MDX - Mindax Limited

A good day for Mindax today with a single order of 491589 shares or $245k going through taking the price back up to 50c. There has been very little volume lately with this stock but the next round of results from the Mt Forrest Iron Ore project are due by the end of September which might spark some more interest.

They are targetting 100-110MT of DSO and 2.5-2.8BT of lower grade magnetite.

LAP exploration have been increasing their stake in Mindax, currently at 11.37%. LAP failed in a takeover of Polaris Metals earlier this year, losing out to Mineral Resources, so there is potential for them to keep building their stake for a takeover somewhere down the track. Mindax does have a few substantial holders: Andrew Tsang, Jupiter Mines and Tse Ngai Yeung and the Top 20 hold around 82% of the company so any takeover attempt would be difficult.

Drilling results from their Mt Forrest Iron ore project are due any time now

JORC resource at Mt Forrest increase to 1.01 billion tonnes at 31.4%Fe and 4.5MT @ 54.3%Fe DSO.

http://www.asx.com.au/asxpdf/20101012/pdf/31t1vlcjg5hj75.pdf

A new 14,500m drill program is set to commence in late October to increase the size of the JORC resource. They are targetting 2.5-2.8BT of magnetite and the current JORC is over 13km of a total of 20km strike. The DSO target was around 100MT so the 4.5MT amount achieved fell well short of expectations although there is some potential for further DSO with a number of target areas still untested. Mt Forrest will now have to shift focus from being an initial DSO mine to a primarily magnetite production mine with the possibility of a small amount of DSO production.

Mindax have also helped form the Yilgarn Iron Producers Association to press for co-operation with infrastructure. Eleven miners and explorers from the region are in the association, approximately 160km of new rail will be needed to service the Mt Forrest mine, the cost of this will hopefully be shares amongst the 11 other explorers who will also need the new rail.

Mindax has recently kicked off on a very active drilling season with six drill rigs drilling on their three main project: Mt Forrest Iron Ore, Jindarra and Yandegin for Uranium and Mortlock for Copper-Gold. This year is critical for Mindax with options exercisable at 75c expiring at the end of the year. Volume has been non-existant for quite a while, good results from the current drill campaign may be enough to generate some spark.

http://mindax.com.au/upload/documen...X/20110111_20110111ExplorationUpdateFINAL.pdf

4 drill rigs are now at Mt Forrest where they are working to increase their 1.01 billion ton @ 31.3%Fe resource, drilling is expected to be complete in March. The PFS for the Mt Forrest project is due around the end of June this year following the resource upgrade.

1 drill rig will be drilling for Uranium to follow up on the high grade results (0.63%U3O8) achieved last year. 15,000m are being drilled this year with the aim to determine a resource size in their prospect areas.

1 drill rig will be drilling for Copper-Gold at Mortlock, drilling is just about complete and results anticipated in mid-february.

A resource upgrade for Mindax's Mt Forrest Iron Ore Project is due in the coming week, together with a scoping study on the project. They have recently uncovered a soft, higher grade magnetite material close to existing DSO which would greatly reduce production costs. Current JORC stands at just over 1billion tonnes of magnetite and 4.5MT of DSO.

http://www.proactiveinvestors.com/c...g-study-at-mt-forrest-iron-project-13278.html

Mindax readies for resource upgrade and scoping study at Mt Forrest iron project
Thu 9:23 pm by Proactive Investors

Mindax (ASX: MDX) has a resource upgrade immiment at its one billion plus magnetite resource at Mt Forrest iron ore project in WA's Yilgarn region as well as a scoping study due by the end of March. It has released a batch of drill results with some strong downhole widths and magnetite grades from latest drilling. Six of the eight magnetite targets drilled confirm magnetite mineralisation intersections persist at depths greater than 250 metres below the surface. Which is all a precursor to Mindax quantifying a strong business case within the scoping study for a 30 year mine life and likely advancing the project directly to a prefeasibility study such is the company's confidence in Mt Forrest.
What renders this lightly traded, low market capitalisation stock more interesting is it has uncovered a soft higher grade magnetite material close to existing Direct Shipping Ore which would require little beneficiation and less cost to produce.
An initial DSO operation could exploit 4.5 million tonnes @ 54% with just under 66% already in the indicated category. The DSO could be a handy early cash flow earner for the project.
With the billion tonne resource likely to increase further in March, the ore at Mt Forrest has a low silica and low phosphate and no sulphur, which is inviting for steelmakers. Davis Tube test work at Emu and Dingo has returned has returned a higher grade than its peert of with iron content greater than 68%.
Mindax is more advanced for infrastructure than most as it has leases for transport corridors to the Menzies railhead in place and negotiations with rail, port and other infrastructure partners are also well advanced.
With $5 million in cash, Mindax is well placed to move ahead in the short term. A resource upgrade and scoping study results could likely focus interest on the company and its project and open new fund raising avenues.
While the likely capital cost to develop the project is not likely to come cheap, Mindax's Mt Forrest project is ticking many boxes. It is very conservatively valued relative to its WA peers on an enterprise value.

Mindax has announced a 41% increase in its magnetite resource at Mt Forrest which now stands at 1.43 billion tonnes. Share Price is unmoved following this and an announcement of a share placement and entitlement issue at 35c.

http://www.proactiveinvestors.com.a...-in-central-yilgarn-iron-province--15500.html

Mindax (ASX: MDX) has boosted the magnetite mineral Resource by 41% at its Mt Forrest Iron Project, making it the biggest JORC Resource in the Central Yilgarn Iron Province of Western Australia.

The upgraded Indicated and Inferred Resource statement was carried out by Snowdens and now stands at 1.43 billion tonnes at 31.5% iron (Fe), up from the Inferred 1.01 billion tonnes in October 2010.

The Resource now includes 82.9 million tonnes at 32.4% Fe in the Indicated category.

The project has good access to infrastructure as it lies 160 km north-west of Menzies, which is on the railway line to the deepwater iron ore port of Esperance.

Importantly, extensive Davis Tube Recovery (DTR) at 40 microns work has confirmed the potential for the magnetite mineralisation to be beneficiated to produce a marketable Fe concentrate.

What renders this lightly traded, low market capitalisation stock more interesting is it has uncovered a soft higher grade magnetite material close to existing Direct Shipping Ore (DSO) which would require little beneficiation and less cost to produce.

Diamond drilling has delineated significantly altered areas where the magnetite grain size is coarse and the mineralised material soft.

Ongoing geological-metallurgical work has identified magnetite-martite mineralisation that can be potentially upgraded by beneficiation to direct shipping ore (DSO).

With less than 50% of 20km strike tested, the company should further boost the resource, which Mindax estimates will occur in May.

The project covers seven Mining Leases over 50 km².

A drilling program scheduled for late May is set to further increase the resource in the Indicated category.

Geological modeling of primary magnetite resource confirms the potential for additional DSO material in the overlying oxidized zone.

This material includes hematite-goethite material and super-gene magnetite-martite mineralization. This DSO resource will be updated in the next few weeks.

Based on this magnetite resource update the Mt Forrest Magnetite Scoping Study will be finalized and reported by month end.

Mindax aims to quantify a strong business case within the scoping study for a 30 year mine life and likely advancing the project directly to a Prefeasibility Study.

An initial DSO operation could exploit 4.5 million tonnes at 54% with just under 66% already in the indicated category. The DSO could be a handy early cash flow earner for the project.

With $5 million in cash, Mindax is well placed to move ahead in the short term. A further boost in the resource base plus scoping study results due by month's end add a milestone and catalyst for further valuation increase.

Mindax's Mt Forrest project is methodically ticking the boxes. It is very conservatively valued on an enterprise to resource basis to its WA peers. With the resource upgrade, and ability of the project to produce a marketable Fe product, it would not surprise to see end users knocking on Mindax's door.

Are you still holding this, a long term holder, JimBob?

It's still on my watchlist, but I'm unsure what it will take to get the price moving again.

Sometimes I wonder if there is a bit of a glut in Iron Ore explorers on the verge of production and investers are becoming a bit fussy about what the invest in.

Yeah, looks like im bunkering down for a while longer. Interest fell right off once it became clear they weren't going to achieve their DSO target and production is still a few years away so there are probably better places to park your cash for the time being. If they can increase their DSO amount by a decent number they might spark some more interest but they are still making steady progress and ticking the right boxes as they go along.

Its been a long time since posting in this thread but Mindax has started recovering from its recent lows with buying picking up a bit in the last few days.

Mindax have recently announced that they are in discussions with a potential strategic partner for Mt Forrest. They announced a JV with Sumitomo in early 2012 which was rejected by some board members which led to a board shuffle and new MD. The Sumitomo deal last year caused a share price spike to 20c so im hoping for a 20c target on confirmation of a new JV partner at Mt Forrest.

Mindax have undertaken a new drilling program at Mt Forrest targetting detrital Iron which easily beneficates to a DSO type product. They are targeting exports through Esperance in 2015 in line with a proposed port upgrade. Mindax have also commenced drilling at their Mortlock Copper-Gold project and are also working on their gold project at Meekatharra which is along strike from Doray Minerals high grade Andy Well mine.

Looking forward to a more positive 2013 and hopefully some positive news in the near future.

Mindax is currently in a trading halt pending an announcement regarding a potential partner at Mt Forrest to fast track the feasibility development of the DSO component. Still not a lot of interest in this stock but i am sticking with my 20c short term target on the back of this announcement (assuming it is positive of course).

Mindax also has drill results pending from Mt Forrest, its Uranium project, copper/gold project and its gold project so should be a steady flow of news in the coming months.

A strategic partnership has been proposed between Mindax and Perpetual Mining Holding Limited which enables then to acquire up to a 51% stake in the DSO component of Mt Forrest and 49% of the magnetite component by spending $52 million which will be used to fast track the feasibility and development of the project.

Still very low volumes being traded but the share price has climbed to 15c on the back of this announcement.

MDX re-instated to official quotation today after a close to two year suspension. The company has turned their energies to the exploration of the Meekatharra North Gold Project in WA given the increased interest in gold in recent times.

MDX has a cash position of ~$1.9 million with working capital as at 12 May 2021 of $1.59 million. This gives them a resonable amount to carry on exploration activities with. No idea of expected capital outflows in the near term other than an estimate of $470,000 budgeted for the second phase drilling program at the Meekatharra North Gold Project.

greggles said:

MDX re-instated to official quotation today after a close to two year suspension. The company has turned their energies to the exploration of the Meekatharra North Gold Project in WA given the increased interest in gold in recent times.

MDX has a cash position of ~$1.9 million with working capital as at 12 May 2021 of $1.59 million. This gives them a resonable amount to carry on exploration activities with. No idea of expected capital outflows in the near term other than an estimate of $470,000 budgeted for the second phase drilling program at the Meekatharra North Gold Project.

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Did these guys do a Share consolidation while off the air @greggles

If they didn't, what the Mc Hell happened today

Last close 0.003

Today's Open 0.015 (Is that 500% !!)

Today's High 0.235 (Is that over 7000%)

Currently 0.045 (That is actually 1400%)

I think the World is about to end

barney said:

I think the World is about to end

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Looks like a 1600s Dutch tulip.

Don't usually, but here's the mottled bunch..

We assume the 6,000% gain from Mindax Limited (ASX:MDX) probably caught your eye at the top of today’s winners list.

One could argue it’s not an intraday gain as such, because the stock has been in suspension since June 2019 for breaching sub-sections from Chapter 12 of the ASX Listing Rules around on-going requirements (including 12.2 — financial condition).

The company wasn’t totally inactive in that time, announcing a ~$2m capital raise last June at 0.5c per share. Investors who participated in that raise would most likely be delighted at today’s reinstatement price which rose as high as 20c.

Mindax’s assets include the Mt Forrest magnetite iron ore project in WA, where it has established a joint venture with Norton Gold Fields Pty Ltd — a subsidiary of the China-based Zijin Mining Group.

Earlier this week, Mindax announced that Norton has now received Foreign Investment Review Board (FIRB) approval for its proposed earn-in of a 19.9% interest in the Mt Forrest Project, which has a proven JORC resource of over 1.7 billion tonnes.

barney said:

Did these guys do a Share consolidation while off the air @greggles

If they didn't, what the Mc Hell happened today

Last close 0.003

Today's Open 0.015 (Is that 500% !!)

Today's High 0.235 (Is that over 7000%)

Currently 0.045 (That is actually 1400%)

I think the World is about to end

Click to expand...

I can't see any mention of a share consolidation. All I can surmise is that we are in a completely different economic environment to the one we were in when MDX's shares last traded, which was well before the world ever heard of COVID-19.

Now they have come out of suspension with a major iron ore project in an environment of sky high iron ore prices. MDX are up another 151% today and at current prices have a market cap of approximately $160 million.

I'm also a little confused about why they have run up so hard after such a long suspension, but I am sure that we will know the whole story very soon.

greggles said:

I can't see any mention of a share consolidation. All I can surmise is that we are in a completely different economic environment to the one we were in when MDX's shares last traded, which was well before the world ever heard of COVID-19.

I'm also a little confused about why they have run up so hard after such a long suspension, but I am sure that we will know the whole story very soon.

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from the AFR today

It’s not often a stock surges more than 7500 per cent in a lifetime, let alone a day. But hitherto little-known West Australian gold and iron ore tenement holder Mindax Ltd rocketed from a 1.5¢ open on Friday to 23.5¢ by lunchtime, before giving back 84.2 per cent to close at 3.7¢.

One self-styled trader boasted on social media of making an unverified $1 million trading profit over the morning, perhaps in his dreams, while another boasted on Facebook of day trading “100k on this baby”. Reddit’s zany ASX Wall St bets forum also had a user posting Mindax trades and profits to other users.

At its peak, the whipsawed-explorer boasted a market cap of about $400 million before losing $337 million of its value over the afternoon to close on a $63 million market cap. This still isn’t bad for an explorer with no operating cash inflows and balance sheet assets of just $4.6 million made up of $1.9 million in cash and tenement exploration assets valued at just $2.7 million.

The largely Chinese-owned miner lists its largest shareholder as Lai You, who accounts for 11.82 per cent of the register, with Meilian Zheng and Jianchun Yung the next two largest holders, accounting for 6.52 per cent and 6.42 per cent of the register respectively.

On the same day as the yet-unexplained trading frenzy, Mindax was returning from a near two-year ASX suspension for non-compliance with listing rules when it last closed at 0.3¢. But even a revaluing of the long-suspended stock’s tenements in light of rising iron ore and gold prices would hardly explain the day’s frenzied trading.

The ASX’s day traders will surely be watching whether Mindax’s rollercoaster ride continues. And we don’t expect the stock market’s compliance team to be far behind.

..... the last para !!

MDX share price is now collapsing from this morning's highs. After hitting 11c soon after the open, it is now trading at 7.9c and looks like it will continue lower this afternoon.

Dona Ferentes said:

The largely Chinese-owned miner lists its largest shareholder as Lai You, who accounts for 11.82 per cent of the register, with Meilian Zheng and Jianchun Yung the next two largest holders, accounting for 6.52 per cent and 6.42 per cent of the register respectively.

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That explains a lot. I'd rather be a spring roll than a dim sim

Share price goes 14 cents and ASX issues speeding ticket, sorry son but you license plate was captured by the cops and registration had expired, what's up with Mindax and their banded iron or is it DSO, anybody know?