Mindax Secures $7.75M Capital, Acquires 4.1% Doublebell and 5% Cashmere Iron Stakes

Capital Raise and Strategic Investments

Mindax Limited (ASX: MDX) has successfully raised $7.75 million through a placement of 221 million ordinary shares, reinforcing its financial position to pursue growth opportunities in Western Australia's Mid-West region. This capital injection underpins the company's strategy to consolidate iron ore resources and develop critical export infrastructure.

In a notable move to expand its footprint, Mindax acquired a 4.1% interest in Doublebell Resource Wealth Pty Ltd, which holds exploration licences prospective for gold and hosts the Bromus kaolin-high purity quartz deposits. This diversification into gold and industrial minerals complements Mindax’s iron ore ambitions.

Shortly after the quarter ended, Mindax announced a 5% strategic investment in Cashmere Iron Limited, an exploration company focused on the Cashmere Downs Iron Project adjacent to Mindax’s Mt Forrest Iron Project. This investment aligns with Mindax’s long-term goal of regional consolidation to support the Mid-West Shared Infrastructure Project (MWSIP).

Advancing the Mid-West Iron Ore Hub

The Mt Forrest Iron Project, where Mindax holds a 65% interest, remains central to the company’s growth plans. While no exploration was conducted during the quarter, Mindax continues to engage with potential joint venture partners, facilitated by executive chair Benjamin Chow AO and capital raising agent Huang Yueguang. The objective is to attract partners capable of advancing Mt Forrest into production.

Parallel to this, Mindax is progressing the MWSIP, a shared infrastructure initiative designed to enable efficient transport of magnetite ore from the Mid-West to port for export. Following the successful completion of a phase two technical and commercial viability study, the company is exploring pathways to move the project forward, including collaboration with the Australian Gas Infrastructure Group and engineering firm Verbrec.

Exploration and Project Pipeline

Mindax’s gold exploration projects at Mt Lucky and Meekatharra continue to show promise. At Mt Lucky, located near the Granny Smith gold mine, recent soil sampling has identified gold anomalies consistent with mineralised structures extending from nearby historic deposits. Further drilling is being planned to test these targets.

At Meekatharra, reinterpretation of existing data is ongoing to identify new drill targets near the Andy Well Gold Mine. These efforts reflect Mindax’s balanced approach to advancing both iron ore and gold assets.

Corporate and Strategic Outlook

Mindax’s capital structure now comprises over 2.29 billion fully paid ordinary shares and 79 million unlisted options. The company remains actively reviewing acquisition opportunities across commodities to bolster its portfolio. The recent investments and capital raise mark a significant step toward achieving the critical mass necessary to underpin the Mid-West Shared Infrastructure Project and position Mindax as a key player in Western Australia’s iron export industry.

With environmental studies progressing and stakeholder engagement ongoing, Mindax is navigating the complex path from exploration to development, balancing technical, commercial, and cultural considerations.