MINDAX LIMITED — Interim / Quarterly Report 2017

Apr 27, 2017

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ASX ANNOUNCEMENT

28 April 2017

ACTIVITIES FOR QUARTER ENDING 31 MARCH 2017

ASX Code: MDX

ABN: 28 106 866 442

Corporate Description

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

Updates on:

• Mt Forrest Iron Project

• Meekatharra Gold Project

Key Projects

Mt Forrest Iron/Gold Meekatharra Gold

• Tenure and Tenements

• Corporate

Principal Address and Registered Office Ground Floor, 20 Kings Park Road West Perth WA 6005 Telephone: +61 8 9389 2111 Facsimile: +61 8 9389 2199 Email: info@mindax.com.au

Investor Enquiries

Benjamin Chow Chairman Telephone: +61 8 9389 2111 Email: info@mindax.com.au

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MINDAX LIMITED | www.mindax.com.au

ASX Announcement Activities for Quarter Ending 31 March 2017

MT FORREST PROJECT

Overview

The Company continues to review development options for the Mt Forrest Iron Project.

Funding alternatives continued to be reviewed during the quarter. Subsequent to the end of the quarter the Company announced a fully underwritten non-renounceable rights issue. Further details of the rights issue are outlined under the Company’s corporate activity below.

The Company has not undertaken geological or other activity on the tenements during the quarter.

The Company has regenerated a review of the gold bearing potential of these tenements. Historical gold results are being reviewed in order to formulate a programme to further assess the gold potential of the tenements.

MEEKATHARRA PROJECT

Overview

In conjunction with ongoing discussions with various parties, the Company is aiming to develop an exploration programme, focussing on the gold prospectivity of the tenement. No geological or other activity has been undertaken on the tenement during the quarter.

TENURE

A total of 8 tenements covering more than 50 km[2] were held as at 31 March 2017. A list of the tenements and their locations are set out at Annexure “A”.

CORPORATE

The Company has continued to discuss joint venture, farm in or outright sale/purchase of the mineral properties with various parties

Capital Structure

The current issued capital of the Company is as follows:

Number Quoted	Class
574,153,570	Fully paid ordinary shares.

On 3 April 2017, the Company announced a fully underwritten non-renounceable rights issue on the basis of one new share for every five shares held on the record date at an issue price of $0.005 per new share to raise $574,154 (before costs). The offer is being underwritten by Mr Andrew Tsang, a director of the Company. The rights issue is expected to close on 5 May 2017 unless varied by the Company.

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MINDAX LIMITED | www.mindax.com.au

ASX Announcement Activities for Quarter Ending 31 March 2017

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
E51/1705	Meekatharra	Meekatharra	Granted	100

End of Announcement

For further information, contact:

Benjamin Chow Chairman Mindax Limited Telephone: +61 8 9389 2111

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MINDAX LIMITED | www.mindax.com.au

Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity

Name of entity	Name of entity
Mindax Limited
ABN 28 106 866 442	Quarter ended (“current quarter”)
28 106 866 442	31 March 2017

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - - (4) - - - - - -	- (60) - - - (74) - - - - - -
	(4)	(134)
2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets	- - - -	- - - -

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - -	- - - - - - -
	-	-
3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	116 - - - 11 - - - -
	-	127
4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	11 (4) - - -	14 (134) - 127 -
	7	7

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	7 - - -	11 - - -
	7	11

6.	Payments to directors of the entity and their associates	Current quarter
		$A'000
6.1	Aggregate amount of payments to these parties included in item 1.2	Nil
6.2	Aggregate amount of cash flow from loans to these parties included
	in item 2.3	Nil
6.3	Include below any explanation necessary to understand the transactions included in
	items 6.1 and 6.2
Item	6.1 includes aggregate amounts paid to directors including salary, directors’ fees, consulting
fees,	superannuation and expense reimbursements.

7.	Payments to related entities of the entity and their	Current quarter
	associates	$A'000
7.1	Aggregate amount of payments to these parties included in item 1.2	Nil
7.2	Aggregate amount of cash flow from loans to these parties included
	in item 2.3	Nil
7.3	Include below any explanation necessary to understand the transactions included in
	items 7.1 and 7.2

N/A

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

	8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities Nil Nil 8.2 Credit standby arrangements Nil Nil 8.3 Other (please specify) Nil Nil 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		Nil	Nil
		Nil	Nil
		Nil	Nil
N/A

N/A

9. Estimated cash outflows for next quarter	9. Estimated cash outflows for next quarter	9. Estimated cash outflows for next quarter	$A’000	$A’000	$A’000
9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows			25 - - - 25 -
			50
10. Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest		Interest at beginning of quarter	Interest at end of quarter
10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced
10.2 Interests in mining tenements and petroleum tenements acquired or increased

• See chapter 19 for defined terms 1 September 2016

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Sign here: Date: 28 April 2017 (Company secretary)

Print name: Dennis Wilkins

Notes

1. The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2. If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. By the Company signing this Appendix 5B, the Executive Chairman and CFO declare that the Appendix 5B for the relevant quarter:

5. presents a true and fair view, in all material respects, of the cashflows of the Company for the relevant quarter and is in accordance with relevant accounting standards;

6. the statement given above is founded on a sound system of risk management and internal compliance and control which implements the policies adopted by the Board; and

7. the Company’s financial records have been properly maintained and the Company’s risk management and internal compliance and control system is operating efficiently and effectively in all material respects.

8. See chapter 19 for defined terms 1 September 2016

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