Midas Minerals (MM1) Q2 2025 TU earnings summary

Executive summary

• Acquired the high-grade Otavi Copper Project in Namibia from Nexa Resources, including 10 exclusive prospecting licences covering 1,776km², with significant copper, silver, and gold mineralisation at T13 and Deblin deposits.

• Signed an option to acquire up to 80% of the South Otavi Project, confirming widespread copper mineralisation and gold anomalies.

• Raised $6.5 million via placement to fund Otavi acquisition, exploration, and advance existing projects.

• Appointed Michael Bohm as Non-Executive Director and Ryan Sebbes as Joint Company Secretary.

Financial highlights

• Ended the quarter with $3.97 million in cash and cash equivalents, up from $486,000 in the previous quarter.

• Net cash used in operating activities was $460,000 for the quarter.

• Net cash used in investing activities was $485,000 for the quarter.

• Raised $4.65 million in the first tranche and $1.85 million in the second tranche of the placement.

• Estimated 4.5 quarters of funding available at current expenditure rates.

Outlook and guidance

• Preparing to commence resource definition and regional exploration drilling at Otavi and South Otavi upon completion of acquisition.

• Focused on defining initial resources at T13 and Deblin, and testing additional high-grade zones and regional targets.

• Further exploration planned at Challa and Newington projects in Western Australia.