MINDAX LIMITED — Investor Presentation 2012

Sep 23, 2012

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ABN 28 106 866 442
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Mindax Limited

BUSINESS UPDATE

‘ An Emerging Mining House Building a Significant Portfolio of Key Commodities’

SEPTEMBER 2012 Dr Steve Ward Managing Director and Chief Executive Officer Mindax Limited (ASX: MDX)

www.mindax.com.au

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Disclaimer and Competent Persons Statement
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This presentation was prepared by Mindax Limited (ABN 28 106 866 442) (“ MDX ” or “ the Company ”), a public company listed on the Australian Securities Exchange.

The presentation is based on internal company reports, stock exchange announcements and technical information believed to be reliable but MDX 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.

In this regard, for any statements pertaining to future exploration targets or conceptual exploration targets, the nature of the exploration target means that the potential quantity and grade is conceptual in nature, that there has been insufficient exploration to define a Mineral Resource and that it is uncertain if further exploration will result in the determination of a Mineral Resource.

MDX accepts no obligation to correct or update the information or opinions expressed in the presentation. Whilst the opinions expressed accurately reflect the views of MDX at the time of presenting, they are subject to change without notice.

The presentation does not purport to provide all of the information an interested party may require in order to investigate the affairs of MDX nor shall it be construed as a solicitation to buy or sell MDX securities, or to engage in or refrain from engaging in any financial transaction.

The current and future operations of the Company, including exploration, appraisal and possible production activities may be affected by a range of factors and risks. A non-exhaustive list of the risk factors to which the Company is exposed can be found set out in Section 6 of the Company’s ‘Entitlement Issue Prospectus’ dated 1 July 2011, which can be obtained from the Australian Securities Exchange (“ ASX ”) or the Company’s web page (www.mindax.com.au). Interested parties need to consider such risk factors before deciding whether to acquire shares in the Company, should consider that the investment in the Company is speculative and should consult their professional advisers before making a final investment decision.

In preparing this presentation MDX did not take into account the investment objectives, financial situation and particular needs of the individual investors. Before making a decision on the basis of this presentation, the investor needs to consider, with or without the assistance of a financial advisor, whether such a decision is appropriate in light of their particular investment needs, objectives and financial circumstances.

Competent Persons’ Statement

The information in this report that relates to the Mt Forrest Iron Project for Exploration Results is based on information compiled by Mr John Vinar who is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM), with more than 5 years experience in the field of activity being reported on.

The information in this report that relates to the Yilgarn Avon JV and Meekatharra Project for Exploration Results is based on information compiled by Mr Stephen Lane who is a member of the Australasian Institute of Mining and Metallurgy (MAusIMM), with more than 5 years experience in the field of activity being reported on.

Mr Vinar and Mr Lane are full-time employee of 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Vinar and Mr Lane consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this report that relates to the Mineral Resources is based on information compiled by Mr Michael Andrew and Dr Katrin Karner. Mr Andrew and Dr Karner are members of the Australasian Institute of Mining and Metallurgy (MAusIMM) and have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities to which they are is undertaking to qualify as a competent persons as defined in the 2004 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Andrew and Dr Karner are full-time employees of Optiro Pty Ltd and consent to the inclusion in this report of the matters based on their information in the form and context in which it appears.

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Contents
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1. Background

2. Overview of Current Business

1. Corporate Structure

2. Corporate Strategy

3. Iron Ore Update and Forward Plan

4. Uranium Update and Forward Plan

5. Gold Update and Forward Plan

6. Copper Update and Forward Plan

7. Future Funding

10. Recent Achievements 11. Summary

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Background
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• Information is presented to:

• Provide a business update to existing investors.

• Introduce the Company to new potential investors.

• Distribute general information to all stakeholders.

• Mindax has a proven track record of success in exploration for metals and minerals.

• The Company’s strategy is now to build on the previous exploration successes and move forward into project development and ultimately to become a very profitable producer of key commodities to create shareholder value.

• Mindax has interests in the key commodities of iron ore, gold, uranium and copper.

• The Company’s projects are all located in Western Australia with Head Office based in Perth.

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Overview of Current Business
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A portfolio of key commodity opportunities based in Western Australia…..

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• Iron Ore Mt Forrest, Yilgarn, 100% owned.

• Significant and world class magnetite JORC resource 1.7Bt (see slide 8) .

DSO opportunity. Positive scoping study issued in April 2012.

• Prefeasibility studies commenced.

Uranium - Mukinbudin, 75% owned.

•  JV with Quasar (subsidiary of Heathgate, uranium mine operator)

• Highly prospective, 3.2Mlb JORC resource from initial scout drilling (see slide 21 ).

• Proof of concept targeted drilling planning underway.

Gold - Meekatharra, 100% owned.

•  Exploration target. Immediately along strike from new 300koz

• discovery by neighbour.

(Gold) - Mortlock, 75% owned.

•  Exploration target with significant unexplained copper in regolith.

Slide 5

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Corporate Snapshot
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Issued Capital

Issued Capital
Ordinary shares(ASX:MDX)	196.6m
Price(at last trade 20 September 2012)	6.0¢
30 day VWAP	7.26¢
12 Month High / Low	20¢ / 6¢
Market Capitalisation	$11.8m
12 Month Liquidity	3.22%
Cash at bank(as at 31 August 2012)	$1.5m

MDX - Mindax Ltd XMM - Metals and Mining Index Source: ASX – 21 September 2012

Directors

• Gilbert George – Non Executive Chairman Steve Ward – Managing Director & CEO Andrew Tsang – Non Executive Director Benjamin Chow – Non Executive Director Eric Loh – Non Executive Director

Company Secretary

Christopher Pougnault

Significant Shareholders

Andrew Tsang (including related parties) 21.90% LAP Exploration Pte Ltd 16.29% HSBC Custody Nominees 12.33% Jupiter Mines Limited 6.72% Top 20 shareholders circa 78.53% Total number of shareholders (as at 20 September 2012) 566

Company Details

Listed on the ASX in 2004

Head Office in Perth, Western Australia Address: PO Box 92 West Perth WA 6872 Level 2, 25 Richardson Street, West Perth WA 6005 Telephone: +61 (0) 8 94852600 Website: www.mindax.com.au

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Corporate Strategy
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Creating shareholder value by building a mining house for key commodities…..

Increasing Shareholder Value

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Interest in Key Exploration Project
Operations
Commodities Excellence Development
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Diverse portfolio	In-house expertise.	Building capability; in-	Targeting
Iron Ore	1.7Bt Iron Resource.	house and with expert	commencement
Gold	Largest resource in	consultant team.	from 2014.
Uranium	Yilgarn Province.	Will consider JV’s with	Scheduled iron ore
Copper	3.2Mlb Uranium	strategic partners.	DSO production start
	resource, grades up	Successful Mt Forrest	by end of 2014.
	to 0.6% U3O8. New	Scoping Study completed.	Other projects to
	highly prospective	Initial feasibility studies	follow subject to
	province discovered.	underway.	successful feasibility
	Excellent prospective	Planning for Uranium	studies.
	exploration targets	drilling program for
	for gold and copper.	scoping study underway.

Slide 7

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Iron Ore Update - Mt Forrest, Yilgarn Western Australia
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• Largest Iron Resource in the Yilgarn Province.

 The Magnetite Resource[1] : 1.71 Bt @ 31.8% Fe JORC Indicated (248.2Mt @ 32.6% Fe) and Inferred (1,462.4Mt @ 31.6% Fe).

 Regolith Resource[2] : 14.7Mt @45.4%Fe JORC Indicated (12.3Mt @ 45.5% Fe) and Inferred (2.4Mt @ 44.8% Fe).

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Excellent potential to increase
resources from the numerous
untested targets ensuring greater
mine life.
Low impurity levels.
Seven Granted Mining Tenements.
Finalising Agreements for very
important water and infrastructure
licenses. 1. Resource reported above 25% Fe cut-off.
2. Resource report above a 40% Fe cut-off.
Slide 8
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Mt Forrest Scoping Study - April 2012
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• Very positive scoping study issued.

•  Two production scenarios identified: - DSO based on Regolith 8.8 Mt product over 7 years

• Large scale magnetite operation 169 Mt product over 18 years.

• Significant scoping study results have prompted development work.

• Initial feasibility studies are now in progress (DSO scope optimisation).

• Magnetite scenario review will follow.

DSO Magnetite Production Mt/yr 1.3 10 DSO Fine price $US110/t Magnetic Concentrate $US174/t price Cash Cost (FOB/t) $83.50 $96.95 Revenue $1,038M $30,983M $204M Net Cash Flow $12,974M ($45Mpa) Capital $99M $1,748M (inc feasibility) IRR 32.8% 39.1% Net Present Value (10%) $86M $1,748M

Slide 9

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Mt Forrest - DSO Initial Feasibility Studies
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 Optimisation concept studies are in progress building on Mt Forrest’s potential

 Higher returns and capital efficiency are sought via:

1) Target 10 year + mine life. 2) Target 2 Mt/year production. 3) Target simple initial operation: - easy to process Detrital material - lower initial Capex and Opex.

	Target	Scoping Study
Mine Life years	10+	7
Product Mt/yr	2	1.3
Capex	Phased	Upfront
Product Fe%	62	58

4) Subsequent Capex phased in from operating cash flow. . 5) Study possibility to achieve 62% Fe material and more lump for value creation

 Further discussions with infrastructure and transport providers are in progress:

• Participating in Esperance port market sounding exercise

• Updates from rail and road transport providers

• Discussions with regulators and local authorities.

Slide 10

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Mt Forrest DSO Optimised Concept Mine Scenario
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• Target 10+ year mine life by exploration for more Detritals and Regolith ore.

• Mining Phase 1 - Mine all hematite-goethite rich portions from Regolith Resource and newly identified Canga from Detrital material using dry screening: - Target at least 1-2 years of production.

• Mining Phase 2 - Low Capex Beneficiation - Mining Detritals. Requires a washing facility for processing:

• Target at least 6 years of production.

• Mining Phase 3 - Additional Capex to process Regolith ore >40%Fe which requires HLS (Heavy Liquid Separation) Plant to upgrade to >58%Fe.

• Target at least 8 years of production.

Slide 11

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Mt Forrest - Conceptual Production Schedule
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	Dry	High Grade Regolith - no beneficiation Wet HLS Regolith - upgrade by beneficiation (washing) -

Slide 12

….. Mt Forrest is still highly prospective

 The Detrital & Canga materials are located off the ridges and are large flat bodies.

• A small drilling program has the potential to grow quick additional iron resources.

 A larger DSO Iron Resource would sustain a higher production rate and longer operating life.

• Target two major Detrital zones

(see green shaded area on map).

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Slide 13

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Initial assessment encouraging…..

• Scout drilling - 10 RC holes were drilled.

• Vertical thickness up to 24m from surface.

• Intercepts include 28m @ 45.3%Fe best result includes 6m @55.5% Fe .

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• Hematite clasts up to 100mm are cemented in a sandy-clayey matrix that can easily be crushed and screened to recover and produce a DSO product.

• Preliminary met work >50% yield for saleable product >57%Fe.

Slide 14

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Project Timeline for DSO Optimised Scope
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• Proof of Concept Work

Q4 2012 • Detrital Drilling Program, Metallurgy, Environmental Surveys Q1 2013

• Environmental and Heritage surveys, Metallurgy

• Q1 2013 • Feasibility Study Q2 2013

• Feasibility Study

• Q3 2013 • Environmental Approvals & Permitting Q4 2013

• Construction Q1 2014 Q2 2014

• Pre-mining and Commissioning

• Q3 2014 • Production and First Shipment Q4 2014

Slide 15

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Mt Forrest - Mine to Port
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Excavator loading trucks to mobile crusher

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Road Train to Menzies and rail to port

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Esperance Port
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Slide 16

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Uranium Market Overview
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After a poor period following the Fukushima incident, market sentiment and outlook is improving.....

• Supply deficit forecast from 2014.

• Prices forecast to recover to US$81/lb in 2016.

• Western Australian Government policy now supportive

• of U O . 3 8

• Significant increase in Chinese nuclear power forecast.

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Unsupplied?
Future Growth ?
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Slide 17

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Uranium Assets
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….. Yilgarn-Avon Joint Venture

 Joint Venture (Mindax 75%) with strategic partner Quasar, operator of Beverley mine in South Australia.

• 3 Project Areas. 18 exploration tenements (1,500km[2] ).

• 2 Advanced Prospects (Yandegin & Jindarra).

• Dominant land position. Only company in new uranium province.

• Flat farmland; easy access and excellent infrastructure.

• Good relations with local community.

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Slide 18

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Jindarra Prospect
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 Discovered in September 2009 by scout drilling.

• High Grade:

• 1m @ 0.2% U3O8.

• 3m @ 0.15% U3O8.

• 1m @ 0.15% U3O8.

• Length of known mineralisation now >5.5km.

• Broad spaced (100m) infill drilling in core area only.

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Slide 19

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Yandegin Prospect
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• Discovered September 2010.

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• Highest uranium values encountered to date:

• 1m @ 0.6% U3O8 .

• 1m @ 0.25% U3O8.

• 1m @ 0.24% U3O8.

• Zone of mineralisation

extending for 4.2km & open to the north (next drill line 4km upstream).

• Width of 0.7km.

• Mineralised thicknesses of up to 24m.

Slide 20

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Mukinbudin Project - Resources
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• Maiden JORC Resource of

3.25Mlbs U O (see table below). 3 8

• A greenfield discovery of a new Uranium Province.

• Discovered by Wildcat scout drilling: 527 holes for 36,000 meters.

• Targets prioritised and ready for drilling.

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Note: Jindarra Resource does not include northern mineralisation (6m @ 0.04% (incl. 1m @ 0.09%) & 1m @ 0.07% U3O8.	Prospect	Category	Tonnes [Mt]	Metal [t]	Grade [ppm]	U3O8 [Mlbs]
	Jindarra	Inferred	1.86	500	273	1.12
	Yandegin	Inferred	4.36	950	221	2.12
	Total	Inferred	6.22	1,450	237	3.25

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Proposed U O Production Model
3 8
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• Sandstone Hosted Uranium Mineralisation.

• Uranium extraction by simple in-situ recovery using small diameter (<0.5M) bores:

• Minimal surface disturbance

• Cheaper production costs

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Current operation in USA: extraction (above) and yellow cake production below)

• Relatively low CAPEX

• Radiation exposure minimised.

• Low intrusive ‘key-hole’ recovery method is growing in use (now 30% globally) due to these advantages.

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Slide 22

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Australian Sandstone Hosted Uranium
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….. High prospectivity gives encouragement to target an economic project

Selected Australian Sandstone Hosted Uranium Deposits

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2500
Honeymoon
Sandstone
2000
Minimum Hosted Deposit
Target Beverly
1500
Angela
Oobagooma
Economic
1000
Manyingee Westmoreland
Sandstone
500 Hosted Operating
Bennet Well
Carley Bore Bigrlyi Mulga Rocks Mine
JINDARRA
Double 8
YANDEGIN
0
0 10 20 30 40 50 60
Deposit Size (Mlbs U3O8)
)
8
O
3
Deposit Grade (ppm U
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Slide 23

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Indicative Project Pathway
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• Proof of Concept Work (Jindarra & Yandegin). • Continued Exploration – Prospect Identification.

Q1 2013 • Prospect Drill Out (Yandegin, Jindarra + 2 newly identified). Q2 2013 to • Scoping Study (Activities & Report). Q1 2014

• Pre Feasibility Study (Including Field Trial). Q2 2014 to Q4 2014 • Feasibility Study. Q1 2015 to Q4 2015 • Permitting & Mine Development. Q1 2016 to Q4 2017

Slide 24

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Meekatharra North Gold Project
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• 40km from Meekatharra & 25km along strike from Paddy’s Flat (+2.5M oz).

 Immediately along strike (2km) from a new 300,000 ounce gold discovery (Doray Minerals – Andy Well Project) which is scheduled for first production during 2013.

• Mineralised structures continue south into the Mindax tenement.

• Planning for next drill program in progress.

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Slide 25

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Mortlock Copper (Gold)
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 Project part of YAJV

• Significant (+0.1%) unexplained copper mineralisation within an extensive anomalous blanket in the regolith.

• Nearby historic intercepts including 61 m @ 0.83 g/t Au, 37 m @ 0.72 g/t Au and 0.26% Cu, and a diamond core intercept of 25 m @ 0.47 g/t Au and 0.18% Cu.

 Four priority targets identified and ready for drilling.

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Slide 26

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2012 Achievements
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 Very Positive Mt Forrest Scoping Study issued.

 Mt Forrest JORC resource increase announced.

 Corporate activities streamlined to reduce overhead costs.

 Significant interest from potential strategic partners.

• Successful placement of 17.5M shares at 10c.

• Successful placement of 8M shares at 8.5c - a premium to prevailing market.

 Strategy to transition from explorer to emerging miner confirmed.

• Board reconstituted.

• New Managing Director and CEO appointed to lead next corporate phase.

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Funding
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• Further funding will be required to advance projects through development phase

to operational status.

 Existing funds are sufficient for immediate needs.

• Mindax continues to assess various sources of funding including from equity

markets and potential joint venture partners.

• There are relatively few shares currently on issue (< 200M).

 The significant portfolio of key commodities is attractive to potential strategic

investors.

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Summary
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 After a period as a successful exploration company, Mindax is now moving forward into project development and ultimately production to deliver shareholder value.

• The Company is now an ‘Emerging Mining House’.

• Mindax has an impressive portfolio of key commodities with considerable

• potential.

• The ‘flag ship’ Mt Forrest Iron Ore Project is world class and already the subject

of a very positive scoping study.

• The Company will seek strategic partners to assist with project development as

part of future funding arrangements.

• It is planned to provide regular progress updates.

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