Mindax (MDX) Q4 2025 TU earnings summary

Executive summary

• Acquired a 5% stake in Cashmere Iron Limited, advancing consolidation in the Mid-West iron ore sector.

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

• Completed phase two study for the Mid-West Shared Infrastructure Project, supporting regional ore transport.

• Invested 4.1% in Doublebell Resource Wealth Pty Ltd, gaining exposure to gold and kaolin-quartz assets.

• Continued exploration at Mt Lucky and Meekatharra gold projects, identifying new gold anomalies and planning further drilling.

Significant events and developments

• Option agreement executed post-quarter to acquire full control of Mt Forrest, consolidating iron ore interests.

• Strategic investment in Cashmere Iron Limited and Doublebell Resource Wealth Pty Ltd to expand resource base.

• Completion of environmental studies at Cashmere Project and ongoing technical studies for shared infrastructure.

Segment performance

• Mt Forrest Iron Project: Ongoing partner discussions and consolidation efforts to support production and infrastructure development.

• Mt Lucky Gold Project: Soil sampling and structural interpretation identified prospective gold targets; follow-up drilling planned.

• Meekatharra Gold Project: Data re-interpretation underway to identify new drill targets.