Mindax Moves to Full Control of Mt Forrest, Boosts Mid-West Iron Ore Ambitions

• 5% stake acquired in Cashmere Iron Limited
• Option agreement to buy Norton's 35% share in Mt Forrest project
• Ongoing exploration at Mt Lucky and Meekatharra gold projects
• Advancement of Mid-West Shared Infrastructure Project
• Focus on consolidating iron ore assets to develop export infrastructure

Strategic Expansion in Mid-West Iron Ore

Mindax Limited (ASX, MDX) has taken significant steps this quarter to cement its vision of transforming Western Australia's Mid-West region into a major iron ore production hub. Central to this ambition is the recent acquisition of a 5% stake in Cashmere Iron Limited, an exploration company focused on the adjacent Cashmere Downs Iron Project. This move complements Mindax's existing Mt Forrest Iron Project holdings and signals a clear intent to consolidate iron ore assets in the region.

Further reinforcing this strategy, Mindax announced an option agreement to acquire Norton Gold Fields' 35% stake in the Mt Forrest magnetite iron ore project. Should this option be exercised, Mindax would hold 100% ownership of the project, enhancing its control and flexibility in advancing development plans. The Mt Forrest project, spanning seven mining leases and a water licence, is strategically positioned within the Yilgarn province, a region known for its mineral potential.

Infrastructure Development and Regional Collaboration

Mindax's ambitions extend beyond resource consolidation to infrastructure development. The company has been progressing the Mid-West Shared Infrastructure Project (MWSIP), aimed at creating transport solutions; potentially including a slurry pipeline; to move magnetite ore efficiently to coastal ports for export. This initiative, developed in collaboration with the Australian Gas Infrastructure Group and engineered by Verbrec, addresses a critical bottleneck in regional mining logistics and could unlock significant value for multiple stakeholders.

Such infrastructure is vital for scaling production and ensuring competitive access to Asian markets. Mindax’s approach to building critical mass through asset consolidation and shared infrastructure reflects a sophisticated understanding of the challenges and opportunities in regional mining development.

Gold Exploration Progress and Broader Portfolio

While iron ore remains the core focus, Mindax continues to advance its gold exploration projects. The Mt Lucky Gold Project has revealed promising gold anomalies consistent with nearby historic mines, prompting further geological studies and planned drilling programs. Similarly, the Meekatharra Gold Project is undergoing data reinterpretation to identify new drill targets, underscoring Mindax’s commitment to diversifying its mineral portfolio.

Additionally, the company holds a 4.1% interest in Doublebell Resource Wealth, which controls exploration licences in the Norseman-Wiluna Greenstone Belt, including the Bromus kaolin-high purity quartz deposits. Mindax’s involvement here hints at a broader strategy to support and potentially collaborate on emerging resource opportunities.

Outlook and Strategic Positioning

Mindax’s quarterly report reveals a company methodically building scale and infrastructure to become a key player in Western Australia’s iron ore export landscape. The consolidation of Mt Forrest and Cashmere assets, combined with infrastructure development efforts, positions Mindax to capitalize on growing demand for magnetite ore in Asia.

However, the timeline for completing the Mt Forrest acquisition and advancing infrastructure remains uncertain, and exploration results are still in early stages. The company’s ability to attract development partners and secure financing will be critical to translating these strategic moves into production and shareholder value.

Bottom Line?

Mindax’s consolidation and infrastructure push could reshape Mid-West iron ore exports, next steps will reveal if ambition meets execution.

Questions in the middle?

• When will Mindax finalize the acquisition of Norton's 35% stake in Mt Forrest?
• What are the timelines and funding plans for advancing the Mid-West Shared Infrastructure Project?
• How will exploration results at Mt Lucky and Meekatharra influence Mindax’s project prioritization?