Midas Minerals (MM1) Q2 2024 TU earnings summary

Executive summary

• Defined strong gold and copper anomalies at Newington Project, WA, with multiple high-priority drill targets identified across several prospects.

• Discovered 17 spodumene pegmatites up to 30m wide over a 4km trend at Aylmer Project, NWT, Canada, with rock chip assays up to 7.76% Li₂O.

• Drill planning underway for Newington and further mapping and low-cost exploration planned for Aylmer.

• Cash at bank was $1.04m at 30 June 2024.

Financial highlights

• Net cash used in operating activities for the quarter was $297k; for the half-year, $460k.

• Net cash used in investing activities was $307k for the quarter and $745k for the half-year.

• Raised $1.13m via share placement, with $1.09m net proceeds after costs.

• Cash and cash equivalents at quarter end were $1.04m, up from $554k in the previous quarter.

• Payments to related parties totaled $209k for the quarter.

Outlook and guidance

• Drill planning is underway for Newington Project, targeting gold, copper, and lithium anomalies.

• Further mapping and low-cost exploration at Aylmer Project expected to refine lithium targets.

• Company expects to continue cost-cutting and is prepared to raise additional capital as needed.

• Estimated quarters of funding available is 1.73; management is monitoring working capital and may raise funds.