MIDAS MINERALS LTD — Capital/Financing Update 2023

Oct 26, 2023

ASX / MEDIA ANNOUNCEMENT 27 October 2023

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Midas stakes Reid-Aylmer Lithium Project NWT, Canada

Highlights

• Midas has staked 15 claims totalling 157km[2] in Northwest Territories, Canada, known as the Reid-Aylmer Lithium Project, following a regional review

• Project claims are between 180km-300km NE of the Company’s Yellowknife Lithium Project, also in NWT

• Located proximal to the large Diavik and Gahcho Kué diamond mines

• Numerous pegmatite swarms considered prospective for lithium have been identified by Midas’ technical team within the Project claims

• Midas has collected and submitted 39 samples from surface sampling of these pegmatite outcrops, results expected March quarter 2024

• Midas has received grant of nine of the new claims, with six recent applications pending

• Results from sampling at Yellowknife Lithium Project expected by mid-November 2023.

Midas Minerals Ltd (“Midas”, or “the Company”) ( ASX: MM1 ) is pleased to announce it has staked 15 mineral claims totalling 157km[2] in the Northwest Territories, Canada.

The claims representing the Reid-Aylmer Lithium Project (“RALP”) were staked over pegmatite swarms considered prospective for lithium.

The Project is located in the NWT diamond field, located 180-300km northeast of Midas’ Yellowknife Lithium Project. Access from the city of Yellowknife is via sealed and predominately ice roads that service the large Ekati, Diavik, and Gahcho Kué diamond mines and various exploration bases and former mine sites.

The Reid Lake and Aylmer Lake region is known for lithium occurrences and is geologically similar to the Yellowknife pegmatite field.

Midas has staked areas following a detailed regional geology review and ground truthing by the Company’s technical team. Nine of the claims have been granted, with six recent applications pending.

Importantly, Midas will have 100% interest in these claims upon granting, which will continue to strengthen its asset base in the region.

Midas has completed initial sampling, with 39 pegmatite samples submitted for analysis. Results are expected in the March quarter of 2024. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.

Midas Managing Director Mark Calderwood commented: “The Reid-Aylmer Project represents Midas’ second lithium project in the NWT, expanding our lithium portfolio in the region. The Project is representative of our in-house ability to secure new properties through geological vectors and good science. The Company will provide an update for the project following receipt of sampling results expected in first quarter of 2024.

“We expect to receive further assay results from sampling on the Yellowknife Lithium Project within a month”.

LEGAL58475620.1 Midas Minerals Limited* | Level 2, 8 Richardson Street, West Perth WA 6005 P: +61 8 6383 6595 | E: info@midasminerals.com www.midasminerals.com

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Figure 1: Reid-Aylmer Lithium Project Claim Locations

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Figure 2: Reid Lake Claim Locations

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Figure 3: King Lake Claim Locations

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Figure 4: Aylmer Lake Claims

The Board of Midas Minerals Limited authorised this release.

For more information: Mark Calderwood Nathan Ryan Managing Director Media / Investor Relations E: mcalderwood@midasminerals.com E: nathan.ryan@nwrcommunications.com.au

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About Midas

Midas Minerals is a junior mineral exploration company with a primary focus on lithium and gold. Midas’ Board and management has a strong track record of delivering value for shareholders through mineral discoveries and mine development and growing microcap explorers into successful ASX100-ASX300 companies. The Company has three projects located in Western Australia (refer below), as well as the Greenbush Project in Ontario, Canada and the Yellowknife Lithium Project and Reid-Aylmer Lithium Project, in the Northwest Territories, Canada.

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Midas Minerals Canadian Projects Midas Minerals Western Australia Projects Location Map Location Map

Yellowknife Lithium Project: The Company can earn up to 80% of 718km[2] of mineral claims and applications located outside Yellowknife City, Northwest Territories. Large numbers of pegmatites associated with multiple fertile granite intrusions of Slave Cration. Several known lithium and tantalum occurrences on the project and a number of significant lithium deposits located nearby. Exploration has commenced to map and sample pegmatite swarms.

Greenbush Lithium Project: 102km[2] of mining claims located proximal to infrastructure, with little outcrop and no historic drilling. A 15m by 30m spodumene bearing pegmatite outcrop was discovered in 1955 on the northeast shore of a lake and initial sampling by Midas has returned results up to 3.82% Li ₂ O from the main outcrop and surrounds, as well as anomalous tantalum occurrences demonstrating regional upside potential (refer ASX release dated 13 July 2023). Further mapping and sampling are planned in parallel with seeking drilling permits. Midas also holds the 2.1km[2] Barbara Lake Project about 130km northeast of Thunder Bay.

Newington Lithium-Gold Project: 316km[2] of tenements located at the north end of the Southern Cross and Westonia greenstone belts, prospective for lithium and gold. Exploration in 2022 has outlined anomalous lithium and LCT indicator elements over at least 20km strike. Initial drilling intercepted pegmatites that are laterally extensive, wide and gently dipping. The project also has a number of gold targets and includes significant prior drill intercepts that justify follow-up exploration.

Weebo Gold Project: Tier 1 location within the Yandal greenstone belt with 323km[2] of tenements between the Thunderbox and Bronzewing gold mines, prospective for gold and nickel. Drilling in 2022 intercepted significant gold mineralisation on several prospects. A number of additional gold and nickel geochemical and geophysical anomalies have been defined.

Challa Gold, Nickel-Copper-PGE Project: 907km[2] of tenement and applications with limited but successful exploration to date. A number of significant PGE and gold-copper exploration targets have been defined.

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Competent Persons Statement

The information in this announcement that relates to new Exploration Results is based on and fairly represents information and supporting documentation prepared by Mr Mark Calderwood, the managing director 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.

Forward Looking Statements

This announcement may contain certain forward-looking statements and projections, including statements regarding Midas’ plans, forecasts and projections with respect to its mineral properties and programmes. Although the forward-looking statements contained in this release reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors many of which are beyond the control of the Company.

The forward looking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. For example, there can be no assurance that Midas will be able to confirm the presence of Mineral Resources or Ore Reserves, that Midas’ plans for development of its mineral properties will proceed, that any mineralisation will prove to be economic, or that a mine will be successfully developed on any of Midas’ mineral properties. The performance of Midas may be influenced by a number of factors which are outside the control of the Company, its directors, staff or contractors.

The Company does not make any representations and provides no warranties concerning the accuracy of the projections, and disclaims any obligation to update or revise any forward looking statements/projects based on new information, future events or otherwise except to the extent required by applicable laws.

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APPENDIX A: PEGMATITE LOCATIONS

E	N	Source	Comments	Mineralisation1
612727	7117387	Midas	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
610896	7131468	Midas	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
611439	7130493	Midas	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
561559	7084518	Midas	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
614300	7134300	In drill core	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
513812	7073554	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
513458	7073005	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
513423	7072981	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
512980	7072817	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
511782	7070038	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
512400	7072075	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
550450	7073568	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
550432	7073417	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
550417	7073276	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
550468	7073155	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
551044	7072512	Prior Mapping	Pegmatites may be singular or multiple	granite pegmatite, mineralogy not recorded
552658	7071570	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
552623	7077642	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
552756	7077806	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
552803	7077783	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
552818	7077746	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
552691	7077850	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
614961	7115033	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
613393	7117533	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
611308	7114716	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
610446	7114577	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
614205	7115789	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
611865	7114808	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
611465	7115805	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
551329	7073519	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis
551232	7073457	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis

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E	N	Source	Comments	Mineralisation1
551117	7073418	Prior Mapping	Pegmatites may be singular or multiple	quartz, feldspar, muscovite, LCT mineralogy
				pending analysis

Notes:

1. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The Company will provide an update for the project following receipt of sampling results expected in first quarter of 2024.

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APPENDIX B: JORC CODE 2012 EDITION, TABLE 1 FOR EXPLORATION RESULTS

Section 1 – Sampling Techniques and Data

Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Sampling	•	Nature and quality of sampling (e.g. cut channels,	Not applicable, no sample results being reported.
techniques		random chips, or specific specialised industry
		standard measurement tools appropriate to the
		minerals under investigation, such as d own 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.
Drilling	•	Drill type (e.g. core, reverse circulation, open-hole	Not applicable as no drilling has been undertaken.
techniques		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.).
Drill sample	•	Method of recording and assessing core and chip	Not applicable as no drilling has been undertaken.
recovery		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.
Logging	•	Whether core and chip samples have been	Not applicable, no sample results being reported.
		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.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Sub-	•	If core, whether cut or sawn and whether quarter,	Not applicable, no sample results being reported.
sampling		half or all core taken.
techniques and sample preparation	• •	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.
Quality of	•	The nature, quality and appropriateness of the	Not applicable, no sample results being reported.
assay data		assaying and laboratory procedures used and
and		whether the technique is considered partial or total.
laboratory tests	•	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.
Verification	•	The verification of significant intersections by either	Not applicable as no new drilling is being
of sampling		independent or alternative company personnel.	reported.
and assaying	• •	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.
Location of	•	Accuracy and quality of surveys used to locate drill	Any grid references are presented in UTM Zone
data points		holes (collar and down-hole surveys), trenches,	12 NAD 83
		mine workings and other locations used in Mineral
		Resource estimation.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data	•	Data spacing for reporting of Exploration Results.	Not applicable as no new drilling is being
spacing and distribution	•	Whether the data spacing and distribution is sufficient to establish the degree of geological and	reported.
		grade continuity appropriate for the Mineral
		Resource and Ore Reserve estimation procedure(s)
		and classifications applied.
	•	Whether sample compositing has been applied.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Orientation	•	Whether the orientation of sampling achieves	Not applicable as no new drilling is being
of data in		unbiased sampling of possible structures and the	reported.
relation to		extent to which this is known, considering the
geological		deposit type.
structure	•	If the relationship between the drilling orientation
		and the orientation of key mineralised structures is
		considered to have introduced a sampling bias, this
		should be assessed and reported if material.
Routine	•	The measures taken to ensure sample security.	Not applicable, no sample results being reported.
Sample
security
Audits or	•	The results of any audits or reviews of sampling	Not applicable as no new drilling is being
reviews		techniques and data.	reported.

Section 2 - Reporting of Exploration Results

Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Mineral	•	Type, reference name/number, location and	The Reid-Aylmer Lithium Project area comprises
tenement and		ownership including agreements or material issues	15 tenements blocks in three tenement groups in
land tenure		with third parties such as joint ventures,	which Midas Minerals Ltd has a 100% beneficial
status		partnerships, overriding royalties, native title	interest in, detailed as follows:
		interests, historical sites, wilderness or national park and environmental settings.	KingClaim number: M11772 ReidClaim numbers: M11773-M11778
	•	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.	AlymerClaim numbers: M11770, M11771; Claim applications: M12374-M12379 Apart from Government Royalties there are no
			third-party royalty obligations.
			The active claims are issued through the Mining
			Recorder’s Office, a division of the Department
			of Industry, Tourism and Investment, and entitles
			the owner to the underlying mineral rights and to
			legal access to the Property. Permits from the
			Mackenzie Valley Land and Water Board
			(“MVLWB”), a federal government organisation,
			are necessary for certain activities that exceed a
			threshold of land use. Other surface rights for
			mine development are administered by the
			Department of Lands, Government of NWT.
			There are no current impediments to operate in
			the project area however there may be additional
			environmental conditions imposed.
Exploration	•	Acknowledgment and appraisal of exploration by	No prior, specific exploration for lithium in the
done by other		other parties.	tenement areas is known.
parties
Geology	•	Deposit type, geological setting and style of	The Reid-Aylmer claims lie within the Contwoyto
		mineralisation.	and Hacket River Terranes of the Archean Slave
			Craton. Bedrock geology is dominated by
			amphibolite facies, quartz-biotite shist of the
			Yellowknife supergroup, which is locally intruded
			by various Neoarchean two-mica granites.
			Importantly, these intrusions are known
			correlatives of the fertile ‘Prosperous Granite
			Suite’ (Tomascak 1991), recorded as the source
			of lithium mineralisation within the emerging
			Yellowknife District.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Drill hole	•	A summary of all information material to the	No drilling activities are being reported.
Information		understanding of the exploration results including a tabulation of the following information for all Material drill holes:	The coordinates of all known pegmatites are included in Appendix A.
		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.
Data	•	In reporting Exploration Results, weighting	No analytical results are being reported.
aggregation		averaging techniques, maximum and/or minimum
methods		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.
Relationship	•	These relationships are particularly important in	No drilling activities are being reported.
between		the reporting of Exploration Results.
mineralisation widths and intercept lengths	• •	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’).
Diagrams	•	Appropriate maps and sections (with scales) and	Figures 2-4 show project location, geology and
		tabulations of intercepts should be included for any	the location of known pegmatites.
		significant discovery being reported These should
		include, but not be limited to a plan view of drill
		hole collar locations and appropriate sectional
		views.
Balanced	•	Where comprehensive reporting of all Exploration	All relevant and material exploration data for the
reporting		Results is not practicable, representative reporting	target areas discussed, has been reported or
		of both low and high grades and/or widths should	referenced.
		be practiced to avoid misleading reporting of
		Exploration Results.
Other	•	Other exploration data, if meaningful and material,	All relevant and material exploration data for the
substantive		should be reported including (but not limited to):	target areas discussed, has been reported or
exploration		geological observations; geophysical survey	referenced.
data		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.

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

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