MIDAS MINERALS LTD — Capital/Financing Update 2022

Jul 7, 2022

ASX / MEDIA ANNOUNCEMENT 8 July 2022

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S708A Cleansing Notice

Midas Minerals Limited ( “ Midas ”, or “ The Company ”) (ASX: MM1) has today issued 2,693,639 fully paid ordinary shares ( Shares ) to Discovex Resources Limited (ASX: DCX) (“ DCX ”) as part of the consideration for the acquisition of the Newington Project.

The Shares are part of a class of securities quoted on the Australian Securities Exchange Limited (ASX).

The Company gives this notice pursuant to Section 708A(5)(e) of the Corporations Act 2001. The Shares were issued without disclosure to the investors under Part 6D.2, in reliance on Section 708A(5) of the Corporations Act 2001. The Company, as at the date of this notice, has complied with:

• i) the provisions of Chapter 2M of the Corporations Act 2001; and

• ii) Section 674 of the Corporations Act 2001.

There is no excluded information as at the date of this notice, for the purposes of Sections 708A(7) and (8) of the Corporations Act 2001.

The Board of Midas Minerals Limited has authorised this release.

For more information:

Mark Calderwood Managing Director E: info@midasminerals.com

Nathan Ryan

Media / Investor Relations

E: nathan.ryan@nwrcommunications.com.au

Midas Minerals Limited | Ground Floor, 24 Outram Street, West Perth WA 6005 P: +61 8 6383 6595 | E: info@midasminerals.com www.midasminerals.com

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About Midas

Midas Minerals is a junior mineral exploration company based in Western Australia, targeting the discovery of economic mineral deposits. Midas’ primary focus is gold; however, our projects are also prospective for nickel, PGE, copper, silver and lithium.

The Company has three projects located within the Yilgarn Craton of Western Australia:

Weebo (under an option agreement refer to prospectus ASX release 3 September 2021), 453km[2] - Tier 1 location within the Yandal greenstone belt between the Thunderbox and Bronzewing gold mines, prospective for gold and nickel. Significant gold drill intercepts and gold and nickel geochemical anomalies were recently reported. Drill results are pending.

Challa , 859km[2] - Located over part of the large Windimurra Intrusive Complex between Mt Magnet and Sandstone. Significant palladium-platinum, gold and base metal geochemical anomalies and VTEM conductors were recently identified. Defining drill targets.

Newington, 311km[2] - Located at the north end of the Southern Cross and Westonia greenstone belts, prospective for lithium and gold.

Midas’ Board and management have extensive experience in mineral discovery and a proven track record of significant gold discoveries and mine development.

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, an employee of the Company. Mr Calderwood is a Competent Person 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.

Disclaimer

All maps, photographs and diagrams in this announcement are first published by the Company on the date of this announcement, unless stated otherwise.

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www.midasminerals.com

ASX:MM1

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