MIDAS MINERALS LTD — Capital/Financing Update 2025

Jul 22, 2025

ASX / MEDIA ANNOUNCEMENT 23 July 2025

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MIDAS IDENTIFIES COPPER OVER +2KM STRIKE AT SOUTH OTAVI PROJECT, NAMIBIA

Highlights

• Widespread insitu copper mineralisation discovered in trenching and mapping along more than 2km strike in a favourable geological setting at South Otavi, Namibia

• Copper mineralisation remains open along strike

• Soil sampling is ongoing and further trench sampling results are pending

• Midas has acquired and is processing open-file geophysical data to assist in prioritising additional gold targets on the property

• Site and logistics preparation for Midas’ initial drilling of copper and gold targets underway for both South Otavi and Otavi Projects.

Midas Minerals Ltd (ACN 625 128 770) (“Midas” or “the Company”) ( ASX: MM1 ) is pleased to announce results from initial and ongoing exploration on the South Otavi Project located in Namibia.

In May, the Company announced details of historic and recent exploration on the South Otavi Project,[1] and details of the acquisition of the nearby larger Otavi Project.[2]

Recent work on the South Otavi project includes trenching through shallow soil cover, mapping and infill soil sampling. Trenching has been highly successful in locating the source of previously reported copper in soil anomalism with multiple separate copper and silver mineralised zones confirmed within the Askevold metavolcanics (Nosib group). Importantly, the trenching has provided valuable information on the orientation (strikedip) and variability within the meta-volcanics and carbonates.

The copper mineralisation identified includes various copper oxides, chalcocite and bornite occurrences within a corridor that is at least 100m wide and extends for at least 2km, remaining open along strike.

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Photo 1: Copper oxide mineralisation in schist – DET003 2-5m

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Photo 2: Copper oxides within ferruginous-calcite – DET003 61-62m

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

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Midas Managing Director Mark Calderwood commented: “Midas is undertaking the first documented exploration on the South Otavi copper and gold targets in the last 25-50 years. We have managed to locate intermittent insitu copper mineralisation within the prospective Askevold meta-volcanics over at least 2km strike, under a veneer of shallow soil cover.

“On receipt of the soil sample results and ongoing processing of geophysical data, Midas will be positioned to finalise preparations for our first drilling program since announcing the Namibian acquisitions. Concurrently we are finalising plans for drilling on the larger Otavi project at completion of the acquisition process.

“We have assembled an experienced in-country team and facilities including an office, core shed and accommodation located in the centrally located township of Otavi”.

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Figure 1: South Otavi Project and Otavi Project locations.[3,4]

The South Otavi Project is located within the Otjozondjupa Region in northern Namibia, ~350km north of the capital city, Windhoek, and near key transportation routes that provide access to various mining operations and industrial hubs in the country (refer Figure 1). Documented prior exploration was undertaken on the South Otavi Project from 1967-1971 and 1997-2000, resulting in the discovery of an extensive and separate series of gold and copper anomalies.

Geological Setting

The South Otavi Project is located within the Pan-African Damaran Orogen and encompasses two major geological terranes separated by the regionally significant Khorixas-Gasenirob Thrust Zone. At a local scale, this thrust places deep-water Swakop group sediments of the 'Northern Zone Terrane' over Otavi Group platform carbonates of the 'Northern Margin Zone Terrane'.

Regionally, the Otavi and Swakop Groups represent contemporaneous, but contrasting tectono-sedimentary domains. The Otavi Group forms a stable, shallow-water carbonate platform that is well known for hosting highgrade copper and polymetallic mineralisation, as seen at Tsumeb.[4]

In contrast, the Swakop Group is a more structurally deformed, deeper-water lithological succession that hosts multi-million-ounce gold systems, such as B2Gold’s 3Moz Gold Otjikoto mine located just 25km from the South Otavi Project.[3]

Within the South Otavi Project area, copper mineralisation is spatially associated with the contact between the Nosib and Otavi Groups, mirroring the setting at the Deblin deposit (part of the Otavi Project Midas is in the process of acquiring – refer to ASX release dated 16 May 2025). Like Deblin, this mineralised zone lies on the southern limb of an anticline and is characterised by intercalated meta-volcanic and phyllitic schists, both units can be enriched in copper. This stratigraphic and structural setting marks a key basin-margin transition, comparable to the deposit settings in the Central African Copperbelt.

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Exploration by Midas

To date, Midas has completed nine trenches totalling 692m on the Deutsche Erde prospect soil anomaly,[1] inclusive of a recleared historic trench. One of the trenches was in thicker calcrete cover, which failed to reach bedrock, and others had intermittent intervals of bedrock exposure, suggesting presence of a variable topography of the paleo-surface. The trench exposures have been highly useful in understanding the geological setting, orientation and styles of copper mineralisation. The mineralised bedrock is thought to be part of the upper Nosib Group, it is locally a subvertical, folded Askevold meta-volcanic schist, variably epidote-altered with calcite veining.

As evidenced by Trench 1 and 3, oxide and sulphide copper mineralisation occurs in at least six separate zones within a corridor that is at least 100m wide. Trenching and mapping has located mineralisation over at least 2km strike, however based on prior exploration the zone likely extends for 8km before disappearing again under shallow cover. The best interval reported to date from recent sampling is 2m of 2.41% Cu and 28.5g/t silver .

The geological setting is similar to the Deblin deposit, 30km east on the Otavi Project which Midas is in the process of acquiring, where drilling returned significant copper, gold and silver mineralisation within the upper Nosib, Askevold meta-volcanics and copper mineralisation within the overlying carbonates of the Otavi Group.[2]

Soil sampling is continuing on a nominal 400m x 40m grid over a strike of 5.5km to test a 1.2km wide prospective corridor. Approximately 400 samples will be collected and analysed from this phase of work. The Company has also commenced clearing drill pads on the western bedrock gold anomaly with the aim of testing targets, under sheeted calcrete cover, within a broad prospective area extending 6km by 1.5km. Further drill targets will be refined on interpretation of recently-acquired open-file airborne magnetics and limited prior Gradient Array IP. The area has magnetite and haematite alteration, apparently associated with fold closures.

Update on Otavi Copper Project exploration

Midas is actively preparing to commence resource definition drilling on known deposits, as well as regional exploration drilling, on the larger 1,776km[2] Otavi Copper Project, once the acquisition process is complete. To this end, the Company has commenced building an experienced Namibian technical team and secured an office, core-shed and long-term accommodation in the centrally-located town of Otavi. The Company has commenced acquisition of necessary capital items and consumables required for initial exploration drilling. In addition, Midas has commenced core logging and further geophysical data has been acquired, with evaluation of the new and open-file data continuing.

The Otavi project has previously delivered highly compelling results from the T13 and Deblin deposits, both from surface and remaining open with a 2km strike, as well as the Hartebeestpoort and Driekoppies prospects, with results[2] including:

• T13 Deposit (from surface & open):

• 17.2m at 7.24% Cu & 144.4g/t Ag from 125.84m, including: 6m at 16.65% Cu & 370.3g/t Ag from 131m (ODDH 15);

• 45m at 2.43% Cu & 54.9g/t Ag from 193m, including: 11m at 5.18% Cu & 133.7g/t Ag from 197m (ODDH 23); and

• 20m at 4.16% Cu & 13.5g/t Ag from 62.6m and 16.3m at 2.68% Cu & 78.8g/t Ag from 97.2m (ODDH 112).

• Deblin Deposit (from surface & open):

• 15m at 4.15% Cu, 14.6g/t Ag & 0.22g/t Au from 449m (NDDH 11); and

• 17m at 1.72% Cu from 394m (NDDH 9).

• Hartebeestpoort Prospect (from surface & open) • 11.2m at 3.11% Cu, 0.54g/t Au & 28.4g/t Ag from 26m (NDDH 16).

• Driekoppies Prospect (from surface & open)

• 12.5m at 3.64% Cu from 28.3m (gold and silver not assayed) (DDH RM-3);

• 14.7m at 1.65% Cu & 0.4g/t Au from 90.7m (DDH RM-2); and

• 12m at 1.53% Cu from 30.7m and 4.3m at 2.94% Cu from 50.4m (gold and silver not assayed) (DDH RM-4).

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Figure 2: Targets and Recent Exploration – South Otavi Project.

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Figure 3: Enlargement of Copper Occurrences and Recent Trenching.

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The Board of Midas Minerals Ltd authorised this release.

For more information:

Mark Calderwood

Nathan Ryan

Executive Director Media / Investor Relations E: mcalderwood@midasminerals.com E: nathan.ryan@nwrcommunications.com.au

About Midas

Midas Minerals is a junior mineral exploration company with a primary focus on copper and precious metals. 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 the Newington and Challa Projects located in Western Australia, as well as two lithium projects in Canada. The Company has also entered into an agreement to acquire the Otavi Project in Namibia and an option to earn an interest in the South Otavi project.

Otavi Project: Midas has entered into an agreement to acquire the ~1,776km[2] high-grade Otavi Copper Project in Namibia. The Otavi Project has exceptional exploration upside, with an abundance of historic shallow, highgrade drill intercepts including 17.2m at 7.24% Cu and 144.4g/t Ag ( refer ASX release dated 16 May 2025 ), and significant untapped potential for future discoveries due to modern exploration covering <40% of the tenure. Midas is actively preparing to commence drilling immediately upon completion of the acquisition.

South Otavi Project: Midas has an option to acquire 80% of the ~195km[2] South Otavi Project in Namibia, located proximal to the Otavi Copper Project. Exploration has commenced to test extensive areas of known copper and gold anomalism.

Newington Project: 212km[2] of tenements located at the north end of the Southern Cross greenstone belt, which are highly prospective for gold and lithium. The project has significant prior gold production and significant drill intercepts on existing mining leases including 4m at 16.6g/t and 2m at 17.5g/t ( refer ASX release dated 17 April 2024 ) and Midas has identified a number of undrilled targets.

Challa Gold, Nickel-Copper-PGE Project: 848km[2] of tenements with limited but successful exploration to date. A number of significant PGE and gold-copper exploration targets have been defined. Significant rock chip samples by Midas include 3.38g/t 2PGE from Cr rich horizon within gabbro, 16.3g/t Au and 6.65% Cu from gabbro with veining and 16.15% Cu and 566g/t Ag from a copper rich gossan ( refer to MM1 prospectus released to ASX on 3 September 2021) .

Reid-Aylmer Project: The Company has 100% of mineral claims totalling 157km[2] located northeast of Yellowknife, in the Northwest Territories of Canada. Initial limited exploration has resulted in the discovery of multiple pegmatites which contains abundant spodumene.

Greenbush Lithium Project: 13.1km[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 and initial sampling by Midas has returned results up to 3.8% Li ₂ O from the main outcrop and surrounds ( refer ASX release dated 13 July 2023 ).

Competent Person and Compliance Statements

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.

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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.

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 or in the End Notes. 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.

End Notes

1. Refer to Midas’ ASX announcement dated 19 May 2025, ‘Midas extends footprint in Otavi’.

2. Refer to Midas’ ASX announcement dated 16 May 2025, ‘Transformational Project Acquisition’.

3. Otjikoto mine recorded production 2014 to 2024 (1.79Moz) and Mineral Resources of 41Mt at 0.74g/t Au Indicated and 3.2Mt at 2.83g/t Au Inferred (total 1.26Moz) classified using the CIM Standards as at 31 December 2023, figures obtained from B2Gold’s website (https://www.b2gold.com/operations-projects/producing/otjikoto-mine-namibia/default.aspx) accessed on 29 April 2025.

4. Refer to: The Otavi Mountain Land in Namibia, Melcher 2003, available at www.ResearchGate for Tsumeb Mine; Trigon Metals Inc. Independent Technical Report for Kombat Asis West Mine, SRK March 2024; Tschudi Copper Mine Technical Report, Weatherly International PLC, 2016 (JORC Resource of 27.5Mt at 0.87% Cu Indicated and 22.2Mt at 0.72% Inferred).

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: SUMMARY OF EXPLORATION RESULTS

Table 1: Summary of completed trenches at South Otavi

Trench	East	North	RL	Azm	Decl.	Length		Interval Sampled
DET001	730926	7816438	1437	315	0	53		42-50m
DET002	730897	7816400	1437	320	0	48		-
DET003	730822	7816452	1437	342	0	82	2-5m,	26-27m,44-46m,48-52m,61-63m,65-67m
DET004	731096	7816739	1437	310	0	41		9-10m,21-25m,39-41m
DET005	732473	7816678	1437	50	0	25		15-16m
DET006	731053	7816498	1437	327	0	142		0-142m
DET007	730912	7816562	1437	330	0	154		0-154m
DET008	730698	7816427	1437	344	0	47		0-47m
DET009	730131	7816293	1437	330	0	100		8-9m,15-21m,30-31m,45-46

Notes: DET002 essentially did not reach bedrock DET009 is an historic trench that has been re-cleaned

Table 2: Summary of initial assay results from completed trenches at South Otavi

Trench	From	To	Interval	Cu	Ag	Au	Mo	Pb	Zn
	m	m	m	%	g/t	**ppb **	**ppm **	%	%
DET001	42	47	51	0.25	1.2	8	52	<0.1	<0.1
DET002	abn
DET003	2	5	32	0.50	1.0	<5	140	<0.1	<0.1
	44	45	11	0.37	2.0	31	<10	<0.1	<0.1
	49	50	1	0.10	1.0	14	<10	<0.1	<0.1
	61	63	22	2.41	28.5	58	<10	<0.1	<0.1
	66	67	11	0.60	7.0	22	<10	<0.1	<0.1
DET004	23	24	1	1.19	2.0	17	<10	<0.1	<0.1
DET005	NSI
DET006	1	14	14	pending
	15	34	19	pending
	34	35	13	0.24	1.0	na	<10	<0.1	<0.1
	35	142	107	pending
DET007	0	154	154	pending
DET008	0	10	10	pending
	10	11	13	0.45	2.0	na	<10	<0.1	<0.1
	11	15	4	pending
	15	16	13	0.91	3.0	na	<10	<0.1	<0.1
	16	21	8	pending
	23	33	11	pending
	34	36	2	0.22	1.0	na	<10	<0.1	<0.1
	36	42	6	pending
	42	45	33	0.18	1.0	na	<10	<0.1	<0.1
	45	47	2	pending
DET009	8	9	12	1.87	5.0	na	<10	<0.1	<0.1
	15	21	62	0.75	2.0	na	<10	<0.1	<0.1
Incl.	17	19	2	1.50	3.0	na	<10	<0.1	<0.1
	30	31	12	3.48	8.0	na	<10	<0.1	<0.1
	45	46	1	0.42	1.0	na	<10	<0.1	<0.1

Notes:

1 denotes ended in mineralisation

2 denotes entire interval sampled

3 denotes entire interval for which assays reported to date Assays pending for DET006 to DET009, ‘na’ demotes not assayed. ‘NSI’ denotes no significant intercepts.

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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.	Midas trench sampling was completed by a professional
techniques		cut channels, random chips, or	geologist. Samples typically 1.5kg to 3.0kg in size. The
		specific specialised industry standard	samples were transported to the ALS sample preparation
		measurement tools appropriate to the	facility in Okahandja, Namibia.
		minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken	All analysis was completed at SANAS accredited ALS laboratory in South Africa. The samples were weighed, dried and crushed. A total of 51 samples were assayed at ALS.
		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	Not applicable as no drilling is being reported.
techniques		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.).
Drill sample	•	Method of recording and assessing	Not applicable as no drilling is being reported.
recovery		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.
Logging	•	Whether core and chip samples have	Drill logging Not applicable as no drilling is being reported.
		been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and	Trenches were inspected over the entire length and partial logs and notes were kept, logging data for trenches is qualitive in nature.
		metallurgical studies.

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Criteria JORC Code Explanation	Commentary
• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography • The total length and percentage of the relevant intersections logged.
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.	Trench samples by Midas were delivered to ALS, Okahandja, Namibia, independent accredited laboratory, samples where, dried, screen to -2mm and 250g of sample split was pulverized. This sampling technique is industry standard and deemed appropriate. Sample pulps and rejects are held in the ALS storage facility.
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.	Midas trench samples were analysed at ALS Johannesburg. Methods used for samples were: ME-ICP61a Multi-Element Ultra Trace method combining a HF-HNO3-HCIO4 acid digestion HCI leach Analytical analysis performed with ICP-AES. Method Precision: ± 7 – 15% Au-AA23 Au by 50g Fire Assay with AA finish Elements assayed included: Au, Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe, Ga, K, La, Li, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Se, Sn, Sr, Th, Ti, Tl, U, V, W, Zn. As part of the QA/QC program Certified Reference Material (CRM) samples are inserted alternately, at the total rate of about 1 in 15 samples. In addition to the Company QAQC samples within the batch the laboratory included its own CRM’s (Certified Reference Materials). Sample assay results of QAQC samples were evaluated.
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.	No verification sampling was undertaken No adjustments were made to Midas assay data. No duplicate soil sampling has been conducted.
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.	All co-ordinates have been reported in WGS84 / UTM Zone 33 South. Midas trenches were surveyed using a handheld GPS considered generally accurate to +/-3m.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic
		control.
Data spacing	•	Data spacing for reporting of	Midas trenches were placed at ad hoc intervals.
and distribution	•	Exploration Results. Whether the data spacing and	No Mineral Resource estimation is being reported. No sample compositing was applied.
		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.
Orientation	•	Whether the orientation of sampling	Most of the trenches were dug at an orientation that is
of data in		achieves unbiased sampling of	approximately right angles to the strike of geology and
relation to		possible structures and the extent to	mineralisation.
geological structure		which this is known, considering the deposit type.	There is no apparent bias introduced in sampling methodology.
	•	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.
Sample	•	The measures taken to ensure	Midas samples were delivered to the ALS laboratory in
security		sample security.	Okahandja by Midas geological consultant. Sample pulps
			were airfreighted to South Africa.
Audits or	•	The results of any audits or reviews	No audits were undertaken of Midas QA/QC samples. The
reviews		of sampling techniques and data.	sampling is exploratory in nature and not to be used for
			resource estimation.

Section 2 Reporting of Exploration Results

Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Mineral	•	Type, reference name/number,	The South Otavi project comprises exclusive prospecting
tenement		location and ownership including	license (EPL) 8374 located in the Otjozondjupa Region of
and land		agreements or material issues with	Namibia:
tenure status		third parties such as joint ventures, partnerships, overriding royalties,	The Company has an option to acquire up to 80% of EPL8374.
		native title interests, historical sites, wilderness or national park and environmental settings.	Environmental Clearance Certificates (ECC) in respect of exploration activities are required for exploration to commence. Currently ECC are valid for EPL8374.
	•	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.	There are no overriding royalties other than to the state. No special indigenous interests, historical sites or other registered settings are known on the Project area.
			As the tenure falls on private farms, land access
			agreements are required to undertake exploration.
Exploration	•	Acknowledgment and appraisal of	This release refers to prior exploration results by Kennecott
done by		exploration by other parties.	Explorations and Avdale Namibia obtained from the
other parties			Namibian Geological Survey Library included reports for
			historic EPLs:
			154 circa 1969
			2411 circa 2000

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
			The CP has reviewed this information and considers the
			information of sufficient veracity for target generation
			purposes.
			The area has been held by other companies, but no
			substantive additional exploration data has been obtained
			in which the Competent person considers relevant given
			the level of recent exploration completed.
Geology	•	Deposit type, geological setting and	The project is located within the Pan-African Damaran
		style of mineralisation.	Orogen and encompasses two major geological terranes
			separated by the regionally significant Khorixas-Gasenirob
			Thrust Zone. At a local scale, this thrust places deep-water
			Skwakop group sediments of the 'Northern Zone Terrane'
			over Otavi Group platform carbonates of the 'Northern
			Margin Zone Terrane'.
			Within the South Otavih project area, copper mineralisation
			is spatially associated with the contact between the Nosib
			and Otavi Groups—mirroring the setting at Deblin (Midas
			Otavi Project).
			Gold potential is equally compelling and underexplored.
			The nearby Otjikoto-style mineralisation is hosted in the
			Swakop Group’s Okonguarri Formation. At Otjikoto and
			South Otavi, these prospective units are overlain by
			outcropping marbles of the Karibib Formation and
			otherwise obscured by calcrete and transported sands.
Drill hole	•	A summary of all information material	Refer to Appendix A Table 1 of the announcement for a
Information		to the understanding of the	summary of completed trenches.
		exploration results including a tabulation of the following information	Appendix A Table 2 contains a summary of assay results received to date for intervals above 0.1% Cu.
		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.
Data	•	In reporting Exploration Results,	Data has been aggregated or truncated in the reporting of
aggregation		weighting averaging techniques,	the exploration results.
methods		maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	The trenches have not been sampled for their entire length For Appendix A Table 2; grades are reported above a lower cut-off grade of 0.1% Cu. All sample were 1m, a length- weighted average is applied for the reported intersection where more than one sample was above the cut-off. The
	•	Where aggregate intercepts	formula is (Σ(grade x sample length)/total interval width).
		incorporate short lengths of high	No metal equivalents have been used.
		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.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
	•	The assumptions used for any
		reporting of metal equivalent values
		should be clearly stated.
Relationship	•	These relationships are particularly	Intersections reported for trenches are approximately
between		important in the reporting of	horizontal intervals.
mineralisatio n widths and intercept lengths	•	Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported	The approximate true thickness of mineralisation is expected to be within 70 to 95% of sample interval.
	•	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	Figures 2 and 3 show location of referenced trenches and
		scales) and tabulations of intercepts	targets defined by soil and drill geochemistry.
		should be included for any significant discovery being reported These should include, but not be limited to a	Maps included in the body of this announcement are deemed appropriate by the competent person.
		plan view of drill hole collar locations
		and appropriate sectional views.
Balanced	•	Where comprehensive reporting of all	Appendix A Table 1 lists trenches completed or sampled by
reporting		Exploration Results is not	Midas.
		practicable, representative reporting of both low and high grades and/or	Appendix A Table 2 lists all sample intervals above 0.1% Cu.
		widths should be practiced to avoid
		misleading reporting of Exploration
		Results.
Other	•	Other exploration data, if meaningful	All relevant and material exploration data (for which records
substantive		and material, should be reported	could be located) for the target areas discussed, have been
exploration		including (but not limited to):	reported or referenced.
data		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.
Further work	•	The nature and scale of planned	Further exploration, including drilling, is warranted to test
		further work (e.g. tests for lateral	anomalies.
		extensions or depth extensions or large-scale step-out drilling).	All relevant diagrams have been incorporated in this report.
	•	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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