Their original dso exploration target was 90-100Mt and to date they have a Jorc of just 4Mt, sentiment really took a nose dive once it became apparent that this was primarily a magnetite deposit with a small dso deposit instead of substantial amounts of both. Half the site remains untested because of restricted access surrounding heritage issues so maybe they can increase their Jorc resource following the next round of drilling. The scoping study is pending which will give a good idea of the impact of the recent high grade magnetite resource uncovered and how the numbers all stack up. Really out of favor at the moment and hard to see what will turn things around. Mindax has one of the lowest values per ton out of all the asx listed iron ore companies.
MDX Price at posting:
29.4¢ Sentiment: None Disclosure: Held
