Midas Minerals (MM1) Q3 2024 TU earnings summary

Executive summary

• Identified new gold and copper targets at the Killarney prospect, Challa Project, WA, with rock chip sampling up to 5.36 g/t gold and 1.7% copper.

• Increased Challa Project tenure by 30% to 676km² and secured a new exploration licence.

• First channel sampling at Argus Pegmatite, Aylmer Project, Canada, returned 26m at 1.27% Li₂O, including 12m at 1.75% Li₂O; 17 new spodumene pegmatites identified over 4km.

• Announced a $1.6 million share placement post-quarter to fund exploration in WA and Canada.

Segment performance

• Challa Project: Focused on Killarney gold-copper prospect, Wyemandoo shear zone, and Rosemary Anne base metal and gold prospect; historic sampling up to 56.1g/t gold and 4.9% copper.

• Newington Project: Auger geochemical sampling at seven prospects, six with strong gold anomalies, two with copper; gravity survey at Kawana delineated a 6km lithium-prospective zone.

• Aylmer Project: Channel sampling at Argus pegmatite confirmed high-grade lithium; 17 spodumene pegmatites discovered over 4km.

Significant events and developments

• Share placement to raise $1.6 million at $0.08 per share, a 9.09% discount to last traded price.

• Board and company secretary changes: Michael Naylor resigned as Non-Executive Director, Marie Forsyth appointed Joint Company Secretary.