MINDAX LIMITED — Capital/Financing Update 2024

Mar 4, 2024

•

ASX ANNOUNCEMENT

5 March 2024

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

EXPLORATION AND CORPORATE UPDATE

Mindax Limited (ASX: MDX) ( Mindax or the Company ) is pleased to provide an update on the Company’s activities.

MT LUCKY GOLD PROJECT (MDX 100%)

• A reverse circulation (RC) drilling was completed at the Mt Lucky Gold Project ( Mt Lucky ), during November 2023 with a total of 48 holes for 3,444m being drilled and assay results for the programme have now been returned.

• Eight holes returned assay results greater than 0.1g/t gold, defining multiple gold anomalies that are up to 1.3km in length.

• To better define these anomalies, Infill soil sampling between the drill lines was completed during February 2024 and the soil samples have been delivered to the lab and results are expected to be returned in March 2024.

CORPORATE UPDATE

• The Company refreshed the agreement with Mr. Huang Yueguang to assist in sourcing additional funds via capital raising and extended the scope of that agreement to include the introduction of development partners for the Mt Forrest Iron Project.

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MT LUCKY GOLD PROJECT (MDX 100%)

The Mt Lucky Gold Project (Mt Lucky), tenement E38/3336, lies within the Mt Margaret Mineral Field of the north-eastern Goldfields of Western Australia (Laverton Greenstone Belt), approximately 7km east of the Granny Smith gold mine (plant capacity 3.5 Mtpa) and 12km southeast of Laverton. The ground has widespread gold anomalism and artisanal-scale gold workings.

A reverse circulation (RC) was completed at the project in November 2023, with a total of 48 holes for 3,444m being drilled, and the assay results for the programme have now been returned.

Widely spaced holes (600m x 50m) were drilled over the area directly along the strike of Great Southern Mining’s Mon Ami deposit to determine if the mineralisation continued north into the Mt Lucky tenement.

Eight holes have returned anomalous gold results greater than 0.1g/t, which has defined a series of north-trending gold anomalies up to 1,300m long, which are consistent with the presence of mineralised shear zones continuing to the north of Mon Ami. The best drill result was returned from MLRC0035 which intersected 4m at 0.51g/t from 24m. All drill assay results reporting above a cut-off greater than 0.1g/t are shown in table 2 and all other holes failed to return significant assays.

Holes were drilled through the in-situ weathered saprolite profile and stopped when fresh rock was intersected. Gold anomalism is hosted in saprolite clay and weathered bedrock on the contact between basalt, chert, and shale.

Infill soil sampling between the drill lines was completed during February to help better define the anomalies and allow for a more accurate interpretation of the mineralised structures' location so they can be targeted for follow-up close-spaced drilling. The soil samples have been delivered to LabWest in Malaga for assay by their UltraFine+ technique for gold and major elements and results are expected to be returned in March 2024.

CORPORATE

The Company has refreshed an agreement with Mr Huang Yueguang to assist with Mindax’s capital-raising efforts. It has also extended the scope of the engagement to include the identification of partners to join Mindax with Mt Forrest’s development.

The Company will pay Mr. Yueguang fees upon successful completion of the introduction of development partners and for the capital raising. The amount payable to Mr. Yueguang will be commensurate with fees paid for transactions of a similar structure and value. The fees may be paid in cash or MDX shares (subject to any required regulatory approval) at the Company’s election.

Mr Huang has been engaged in various business activities throughout his career, such as the international trading of wine and spirits and working with others to develop small iron ore projects. Currently, his international trading business is being developed in Sanming, Xiamen, Zhangzhou, and other cities in China. His iron ore business has been in operation continuously over his career. In the process of doing business, he has accumulated vast practical experience relevant to assist the Company in its endeavours, particularly around project negotiation, market development and expansion.

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Figure 1. Mt Lucky project location

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Figure 2. New drill collar locations

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Figure 3. Maximum gold in hole on a background of RTP 1VD magnetics.

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BHID	Easting	Northing	RL	Dip	Azimuth	Depth
MLRC0001	451201	6820149	467	-61.04	274.09	60
MLRC0002	451302	6820119	468	-60.99	266.83	60
MLRC0003	451388	6820112	470	-60.57	264.98	60
MLRC0004	451452	6820120	469	-61.38	14.16	60
MLRC0005	451511	6820101	466	-60.01	287.95	70
MLRC0006	451541	6820099	466	-60.24	265.07	76
MLRC0007	451593	6820117	466	-59.7	272.69	60
MLRC0008	451648	6820109	466	-60.28	268.17	76
MLRC0009	451701	6820112	466	-60.3	271.06	88
MLRC0010	451744	6820135	466	-60.72	271.48	76
MLRC0011	451797	6820139	466	-60.01	285.01	76
MLRC0012	451847	6820111	466	-60.44	275.51	88
MLRC0013	451891	6820126	466	-60.83	274.21	94
MLRC0014	451951	6820099	466	-60.08	271.39	88
MLRC0015	451999	6820111	466	-60.83	275.22	70
MLRC0016	452084	6820135	466	-60.45	269.99	76
MLRC0017	451199	6820667	466	-60.42	264.59	88
MLRC0018	451298	6820662	466	-59.86	268.23	88
MLRC0019	451387	6820656	466	-60.36	271.39	88
MLRC0020	451459	6820669	466	-60.04	276.85	88
MLRC0021	451502	6820654	466	-59.88	263.89	82
MLRC0022	451551	6820661	466	-60.35	272.74	76
MLRC0023	451656	6820674	466	-60.33	294.27	82
MLRC0024	451702	6820659	466	-60.41	274.39	88
MLRC0025	451751	6820655	466	-60.31	272.67	70
MLRC0026	451802	6820659	466	-60.07	273.01	60
MLRC0027	451844	6820667	466	-59.57	272.65	64
MLRC0028	451890	6820695	466	-60.00	270	64
MLRC0029	451948	6820685	466	-60.3	276.62	94
MLRC0030	451999	6820645	466	-60.61	275.22	60
MLRC0031	452097	6820665	466	-60.46	272.05	76
MLRC0032	451604	6820650	466	-60.29	277.31	70
MLRC0033	451195	6821254	466	-59.91	279.99	60
MLRC0034	451300	6821250	466	-60.82	282.08	60
MLRC0035	451350	6821250	466	-60.33	278.7	60
MLRC0036	451395	6821259	466	-59.9	275.5	60
MLRC0037	451511	6821270	466	-60.28	276.83	60
MLRC0038	451605	6821219	466	-59.78	277.42	60
MLRC0039	451657	6821193	466	-60.65	279.94	70
MLRC0040	451701	6821174	466	-61.18	278.9	60
MLRC0041	451753	6821159	466	-61	282.41	60
MLRC0042	451817	6821150	466	-60.21	278.46	76
MLRC0043	451858	6821141	466	-59.91	275.56	76
MLRC0044	451924	6821141	466	-60.01	273.39	60

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451976	6821145	466	-60.18	281.18	82
452017	6821123	466	-60.38	278.94	60
452081	6821101	466	-60	270	64
452126	6821054	466	-60	270	60
	Table 1. Drill collar information

BHID	From	To	Interval(m)	Grade(g/t)
MLRC0005	16	20	4	0.11
MLRC0009	36	40	4	0.12
MLRC0017	40	48	8	0.16
MLRC0023	52	56	4	0.14
MLRC0033	20	32	12	0.14
MLRC0035	24	28	4	0.51
MLRC0038	32	36	4	0.37
MLRC0045	24	28	4	0.1

Table 2. All returned assay results over 0.1g/t. All intervals are downhole widths and the true width is not currently known.

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

End of Announcement Benjamin Chow AO Chair Mindax Limited Telephone: +61 8 9389 2111

Competent Person’s Statement:

The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared 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 John 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”. John 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

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 channels,	• The sampling completed for this program by Mindax Ltd
techniques	random chips, or specific specialised industry	(MDX) has been carried out using reverse circulation
	standard measurement tools appropriate to the	(RC) drilling.
	minerals under investigation, such as down hole	• For every metre drilled the drill chips were collected
	gamma sondes, or handheld XRF instruments,	using a static cone splitter and cyclone mounted on the
	etc). These examples should not be taken as	drill rig and placed in consecutive piles on the side of the
	limiting the broad meaning of sampling.	drill pad by the drill offsider.
	• Include reference to measures taken to ensure	• The geological field assistant then took a spear sample
	sample representivity and the appropriate	from each one metre sample pile and placed that
	calibration of any measurement tools or systems	representative sample into a pre-numbered calico bag.
	used.	Four consecutive spear samples were placed into a
	• Aspects of the determination of mineralisation	single calico bag to create a 4m composite sample.
	that are Material to the Public Report.	Approximately 0.5kg of sample was taken from each
	• In cases where ‘industry standard’ work has	sample pile to produce a composite sample of 2-3kg in
	been done this would be relatively simple (eg	weight.
	‘reverse circulation drilling was used to obtain 1	• The final metre of each drill hole was taken as a separate
	m samples from which 3 kg was pulverised to	1m sample weighing 2-3kg.
	produce a 30 g charge for fire assay’). In other	• All drill hole collar positions were picked up using a
	cases more explanation may be required, such as	handheld GPS.
	where there is coarse gold that has inherent	• All samples were logged for lithology, weathering,
	sampling problems. Unusual commodities or	dryness and contamination.
	mineralisation types (eg submarine nodules)
	may warrant disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole	• A total of 48 RC holes were completed for the
techniques	hammer, rotary air blast, auger, Bangka, sonic,	programme. The drill rig was owned and operated by PX
	etc) and details (eg core diameter, triple or	Drilling of Canning Vale, Perth.
	standard tube, depth of diamond tails, face-	• Four metre composite samples were collected using the
	sampling bit or other type, whether core is	technique described above.
	_oriented and if so, by what method, etc). _
Drill sample	• Method of recording and assessing core and chip	• All sample conditions were visually estimated by the
recovery	sample recoveries and results assessed.	geologist during logging and overall recoveries are good.
	• Measures taken to maximise sample recovery	• The majority of samples were dry with any wet samples
	and ensure representative nature of the	recorded in the drill log by the geologist.
	samples.	• The splitter was constantly kept clean using compressed
	• Whether a relationship exists between sample	air and at each rod change the entire splitter was
	recovery and grade and whether sample bias	opened and cleaned prior to the next rod commencing.
	may have occurred due to preferential loss/gain	• Insufficient drilling and geochemical data is available to
	of fine/coarse material.	evaluatepotential sample bias at thepresent moment.
Logging	• Whether core and chip samples have been	• All holes were qualitatively logged by the geologist who
	geologically and geotechnically logged to a level	present at the drill rig and logging each sample as drilling
	of detail to support appropriate Mineral	was conducted. Data logged including lithology,
	Resource estimation, mining studies and	grainsize, texture, colour, alteration, weathering and
	metallurgical studies.	sample quality. Drill chips for every metre were dry
	• Whether logging is qualitative or quantitative in	sieved and wet sieved and representative chip samples
	nature. Core (or costean, channel, etc)	were retained in standard 20 metre compartment chip
	photography.	trays, photographed and stored.
	• The total length andpercentage of the relevant	• Geotechnical loggingwas not undertaken owingto the

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Criteria	JORC Code explanation	Commentary
	intersections logged.	drill technique used.
		• Everydrill hole has been logged in its entirety.
Sub-sampling	• If core, whether cut or sawn and whether	• Four metre composite samples were taken using the
techniques	quarter, half or all core taken.	technique described above. This type of sampling is
and sample	• If non-core, whether riffled, tube sampled, rotary	considered to be appropriate for the current stage of
preparation	split, etc and whether sampled wet or dry.	exploration.
	• For all sample types, the nature, quality and	• A separate one metre sample was taken from the final
	appropriateness of the sample preparation	metre of each hole.
	technique.	• Field duplicates were taken to check the
	• Quality control procedures adopted for all sub-	representativity of the compositing process. Field
	sampling stages to maximise representivity of	duplicates were taken by collecting a second separate
	samples.	composite sample every 30 samples.
	• Measures taken to ensure that the sampling is	• The size of the samples collected for assay is considered
	representative of the in situ material collected,	to be acceptable for this stage of exploration.
	including for instance results for field
	duplicate/second-half sampling.
	• Whether sample sizes are appropriate to the
	grain size of the material being sampled.
Quality of	• The nature, quality and appropriateness of the	• Samples were analysed by Jinning Testing and
assay data	assaying and laboratory procedures used and	Inspection Laboratories(“Jinning”) in Maddington.
and	whether the technique is considered partial or	• 972 RC samples were initially sorted and dried at 105
laboratory	total.	deg C, weighed and pulverized to nominal 85% passing
tests	• For geophysical tools, spectrometers, handheld	75 micron. The pulp sample was then used in a 50g Fire
	XRF instruments, etc, the parameters used in	Assay with AAS finish
	determining the analysis including instrument	• Fire Assay with AAS finish for gold is considered to be
	make and model, reading times, calibrations	appropriate for gold mineralisation for this stage of
	factors applied and their derivation, etc.	exploration.
	• Nature of quality control procedures adopted	• Commercially purchased standards were inserted at a
	(eg standards, blanks, duplicates, external	rate of 1 standard every 33 samples and field duplicates
	laboratory checks) and whether acceptable	were inserted at a rate of one duplicate every 30
	levels of accuracy (ie lack of bias) and precision	samples. The results of the standard and duplicate
	have been established.	assays show that the level of accuracy and precision is
		acceptable.
		• No field blanks were used for the programme.
		• Jinning conducted their own internal QAQC of the assay
		batches utilising lab standards, lab blanks and lab
		repeats. This internal lab QAQC also showed acceptable
		levels of accuracyandprecision.
Verification of	• The verification of significant intersections by	• A Toughbook was used to record all data in the field and
sampling and	either independent or alternative company	then files were digitally transferred to the company’s
assaying	personnel.	database manager who works for an independent
	• The use of twinned holes.	consulting company.
	• Documentation of primary data, data entry	• No twin holes were drilled as part of the programme.
	procedures, data verification, data storage	• No adjustments to assays have been made to the data.
	(physical and electronic) protocols.	• No significant assays were returned that warrant any
	• Discuss any adjustment to assay data.	further verification.
Location of	• Accuracy and quality of surveys used to locate	• The drill collars were picked up using a handheld Garmin
data points	drill holes (collar and down-hole surveys),	GPS instrument. The datum is GDA94, grid system is
	trenches, mine workings and other locations	MGA Zone 51.
	used in Mineral Resource estimation.	• Drill collar elevation is the only topographic data at
	• Specification of the grid system used.	present and this is considered adequate for the current
	• Quality and adequacy of topographic control.	exploration stage.

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Criteria	JORC Code explanation		Commentary
			• For all drill holes, the drill rig was setup under the
			direction of the geologist using a siting compass for rig
			alignment. Dip of the hole was set by the drill crew using
			a clinometer.
			• Downhole survey was completed by the drill crew using
			a downhole north seeking gyro tool at the completion of
			drilling.
Data spacing	• Data spacing for reporting of Exploration		• Drill spacing is typically 600m between drill lines and
and	Results.		50m along lines.
distribution	• Whether the data spacing and distribution is		• No mineral resource estimation or classification has
	sufficient to establish the degree of	geological	been undertaken.
	and grade continuity appropriate for the Mineral		• No compositing of assay results has been undertaken.
	Resource and Ore Reserve	estimation
	procedure(s) and classifications applied.
	• Whether sample compositing has been applied.
Orientation of	• Whether the orientation of sampling achieves		• The sparse exploration undertaken on the project so far
data in	unbiased sampling of possible structures and the		has not yet determined whether the drill orientation
relation to	extent to which this is known,considering the		used is correct.
geological	deposit type.		• Drill holes were orientated to be perpendicular to the
structure	• If the relationship between the drilling		interpreted strike of the geological units that were being
	orientation and the orientation	of key	tested.
	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 security.		• All calico bags were placed into polyweave bags which
security			were zip tied closed at the drill site. The polyweave bags
			were then stored securely in a locked shed until the
			completion of drilling when Mindax field staff loaded
			them into bulka bags for transport directly to the
			laboratorybya courier.
Audits or	• Theresults of any audits or reviews of sampling		• Sampling and assaying techniques are industry‐
reviews	techniques and data.		standard. No specific audits or reviews have been
			undertaken during or upon completion of the
			programme.

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Section 2 Reporting of Exploration Results

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

Criteria		JORC Code explanation	Commentary
Mineral		• Type, reference name/number, location and	• The Mt Lucky tenement number is E38/3336
tenement		ownership including agreements or material	and the tenement is owned 100% by Mindax
and	land	issues with third parties such as joint ventures,	Limited.
tenure status		partnerships, overriding royalties, native title
		interests, historical sites, wilderness or national	• The tenements are in good standing and no
		park and environmental settings.	known impediments to exploration exist.
		• The security of the tenure held at the time of
		reporting along with any known impediments to
		obtaining a licence to operate in the area
Exploration		• Acknowledgment and appraisal of exploration by	• Prior to Mindax’s involvement exploration was
done	by	other parties.	carried out by numerous different companies.
other parties			Drilling and geophysical data from this period is
			available on open file and has been analysed by
			the company for target generation purposes.
Geology		• Deposit type, geological setting and style of	• Exploration at Mt Lucky is focused on shear
		mineralisation.	hosted gold deposits.
Drill	hole	• A summary of all information material to the	• Collar information for all drilling is detailed in
Information		understanding of the exploration results	table 1.
		including a tabulation of the following
		information for all Material drill holes:
		o easting and northing of the drill hole collar
		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.

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Criteria	JORC Code explanation	Commentary
Data	• In reporting Exploration Results, weighting	• No data aggregation has been undertaken.
aggregation methods	averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material	• No metal equivalent values have been reported.
	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	• These relationships are particularly important in	• The geometry of mineralisation is not
between	the reporting of Exploration Results.	currently known.
mineralisatio	• If the geometry of the mineralisation with	• All reported intercepts are downhole hole
n widths and	respect to the drill hole angle is known, its	widths only, the true width of mineralisation is
intercept	nature should be reported.	not currently known.
lengths	• 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 (with scales) and	• Location maps of all drillholes are included in
	tabulations of intercepts should be included for	figures 1 and 2.
	any significant discovery being reported These
	should include, but not be limited to a plan view
	of drill hole collar locations and appropriate
	sectional views.
Balanced	• Where comprehensive reporting of all	• All results greater than 0.1g/t Au have been
reporting	Exploration Results is not practicable,	reported in table 2.
	representative reporting of both low and high	• All other returned assays were less than 0.1g/t
	grades and/or widths should be practiced to	Au.
	avoid misleading reporting of Exploration
	Results.
Other	• Other exploration data, if meaningful and	• No other new exploration data has been
substantive	material, should be reported including (but not	gathered.
exploration	limited to): geological observations; geophysical
data	survey results; geochemical survey results; bulk
	samples – size and method of treatment;
	metallurgical test results; bulk density,
	groundwater, geotechnical and rock
	characteristics; potential deleterious or
	contaminating substances.

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Criteria	JORC Code explanation		Commentary
Further work	• The nature and scale of planned further work (eg		• Further exploration work at Mt Lucky will
	tests for lateral extensions or depth extensions or		consist of soil sampling followed by AC/RC
	large-scale step-out drilling).		drilling on the soil anomalies.
	• 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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