Midas Minerals Reports Initial 211kt CuEq Resource at T-13 Deposit and $28M Placement

Initial Resource Estimate Positions T-13 as a Significant Copper-Silver Asset

Midas Minerals (ASX:MM1) has delivered its first Mineral Resource Estimate (MRE) for the T-13 Copper-Silver deposit within its Otavi Project in Namibia, revealing an inferred resource of 10.5 million tonnes at 1.6% copper and 21 grams per tonne silver. This equates to a substantial 211,000 tonnes of copper equivalent (CuEq), placing T-13 firmly on the map as a promising high-grade target.

The resource includes a robust Main Zone of 4.9 million tonnes grading 3.2% CuEq, containing 153,000 tonnes of copper equivalent at a 1% copper cut-off. Notably, this estimate is based solely on pre-acquisition drilling by Nexa Resources, with no prior mining activity, and an updated resource is anticipated later in 2026 as Midas advances its drilling program.

The initial MRE was compiled using industry-standard core drilling data from 2016 to 2022, with geological modelling and grade estimation conducted internally and by consultant Andre Wulfse, adhering to the JORC 2012 code. The resource is reported at cut-offs ranging from 0.25% to 0.5% copper, extending to 300 metres depth.

Aggressive Drilling Campaign Underway with Results Imminent

Midas has mobilised two diamond rigs at T-13 and expects to release initial drill results in the June quarter of 2026. The company’s multi-rig approach aims to both expand the resource base and upgrade the current inferred classification, potentially enhancing the deposit’s economic profile.

In parallel, 93 reverse circulation holes totalling over 11,300 metres have been completed at the nearby Spaatzu and Merwe prospects during the March quarter, underscoring the company’s commitment to rapidly advancing its Namibian portfolio.

Spaatzu Prospect Extends High-Grade Copper-Silver Mineralisation

The Spaatzu prospect, a 2.5-kilometre copper soil anomaly on the northern flank of the Merwe dome, continues to deliver encouraging results. Recent drilling has expanded the known mineralisation westwards by approximately 300 metres, with hole SPRC062 intercepting a 52-metre interval averaging 1.8% copper and 11 grams per tonne silver, including a high-grade 12-metre section at 2.6% copper.

Other significant intercepts include 13 metres at 1.77% copper and 39.5 grams per tonne silver and 21 metres at 1.18% copper and 37.9 grams per tonne silver from shallow depths. The mineralisation is structurally complex, hosted within Neoproterozoic sediments analogous to the Lower Roan Formation known for copper deposits in the Zambian Copperbelt.

With two RC rigs currently drilling at Spaatzu, Midas anticipates further assay results shortly, which will help delineate the structural and lithological controls on mineralisation and guide future exploration efforts. This expanding discovery complements the high-grade T-13 deposit and reinforces Otavi’s exploration upside. The recent 52m mineralised intercept at Spaatzu was previously reported in detail by the company’s 52m mineralised intercept.

$28 Million Placement Fuels Exploration and Feasibility Work

To underpin its ambitious exploration and development plans, Midas completed a $28 million placement at $0.75 per share in April, a slight discount to recent trading prices. The placement attracted strong support from institutional and sophisticated investors, bolstering the company’s cash position to advance drilling, resource expansion, and initial feasibility studies including metallurgy at Otavi.

Funds will also cover general working capital and the costs associated with the placement. Canaccord Genuity and Euroz Hartleys acted as joint lead managers and bookrunners. This capital injection follows a series of recent raises that have steadily increased Midas’ war chest for its Namibian projects, building on momentum from its $28 million placement earlier announcements.

Broader Namibian Portfolio Advances with New Option Agreements

Beyond Otavi, Midas holds options to acquire significant stakes in several adjacent Namibian projects including South Otavi, West Otavi, Korixas West, and Otjiwarongo. While exploration activity was limited during the quarter, initial geochemical sampling and mapping programs are slated to commence in the June quarter, potentially unlocking new copper and gold targets in these underexplored areas.

These projects collectively cover over 1,700 square kilometres and remain prospective for greenfield discoveries, leveraging the geological setting that has produced major copper and gold mines in Namibia. The company’s strategy of securing and advancing multiple projects around Otavi could position it as a significant player in the region’s mining landscape.

Australian and Canadian Projects Remain on Hold

Midas’ Australian projects at Challa and Newington, as well as its Canadian lithium projects at Aylmer and Greenbush, saw no substantive exploration during the quarter. The company’s focus remains squarely on advancing its Namibian copper and precious metals assets where near-term value catalysts are emerging.