Mindax (MDX) Q3 2025 TU earnings summary

Executive summary

• Raised $7.75 million via placement of 237,204,767 shares to fund project development and investments.

• Acquired 4.1% of Doublebell Resource Wealth Pty Ltd, gaining exposure to gold and kaolin assets.

• Completed a 5% strategic investment in Cashmere Iron Limited, adjacent to existing iron projects.

• Continued stakeholder engagement for the Mid-West Shared Infrastructure Project to unlock regional iron ore value.

Segment performance

• Mt Forrest Iron Project: No exploration work this quarter; ongoing search for new JV partners and development pathways.

• Mt Lucky Gold Project: Additional soil sampling and interpretation of gold anomalies; follow-up drilling planned.

• Meekatharra Gold Project: Continued reinterpretation of data to identify new drill targets.

Significant events and developments

• Completed phase two study for the Mid-West Shared Infrastructure Project, supporting future iron ore exports.

• Issued 78,000,000 unlisted options (exercise price $0.07, expiring Nov 2025) to directors, employees, and consultants.

• Held 10 tenements covering over 70 km² as of 31 March 2025.