MINDAX LIMITED — Capital/Financing Update 2022

Apr 19, 2022

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ASX ANNOUNCEMENT

20 April 2022

ASX Code: MDX ABN: 28 106 866 442

Principal Address and Registered Office Level 1, Suite 3 17 Ord Street West Perth WA 6005 Telephone: +61 8 9389 2111 Email: info@mindax.com.au

Investor Enquiries Mr Benjamin Chow AO Chair Telephone: +61 8 9389 2111 Email: info@mindax.com.au

NEW GOLD TARGETS IDENTIFIED BY GEOPHYSICAL SURVEY AT MEEKATHARRA NORTH

HIGHLIGHTS:

• Detailed processing and structural interpretation has been completed for a high-resolution sub-audio magnetic (SAM) ground geophysical survey over the project area and produced several new targets

• SAM data has highlighted structural trends and geological domains that potentially can be controls on gold mineralisation and further discovery

• Designed to complement the existing project database, including high-grade results from previous drilling

• Five year extension of term granted over E51/1705

Mindax Limited (ASX: MDX ) ( Company ) is pleased to report that it has completed processing and interpretation for a sub-audio magnetic survey (SAM) at its Meekatharra Gold Project located approximately 40km north of Meekatharra, in the northern part of the Murchison Greenstone Belt of Western Australia.

The SAM ground survey was previously completed in 2015 and has now been processed by Southern Geoscience Consultants (SGC). SGC has interpreted the new data and in combination with additional geological and drilling information has produced new geophysical targets, Figure 1.

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The SAM geophysical survey has provided high-resolution mapping of the buried structures on the project area, which are potentially the controls on gold mineralisation. This information has provided a structural framework of the project area and combined with existing drilling results has identified several target areas.

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The Department of Mines, Industry Regulation and Safety recently granted a five year extension of term over E51/1705. The extension has been granted without increasing annual expenditure requirements.

The Company completed an exploration drilling campaign in 2021 (refer ASX release 28 June 2021), which focussed on the northern end of the tenement and tested several historical geophysical priority targets. Some of those targets are located along the southern structural corridors extrapolated from the Andy Well Gold Mine, located within 2km from the project area and within proximity to historic drilling. This previous work returned significant gold intercepts. The 2021 exploration programme confirmed the presence of gold mineralisation that support the previous geophysical interpretation.

SAM Geophysical Survey

SAM is a geophysical technique using electrical current that is channelled between two widely spaced electrodes located along strike. The current will be channelled along zones of lower resistivity in this direction as these form paths of least resistance. Conductive or low resistivity zones are often related to a fault or contact, or a lithological unit that is more susceptible to weathering. The project area is deeply weathered and or covered by substantial transported overburden overlying the bedrock. The technique can potentially provide a richer structural understanding of ore rock domains and most importantly detect and map conductive signatures that represent structural trends. The SAM survey was undertaken over two large blocks, Figure 2 of the project, however SGC has provided an interpretation over the entire project area, by combining the SAM data with the open file magnetics data.

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Figure 1 SAM Geological Interpretation with targets

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Figure 2 SAM surveyed area showing survey lines and thick black line is the electrical current line.

The SAM geophysical survey has provided high-resolution mapping of the structures of the project area, which are the controls on gold mineralisation. This information has provided a structural framework and increased the Company’s confidence in its geological and structural understanding of E51/1705.

The SAM survey has identified eighteen target areas. Five high priority (priority 1 red) targets, Figure 3 with anomalous gold intersected in drilling have been identified. These targets occur around faults in the north of the tenement, which is where previous drilling has been concentrated.

A further additional five high priority (priority 2 orange), Figure 3 targets have been identified and predominately focussed on faults along strike from anomalous gold intersected in drilling and in the same stratigraphic setting as Andy Well. These targets provide geophysical confidence as the Priority 1 targets but have no known mineralisation from drilling, however, there has been limited drill testing.

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Figure 3 SAM lithological interpretation with target and historic drill collar locations

The southern interpreted geological corridor is potentially the same stratigraphic setting when extrapolated from the Andy Well project. This provides the opportunity for this area to be considered for future exploration. The Company is currently assessing all information gained from the SAM survey in order to interpret the geological prospectivity of the project.

This announcement has been authorised for release by Benjamin Chow AO, Chairman.

End of Announcement

For further information contact: Benjamin Chow AO Chairman Mindax Limited Telephone: +61 8 9389 2111

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Competent Person’s Statement:

The information in this report that relates to Exploration Results is based on information compiled by Mr John Vinar 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 Vinar is a consultant to 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 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Vinar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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JORC Code, 2012 Edition – Table 1 report template Review results for updating per JORC 2012- refer below table

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation		Commentary
Sampling	• Nature and quality of sampling (eg cut	•	Sub – Audio Magnetics, Collected by GAP
techniques	channels, random chips, or specific		Geophysics
	specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as	• •	Transmitter Gap GeoPak HPTX-80 (Gap Asset 802) Instrument Gap Geophysics TM-7B SAM Receiver S/N 127
	limiting the broad meaning of sampling.	•	Sensor Geometrics G-822 Cs Vapour
	• Include reference to measures taken to ensure	•	50-100m line spacing
	sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation	• • •	sample interval along line MMC 0.7m TMI 0.4m
	that are Material to the Public Report.
	• In cases where ‘industry standard’ work has
	been done this would be relatively simple (eg
	‘reverse circulation drilling was used to obtain
	1 m samples from which 3 kg was pulverised
	to produce a 30 g charge for fire assay’). In
	other cases more explanation may be
	required, such as where there is coarse gold
	that has inherent sampling problems. Unusual
	commodities or mineralisation types (eg
	submarine nodules) may warrant disclosure of
	detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-	•	Not applicable, no drilling was undertaken.
techniques	hole hammer, rotary air blast, auger, Bangka,
	sonic, etc) and details (eg core diameter, triple
	or standard tube, depth of diamond tails, face-
	sampling bit or other type, whether core is
	_oriented and ifso, by what method, etc). _
Drill sample	• Method of recording and assessing core and	•	Not applicable, no drilling was undertaken.
recovery	chip sample recoveries and results assessed.
	• Measures taken to maximise sample recovery
	and ensure representative nature of the
	samples.
	• Whether a relationship exists between sample
	recovery and grade and whether sample bias
	may have occurred due to preferential
	loss/gainof fine/coarse material.
Logging	• Whether core and chip samples have been	•	Not applicable, no drilling was undertaken.
	geologically and geotechnically logged to a
	_level of detailto support appropriate Mineral _

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Criteria	JORC Code explanation		Commentary
	Resource estimation, mining studies and
	metallurgical studies.
	• Whether logging is qualitative or quantitative in
	nature. Core (or costean, channel, etc)
	photography.
	• The total length and percentage of the
	_relevant intersections logged. _
Sub-	• If core, whether cut or sawn and whether	•	SAM Data were collected perpendicular to
sampling techniques	quarter, half or all core taken. • For all sample types, the nature, quality and		the main geological strike.
and sample	appropriateness of the sample preparation
preparation	technique.
	• Quality control procedures adopted for all sub-
	sampling stages to maximise representivity of
	samples.
	• Measures taken to ensure that the sampling is
	representative of the in situ material collected,
	including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the
	_grainsize of the material being sampled. _
Quality of	• The nature, quality and appropriateness of the	•	All data was quality checked by the
assay data and	assaying and laboratory procedures used and whether the technique is considered partial or		contractor GAP Geophysics
laboratory	total.
tests	• Nature of quality control procedures adopted
	(eg standards, blanks, duplicates, external
	laboratory checks) and whether acceptable
	levels of accuracy (ie lack of bias) and
	_precision have been established. _
Verification	• The verification of significant intersections by	•	Not applicable, no drilling was undertaken.
of sampling	either independent or alternative company
and	personnel.
assaying	• The use of twinned holes.
	• Documentation of primary data, data entry
	procedures, data verification, data storage
	(physical and electronic) protocols.
	• _Discuss any adjustment to assay data. _
Location of	• Accuracy and quality of surveys used to locate	•	SAM collection used Trimble GPS Ag-114
data points	drill holes (collar and down-hole surveys),		with Fugro OmniStar Real-time 1m
	trenches, mine workings and other locations		corrections, in GDA94 / MGA Zone 50
	used in Mineral Resource estimation.
	• Specification of the grid system used.
	• Quality and adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration	•	SAM data
and distribution	Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation	• • • •	50-100m line spacing sample interval along line MMC 0.7m TMI 0.4m
	procedure(s) and classifications applied.
	• Whether sample compositing has been
	_applied. _

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Criteria	JORC Code explanation		Commentary
Orientation	• Whether the orientation of sampling achieves	•	SAM Data
of data in relation to geological structure	unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key	• •	Lines are approximate perpendicular to geological strike Current injected approximal parallel to geological strike
	mineralised structures is considered to have
	introduced a sampling bias, this should be
	assessed and reported if material.
Sample	• The measures taken to ensure sample	•	All data is stored securely by the contractor
security	security.		GAP Geophysics and by southern
			Geoscience Consultants.
Audits or	• The results of any audits or reviews of	•	Not applicable, no drilling was undertaken.
reviews	sampling techniques and data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land	• Type, reference name/number,	•E51/1705 owned 100% by Mindax Limited.
tenure status	location and ownership
	including agreements or
	material issues with third
	parties such as joint ventures,
	partnerships, overriding
	royalties, native title interests,
	historical sites, wilderness or
	national park and
	environmental settings.
	• The security of the tenure held
	at the time of reporting along
	with any known impediments
	to obtaining a licence to
	_operate inthe area. _
Exploration done by other	• Acknowledgment and	•Previous drilling in this area was completed by
parties	appraisal of exploration by	Mindax Limited.
	other parties.	•This work has been checked for quality as far as
		possible.
Geology	• Deposit type, geological setting	•Exploration is focussed on shear hosted gold
	and style of mineralisation.	deposits located in the Murchison – Meekatharra
		Greenstone Belt.
Drill hole Information	• A summary of all information	•Not applicable, no drilling undertaken.
	material to the understanding
	of the exploration results
	including a tabulation of the
	following information for all
	Material drill holes:
	o easting and northing of the
	_drill hole collar _

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Criteria	JORC Code explanation	Commentary
	o elevation or RL (Reduced
	Level – elevation above sea
	level in metres) of the drill
	hole collar
	o dip and azimuth of the hole
	o down hole length and
	interception depth
	o hole length.
	• If the exclusion of this
	information is justified on the
	basis that the information is not
	Material and this exclusion
	does not detract from the
	understanding of the report,
	the Competent Person should
	clearly explain why this is the
	_case. _
Data aggregation methods	• In reporting Exploration	•Not applicable, no drilling undertaken.
	Results, weighting averaging
	techniques, maximum and/or
	minimum grade truncations (eg
	cutting of high grades) and cut-
	off grades are usually Material
	and should be stated.
	• Where aggregate intercepts
	incorporate short lengths of
	high grade results and longer
	lengths of low grade results,
	the procedure used for such
	aggregation should be stated
	and some typical examples of
	such aggregations should be
	shown in detail.
	• The assumptions used for any
	reporting of metal equivalent
	values should be clearly
	_stated. _
Relationship between	• These relationships are	•Not applicable, no drilling undertaken.
mineralisation widths and	particularly important in the
intercept lengths	reporting of Exploration
	Results.
	• If the geometry of the
	mineralisation with respect to
	the drill hole angle is known, its
	nature should be reported.
	• If it is not known and only the
	down hole lengths are
	reported, there should be a
	clear statement to this effect
	(eg ‘down hole length, true
	_width not known’). _
Diagrams	• Appropriate maps and sections	•Refer to figures in document.
	(with scales) and tabulations of
	intercepts should be included
	for any significant discovery

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Criteria	JORC Code explanation	Commentary
	being reported These should
	include, but not be limited to a
	plan view of drill hole collar
	locations and appropriate
	_sectional views. _
Balanced reporting	• Where comprehensive	•Not applicable, no drilling undertaken.
	reporting of all Exploration
	Results is not practicable,
	representative reporting of
	both low and high grades
	and/or widths should be
	practiced to avoid misleading
	reporting of Exploration
	_Results. _
Other substantive	• Other exploration data, if	•Refer to document.
exploration data	meaningful and material,	•Open file airborne magnetics survey was also
	should be reported including	used in interpretation. This data is supplied by the
	(but not limited to): geological	mines department and was flown by Kevron in
	observations; geophysical	1995 with 50m line spacing. This data is of good
	survey results; geochemical	quality and has been reprocessed by Southern
	survey results; bulk samples –	Geoscience consultants in 2021.
	size and method of treatment;
	metallurgical test results; bulk
	density, groundwater,
	geotechnical and rock
	characteristics; potential
	deleterious or contaminating
	_substances. _
Further work	• The nature and scale of	•Further work may involve drilling of holes, initially
	planned further work (eg tests	reverse circulation (RC) and diamond drilling.
	for lateral extensions or depth
	extensions or large-scale step-
	out drilling).
	• Diagrams clearly highlighting
	the areas of possible
	extensions, including the main
	geological interpretations and
	future drilling areas, provided
	this information is not
	commercially sensitive.

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