Midas Minerals (MM1) H1 2026 earnings summary

Executive summary

• Continued focus on exploration at the Otavi Copper-Silver-Gold Project in Namibia, with significant drilling and resource definition at T-13, Spaatzu, and Deblin deposits.

• Sale of the Newington Project in WA completed, allowing strategic focus on Namibian assets.

• Raised $28 million via share placement to fund ongoing exploration and drilling activities.

Financial highlights

• Cash and cash equivalents at 30 June 2026: $29.15 million (up from $8.78 million at 31 Dec 2025).

• Net loss after tax for the half-year: $3.45 million (vs. $0.97 million loss in prior year period).

• Major expenses: $912k impairment on Newington, $1.41 million share-based payments, $304k consulting fees, $292k employee benefits.

• Net assets at 30 June 2026: $45.08 million (vs. $20.54 million at 31 Dec 2025).

Outlook and guidance

• Updated Mineral Resource Estimate (MRE) for T-13 expected by end of 2026; initial MREs for Deblin and Spaatzu targeted for Q1 2027.

• Seven rigs active at Otavi, with strong flow of drilling results anticipated in 2H 2026.

• No immediate need for additional capital; cash forecast supports operations through September 2027.