MIDAS MINERALS LTD — Capital/Financing Update 2024

Oct 30, 2024

ASX / MEDIA ANNOUNCEMENT 31 October 2024

==> picture [118 x 68] intentionally omitted <==

MIDAS RECEIVES FIRM COMMITMENTS FOR $1.6M PLACEMENT

Highlights

• Midas receives firm commitments for a $1.6 million placement at $0.08 per share

• Placement received strong support from existing shareholders

• Directors and Consultants to participate for a total of $144,000 (subject to shareholder approval)

• Midas will use funds to advance its existing project portfolio and working capital as its experienced team continues to review project opportunities

Midas Minerals Ltd (“Midas”, or “the Company”) ( ASX: MM1 ) is pleased to announce it has received firm commitments from sophisticated, professional and other investors pursuant to section 708 of the Corporations Act 2001 (Cth) to raise up to $1,600,000 (before costs) through a placement of up to a total of 20,000,000 fully paid ordinary shares (“Shares”) at $0.08 each (“Placement”).

Proceeds of the Placement will fund exploration programs at the Company’s Newington Lithium-Gold Project and Challa Gold--Copper-PGE Project in Western Australia, and its Reid-Aylmer Lithium Project in Canada, as well as for working capital and costs of the Placement.

The issue price represents a 9.09% discount to the last traded price of $0.088 on Monday, 28 October 2024 and a 13.79% discount to the 15-day volume weighted average price (“VWAP”) of $0.0928.

Midas will undertake the Placement in two tranches:

• Tranche 1 of 18,200,000 Shares (“Tranche 1 Shares”) will be conducted using the Company’s existing capacity under ASX Listing Rules 7.1 (7,857,033) and 7.1A (10,342,967) to raise a total of $1,456,000, with settlement expected to occur on Thursday, 7 November 2024. The first tranche is not subject to shareholder approval.

• Tranche 2 of up to 1,800,000 Shares (“Tranche 2 Shares”) will be issued to Midas Directors and Consultants to raise up to an additional $144,000, subject to shareholder approval, which Midas intends to seek at a general meeting to be held in December 2024. A notice of general meeting will be sent to shareholders shortly.

Midas Managing Director Mark Calderwood commented:

“Funds raised through the Placement will allow us to advance exploration on gold and copper targets on the Company’s projects in Western Australia. Our technical team is also actively undertaking due diligence on a number of potential project opportunities in Western Australia and West Africa.”

LEGAL*58475620.1

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

==> picture [97 x 56] intentionally omitted <==

Indicative Timeline

An indicative timetable for the Placement is provided below. Directors reserve the right to vary dates and times without notice.

Event	Date
Announcement of completion of Placement and lodgement of Appendix 3B	Thursday, 31 October 2024
(prior to commencement of trading)
Trading Halt lifted	Thursday, 31 October 2024
Settlement and issue of Tranche 1 Shares under the Placement	Thursday, 7 November 2024
Appendix 2A and Cleansing Notice lodged with ASX	Friday, 8 November 2024
General Meeting of Shareholders to approve issue of Tranche 2 Shares	December 2024

This announcement effectively lifts the trading halt requested on Tuesday, 29 October 2024. The Company is not aware of any reason why the ASX would not allow trading to commence immediately.

The Board of Midas Minerals Limited authorised this release.

For more information:

Mark Calderwood Managing Director E: mcalderwood@midasminerals.com

Nathan Ryan Media / Investor Relations E: nathan.ryan@nwrcommunications.com.au

2

ASX:MM1

==> picture [97 x 56] intentionally omitted <==

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 projects located in Western Australia (refer below), as well as the Greenbush Project in Ontario, Canada and the Reid-Aylmer Lithium Project, in the Northwest Territories, Canada.

==> picture [251 x 242] intentionally omitted <==

==> picture [227 x 234] intentionally omitted <==

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

Reid-Aylmer Project: The Company has 100% of staked mineral claims totalling 157km[2] located northeast of Yellowknife, in the Northwest Territories of Canada. Initial limited exploration has resulted in the discovery of the large Argus pegmatite which contains abundant spodumene. Assay results from rock chip sampling returned up to 7.25% ( refer ASX release dated 12 December 2023 ).

Newington Lithium-Gold Project: 316km[2] of tenements located at the north end of the Southern Cross greenstone belt, which are prospective for lithium and gold. Rock chip sampling returned up to 3.6% Li2O, and initial drilling returned intercepts up to 7m at 0.4% Li2O ( refer ASX releases dated 8 August 2022 and 15 November 2022 ). Numerous lithium targets remain to be drill tested. The project has significant prior gold production and significant drill intercepts on existing mining leases ( refer ASX release dated 4 April 2022 ) and Midas has identified a number of old gold workings which have not been drill tested ( refer ASX release dated 16 January 2023 ).

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. Significant rock chip samples results include 3.45g/t 4PGE from Cr rich horizon within gabbro ( refer ASX release dated 23 August 2022 ) and 16.15% Cu and 566g/t Ag from a copper rich gossan ( refer MM1 prospectus released to ASX on 3 September 2021 ).

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 3.8% 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 ).

3

ASX:MM1

==> picture [97 x 56] intentionally omitted <==

Compliance Statements

For full details of previously announced Exploration Results in this announcement, refer to the ASX announcement or release on the date referenced in the body text. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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.

Disclaimers

This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws.

This announcement has been prepared by the Company based on information from its own and third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this report, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this announcement. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents ( Affiliates ) disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this announcement including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this announcement, its accuracy, completeness, currency or reliability.

This announcement is not a prospectus, disclosure document or other offering document under Australian law or under any other law. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. This announcement does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. Each recipient must make its own independent assessment of the Company before acquiring any MM1 Shares.

To the maximum extent permitted by law, the Company and its related bodies corporate and affiliates, and their respective officers, directors, employees, agents and advisers: (i) disclaim all responsibility and liability

4

ASX:MM1

==> picture [97 x 56] intentionally omitted <==

(including, without limitation, any liability arising from fault, negligence or negligent misstatement) for any loss (including consequential or contingent loss or damage) arising from this announcement or reliance on anything contained in or omitted from it or otherwise arising in connection with this announcement; (ii) disclaim any obligations or undertaking to release any updates or revision to the information in this announcement to reflect any change in expectations or assumptions; and (iii) do not make any representation or warranty, express or implied, as to the accuracy, reliability, completeness of the information in this announcement or that this announcement contains all material information about the Company, the Placement or that a prospective investor or purchaser may require in evaluating a possible investment in the Company or acquisition of shares in the Company, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement.

5

ASX:MM1