Midas Minerals Nears Otavi Copper Deal, Launches South Otavi Drilling
Midas Minerals has achieved a key milestone in acquiring the Otavi Copper Project in Namibia and commenced drilling at the nearby South Otavi Project, backed by a fresh $11.5 million capital raise.
- Otavi Copper Project licences transferred to Otjitombo Mining
- Acquisition completion expected November 2025
- Drilling program completed at South Otavi with widespread copper mineralisation
- $11.5 million placement secured to fund acquisition and exploration
- Strong cash position of approximately A$15.3 million at quarter end
Strategic Acquisition Progress
Midas Minerals Limited (ASX, MM1) has marked a significant step forward in its growth strategy with the transfer of key licences for the Otavi Copper Project in Namibia to its target entity, Otjitombo Mining (Pty) Ltd. This milestone, achieved in August 2025, clears a major regulatory hurdle in the acquisition process from Brazilian base metals producer Nexa Resources S.A.
The Otavi Project, spanning approximately 1,776 square kilometres in a well-established mining region, offers Midas immediate exploration upside with known deposits such as T13 and Deblin awaiting resource definition. The project’s proximity to key transport infrastructure and mining hubs further enhances its strategic value.
Exploration Momentum at South Otavi
Parallel to the Otavi acquisition, Midas has advanced exploration at the adjacent South Otavi Project. Trenching and mapping have revealed widespread in situ copper mineralisation along more than 2 kilometres of strike, with mineralised zones extending potentially up to 8 kilometres beneath shallow cover. Notably, trench results include intervals grading 2.41% copper and 28.5 grams per tonne silver, underscoring the prospectivity of the area.
Midas completed a 140-hole reverse circulation drilling program in October, targeting both a historic gold anomaly and copper-silver zones. Assay results are anticipated in the December quarter, which will be critical in assessing the scale and grade of mineralisation encountered.
Capital Raise Fuels Growth Plans
To underpin these initiatives, Midas successfully raised $11.5 million through a share placement priced at $0.37 per share, attracting strong support from institutional and sophisticated investors. The funds will primarily finance the completion of the Otavi acquisition and accelerate exploration activities at both Otavi and South Otavi projects.
With a robust cash balance of approximately A$15.3 million as of September 30, 2025, Midas is well-positioned to execute its near-term drilling programs and advance resource definition efforts. The company has also been assembling a local technical team and securing operational infrastructure in Namibia to support these activities.
Broader Portfolio and Outlook
Beyond Namibia, Midas continues to explore its Western Australian projects, including the Challa and Newington tenements, with recent geochemical sampling confirming promising gold and base metal anomalies. Canadian lithium projects remain on hold pending further developments.
As Midas approaches the anticipated acquisition completion in November, the market will be watching closely for drilling assay results and subsequent updates on resource potential. These developments could significantly enhance Midas’s profile as a copper and precious metals explorer with a foothold in a tier-1 African mining jurisdiction.
Bottom Line?
Midas Minerals is poised at a pivotal juncture, with acquisition completion and drilling results set to define its next growth phase.
Questions in the middle?
- What will the initial assay results from South Otavi drilling reveal about copper and gold grades?
- How will the completion of the Otavi acquisition impact Midas’s valuation and project timeline?
- What are the prospects for expanding exploration beyond known deposits at Otavi and South Otavi?