Mindax Reports A$0.13 Million Capital Raise and Progress on Mt Forrest Project

Mid-West Iron Ore Hub Development Progresses

Mindax Limited (ASX:MDX) is steadily advancing its ambition to transform Western Australia’s Mid-West region into a magnetite processing hub. During the March quarter, the company maintained active engagement with stakeholders to explore collaborative pathways for the Mid-West Shared Infrastructure Project (MWSIP), a critical initiative aimed at enabling efficient transport of magnetite ore from mines to port for export.

Key to this vision is the Mt Forrest Iron Project, where Mindax holds a 65% interest and is moving toward full ownership by exercising its option to acquire the remaining 35% from Norton GoldFields. The company dispatched about four tonnes of representative magnetite ore samples to CERI International Engineering Co., Ltd for metallurgical testing, which will underpin future development studies. Mindax is simultaneously seeking development partners to share the project’s advancement burden, with discussions ongoing.

This quarter’s focus on infrastructure and processing capabilities aligns with the company’s broader strategy to build critical mass in the Mid-West region. Notably, Mindax’s strategic investments in Doublebell Resource Wealth and Cashmere Iron Limited, both holding assets adjacent or complementary to Mindax’s core projects, reinforce its commitment to regional infrastructure development. The Cashmere investment, in particular, complements the Mt Forrest project geographically and technically, enhancing the potential for shared infrastructure benefits.

Gold Projects and Advanced Geological Studies

Alongside iron ore ambitions, Mindax is progressing its gold exploration portfolio with a focus on the Mt Lucky and Meekatharra projects. Both tenements are 100% owned and located in prolific gold fields of Western Australia. The company has leveraged advanced geological services, including AI-assisted prospecting and high-resolution remote sensing, to reinterpret historical drilling and soil sampling data. These efforts aim to refine drill targeting by delineating ore-controlling structures, with recent reports under review to inform upcoming drilling campaigns.

Funding Status and Capital Raising Efforts

Mindax’s cash position remains tight, with only A$94,000 in cash at the end of March 2026, supporting an estimated 0.41 quarters of funding based on current outgoings. The company raised approximately A$0.13 million through share placements during the quarter and has received a further A$0.05 million pending compliance paperwork completion. Additional placements are planned in the near term to sustain exploration and project development activities.

To incentivise its workforce and consultants, Mindax issued 58 million options exercisable at 8 cents, expiring in November 2026. This follows a similar move earlier in the year where options were granted to directors and related parties, reflecting ongoing efforts to align interests amid a challenging funding environment. The company’s strategy hinges on balancing exploration progress with prudent capital management while actively pursuing new funding opportunities.

Mindax’s approach to funding and project advancement echoes its previous efforts reported in the capital boost and project control update and the options issuance and capital raise announcements, highlighting a consistent pattern of leveraging equity markets to underpin its development ambitions.

Operational Expenditure and Corporate Governance

Exploration and evaluation expenditure for the quarter was modest at A$167,653, primarily covering shire rates and rents for the Mt Forrest tenements. No mining production or development activities were reported, consistent with the company’s focus on early-stage project advancement and infrastructure planning.

Payments to related party consultants totalled A$10,500, with no director fees paid during the quarter. The company continues to manage its operations with a lean cost base while navigating the challenges of limited cash reserves and the need for further capital injections.