Mindax's Mt Forrest Iron Project Reaches Major Milestone

About Mindax Limited

Mindax Limited (ASX: MDX) is a Perth-based mineral exploration and development company focused on advancing iron ore, uranium, and gold projects in Western Australia.

Mindax's flagship asset is the Mt Forrest Iron Project located in the Murchison region of WA, approximately 160 km northwest of Menzies. The project consists of seven mining leases covering 53 km2 prospective for magnetite mineralization.

Exploration and evaluation of Mt Forrest is undertaken by Mindax's 100% owned subsidiary Yilgiron Pty Ltd.

In addition to Mt Forrest, Mindax has exploration projects for iron ore, gold and uranium in the Yilgarn region of WA. The company also holds a strategic 21% stake in TSX-V listed Uranium explorer Basin Energy.

Mt Forrest Iron Project Achieves Milestone

Mindax has announced that its Mt Forrest Iron Project has reached a significant milestone under the joint venture agreement between Yilgiron and Norton Gold Fields.

Through expenditure of A$20 million on exploration and studies, Norton Gold has now earned a 35% interest in the project.

This was achieved by delivering an updated mineral resource estimate outlining 422 million tonnes of indicated magnetite resources grading 33% iron.

The updated resource represents a substantial increase compared to the previous model from 2011 and provides greater confidence in scale and continuity of mineralization.

Enhanced Value for Mindax

Reaching this milestone is an excellent outcome for Mindax that materially increases the value of its Mt Forrest Iron Project.

In addition to confirming Mt Forrest's potential to underpin a globally significant mining operation, the de-risking of the project could attract strategic partners and development capital.

Mindax retains a dominant 65% interest in the project and exposure to the upside potential of Mt Forrest.

At the same time, Mindax has benefitted from Norton Gold's expenditure of A$20 million to earn its 35% interest. This has funded critical exploration and studies to enhance project knowledge and economics.

Next Steps to Advance Mt Forrest

With the mineral resource milestone achieved, Mindax subsidiary Yilgiron will work closely with Norton Gold to complete a pre-feasibility study in 2023.

Key focus areas include additional drilling to upgrade resources, mining studies, metallurgical optimization and infrastructure planning.

Subject to positive outcomes, this could pave the way for a final investment decision on developing the Mt Forrest mine.

In parallel, Mindax will look to realize value from its iron ore assets to support growth initiatives across its broader portfolio of projects.

Conclusion

Reaching a definitive milestone at Mt Forrest is a positive development for Mindax that derisks the project and enhances its value.

With a strengthened platform from which to advance Mt Forrest towards development, investors should monitor upcoming progress on feasibility studies.

Mindax offers leverage to continued success at Mt Forrest while benefitting from funding contributed by joint venture partner Norton Gold.

As Mindax seeks to crystallize value from its iron ore portfolio, investors should look for potential strategic partnerships or transactions related to Mt Forrest.

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