mindax Limited +61 8 9389 2111

==> picture [298 x 223] intentionally omitted <==