Midas expands copper-silver system across three Otavi deposits

T-13 drilling delivers deeper high-grade copper-silver hits

Midas Minerals Ltd (ASX:MM1) is heading into the next resource-estimation phase with high-grade copper-silver mineralisation still expanding across its Otavi project in Namibia. The strongest new result came from T-13, where hole T13DD034 returned 22.6 metres at 6.01% copper equivalent, including 10 metres at 11.55% CuEq from 355.5 metres.

“Simplified long section of Main Zone of T-13 Deposit.2.”

A second hole, T13DD030, returned 33.2 metres at 2.51% CuEq from 310.3 metres. Midas said the mineralisation in T13DD034 was stronger than anticipated and remains open to the west. The result adds to the company’s existing T-13 resource of 10.5 million tonnes at 1.6% copper and 21 grams per tonne silver, which was based on pre-acquisition drilling.

The latest results build on the recent T-13 high-grade drilling that included the same 11.55% CuEq interval. Midas has completed more than 15,000 metres of core drilling at T-13 since December 2025, with assays pending for 16 holes, and is targeting an updated mineral resource estimate in the first quarter of calendar 2027.

Spaatzu expands shallow copper-silver corridor

At Spaatzu, step-out drilling has confirmed the south-eastern extension over 500 metres, taking the tested mineralised strike to 1.5 kilometres within a broader 4-kilometre soil and induced-polarisation anomaly. The deposit is being assessed as a bulk-tonnage, open-pit target that starts at surface.

“Plan view of Spaatzu deposit.3,4.”

Results included 41 metres at 1.13% copper and 33.4g/t silver from 19 metres, with a higher-grade 20-metre interval at 1.83% copper and 63.4g/t silver. Other holes returned 29 metres at 1.47% copper and 37.0g/t silver, and 22 metres at 1.34% copper and 36.8g/t silver. Assays remain pending across a further 240 metres of strike, while an initial Spaatzu resource estimate is targeted for early 2027. The company’s Spaatzu strike extension had previously taken the tested zone to 1.5 kilometres.

Deblin shows multiple high-grade copper positions

Deblin is developing on a different scale and at greater depth. Drilling now outlines a target corridor extending at least 1,000 metres along strike and 600 metres vertically, with mineralisation identified in several positions within the Askevold volcanics.

“Oblique Long Section of Deblin Drilling.5.”

Results reported in the quarter and after quarter-end included 35.6 metres at 3.35% copper from DBDD001, 10.9 metres at 5.1% copper from DBDD002, and 7 metres at 4.89% copper from DBDD008. DBDD008 also returned 6.2 metres at 3.47% copper and 9.8 metres at 1.92% copper, while DBDD006 delivered 8.2 metres at 3.22% copper, with silver, gold and molybdenum also present in some intervals. The three Deblin copper zones were identified in earlier drilling, and Midas is now deepening holes and planning additional drilling to test for parallel zones.

Eight rigs target early 2027 resource estimates

Midas had seven rigs active across Otavi at quarter-end and increased that number to eight in early October. Metallurgical test work is underway in Perth on material from T-13, Deblin and Spaatzu, while further assays and gravity-survey results are expected to generate additional drill targets.

The exploration push came with A$5.7 million spent on exploration and evaluation during the quarter. Cash and cash equivalents fell from about A$29.2 million at 30 June to A$22.7 million at 30 September. On the quarter’s relevant outgoings, the Appendix 5B indicates an estimated 3.56 quarters of funding, although that measure is a snapshot based on the latest spending rate and may change as drilling accelerates.

The investment case now turns on conversion rather than discovery alone. Midas must translate open mineralised zones, pending assays and metallurgical results into resource estimates with sufficient continuity and scale to support further technical work. The first test is scheduled for the T-13 update and the maiden Deblin and Spaatzu estimates in early 2027.