Midas Minerals Unveils Exceptional Copper Grades and $28M Boost at Otavi

T-13 Deposit Delivers Exceptional Drill Results

Midas Minerals (ASX:MM1) continues to build momentum at its flagship Otavi Copper Project in Namibia, revealing impressive infill drilling results at the T-13 deposit. The June quarter saw multiple high-grade intercepts, including a standout 50.6 metres grading 7.81% copper equivalent (CuEq), featuring a 14.4-metre zone at an extraordinary 20.9% CuEq. These results not only confirm the continuity of a high-grade copper core but also highlight new extensions within the deposit.

The T-13 deposit’s initial Mineral Resource Estimate (MRE) stands at 10.5 million tonnes at 1.6% copper and 21 grams per tonne silver, equating to 211,000 tonnes of copper equivalent. Midas is aggressively drilling to upgrade this resource and expand its scale, with seven rigs currently active across the Otavi Project. The company anticipates an updated MRE for T-13 by the end of 2026, signalling a critical milestone for the project’s valuation and development potential.

Deblin and Spaatzu Prospects Show Growing Promise

Beyond T-13, Midas’ maiden drilling at the Deblin deposit uncovered two wide zones of visible copper sulphide mineralisation, with intervals of 37 and 20 metres respectively. While laboratory assays are pending, the visual evidence of chalcopyrite and bornite mineralisation suggests a robust copper system analogous to nearby known deposits.

Meanwhile, the Spaatzu prospect continues to impress with confirmed copper, silver, lead, and manganese mineralisation extending over at least 800 metres of strike. Notable assay results include 52 metres at 1.19% copper and 8.7 grams per tonne silver, with higher-grade zones within this footprint. The structural complexity and metal zonation at Spaatzu hint at a large mineral system, warranting further drilling to delineate its full extent.

Regional Exploration Advances with Khorixas West and South Otavi

Exploration is also gaining traction across Midas’ broader Namibian portfolio. At the South Otavi Project, shallow drilling identified gold and pathfinder element anomalies spanning nearly 4 kilometres. Early-stage work at Khorixas West has delivered striking rock-chip assays, including copper grades exceeding 30% and gold up to 4.26 grams per tonne. These results underscore the region’s fertile geology and the potential for new discoveries beyond the core Otavi area.

$28 Million Placement Strengthens Balance Sheet for Growth

To capitalise on these exploration successes, Midas completed a $28 million placement in April 2026, issuing over 37 million shares at $0.75 each. The funds are earmarked for expanded drilling at Otavi, initial feasibility and metallurgical studies, and general working capital. This capital injection has boosted the company’s cash position to approximately $29.2 million as of June 30, providing a solid runway for aggressive exploration and development activities.

Strategic Sale of Newington Project Focuses Resources

In a strategic move to sharpen its focus on Namibian assets, Midas sold its Newington Project in Western Australia to Forrestania Resources Limited for $1.5 million in shares plus milestone payments tied to resource delineation and mining decisions. The sale, completed after quarter-end, frees up management and capital to prioritise the Otavi Copper-Gold Project, which is rapidly emerging as a high-potential copper-silver development opportunity.