Midas Minerals (MM1) investor relations material

Executive summary

• Otavi exploration expanded across T-13, Spaatzu and Deblin, with high-grade copper-silver results and drilling underway across all three deposits.

• Updated T-13 resource and maiden Deblin and Spaatzu resource estimates targeted for Q1 CY2027; cash at quarter end was $22.7 million.

Financial highlights

• Cash and cash equivalents were $22.729 million at 30 September 2026, down from $29.204 million at 30 June 2026.

• Quarter net operating cash outflow was $622,000; investing outflow was $5.833 million and financing outflow was $18,000.

• Quarter exploration and evaluation cash expenditure was $5.754 million; nine-month total was $10.862 million.

• Nine-month financing included $28.020 million from share issues and $1.503 million in equity transaction costs.

Outlook and guidance

• Eight rigs are drilling at Otavi; T-13 resource update and maiden Deblin and Spaatzu estimates are targeted for early 2027.

• Metallurgical test work is underway for T-13, Deblin and Spaatzu; further Spaatzu assays are expected as drilling continues.

• West Otavi drilling is planned for the December quarter; Otjiwarongo and Aylmer sampling results are also expected during that quarter.