Mindax : Mt Forrest Project Update

ASX Code: MDX

ABN: 28 106 866 442

Principal Address and Registered Office

Level 1, Suite 3

17 Ord Street

West Perth WA 6005

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Investor Enquiries

Mr Benjamin Chow AO Chairman

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HIGHLIGHTS:

MT FORREST PROJECT UPDATE

• • A 35,000m staged exploration and definition drilling program is well underway with encouraging assay results continuing to validate and verify the strong continuity of the high-grade magnetite iron mineralisation.

• • Drilling is focussed at two key locations, MF1 and MF2, refer to Figure 1.

• • Phase 1 of the RC drilling at MF1 is complete with 33 holes for 9,109m drilled. Drilling verifies and extends the continuity of several high-grade magnetite bands with Davis Tube Recovery("DTR") assays confirming band widths up to 40m, some extending over 800m reporting Davis Tube Concentrate("DTC") iron grades >68% Fe with less than 10% Si, refer to assay tables.

• • New drilling on the Southern extensions on both western and eastern fold limbs have successfully extended high grade mineralisation by a further 250m and remains open.

• • Magnetite mineralisation extended by over 300m on the far eastern limb.

• • Phase 1 drilling to the south at MF2 is currently in progress with 70% of the program completed with 25 holes for 6,760 m drilled.

• • Diamond Drilling is underway at MF2 with 4 out of the 16 planned holes completed for 632m.

• • Work on a scoping study to determine risks and opportunities is underway and results anticipated to be completed in late June 2022.

Mindax Ltd (ASX: MDX, "Mindax" or "the Company") is pleased to provide an operational update regarding activities at the Mt Forrest Iron Project following the completion of the transaction with Norton Gold Fields Pty Ltd (Norton Gold) on 28 September 2021.

The Company, Norton Gold and the Company's wholly owned subsidiary Yilgiron Pty Ltd ("Yilgiron") executed a Subscription Agreement, Shareholders Agreement, Management Agreement and other associated documents on 22 July 2021. The parties have since formed an incorporated joint venture for the purposes of continuing exploration on and achieving the earning conditions for the Mt Forrest Iron Project where Norton Gold has the right to earn a 19.9% joint venture interest in the Mr Forrest iron project by sole funding AUD$20 million of exploration work.

Since July 2021 Yilgiron has established a 20 man exploration camp along with establishing a dedicated drill compound and camp for contractors, plus the establishment of a core-farm.

Phase 1 drilling at MF1 commenced following the RC drill rig being mobilised to site during September 2021 and diamond drilling commenced at MF2 in February 2022.

A staged RC and diamond drill program, up to 35,000m is aimed toward exploration and definition drilling with the view to potentially increasing and upgrading the historic magnetite mineral resource confidence, in particular for the MF1 and MF2 locations as previously disclosed and reported by Mindax Limited in accordance with JORC 2004 based on historical drilling prior to 2011. The information was prepared and first disclosed under the JORC Code 2004. The information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

Additional study work is currently being undertaken and is focussed on risk and opportunities for a potential magnetite concentrate operation. Further information will be released to the market once received.

Figure 1 Mt Forrest Project with MF Domain Location Plan

MF1 Definition Drilling

MF1 phase 1 RC drilling comprised 33 holes for a total of 9,109 m, refer Figure 2. The infill drilling has verified the existence and persistence of several high tenor magnetite ore bands returning Direct Reduced Iron ("DRI") grades above 68% DTC grade with less than 3% Si, refer to significant results for MF1 - Table 1. The RC Drilling at the southern end of MF1 has successfully extended the high tenor magnetite mineralisation by a further 250m along the western and eastern areas of the project and the strike potential remains open warranting further exploration drilling, refer

Figure 3. Drill hole MFC 23901 returned 75m of high tenor ore at a relatively shallow depth from 35m which is extremely encouraging. The new RC drilling has also identified a strong new high tenor band to the north east of MF1 east extending the ore further north by over 300m and remains open along strike warranting further exploration drilling.

Best DTR concentrate results include MFC24501 50m @ 69.2% Fe from 158m, MFC24303 75m @ 68.3% Fe from 75m, MFC23901 75m @ 68.7% Fe from 35m and MFC24206 20m @ 70.4% Fe from 161m.

Figure 2: MF1 RC Drill Location Plan. Composite ore samples were produced on site based on geological lithological intervals and magnetic susceptibility, up to a maximum 5m in width and were sent for DTR assay. The recent drilling has returned encouraging results and the additional definition drill holes have identified several bands of high tenor magnetite adjacent to barren basalt and or doleritic units. These high tenor bands were previously thought to be small short strike opportunities, however now extend well over 800m of strike, Figure 3.

The additional drilling has provided the opportunity to update the mineralised ore outlines and complete a new geological interpretation. This new interpretation has been produced with metallurgical input and is characterised by a silica content cut- off less than 10% and a weight recovery greater than 10% from all DTR assay results received to date and are shown in Figure 3, highlighted as orange polygons. This new interpretation will be forwarded to undertake a new mineral resource estimation.

Along with the new drilling assays, several historic drill holes were resampled from the site bag farm where over 300 samples submitted for DTR assay. The historic holes used for the updated interpretation are illustrated in the collar location plan, Figure 4 and significant results are attached in Table 2. Best DTR concentrate results include MFC0301 16m @ 67.7% Fe from 264m, MFC0302 8m @ 68.3% Fe from 172m, MFC0308 12m @ 70.6% Fe from 48m and MFC0310 20m @

68.3% Fe from 72m.

Figure 3 (left) MF1 New High Grade Magnetite Ore Domains Figure 4: Historic RC Drill Location Plan