Mindax (MDX) Q4 2024 TU earnings summary

Executive summary

• Soil sampling at Mt Lucky Gold Project identified multiple gold anomalies over 1km in length, aligning with potential mineralised bedrock structures.

• The phase two study for the Mid-West Shared Infrastructure Project was completed, with ongoing efforts to advance the project and unlock iron ore value.

• No exploration work was conducted at Meekatharra Gold Project; data reinterpretation is ongoing.

Financial highlights

• Exploration and evaluation expenditure for the quarter was $133,000, covering costs for the HOA with AGIG, tenement compliance, geological consulting, and drilling.

• Cash payments to related parties totaled $191,000, including director and consulting fees.

• Net cash used in operating activities was $368,000 for the quarter.

• Net cash used in investing activities was $133,000 for the quarter.

• Cash and cash equivalents at quarter end were $520,000, down from $932,000 in the previous quarter.

Outlook and guidance

• Estimated quarters of funding available is 1.0, with expectations of reduced cash outflows as MWSIP study costs conclude.

• The company plans to raise further funds and has engaged an external party to assist in identifying investors.

• Operations are expected to continue, contingent on successful capital raising.