MINDAX LIMITED — Investor Presentation 2011

Feb 15, 2011

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One2One Investor Briefing Melbourne

16 February 2011

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Mt Forrest Location

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Mt Forrest Iron Pro ect j

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JORC Inferred Resource base of 1 Billion tonnes (October 2010) (Inf 1.01 Btonnes @ 31% Fe PBM and Ind + Inf 4.5 Mtonnes @ 54% Fe DSO)

Drilling ahead towards Inferred + Indicated JORC status at end March 2011

(308 holes for 28,134.6 metres currently includes 939.6 metres diamond core)

Scoping Study due end March 2011

Base Case: Thirty year mine life with 10 Mtpa concentrate to Esperance Port

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Critical focus on the ore body, its grade and its processing qualities to ensure competitive advantage

(3023 primary Fe assays, 125 DTM samples at a relatively coarse 80P40)

Well positioned on time line for infrastructure access (rail, port, road, pipelines, water)

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Key Steps

Scoping, Prefeasibility, Definitive Feasibility, Decision to Mine (end 2012), BFS, Licensing Production (end 2015)

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Mt Forrest Geology

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Mt Forrest Ore Bod y

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–
17 Km prospective iron formation
‐
banded chert magnetite rock
8 Prospects
1.01 Billion Tonnes Potentially
Beneficiable Magnetite @31%Fe
J O R C In erre f d cto O b er
( 2010)
Primar and secondar ma netite
y y g
minerals developed
Ongoing drilling indicates improving
grades and recoveries
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Section Emu South DTC%Fe

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Section Emu Central DTC%Fe

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Section Dingo DTC%Fe

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Section Echidna DTC%Fe

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Mine to Market

		Current date	Current date						Est. Cost ($M) 3.5	Est. Cost ($M) 3.5	Est. Cost ($M) 3.5
		2010 H1 2010 H2	2011 H1	2011 H2	2012 H1 2012 H2 2013 H1	2013 H2	2014 H1 2014 H2	2015 H1 2015 H2	Est. Cost ($M)
	Project Milestones
	Resource(1Bt,Infer,Ind)									3.5
	Reserve Delineation (600Mt)									10
	Environmental Impact Statement
										0.5
	ScopingStudy									0.5
	Pre-Feasibility Study									1
	Metallurgical Test-work**									2
	Rail & Port Study									0.5
	PDD*& All Approvals									0.5
	Process Design & Costing									2.5
	Rail Infra Design & Cost									2.5
	Definitive FeasibilityStudy									5
	Decision to mine (Long Lead Items)
										450
	Port Agreement & Capex									50
	Plant Construction									1,188
	Rail Construction (Third party)									0
	Mining Commences									100
									$

Scoping Progress

Program of work for the scoping study is well advanced with results for different disciplines starting to flow towards end March completion date

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Metallurgical scoping test work program well underway on back of resource drilling

Port access negotiations initiated and negotiations with other logistics infrastructure providers initiated and ongoing

Access corridor marked out to Menzies and 3D studies in progress

Hydrology studies ongoing

Environmental studies well advanced to a seasonal focus

Modeling and costing studies moving forward

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Com arison: WA Iron Com anies p p

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1200
MDX.AX
1000
800
600
400
200
0
Mindax Grange Macarthur Jupiter Cashmere
Mt Forrest Southdown Moonshine Mt Ida
Share Price $ 0.4 0.8 3.6 0.65 N/A
Market Cap $M 58.3 921 .4 108 240.4 N/A
ce (Mtonnes)
Resour
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Com arison Resources p

Resource Size vs Head Grade

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60 . 0
50.0
JMS-530Mt
Cashmere-822 Mt
GBG-2,518Mt
40.0
GRR-654Mt
MDX1,006 Mt
30 . 0
MMS.V-710 Mt
20.0
10.0
0 . 0
250 750 1,250 1,750 2,250 2,750
Tonnes (Mt)
de (%Fe)
Head Gra
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Com arison Concentrates p

Peer Group Comparison DTC%Fe vs DTC%rec

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70
GRR-654 Mt
MDX-1,006 Mt
69
GBG- 2,518Mt
68
JMS-530 Mt
67
MMS.V-710 Mt
66
65
64
Cashmere-822Mt
63
62
20.0 25.0 30.0 35.0 40.0 45.0 50.0
DTC%rec
C%Fe
DT
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High Grade Uranium Project

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Mukinbudin‐Jindarra‐Yandegin

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Com arison: Uranium De osits p p

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Corporate & Capital Structure

Issued Shares 145.69 Million (MDX) O p ti ons ‐ Li s t e d 64 94 Milli. on (MDXO) (Dec 2011, 75c) Options ‐ Unlisted 5.35 Million ( various expiry dates & exercise prices ) Shareholders ~ 490 52 week trading 35 – 50c Range Chairman Gilbert George 5 day VWAP 42c Managing Director Greg Bromley Non‐Executive Directors Andrew Tsang Market Cap at $59.7M Benjamin Chow $0 . 41 per share Company Secretary Angelo Francesca Cash $5M

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Re ister Structure g

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Shareholder Group
A Tsang
Independent 23%
27% A Tsang
Founders
Jupiter Mines
Founders
12% Lion Asiapac
HSBC Hong Kong
17% HSBC Hong Kong
Jupiter Mines
9% Independent
Lion Asiapac
12%
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Business Strate ‐ Growth & Alliances gy

Mindax’s objective is to:

• Develop strategic resources through exploration which can then be moved towards roduction. p

Mindax has key strategic connectivity:

• Iron ore – Lionasiapac steel maker

• Chinese investors

• Uranium – Heathgate/Beverley uranium mine extraction technology

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Business Strate – Reliabilit & Diversit gy y y

The Company’s key projects are:

• th e Mt F orrest I ron pro ecj t w ithi n th e Yil garn ron rov nce w I P i ith a resource base of 1 Billion tonnes of magnetite ore; and • t h e Mukinbudin ran um pro ectU i j , a new uran um prov nce scovere i i di d by the company with significant uranium intercepts. Both of these projects demonstrate potential to grow to significant production assets for Mindax.

Mindax has demonstrated real exploration success through careful application of its expertise and is on track to production using the same principles

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Competency

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Gregory John Bromley 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 Greg Bromley is a full‐time employee of the Company and has sufficient experience which is relevant to the style of mineralisation and t yp e o f de p osit and to the activit y which he is undertakin g to q uali fy as a Com p etent Person as de f ined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Bromley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The resource estimates are reported under the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2004 Edition). The estimates were carried out by Mr Chris Allen, BSc (Hons), MBA, MAIG of CSA Global Ltd who is a Member of the Australian Institute of Geoscientists (MAIG), and who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the Code.

Mr Allen 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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Disclaimer

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|This presentation was prepared by Mindax Limited (ABN 28 106 866 442), a public company listed on the Australian Stock|
|E|xc|h|ange.|
|The presentation is based on internal company reports, stock exchange announcements and technical information believed to|
|be reliable but Mindax does not make any representation or warranty to its accuracy, completeness or currency.|
|Some statements contained regarding estimates or future events are forward looking statements. They involve risk and|
|uncertainties that could cause actual results to differ from estimated results. They are conceptual and will change as further|
|technical and financial information is generated.|
|Mindax|accepts|no|obligation|to|correct|or|update|the|information|or|opinions|expressed|in|the|presentation.|Opinions|
|expressed are subject to change without notice and accurately reflect the views of Mindax at the time of presenting.|
|The presentation does not purport to provide all of the information an interested party may require in order to investigate the|
|affairs of Mindax nor shall it be construed as a solicitation to buy or sell Mindax securities, or to engage in or refrain from|
|engaging|in|any|financial|transaction|.|
|In preparing this presentation Mindax did not take into account the investment objectives, financial situation and particular|
|needs of the individual investors. Before making an investment decision on the basis of this presentation, the investor needs to|
|consider, with or without the assistance of a financial advisor, whether the investment is appropriate in light of their particular|
|investment needs, objectives and financial circumstances.|

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