Midas Minerals (MM1) Q2 2026 TU earnings summary

Executive summary

• Significant infill and extension drilling at the T-13 deposit, Otavi Project, Namibia, delivered high-grade copper and silver intercepts, supporting resource growth and continuity.

• First drilling at Deblin deposit intercepted wide zones of visible copper sulphide mineralisation, with assays pending.

• Spaatzu prospect drilling confirmed extensive copper, silver, and lead mineralisation over an 800m strike, indicating a large mineral system.

• Regional exploration at South Otavi and Khorixas West identified strong gold, copper, and silver anomalies, with rock chip samples up to 30.8% Cu and 4.26g/t Au.

• Sale of Newington Project completed, allowing focus on Namibian assets.

Financial highlights

• Raised $28 million via share placement in April 2026 to fund exploration and feasibility work.

• Cash and cash equivalents at 30 June 2026 were A$29.2 million, up from A$6.2 million at 31 March 2026.

• Exploration and evaluation expenditure for the quarter totaled $3.127 million.

• Payments to directors and related entities during the quarter amounted to $139,533.

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.

• Ongoing drilling at Otavi with seven rigs expected to generate strong results in 2H 2026.

• Follow-up drilling planned for South Otavi and Khorixas West based on recent positive exploration results.