Ann: Review of proposed Bonus Issue / Share Split, page-4

re: Ann: Review of proposed Bonus Issue / Sha... It is a bit ordinary that this proposal made it this far without any of the directors checking, or knowing, if they were able to do it. Good news however is that they currently won't be able to issue 1 billion new shares in the aim to increase liquidity. Liquidity dried off long ago once the market realised that this was no longer a DSO play and more a magnetite play and currently it is pretty high risk as a lot hinges on securing port access. Liquidity might improve if Mindax can secure its 2 MPta and then sign an offtake deal which would mean it is on the road to becoming a mining company and not just an explorer.

Apart from Andrew Tsang and related parties, there has been no director buying of shares for a long time and if they don't have the confidence in the company to buy shares, why would ordinary shareholders.