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Midas Minerals Ltd (ASX:MM1)

ALERT: Price-sensitive ASX Announcement for MM1
Current share price for MM1 : $1.180 0.38 (47.50%)+
Announcement
Release
27 Jul 2026 4:56PM
Price at Release
$0.800
Full Release
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Summary
During the June 2026 quarter, Midas Minerals Ltd focused on exploration activities primarily at its Otavi Copper Project in Namibia, reporting significant high-grade copper and silver mineralization from infill drilling at the T-13 deposit. Notable results include intercepts such as 50.6m at 7.81% CuEq and 39.3m at 4.01% CuEq, indicating strong continuity and extensions within the deposit. Additionally, the company made progress at its other Namibian projects, including the South Otavi and Khorixas West projects, where promising initial drill results and rock chip sampling further support the potential for large mineral systems. Financially, Midas ended the quarter with cash and cash equivalents of $29.2 million, showing a significant increase due to positive cash flows from financing activities, primarily through equity securities issuance.
Key Points
  • Exceptional drill results from T-13 infill drilling at Otavi Copper Project.
  • Significant high-grade copper and silver mineralization reported.
  • Continued exploration activities at South Otavi and Khorixas West projects.
  • Quarterly cash flow report shows $29.2 million in cash equivalents.
  • Increased cash flow primarily from equity securities issuance.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.