Mindax Raises A$0.3M, Advances Mt Forrest Metallurgical Testing and Gold Exploration

Director Options and Capital Raising

Mindax Limited (ASX – MDX) has taken a significant step in aligning management incentives with shareholder interests by issuing 58 million options to directors and related parties. This move, approved at the November 2025 Annual General Meeting, underscores the company’s commitment to advancing its projects in the Mid-West region of Western Australia. Alongside this, Mindax successfully raised A$0.3 million through share placements during the December quarter, with plans for additional capital raises to maintain momentum on exploration and development activities.

Progress at Mt Forrest Iron Project

The Mt Forrest Iron Project remains central to Mindax’s strategy to develop the Mid-West into a magnetite processing hub. During the quarter, the company dispatched representative ore samples to CERI International Engineering Co., Ltd for metallurgical testing. These tests aim to define processing characteristics critical for future development. Notably, Mindax secured an option to acquire the remaining 35% stake in the joint venture from Norton GoldFields, potentially consolidating full ownership and enhancing control over project direction. Discussions with potential development partners are ongoing, reflecting the company’s ambition to unlock the region’s iron ore potential.

Advancing Gold Exploration

Mindax continues to refine its gold exploration strategy with detailed structural and mineralogical studies at the Mt Lucky and Meekatharra North projects. Employing advanced remote sensing, geological modelling, and AI-assisted prospecting, the company is identifying new drill targets to enhance the prospectivity of these tenements. The recent geological interpretation reports will inform targeted drilling programs, aiming to convert promising anomalies into tangible resources.

Strategic Regional Investments

In a bid to strengthen its regional footprint and infrastructure prospects, Mindax holds strategic stakes in Doublebell Resource Wealth Limited and Cashmere Iron Limited. These investments complement Mindax’s core projects and support the broader Mid-West Shared Infrastructure Project, designed to facilitate ore transport from mines to port. The collaboration with Australian Gas Infrastructure Group and engineering firm Verbrec highlights the company’s proactive approach to unlocking logistical solutions critical for regional development.

Financial Position and Outlook

Despite ongoing exploration expenditure of approximately A$370,000 during the quarter, Mindax’s cash position remains tight, with A$146,000 in cash at quarter-end. The company acknowledges the need to manage exploration activities prudently while actively pursuing further funding initiatives. Payments to related parties, including directors, totalled around A$171,000, reflecting standard corporate governance practices. Mindax’s strategy remains focused on delivering shareholder value through exploration success, strategic partnerships, and capital management.