Mindax (MDX) Q2 2025 TU earnings summary

Executive summary

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

• Ongoing efforts to secure capital and development partners for the Mt Forrest Iron Project, with external assistance engaged.

• Concluded a successful R&D Tax Incentive claim for FY24, resulting in a $548,980.01 refund.

• No exploration work at Mt Forrest during the quarter; continued geological interpretation and planning at Mt Lucky and Meekatharra gold projects.

Financial highlights

• Net cash from operating activities for the quarter was $311,000, driven by the R&D tax refund.

• Cash and cash equivalents at quarter end totaled $608,000, up from $298,000 in the previous quarter.

• Exploration and evaluation expenditure was a net inflow of $7,000 due to refunds for tenement rents.

• Payments to related parties totaled $123,000 for the quarter, covering director and consulting fees.

Outlook and guidance

• Continued focus on advancing the Mid-West Shared Infrastructure Project and attracting development partners for Mt Forrest.

• Preparation and planning underway for follow-up drilling at Mt Lucky; ongoing data reinterpretation at Meekatharra.

• Ongoing review of project acquisition opportunities across various commodities.