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MINDAX LIMITED Interim / Quarterly Report 2009

Mar 11, 2009

65308_rns_2009-03-11_82a4eb7d-859c-43b7-8608-11a6e2e1bb39.pdf

Interim / Quarterly Report

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MINDAX LIMITED

ABN 28 106 866 442

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HALF-YEAR FINANCIAL REPORT

31 DECEMBER 2008

MINDAX LIMITED ABN 28 106 866 442

CORPORATE DIRECTORY

DIRECTORS

COMPANY SECRETARY

Gilbert Charles George (Non-executive, Chairman) Gregory John Bromley (Managing Director) Nicholas James Smith (Non-executive Director) Andrew Tsang (Non-executive Director)

Angelo Francesca

BANKERS

PRINCIPAL OFFICE

Level 2 25 Richardson Street West Perth WA 6005

Commonwealth Bank 1254 Hay Street West Perth WA 6005

SHARE REGISTRY

PO Box 92 West Perth WA 6892

Telephone (08) 9485 2600 Facsimile (08) 9485 2500

Advanced Share Registry Services 110 Stirling Highway Nedlands WA 6009

STOCK EXCHANGE LISTING

Website www.mindax.com.au

REGISTERED OFFICE 21 Teddington Road BURSWOOD WA 6100

Shares in Mindax Limited are quoted on the Australian Securities Exchange:

ASX codes: MDX (shares)

Telephone: (08) 9486 2333 Facsimile: (08) 9355 4580

AUDITORS

BDO Kendalls Audit & Assurance (WA) Pty Ltd 128 Hay Street Subiaco WA 6008

CONTENTS PAGE
Directors’ Report 1 – 2
Auditors’ Independence Declaration 3
Consolidated Income Statement 4
Consolidated Balance Sheet 5
Consolidated Statement of Changes in Equity 6
Consolidated Cash Flow Statement 7
Notes to the Consolidated Financial Statements 8 - 9
Directors’ Declaration 10
Independent Review Report to the members of Mindax Limited 11 - 12

MINDAX LIMITED ABN 28 106 866 442

DIRECTORS’ REPORT

Your directors present their report on the consolidated entity consisting of Mindax Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2008.

1 DIRECTORS

The directors of the Company at any time during the whole of the half-year and up to the date of this report are:

GEORGE, Gilbert Charles (Chairman) BROMLEY, Gregory John SMITH, Nicholas James TSANG, Andrew

2 OPERATING RESULTS

The consolidated net loss from ordinary activities after providing for income tax amounted to $676,215 (2007: loss of $228,002).

3 REVIEW OF OPERATIONS

EXPLORATION

Exploration highlights for the half-year on project areas include the following.

  • Detailed mapping and sampling of the extensive Mt Forrest iron formations continued with identification of further zones of hematite-goethite mineralisation. The field observations are well supported by surface rock chip sampling and further drill targets have been defined. The mapping is substantially confirmed by the rock chip sampling results in excess of 57.5% Fe and indicates an average grade of 61.8% Fe for this outcropping mineralisation.

  • The mapping at Mt Forrest has extended mineralisation beyond the embargoed heritage site covering the western limb of the Mt Forrest syncline. Drilling proposals will be prepared for the accessible areas.

  • Regional sampling for iron indicates further prospectivity at Tiger and Ocelot prospects to the west and north of Mr Forrest. Ocelot extends over 1100m at a grade of +50% Fe while Tiger is a composite anomaly aggregating 1250m at +50% Fe.

  • Re-evaluation of historical drilling at Toucan prospect indicates the persistence of mineralisation and grade at depth, providing further confidence when drilling is cleared to proceed.

-1-

MINDAX LIMITED ABN 28 106 866 442

DIRECTORS’ REPORT, CONTINUED

CORPORATE

During the half-year, 30,538,713 ordinary fully paid shares were issued as a result of the exercise of listed options expiring 30 June 2008. The final take up in respect of the listed options that expired on 30 June 2008 was approximately 97% . In addition 1,335,788 ordinary fully paid shares and 6,435,969 ordinary fully paid shares were issued at 20 cents per share representing respectively the “Underwritten Shares” and “Top Up Shares” pursuant to the underwriting agreement with Mr Andrew Tsang (the terms of which were approved at a general meeting of shareholders held on 18 June 2008).

In addition 250,000 unlisted employee options with a vesting date of 1 August 2009, exercise price of 53 cents and expiry date of 3 years from date of vesting were issued on 4 August 2008. Further 660,000 unlisted employee options with an exercise price of 60 cents, vesting date of 1 April 2009 and expiry date of 30 June 2011 were issued on 23 December 2008 pursuant to resolution 6 approved at the Company’s Annual General Meeting held on 27 November 2008. All employee options were issued for nil consideration.

On 21 December 2008, 600,000 unlisted employee options with an exercise price of 25 cents expired.

During the half-year the Company established a wholly owned subsidiary named Yilgiron Pty Ltd (“Yilgiron”). Yilgiron was established to facilitate the transfer of the Mt Forrest Iron Project tenements (which occurred during the half-year). The Board resolved that it would be commercially prudent to establish a wholly owned subsidiary dedicated to the Mt Forrest Iron Project, with such a project considered highly prospective.

4 SUBSEQUENT EVENTS

There has not been any other matter or circumstance that has arisen since the end of the half-year that has significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations or the state of affairs of the consolidated entity in future financial periods.

5 AUDITOR’S DECLARATION

A copy of the independence declaration by the lead auditor under section 307C is included on page 3 to this half-year financial report.

This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:

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GREGORY JOHN BROMLEY Director

Dated at PERTH this 12[th] day of March 2009

-2-

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MINDAX LIMITED ABN 28 106 866 442

CONSOLIDATED INCOME STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Revenue from operating operations
Depreciation and amortisation expense
Directors fees
Employee benefits expense
Share based payments – employee options
Write-off of exploration expenditure
Corporate management fees
Finance costs
Occupancy expense
Other expenses
Loss before income tax
Income tax benefit
Net loss attributable to members of the Company
Loss per share:
Basic and diluted (cents per share)
31.12.2008
31.12.2007
$ $ 359,560
114,727
(20,489)
(16,627)
(77,500)
(27,500)
(77,256)
(32,783)
(65,400)
-
(147,522)
(81,653)
(116,199)
(74,886)
(1,169)
(8,538)
(56,664)
(19,608)
(473,576)
(81,134)
(676,215)
(228,002)
-
-
(676,215)
(228,002)
(0.528)
(0.374)

The above Income Statement should be read in conjunction with the accompanying notes.

-4-

MINDAX LIMITED ABN 28 106 866 442

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2008

ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Other
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Property, plant & equipment
Exploration & evaluation expenditure
Other
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Borrowings
Provisions
Other
TOTAL CURRENT LIABILITIES
NON CURRENT LIABILITIES
TOTAL NON CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Contributed equity
Reserves
Accumulated losses
TOTAL EQUITY
31.12.2008
$ 30.06.2008
$ 9,392,545
9,241,057
161,791
56,840
25,822
12,331
9,580,158
9,310,228
219,315
133,014
5,291,107
4,689,593
2,205
4,345
5,512,627
4,826,952
15,092,785
14,137,180
145,369
308,283
10,310
69,065
55,454
31,754
-
5,816,284
211,133
6,225,386
-
-
-
-
211,133
6,225,386
14,881,652
7,911,794

17,905,692
10,270,579
13,860
28,700
(3,037,900)
(2,387,485)
14,881,652
7,911,794

The above Balance Sheet should be read in conjunction with the accompanying notes.

-5-

MINDAX LIMITED ABN 28 106 866 442

STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2008
STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2008
Issued capital
Accumulated
Losses
Option Reserve
Total
$
$
$
$
At 1 July 2007
6,344,771
(1,832,498)
30,100
4,542,373
Foreign currency translation differences
-
-
-
Total income and expense for the half-
year recognised directly in equity
-
-
-
Loss for the period
(228,002)
-
(228,002)
Total income and expense for the half-year
(228,002)
-
(228,002)
Issue of share capital (net of share
issue expenses)
2,663,845
-
-
2,663,845
Dividends paid
-
-
-
-
Share-based payment expense
-
-
-
-
At 31 December 2007
9,008,616
(2,060,500)
30,100
6,978,216
Decrease in fair value of land and buildings
-
-
-
Total income and expense for the half-
year recognised directly in equity
-
-
-
Loss for the period
(326,985)
-
(326,985)
Total income and expenseforthehalf-year
(326,985)
-
(326,985)
Issue of share capital - options
converted
1,270,336
-
-
1,270,336
Share issue expenses
(8,373)
-
-
(8,373)
Dividends paid
-
-
-
-
Share-based payment expense
-
-
(1,400)
(1,400)
At 30 June 2008
10,270,579
(2,387,485)
28,700
7,911,794
Expiry of unexercised employee options
25,800
-
25,800
Foreign currency translation differences
-
-
-
Total income and expense for the half-
year recognised directly in equity
25,800
-
25,800
Loss for the period
(676,215)
-
(676,215)
Total income and expense for the half-year
(650,415)
-
(650,415)
Issue of share capital - options
converted
6,107,743
-
-
6,107,743
Issue of share capital - 'Underwritten
shares' pursuant to underwriting
agreement
267,158
-
-
267,158
Issue of share capital - 'Top Up' shares
pursuant to underwriting agreement
1,287,193
-
-
1,287,193
Share issue expenses (26,981)
-
-
(26,981)
Dividends paid -
-
-
-
Share-based payment expense -
-
(14,840)
(14,840)
At 31 December 2008 17,905,692
(3,037,900)
13,860
**14,881,652 **

The above Statement of Changes in Equity should be read in conjunction with the accompanying notes.

-6-

MINDAX LIMITED ABN 28 106 866 442

CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

Cash flows from operating activities
Interest received
Interest and other costs of finance paid
Other revenue – R & D offsets received
Payments to suppliers and employees
Net cash (outflow) from operating activities
Cash flows from investing activities
Payments for:
Security deposit – business premises rental
Property, plant & equipment
Exploration expenditure
Recovery of exploration expenditure – JV Partner
Net cash (outflow) investing activities
Cash flows from financing activities
Application for shares allotted
Proceeds from issues of shares
Transaction costs from issue of shares
Proceeds from borrowings
Repayment of borrowings
Net cash inflow by financing activities
Net increase in cash held
Net cash at beginning of the period
Net cash at the end of the period
31.12.2008
31.12.2007
$ $ 338,748
26,542
(1,169)
(8,488)
-
35,449
(881,342)
(211,983)
(543,763)
(158,480)
(124,042)
(106,790)
-
(171)
(1,167,429)
(641,918)
333,438
-
(1,064,823)
(642,089)
(5,816,284)
-
7,662,094
2,934,889
(26,981)
(267,215)
-
12,892
(58,755)
(20,347)
1,760,074
2,660,219
151,488
1,859,650
9,241,057
990,832
9,392,545
2,850,482

The above Statement of Cash Flows should be read in conjunction with the accompanying notes.

-7-

MINDAX LIMITED ABN 28 106 866 442

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

NOTE 1 – BASIS OF PREPARATION OF HALF-YEAR FINANCIAL STATEMENTS

This general purpose financial report for the interim half-year reporting period ended 31 December 2008 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 .

This interim report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2008 and any public announcements made by Mindax Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 .

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

NOTE 2 – SEGMENT INFORMATION

Geographical Segments:

Mindax Limited operates exclusively in mineral exploration operations in Australia.

NOTE 3 – CONTINGENT ASSETS AND LIABILITIES

Term deposits of $33,000 have been temporarily secured by the Company’s bankers to provide a bank guarantee of $13,000 and $20,000 in favour of the Minister for State Development as unconditional performance bonds on EL 57/619 and 57/555 respectively.

During the half-year a term deposit of $124,042 was secured by the Company’s bankers to provide a bank guarantee in support of the lease agreement for the Company’s new business premises.

NOTE 4– DIVIDENDS

No dividends have been paid or declared since the start of the financial period, and none are recommended.

NOTE 5– EQUITY SECURITIES ISSUED

Issue of ordinary shares during the half-year:
- for working capital at $0.13 per share pursuant to
a share placement program
- pursuant to exercise of listed options at $0.20 per
share
- for working capital at $0.10 per share pursuant to
a Rights Issue
- pursuant to exercise of listed options at $0.20 per
share
- pursuant to underwriting agreement
31.12.2008
No.
$ -
-
-
-
-
-
30,538,713
6,107,743
7,771,757
1,554,351
38,310,470
7,662,094
31.12.2007
No.
$ 3,800,000
494,000
158,750
31,750
24,091,387
2,409,139
-
-
-
-
28,050,137
2,934,889

-8-

MINDAX LIMITED ABN 28 106 866 442

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2008

NOTE 6– EVENTS SUBSEQUENT TO BALANCE DATE

There has not been any matter or circumstance, other than that referred to in the financial statements or notes thereto, that has arisen since the end of the half-year, that has significantly affected, or may significantly affect, the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in future financial periods.

-9-

MINDAX LIMITED ABN 28 106 866 442

DECLARATION BY DIRECTORS

The directors of Mindax Limited declare that:

  1. The financial statements, comprising the Income Statement, Balance Sheet, Cash Flow Statement, Statement of Changes in Equity and accompanying notes, are in accordance with the Corporations Act 2001 and:

  2. a) comply with Accounting Standards and the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

  3. b) Give a true and fair view of the consolidated entity’s financial position, as represented by the results of its operations, changes in equity and its cash flows, as at 31 December 2008 and of its performance for the half-year ended on that date.

    1. In the directors’ opinion, there are reasonable grounds to believe that the consolidated entity will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:

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GREGORY JOHN BROMLEY Director

Dated at PERTH this 12[th] day of March 2009

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