MIDAS MINERALS LTD — Capital/Financing Update 2021

Oct 24, 2021

ASX / MEDIA ANNOUNCEMENT Monday 25 October 2021

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MIDAS IDENTIFIES NEW DRILL TARGETS AT WEEBO

Highlights

Weebo Gold Project

• Initial results from Auger geochemical surveys and rock chip sampling highlight additional drill targets at Weebo

• Rock chip assay results up to 24 g/t Au returned from old mine workings that remain untested by drilling

• Maiden drill program progressing well, now 70% complete

• Initial results from Weebo drill program expected this quarter

Challa Project

• Auger geochemical sampling program underway testing several gold, nickel-copper and platinum group mineral targets

• VTEM survey over 133km[2] of Windimurra Igneous Complex which hosts Challa Project expected to be completed this quarter.

Midas Minerals Limited ( “ Midas ”, or “ The Company ”) (ASX: MM1) is pleased to provide an update on exploration activities across its portfolio of gold and base metal[1] projects in the Goldfields region of Western Australia.

An initial 12,500m, 120-hole Aircore and Reverse circulation (AC & RC) drill program (refer ASX announcement 29 September 2021) on Midas’ Weebo project is well advanced with 94 holes completed to date. Initial assay results are anticipated later this quarter.

The Company has also completed initial Auger drill hole, geochemical sampling (Auger) on the Weebo Gold Project and has received assay results from the first batch (approximately a third of the samples) of the 2,255 total samples. These initial results, complemented with rock chip sampling, are highlighting additional potential drill targets at the Wheel of Fortune and Sir Samuel - Castle Hill prospects.

Auger is also underway at Midas’ Challa Gold, Nickel-Copper-PGE Project. A planned Heli-EM survey (VTEM) is also anticipated to be flown this quarter.

Executive Director Nick Katris commented:

“ Geochem sampling is expected to continue to define and refine a number of drill targets in areas known to contain gold mineralisation. Our more comprehensive surveys are complementing prior exploration and are anticipated to better delineate new AC/RC drill targets in these prospective areas.

“The current AC/RC drilling underway at Weebo should also give us a strong indication of the gold potential at the Ockerburry and Scone Stone prospects before year end. This work has the potential to highlight further RC/Core drilling bedrock gold targets to add to drilling programs planned at the Otto prospect. Subject to the results from the current campaign, and availability, a larger RC drill rig suitable for deeper bedrock drilling, is expected to be secured for a follow-up program at Weebo in early 2022.”

[1] Refers to copper, nickel, platinum group metals, silver and other metals.

Midas Minerals Limited | Ground Floor, 24 Outram St, West Perth WA 6005 P: +61 8 6283 6595 | E: info@midasminerals.com www.midasminerals.com

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Weebo Gold Project

Current Drilling

In late September, Midas commenced drilling on the Weebo Project at the Ockerburry, Scone Stone and Otto prospects (refer ASX announcement 29 September 2021), testing prospects located along strike and proximal to Northern Star Resources’ (ASX: NST) Thunderbox mine and Otto Bore gold deposit.

Midas’ maiden drill program comprised 120 AC and RC holes on 30 drill traverses over a total of approximately 7km of strike (refer figure 3). Up to 12,500m is expected to be drilled in this initial program.

To date, 94 AC drill holes have been completed totalling 8,154m and RC drilling has commenced. Initial assay results are expected later this quarter.

Additional Exploration

Midas has completed an initial program of shallow geochemical auger drilling in three locations. A total of 2,255 holes were completed with one sample collected per hole. All samples have been submitted for assay, the first batch of 738 samples have been received. They represent a portion of sampling from two locations described below:

- Wheel of Fortune

A total of 881 holes were drilled, 404 from which assays have been received. Based on the location of historic gold workings gold values of 5ppb Au or greater are considered anomalous. Lead, arsenic and copper are seen as complementary pathfinder elements. Several new priority drill targets are expected to be defined in this area, once all assays from the auger drilling are received (refer figure 4)

17 rock chip samples were also collected in the field by the supervising geologists. Of significance, gold assay values including 24.0g/t Au, 21.7g/t Au and 3.25g/t Au were returned from samples of quartz and host rock (schists) from historic workings (refer table 2 and figures 4 & 5). There is no field evidence or recorded prior drilling below these workings. Refining of these targets, and follow-up drilling is a priority.

• Sir Samuel – Castle Hill

A total of 851 holes were drilled, 333 of which assays are being reported. Early indications are promising however all assays from the auger program are required before drill targets can be properly defined and prioritised. Prior exploration returned several anomalous drill intercepts in sparse rotary air blast (RAB) drilling (on 800m x 100m hole spacing) providing only 25% coverage across the strike of the area. Of the 61 RAB holes drilled over 4.8km[2] , 12 contained intervals greater than 40ppb, including maximum hole grades of 13.0g/t Au and 1.94g/t Au (refer table 1). The Auger Geochem is designed to provide additional information in the “gaps” to assist in the definition of gold anomalism and to better vector toward gold drill targets, (refer figure 5).

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Figure 1: Old working, sample MR0005

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Figure 2: Old working, sample MR0027

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Table 1: Rock chip sample assay results

Sample				Description	Au ppb	Ag ppm	As ppm	Cu ppm	Fe %	Ni ppm	Pb ppm
	Type	East	North
MR0005	mul.	305630	6916460	Vuggy qtz with fe staining	24,000	0.8	7	71	4.0	28	124
MR0006	mul.	305649	6916467	BIF with minor qtz vein	580	0.12	5	109	14.1	75	522
MR0018	grab	305043	6915311	Fe bands through saprolite	31	<0.02	22	195	18.6	65	2
MR0019	grab	305061	6915304	Fe bands with minor qtz, foliated mafic?	4	<0.02	5	264	15.3	263	-1
MR0020	mul.	305349	6915423	Qtz and schist from mullock	3,250	0.04	34	168	4.3	43	2
MR0021	grab	305267	6914171	Qtz vein with ironstone	9	<0.02	1	41	17.5	60	3
MR0022	grab	305249	6914176	Brecciated qtz/carbonate? vein,	2	0.04	3	20	2.3	14	-1
MR0023	grab	304853	6914657	Thin vein in foliated mafic	10	<0.02	579	151	5.2	37	-1
MR0024	grab	304999	6915330	Foliated mafic? and qtz vein	6	<0.02	8	47	8.2	44	2
MR0025	Comp.	304822	6915586	Qtz and iron rich breccia	112	<0.02	16	163	9.1	37	4
MR0026	Mul.	305193	6916383	Weathered mafic	10	<0.02	3	85	11.8	86	-1
MR0027	Mul.	305533	6915359	Qtz and sheared mafic	21,700	0.32	12	348	2.9	36	-1
MR0028	Mul.	305558	6915363	Qtz and sheared mafic	386	<0.02	11	58	3.5	46	-1
MR0029	grab	306081	6915806	Qtz float in mafic unit	6	<0.02	4	80	4.4	19	-1
MR0030	Chan.	306149	6915720	Fine grained mafic schist, 1m channel	14	<0.02	6	92	8.5	58	-1
MR0031	grab	305515	6915920	Qtz vein in gabbro	4	<0.02	1	23	1.6	6	-1
MR0032	grab	305493	6916319	Deformed mafic schist	8	<0.02	9	131	11.1	85	5

mul = mullock, comp. = composite, chan. = channel, qtz = quartz, Fe = iron mineral

Table 2: Historic Anomalous RAB Drill hole Intersections Sir Samuel – Castle Hill

Hole ID	Year	East	North	Azm	Decl.	Depth (m)	From (m)	Interval (m)	Max Au (ppb)	Interval geology
MSR0976	1997	300638	6903159	270	-60	95	40	4	46	Saprock
MSR0980	1997	301038	6903159	270	-60	40	36	1	330	Mafic saprock
MSR0983	1997	301338	6903159	270	-60	51	26	1	13,000	Saprolite
MSR1224	1998	301738	6901559	90	-60	71	21	1	635	Saprolite
MSR1225	1998	301638	6901559	90	-60	71	53	3	137	Ultramafic
MSR1226	1998	301538	6901559	90	-60	73	35	4	380	Saprolite
MSR1234	1998	300738	6901559	90	-60	59	40	4	42	Saprolite
MSR1250	1998	301638	6902359	90	-60	104	79	1	950	Sediment schist
MSR1251	1998	301538	6902359	90	-60	72	61	4	190	Shale
MSR1257	1998	300938	6902359	90	-60	32	24	4	43	Mafic
MSR1259	1998	300738	6902359	90	-60	42	25	1	1,940	Saprolite
MSR1260	1998	300638	6902359	90	-60	54	45	1	190	Mafic schist

40ppb Au cut off applied, drilling by Homestake Gold of Australia Limited in 1997-1998, Refer to Appendix 1

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Figure 3: Proposed Aircore and RC Drilling, Central Weebo Project

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Figure 4: Wheel of Fortune Auger and Rock Chip Sample Locations

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Figure 5: Sir Samuel – Castle Hill Auger and Prior RAB Drill Hole Locations

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Challa Project

Exploration

Midas has also commenced auger geochem sampling on the Challa Project. The initial program is targeting areas with shallow cover in the gold and base metals prospective Wondinong-Killarney area. An initial program of 2,500 auger holes is planned, with the intention to infill and extend the program where initial results identify targeted metal anomalism. Approximately 500 auger holes have been completed and sampled so far.

Prior to listing, the Company booked a Helicopter supported EM survey, the VTEM Max system, for a survey over the northern section of the Company’s tenure covering a portion of the giant mafic-ultramafic layered intrusion known as the Windimurra Igneous Complex (WIC)[2] . The WIC is a geological feature that has potential to host gold, nickel, copper and PGE mineralisation. The survey is being undertaken to identify bedrock conductors and offers depth penetration which is a proven modern exploration tool for discovering precious and base metal-rich massive sulphide deposits.

The survey is planned to cover an approximate 133km[2] portion of the WIC at notionally 200m line spacing. Midas anticipates the survey will be completed in this quarter.

Further Drilling

Midas plans to secure a deep penetrating drill rig from a drilling contractor for a program commencing at Challa in early 2022. This is in anticipation for testing bedrock mineralisation associated with geochemical and geophysical anomalies defined in the programs underway over the next three months.

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Figure 6: Proposed Exploration Activities Challa Project

ENDS

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This release was authorised by the Board of Midas Minerals Limited.

For more information:

Nick Katris Nathan Ryan Executive Director Media / Investor Relations E: info@midasminerals.com E: nathan.ryan@nwrcommunications.com.au

About Midas

Midas Minerals, which recently listed on the ASX, is a junior mineral exploration company based in Western Australia. The Board and management have an extensive experience and proven track record of significant gold discoveries and mine development.

The Company listed on the ASX on 7 September and is well funded, targeting exploration success resulting in the discovery of economic mineral deposits. The Company has three projects located in the Leinster, Leonora, and Mt Magnet areas of WA.

Project Background

Midas’ projects have limited prior exploration and known anomalous to significant mineralisation[2] . All projects are also located proximal to infrastructure and within 60km of mining towns and processing plants.

Midas will actively explore the projects on multiple fronts including;

• Geophysics, utilising existing open file and multiclient data and undertaking additional surveys to produce quality datasets;

• Geochemistry, utilising the appropriate sampling and assay techniques to identify drill targets; and

• Drilling to initially confirm and better define areas of known significant insitu mineralisation and later to test targets defined by geochemistry and geophysics.

• Weebo Project – prospective for gold and nickel and located north of the Thunderbox mine within the prolific Yandal greenstone belt. The Company has the option to acquire tenements comprising 198km[2] . The project contains numerous gold prospects ranging from early stage to drill ready.

• Challa Project – prospective for precious and base metals. The Company has acquired two granted exploration licences and three exploration licence applications comprising 858km[2 ] of tenure. The project contains significant gold, copper, silver, PGE mineralisation. Limited exploration has been undertaken in recent decades, the Company plans to complete geochemistry and airborne VTEM prior to drilling.

• Sunset Project – prospective for granitoid hosted gold mineralisation. The Company has acquired one prospecting licence comprising 1.2km[2 ] of tenure. The project is drill ready.

2 Refer to exploration results contained within the Midas Prospectus located on the ASX 3 September 2021 https://www2.asx.com.au/markets/company/mm1

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Forward Looking Statement

Statements regarding Midas’s plans, forecasts and projections with respect to its mineral properties and programmes are forward-looking statements. There can be no assurance that Midas’s plans for development of its mineral properties will proceed. There can be no assurance that Midas’s will be able to confirm the presence of Mineral Resources or Ore Reserves, that any mineralisation will prove to be economic or that a mine will be successfully developed on any of Midas’s mineral properties. The performance of Midas’s may be influenced by a number of factors which are outside the control of the Company, its directors, staff or contractors.

Competent Persons Statement

The information in this announcement that relates to Exploration Results is based on and fairly represents information and supporting documentation prepared by Mr Mark Calderwood, a consultant of the Company. Mr Calderwood is a Competent Persons and is a member of the Australasian Institute of Mining and Metallurgy. Mr Calderwood has sufficient experience relevant to the style of mineralisation under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (JORC Code). Mr Calderwood consents to the inclusion in this announcement of the matters based on his information and supporting documents in the form and context in which it appears.

Mr Calderwood is a shareholder of the Company and the Company does not consider this to constitute an actual or potential conflict of interest to his role as Competent Person due to the overarching duties he owes to the Company. Mr Calderwood is not aware of any other relationship with Midas which could constitute a potential for a conflict of interest.

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Appendix 1: JORC Code 2012 Edition - Table 1 For Exploration Results

Section 1 Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Sampling techniques	• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Sampling is generally stage exploration comprising surface rock, and auger geochemical sampling, rotary air blast (RAB). Samples MR0005-6 and M0018-0032 collectively referred to as the Rock Chip samples have been described, photographed and located using GPS. All samples are rock chip samples. Auger geochemical samples comprise <0.5kg of ---2mm auger drill cutting collected at the drill hole collar. Auger holes. One sample was collected per auger hole, field duplicates were taken at intervals of 1:20 holes RAB sample results are from prior exploration obtained from WAMEX. There has been a range of sampling techniques applied and there is limited quality assurance and quality control (QA/QC) documentation. However, the competent person (CP) is satisfied that the results are fit for target generation purposes.
Drilling techniques	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	Results from prior RAB drilling. There is no detailed information regarding the drillhole diameters, recovery and other aspects. However, it is of sufficient veracity for target generation purposes.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	There is little to no records on RAB sample recovery or potential sample bias. However, the CP is satisfied that the techniques used were to industry standard at the time that the drilling or sampling was completed and the data to be used for planning and generating targets. Past industry standards have less robust procedures and protocols but were acknowledged as fit for purpose at the time and for the level of exploration being undertaken.

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Criteria	JORC Code Explanation	Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography • The total length and percentage of the relevant intersections logged.	RAB Drill hole logging is available and was qualitative Rock chip sample and Auger geochemical sample descriptions were also qualitative.
Sub- sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is • representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of • the material being sampled.	There is no detailed information sampling and preparation techniques for prior RAB drilling. However, the CP is satisfied that the techniques used were to industry standard at the time that the drilling or sampling was completed and the data to be used for planning and generating targets. rock and geochemical samples were analysed by Bureau Veritas Minerals Pty Ltd, Canning Vale Western Australia The rock samples were dried, jaw crushed and the whole sample pulverised. Pulps were split for analysis. Bureau Veritas has internal QA/QC procedures to ensure a representative sample. The auger geochemical samples dried, jaw crushed and the whole sample pulverised. Pulps were split for analysis. Bureau Veritas has internal QA/QC procedures to ensure a representative sample.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	XRF instruments were not used for drilling or rock chip sampling. No records were located on the assay techniques applied to the 1997 and 1998 RAB drilling samples. The Geochemical samples were analysed by ICP Optical Emission Spectrometry and Mass Spectrometry for Au (Aqua Regia), As, Cu, MS, Li, Mo, Ni, Pb, Pt, Sb, Zn, Ms. The Rock samples were analysed by ICP Optical Emission Spectrometry and Mass Spectrometry for Au (Aqua Regia), Ag, As, Cu, Fe, Mg, Ni, Pb, W, Zn. 40grm sub splits were also analysed by fired using a classical fire assay process and Au, Pd, Pt were determined by ICP Optical Emission Spectrometry. No standards or blanks were submitted for rock chip or auger geochemical sampling, 1:20 field duplicates were submitted for auger geochemical sampling.

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Criteria	JORC Code Explanation	Commentary
		The CP is of the opinion that the quality of the data is sufficient to use for planning further exploration and that, for that purpose, acceptable levels of accuracy and precision have been established.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	Not at this stage of the project development. No duplicate rock chip samples and limited twinning of auger geochemical drill holes has been conducted Prior data was filed on WAMEX generally as typed drill logs. No known or documented adjustments have been made to assay data.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	All locations have been presented in zone 51 GDA 1994 MGA Zone 51. Satellite photos and GPS measurements have been used to translate and correct locations of prior RAB drill holes. RL records are non-existent or not reliable. This is not relevant for early-stage exploration and this information is not required for planning further exploration. All Midas sample locations were taken by handheld GPS in GDA 1994 MGA Zone 51.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	Rock chips: Random based spacing. RAB drill holes: 800m spaced drill traverses with 100m hole spacing on traverses providing about 25% across strike coverage Auger drill holes: spacing was generally 200m by 20m. Average hole depth was 1.27m The data spacing, quality and distribution is not sufficient for Mineral Resource and Ore Reserve estimation. Sample compositing was applied for some of the early stage exploration drill holes.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this	In several areas the drill orientation applied is suspected, in hindsight, sub-optimal and a number of drillholes failed to penetrate through transported cover. Drill hole orientation may have exaggerated intercept intervals and may have resulted in mineralised structures being missed. Given the early stage of exploration the CP is satisfied that determining the truewidthof

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Criteria	JORC Code Explanation	Commentary
	should be assessed and reported if material.	mineralised intercepts is not as critical as defining areas containing anomalous results for further exploration. Future follow-up drilling should focus on understanding the orientation of mineralised structures.
Sample security	• The measures taken to ensure sample security.	No documentation in WAMEX reports to sample security, there was no mention or concern about sample security noted. Midas samples were hand delivered by the samplers to Bureau Veritas laboratory in Perth.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	No audits or reviews of sampling techniques has been undertaken

Section 2 Reporting of Exploration Results

Criteria	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Weebo Project: Exploration licences E36/792, E36/797, E36/798, E36/811, E36/845, E36/846, E36/860, E36/934, E36/952 and prospecting licence PL36/1878 located east of Leinster in Western Australia. The Company has entered into an agreement pursuant to which it has the option to purchase 100% legal and beneficial ownership of the foregoing tenements, subject to satisfying a cash payment of $600,000 and granting a 1.5% gross revenue royalty payable to the vendors. Following completion, the Company will assume responsibility for the payment of the State Government royalty. All tenements are in good standing. Except for the above, there are no registered native title interests, wilderness areas, national park or environmental impediments (other than usual environmental and rehabilitation conditions on which the granted tenements have been granted) over the outlined current areas. There are no current impediments to obtaining a license to operate in the project areas.

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Criteria	JORC Code Explanation	Commentary
		There are several registered heritage sites covering limited areas within the Weebo Project including part of the Otto prospect.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	This report refers to prior exploration results from 1997 and 1998 compiled by Midas. The key WAMEX reports include: A56850 Homestake Gold of Australia Limited A57577 Homestake Gold of Australia Limited
Geology	• Deposit type, geological setting and style of mineralisation.	The Weebo Project is located within the Yilgarn Craton, the project overlies a NW to North trending sequence of Archaean greenstones that form part of the Norseman- Wiluna Greenstone Belt of the Kalgoorlie Terrane. The greenstone sequence in the project area comprises tholeiitic and high- magnesian basalts, felsic volcanics, interflow sediments including chert, shale and iron formation, mafic intrusives and ultramafic rocks. The Project is prospective for shear and vein hosted gold mineralisation and ultramafic hosted nickel sulphide mineralisation Transport Tertiary to Permian sediments are common, a significant number of the auger geochemical samples may be from within transported Wiluna hard pan regolith.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	Table 1 contains details of all rock chip sample locations and abridged geological descriptions. Table 2 contains hole co-ordinates of anomalous prior RAB drilling (for the Sir Samuel-Castle Hill prospect), dip and azimuth, hole length and maximum gold value and sample interval and abridged geological description. Relative level information was not reliable or relevant given the early stage of exploration and the gentle topography. Auger geochemical sample results have not been tabulated. All co-ordinates refer to GDA1994 MGA Zone 51.

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Criteria	JORC Code Explanation	Commentary
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	Prior first pass RAB drill holes considered anomalous if maximum assay exceeds 40ppb Au from any interval (except from transported regolith). Based on data to date, auger geochemical samples in excess of 5ppb Au are considered anomalous representing 10% of samples at Sir Samuel-Castle Hill and 20% of samples from Wheel of fortune. The higher percentage of anomalous values from Wheel of Fortune is due to focus on areas of know mineralisation. Comprehensive reporting of all Midas samples included.
Relationshi p between mineralisati on widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	The relationship between intercept widths and true widths is unknown.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Figures 3, 4 and 5 show prior RAB drill hole, auger geochemical and rock chip sample locations and Wheel of Fortune and Sir Samuel-Castle Hill. Anomalous RAB holes contained in Table 2 and anomalous auger geochemical samples are colour coded with values above 10ppb Au labelled,
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Only anomalous first pass RAB included due to the early-stage nature of this scout drilling/sampling. All rock chip samples included in tables. All auger geochemical sample locations plotted.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	All relevant and material exploration data for the target areas discussed, has been reported.

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Criteria	JORC Code Explanation	Commentary
Further work	• The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further drilling is warranted across the tenements to improve the understanding of the mineralisation. All relevant diagrams have been incorporated in this report.

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www.midasminerals.com

ASX:MM1