Mindax (MDX) Q1 2026 TU earnings summary

Executive summary

• Secured an Option Deed to acquire Norton's 35% stake in the Mt Forrest magnetite iron ore project, aiming for 100% ownership and regional consolidation.

• Raised A$1.6 million through a share placement to accelerate project development and fund gold exploration initiatives.

• Advanced discussions with stakeholders for the Mid-West Shared Infrastructure Project to facilitate ore transport.

Financial highlights

• Exploration and evaluation expenditure for the quarter totaled A$1,684,522, mainly for gold exploration and tenement payments.

• Cash payments to related parties during the quarter amounted to $189,133, covering director and consulting fees.

Outlook and guidance

• Ongoing review of regional consolidation opportunities to achieve scale for infrastructure development.

• Continued engagement with potential development partners for Mt Forrest and further advancement of the Mid-West Shared Infrastructure Project.

• Further geological studies and AI-assisted prospecting planned for gold projects to refine drill targets.