Mindax Raises $1.6M as It Secures Option to Buy Out Norton’s 35% Stake
Mindax Limited has taken a decisive step toward full ownership of the Mt Forrest iron ore project, executing an option to acquire Norton Gold Fields' stake and raising $1.6 million to accelerate development. The company is also advancing infrastructure plans and gold exploration in Western Australia’s Mid-West region.
- Executed option to acquire Norton's 35% stake in Mt Forrest iron ore project
- Raised A$1.6 million via share placement to fund project acceleration
- Ongoing discussions for Mid-West Shared Infrastructure Project to support ore transport
- Issued shares and options to consultants for technical and economic assessment
- Advancing gold exploration at Mt Lucky and Meekatharra projects
Strategic Acquisition in the Mid-West
Mindax Limited has marked a significant milestone in its iron ore ambitions by securing an option to acquire the 35% stake held by Norton Gold Fields in the Mt Forrest magnetite project. This move, announced in July and detailed in the recent quarterly report, positions Mindax to potentially own 100% of the project, a critical step toward consolidating iron ore interests in the Mid-West region of Western Australia.
The option agreement, priced at just A$1 for the right and a purchase price of over A$26 million plus interest, grants Mindax exclusivity for the first 12 months and a five-year window to complete the acquisition. This strategic control aligns with Mindax’s vision to develop the Mid-West into a significant iron ore processing hub.
Capital Raise Fuels Development
Supporting this expansion, Mindax successfully raised A$1.6 million through a share placement, providing essential working capital to accelerate project development. The funds also underpin ongoing technical and economic assessments, for which the company issued shares and options to consultants. These assessments are foundational for attracting future strategic partners and advancing collaborative development opportunities.
Infrastructure and Regional Collaboration
Beyond ownership consolidation, Mindax is actively exploring infrastructure solutions to unlock the region’s iron ore potential. The Mid-West Shared Infrastructure Project (MWSIP), a collaborative initiative with the Australian Gas Infrastructure Group and engineering firm Verbrec, aims to establish transport pathways; potentially including a slurry pipeline; to move magnetite ore efficiently from mines to port for export. Encouraging study results have propelled ongoing stakeholder discussions to advance this critical infrastructure.
Gold Exploration and Strategic Investments
Parallel to its iron ore focus, Mindax continues to advance gold exploration projects at Mt Lucky and Meekatharra. Utilizing advanced geological interpretation techniques, including AI-assisted prospecting, the company is refining drill targets to identify promising mineral resources. Additionally, strategic investments in Doublebell Resource Wealth and Cashmere Iron Limited complement Mindax’s regional growth strategy, enhancing its footprint in Western Australia’s mineral-rich Mid-West.
With a portfolio of tenements covering over 70 square kilometres and a capital structure featuring more than 2.3 billion shares, Mindax is positioning itself as a key player in the region’s mining landscape. The company’s ongoing engagement with development partners and infrastructure stakeholders will be pivotal in translating these assets into operational success.
Bottom Line?
Mindax’s consolidation and capital raise set the stage for transformative growth, but the path to full project ownership and infrastructure development remains a watchpoint for investors.
Questions in the middle?
- Will Mindax exercise the option to acquire Norton’s stake within the initial exclusivity period?
- How will negotiations with potential infrastructure partners evolve to support ore transport solutions?
- What timelines and milestones can investors expect for the advancement of gold exploration projects?
