MINDAX LIMITED — Interim / Quarterly Report 2015

Jan 22, 2015

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ASX ANNOUNCEMENT

23 January 2015

ACTIVITIES FOR QUARTER ENDING 31 DECEMBER 2014

ASX Code: MDX

ABN: 28 106 866 442

Corporate Description

Mindax's Mt Forrest Iron Project is currently evaluating options for development.

Mindax is also the greenfields discoverer of a new uranium province near Mukinbudin, Western Australia.

Mindax also has a gold exploration project based near Meekatharra Western Australia just south of Doray’s Andy Well Gold Mine.

Mindax holds a strong portfolio of 11 mineral exploration and mining tenements covering over 280 square kilometres. In addition, Mindax has tenure in place for water and infrastructure covering over 965 square kilometres in support of the Mt Forrest Iron Project development.

Projects will be moved to production including via strategic partnerships.

Key Projects

Updates on:

• Mt Forrest Iron Project

• Yilgarn Avon JV Uranium Project

• Yilgarn Avon JV Mortlock Copper Project

• Meekatharra North JV Gold Project

• Tenure & Tenements

• Corporate

Mt Forrest Iron Yilgarn-Avon JV Sedimentary Uranium Mortlock JV Copper-Gold Meekatharra JV Gold

Principal Address and Registered Office

Ground Floor, 20 Kings Park Road West Perth WA 6005 Telephone: +61 8 9485 2600 Facsimile: +61 8 9485 2500 Email: info@mindax.com.au

Investor Enquiries

Benjamin Chow Chairman Telephone: +61 8 9485 2600 Email: info@mindax.com.au

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MINDAX LIMITED | www.mindax.com.au

ASX Announcement Activities for Quarter Ending 31 December 2014

MT FORREST PROJECT

Overview

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Mindax Limited (the Company) has received notification from Perpetual Mining Holding Limited (PMHL) advising that efforts to secure equity funding, as contemplated in the Shareholders and Development Agreement (Agreement) , have been severely impacted by the Chinese economic situation, the capital markets and the recent significant drop in the price of iron ore.

PMHL has advised these circumstances, outside its control, have forced the regrettable decision to terminate the Agreement.

PMHL is willing to continue to co-operate with Mindax and assist with future funding and development options for the Mt Forrest Iron Project.

Mindax will now review alternative options to advance its projects and provide further updates as plans formulate.

Two drill proposals were approved on line to the Department of Mines. Heritage stakeholder meetings were held in November.

Geology

2015 Proposed Exploration and Drill Program

Mines department approval has been obtained for the two programs mentioned last quarter. Once adequate funding is in place, these programs can commence. These two approvals are valid for four years.

Heritage

Stakeholder meetings were held in November with the Wutha and Koara Groups. The Ngalia stakeholders unfortunately were unable to attend. The groups were updated of the project position and met with the new Chairman and Project Manager.

There were no concerns raised and all parties were satisfied with the company’s position and remained committed to the progress and potential mining of the location.

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MINDAX LIMITED | www.mindax.com.au

ASX Announcement Activities for Quarter Ending 31 December 2014

Engineering

No work was carried out this quarter.

Logistics and Stakeholder Engagement

No work was completed.

Environmental

A draft report for the Level 2 S study on the Short Range endemics at the Project Area was received for this quarter. The Level 2 fauna survey collected at least 66 species belonging to seven SRE Groups. The overall proportion of potential SRE species at the Project was also relatively low (30%). However, these putative SREs occurred in habitats that were common, both within and outside the proposed Project area, and closely-related species were generally more widespread at Mt Forrest. Eleven potential SRE species are presently known only from proposed areas of disturbance but the habitats in which these species were collected are found elsewhere and, consequently, these species likely have wider distributions. Considering also that only a moderate proportion of the most prospective SRE habitat will be disturbed (BIF; 27%), the species collected only here are unlikely threatened by economic development.

YAJV URANIUM (Uranium)

Mindax Energy Pty Ltd (80.8%) and operator with Quasar Resources Pty Ltd (19.2%) (Position unchanged from the June quarter).

Mindax Energy Pty Ltd (80.8%) and operator with Quasar Resources Pty Ltd (19.2%) (unchanged from the June quarter).

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A further three tenements were surrendered on the 1[st] of December 2014 (E70/2986, E70/3661 and E77/1337).

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MINDAX LIMITED | www.mindax.com.au

ASX Announcement Activities for Quarter Ending 31 December 2014

An exemption for expenditure was granted on E77/1405. Further work to reduce blocks and tenements on the remaining three tenements is planned for the following quarter.

With the reduced size and reduced exploration commitment the Company is seeking parties interested to farm into the project.

YAJV MORTLOCK (Copper, Gold)

Mindax Energy Pty Ltd (80.8%) and operator with Quasar Resources Pty Ltd (19.2%) (Position unchanged from the June quarter).

The last tenement, E70/3266 was surrendered on the 1[st] of December 2014. No other work was undertaken for this quarter.

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MEEKATHARRA NORTH JV (Gold)

Mindax 100% and operator (JV earn-in phase commenced - position unchanged from the March quarter).

No work was undertaken for this quarter.

TENURE

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A total of 17 tenements and licences covering 1,246 km2 were held as at 31 December 2014. A list of the tenements and their locations are set out at Annexure “A”.

17 are granted titles: 7 mining leases, 4 exploration licences and 6 miscellaneous licences.

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MINDAX LIMITED | www.mindax.com.au

ASX Announcement Activities for Quarter Ending 31 December 2014

A total of 4 Exploration Licences were surrendered.

TENEMENTS

Tenements Applications:

Nil.

Tenements Granted:

Nil.

Tenements Surrendered:

Four exploration licences were surrendered this quarter. At the Mukinbudin Project E70/2986, E70/3661and E77/1737 were surrendered. At the Mortlock Project tenement E70/3266 was surrendered.

CORPORATE

Capital Structure

The current issued capital of the Company is as follows:

Number Quoted	Class
269,803,570	Fully paid ordinary shares.

Number Not Quoted	Class
2,321	Options with an exercise price of $0.35 per option, expiring 31 May 2015.
4,000,000	Employee options issued to the Company’s Managing Director & CEO, with an exercise price of $0.108 per option, expiring 9 November 2015.
2,500,000	Non-executive director options, with an exercise price of $0.11 per option, expiring 10 December 2015.
12,500,000	Free attaching options, with an exercise price of $0.12 per option, expiring 31 July 2016.

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MINDAX LIMITED | www.mindax.com.au

ASX Announcement Activities for Quarter Ending 31 December 2014

Expiry of Unlisted Options

Number Not Class Quoted Employee options with an exercise price of $0.60 per option, 1,100,000 expired 30 September 2014.

Annexure “A”

Tenements held by the Company at the end of the quarter

Tenement	Project	Locality	Status	Interest %
M29/257	Bulga Downs	Mount Forrest - Bulga Downs	Granted	100
M29/258	Bulga Downs	Mount Forrest - Bulga Downs	Granted	100
M29/314	Bulga Downs	Mount Forrest	Granted	100
M29/348	Bulga Downs	Toucan - Bulga Downs	Granted	100
M29/349	Bulga Downs	Macaw North - Bulga Downs	Granted	100
M29/350	Bulga Downs	Macaw - Bulga Downs	Granted	100
M29/351	Bulga Downs	Bulga Downs	Granted	100
E77/1336	Yilgarn-Avon Mukinbudin	Mukinbudin	Granted	81
E70/2920	Yilgarn-Avon Mukinbudin	Bonnie Rock	Granted	81
E77/1405	Yilgarn-Avon Mukinbudin	Jinadarra	Granted	81
E51/1034	Meekatharra North	Sherwood	Granted	100
L29/85	Mt Forrest to Menzies Corridor	Menzies Sandstone Road	Granted	100
L29/88	Mt Forrest to Menzies Corridor	Menzies Sandstone Road	Granted	100
L29/102	Mt Forrest Water Licence	Menzies Sandstone Road(Perrinvale)	Granted	100
L29/104	Mt Forrest to Menzies Corridor	Menzies Sandstone Road	Granted	100
L30/47	Mt Forrest to Menzies Corridor	Menzies Sandstone Road	Granted	100
L30/52	Mt Forrest Water Licence	Evanstone Menzies Road(Riverina)	Granted	100

End of Announcement

For further information contact: Benjamin Chow Chairman Mindax Limited Telephone: +61 8 9485 2600

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MINDAX LIMITED | www.mindax.com.au