Mindax Ltd. provided a further operational update following its release on 29 April 2022 regarding activities at the Mt Forrest Iron Project. A total of 31,593 RC metres has been drilled to 30 June 2022. The focussed drilling at the two key locations, MF1 and MF2 has continued to return positive DTR results with verification of the good continuity of the High Tenor Magnetite.

Surface geological mapping has unfortunately not been able to identify the extents and the true thickness of a cross cutting Proterozoic dyke which has been intersected along the central MF2 location, this is explained later. The BIF Range is split by this feature however owing to the immense scree cover, the actual true thickness was unable to be determined by mapping. The RC and diamond drill program has been increased to 45,000m and is anticipated to be completed by October 2022.

The bulk of the study work on risk and opportunities for a potential magnetite concentrate operation is being finalised and information will be provided as soon as practicable. Further information will be released to the market once received. MF1 phase 2 RC drilling comprised 16 holes for a total of 5,374 m. This infill drilling was intended to enable a Mineral Resource evaluation to be undertaken.

Once all DTR results have been returned, a revised geological interpretation accompanied with digital solids of the ore will be updated and then passed onto the independent resource geologist consultant for estimation. A very encouraging and wide intercept was intersected in RC hole MFC0666 targeting the fold hinge of the high tendor magnetite ore bands returning DTC 92m @ 69.4%Fe, 2.1% Si and 43%. Weight Recovery ("WR") from 155m downhole depth and a further 120m @ 70.7%Fe, 1.7% Si and 43.5% WR from 254m downhole results for MF1.

Diamond Drilling commenced early June 2022 with the first hole being completed 479.1m. The diamond drilling is aimed at providing geotechnical data to determine pit wall angles. Best DTR concentrate results include MFC0666 120m @ 70.7% Fe from 254m and MFC0668 122m @ 70.7% Fe from 163m.

The additional infill drilling will enable the opportunity to update the mineralised ore outlines and complete a new geological interpretation. This new interpretation includes a high grade ore domain characterised by a cut- off less than 10% Silica and an iron grade greater than 60% Fe from all DTR concentrate assay results received to date. This new interpretation will then be used to undertake a new mineral resource estimation.

RC drilling at MF2 comprised 27 holes for a total of 8,457 m. This completed phase 2 and 3 focussing on the central and southern area of MF2. Several DTR assays were returned from the southern and central drilling which has identified a thicker presence of dolerite that crosscuts the iron ridges and magnetite bands. The true thickness remains unknown as two drill holes MFC18301 and MFC18201 are spaced 75m apart and both intersected significant down hole widths of dolerite and mafics implying the dolerite width is greater than 75 m in width.

Approximately 100m further south, the BIF ridges, as mapped persist at depth with encouraging grades returning several bands but at depth accumulate over 90m down hole width from hole MFC0636 verifying the high-grade magnetite strike continuity, intersecting over 90m @ 69.3% Fe and 3.4% Si, refer to significant results for MF2. Best DTR concentrate results include MFC0637 124m @ 68.2% Fe from 51m, MFC0642 43m @ 67.8% Fe from 73m and 70m @ 67.8% Fe from 121m, MFC0643 39m @ 66.3% Fe from 236m, MFC18201 75m @ 68.8% Fe from 32m, MFC18402 79m @ 68.9% Fe from 211m, MFC18501 80m @ 67.6% Fe from 185m.