MIDAS MINERALS LTD — Capital/Financing Update 2025

Apr 28, 2025

ASX / MEDIA ANNOUNCEMENT 29 April 2025

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Midas advances gold targets at Newington & Challa Projects, WA

Highlights

• Mapping and sampling completed on gold prospects at the Newington Project, WA, with drill-ready gold targets around old gold workings and geochemical anomalies

• Previous drilling returned significant intercepts outside high-grade areas mined to 2005, including 4m at 16.6g/t Au and 2m at 17.5g/t Au at the Dawsons prospect[2]

• Drilling planned at Newington for September Quarter, subject to approvals

• Midas continues to define targets at the Challa Project, with additional results expected in the June Quarter.

Midas Minerals Ltd (“Midas”, or “the Company”) ( ASX: MM1 ) is pleased to announce results from recent exploration on its Newington and Challa Projects in the Goldfields region of WA.

Newington Project

Midas has completed further mapping and 3D modelling on gold and copper targets at its Newington Project, aimed at further defining and prioritising drill targets. The areas were selected based on prior geochemical sampling by Midas[1] and the presence of undrilled historic gold workings and prior exploration by others.[2]

Midas considers six prospects are drill ready, while three others require additional geochemical sampling to refine and prioritise. Midas plans to drill at Newington in the September 2025 quarter, subject to approvals.

Challa Project

Recent exploration by Midas on the 848km[2] Challa Project continues to define targets for further exploration. Significant recent results include 3.38g/t 2PGE (platinum plus palladium) from a chromite horizon at Wondinong, which is close to a previously reported platinum group element (“PGE”) occurrence.[3] In addition, Midas identified anomalous copper, gold, tin and molybdenum from gossan samples at the Rosemary-Anne target.[4]

The Company collected a total of 505 infill soil samples from a number of targets at Challa. Assays are pending, expected during the June Quarter, with results to determine Midas’ next steps at Challa.

Midas Managing Director Mark Calderwood commented: “Several of the Newington gold targets are quite well advanced, representing excellent gold drill targets. Previous drilling in some areas returned strong gold grades whilst other areas remain entirely untested by drilling. The Company has lodged new Program of Work applications. The Newington Project is well located at the northern end of the Southern Cross greenstone belt, where recent success by Golden Horse Minerals (ASX: GHM) at the Hopes Hill prospect[5] demonstrates how under-explored the belt is.

“Mining at Newington target Newfield between 2001 and 2005 resulted in recovery of 33,232t of ore at a recovered grade of 22.7g/t gold for 24,234 ounces of gold. This was significantly greater volume and contained gold than expected from drilling and the pre-mining geological resource estimate.[2,6]

“At Challa we are gaining a stronger understanding of the various prospects for exploration. We will continue to work up drill targets, particularly on the 3.5km Killarney gold prospect, which surrounds the high-grade gold occurrence of the same name being explored by Duketon Mining (ASX: DKM) on a 0.5km[2] excised ML. We have completed a widespread sampling program and results from that work will determine where best to focus our efforts at Challa”.

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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Newington Gold and Copper Prospects

Newfield Group

The Newfield Group cover three proximal gold deposits: Newfield Mine, Dawsons and Newfield East (refer Figures 1, 2 and 3 ) covered by two Mining Leases.

The Newfield Mine has recorded total production of 32,366oz gold at an average recovered grade of 24.5g/t Au , with ~75% of this material mined between 2001 and 2005 when the gold price averaged US$370/oz. Ore from the deepest stope (from 131m to 173m vertical) at Newfield averaged 19g/t Au , with a mill recovery of 93.6%.

The Newfield East and Dawsons deposits, both within 700m of Newfield, have very limited prior mining, however contain some significant gold drill intercepts including 4m at 16.6g/t Au from 83m, 3m @ 11g/t Au from 51m, 2m at 17.5g/t Au from 76m and 2m at 13g/t Au from 146m at Dawsons and 13m at 4.5g/t Au from 8m and 12m at 2.1g/t Au from 56m at Newfield East.[2]

Midas has undertaken 3D geological modelling of prior drilling and grade control datasets of the Dawsons, Newfield and Newfield East prospects and has defined extension drill targets for each of the three deposits.

Mayfield East

Recent mapping has confirmed the location of a principal drill target at Mayfield East and highlighted the potential for mineralisation within a banded iron formation (“BIF”) to the west of historic mining activity. Additional minor workings were located further west of the BIF (refer Figure 4 and Table 1 of Appendix A).

Mayfield East deposit was mined prior to 1944, however, there are no records nor in-field indications of prior drilling. In 2024, Midas completed an auger geochemical grid over a 400m by 200m area. The sampling defined two anomalies, comprising a small intense anomaly located near old workings, with auger values up to 1,330ppb, 947ppb, and 766ppb gold .[2]

Midas has planned RC drilling in the September quarter for the main line of workings.

Hawthorn

Detailed mapping and sampling were undertaken as follow up to prior geochemistry identified by Midas in 2024.[1] Sampling and mapping confirmed areas of anomalous gold geochemistry associated with the more gossanous sections of folded BIF (refer Figure 5 and Table 1 of Appendix A). There are several areas of strong gold geochemistry, the largest extending for 170m. Three of four prior RC holes returned anomalous gold over wide intervals, including 14m at 0.88g/t gold from 9m.[1]

Midas has planned further drilling in the September quarter to test the strongest section of anomalism.

Carterton North

Recent mapping has located intensively sheared felsic volcanics subcrop within the 700m copper anomaly identified by Midas in auger geochemistry conducted in 2024.[1] There are no records nor indications in the field of prior drilling on this part of the copper trend . Prior drilling approximately 100m - 700m south of the project boundary contained anomalous copper, gold, silver, zinc, lead, molybdenum and tin mineralisation over broad intervals associated with potassic-calc-silicate alteration, disseminated chalcopyrite and pyrite and intensive shearing.[8]

Midas has planned RC drilling in the September quarter to undertake limited testing of the concurrent copper anomaly, as well as the IP anomalies identified by Western Mining Corporation Ltd (“WMC”).[9]

Mt Correll SE

Midas undertook further mapping and sampling on the Chapel and Settlers targets (refer Figure 6 and Table 1 of Appendix A). Additional auger geochemical sampling is planned prior to defining drill targets.

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Mt Correll NE

Recent mapping and sampling have extended the area of interest to 500m (refer Table 1 of Appendix A). Further auger geochemical sampling will be undertaken prior to drill targeting.

Challa Prospects

Recent exploration by Midas on the Challa project has focused on mapping and geochemical sampling of targets identified by prior exploration. A total of 20 rock chip samples were collected during mapping (refer Tables 2 and 3 of Appendix A); significant results include up to 3.38g/t 2PGE and anomalous gold, copper, molybdenum, tin, and nickel.

A total of 505 soil samples were collected analysed using an XRF spectrometer for base metals and Portable PPB/detectORE™ for gold. Of these samples, a total of 125 have also been submitted for laboratory analysis to obtain assay confirmation of the suitability of detectORE™ methodology and XRF to quantify anomalous gold, copper, base metals and rare earths. On receipt of laboratory assays, which are expected in the June quarter, the Company will provide an update on the results.

Midas has identified multiple target styles on its 848km[2] Challa Project:

• Shear and vein hosted gold and gold/copper mineralisation:

Numerous gold and gold copper prospects have been defined in the Killarney area, extending over a 3.5km trend. The Pioneer – Windsor shear and vein hosted gold-copper mineralisation proximal to the Wyemandoo shear zone has potential to be more extensive under transported cover which dominates the area. Anomalous gold and copper within the Wondinong and Woodley areas indicate potential for additional shear/vein hosted gold mineralisation.

• Structurally controlled copper, silver and base metals mineralisation:

Several base metal and precious metal occurrences associated with late-stage cross structures with the Windimurra Intrusive Complex (“WIC”). Several occur within the 4km[2] John Bore area - rock chip sampling at John Bore South returned 16.2% copper , 566g/t silver with accessory gold, PGEs and bismuth.[7]

Historic drilling at John Bore targeting PGEs intercepted a shear zone containing lead zinc mineralisation within a 21.1m interval with no assays for silver. Midas auger and geochemical sampling identified another area of high base metals anomalism, and recent mapping did not locate any outcrop over the anomaly. The potential of the area is highlighted by the lack of outcrop and broad areas of potentially transported cover.

• Intrusion hosted platinoids, copper, nickel mineralisation:

The WIC stratiform layered gabbroic body contains at least two laterally extensive horizons, containing anomalous PGEs, copper and nickel mineralisation. Recent infill soil sampling and mapping is providing clarity over geometry and metal variability. Significant PGE and copper anomalism remains untested by drilling.

• Stratabound base metals mineralisation:

Recent sampling (refer Tables 2 and 3 of Appendix A) confirmed the presence of anomalous copper, gold, tin, molybdenum and zinc at the Rosemary-Anne prospect within gossanous felsic volcanics or the KantieMurdana formation interpreted to have been deposited above the WIC. The area is considered prospective for both VMS base metals or structurally controlled base metal and precious metal styles of mineralisation.

Anomalous base metals occur in soils for 11km along the contact between the WIC and the Yaloginda group felsic volcanics and clastic sequences (Heelier Prospects). The area contains major flexures in the regionally significant Wyemandoo Shear, where major oblique faults interact. Anomalous base metals may be stratabound or structurally controls.

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Figure 1: Gold and Copper Prospects at Newfield area of Newington Project

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Figure 2: Newington Project - Newfield and Newfield East Gold Mines and Prospects.

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Figure 3: Newington Project - Dawsons Long Section.

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Figure 4: Newington Project - Mayfield East Prospect.

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Figure 5: Newington Project - Hawthorn Prospect.

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Figure 6: Newington Project - Mt Correll SE Prospect.

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Figure 7: Challa Project and Prospect Locations.

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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

About Midas

Midas Minerals is a junior mineral exploration company with a primary focus on gold, base metals and lithium. 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.

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.

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.

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End Notes

1. Refer to Midas’ ASX announcement dated 25 July 2024.

2. Refer to Midas’ ASX announcement dated 17 April 2024.

3. Refer to Midas’ ASX announcement dated 23 August 2022.

4. Refer to Midas’ ASX announcement dated 8 October 2024.

5. Refer to GHM’s ASX announcement dated 10 April 2025.

6. Refer to WAMEX report A64915, Clippo Syndicate, July 2002.

7. Independent Geologist’s Report and Appendices within the Midas Prospectus dated 12 July 2021 (released on ASX on 3 September 2021).

8. Refer to WAMEX report A116435.

9. Refer to WAMEX report A0094.

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: SAMPLE DETAILS & ASSAYS

Table 1 – Newington Rock Chip Sample Results

Sample	ID	Easting	Northing	Au ppm	Ag ppm	As ppm	Cu ppm	Fe %	Lithology
CH001		684916	6619625	0.03	<1	1	130	32	BIF
CH002		685032	6619438	0.01	<1	10	40	4	BIF
CH003		685170	6619267	0.39	<1	8	35	11	BIF/Quartz
CH004		685192	6619225	1.05	<1	46	255	17	BIF/Quartz
HW001		681967	6622004	0.22	<1	3090	30	9	BIF
HW002		681997	6622111	0.01	<1	1480	<5	59	BIF
HW003		682001	6622104	0.12	<1	7946	230	56	BIF
HW004		682013	6622079	0.92	<1	15625	140	52	BIF
HW006		682092	6622024	0.39	<1	2920	205	60	BIF
HW007		682082	6621995	0.16	<1	4340	215	59	BIF
HW008		681966	6622041	0.18	<1	16325	135	47	BIF
HW009		681974	6622062	0.01	<1	718	10	42	BIF
HW010		681984	6622061	0.01	<1	681	15	11	Quartz Vein
HW011		681988	6622061	0.02	<1	6680	5	52	BIF
HW012		682032	6622051	0.26	<1	5590	140	62	BIF
HW013		682048	6622023	1.45	<1	2210	195	61	BIF
HW014		681919	6622267	0.16	<1	1190	20	60	BIF
HW015		681895	6622303	0.41	<1	4060	165	51	BIF
HW016		681884	6622353	0.01	<1	1645	<5	57	BIF
MCN001		683464	6622270	0.36	<1	134	55	13	Quartz
MCN003		683694	6622143	0.42	<1	60	65	8	Quartz Vein / BIF
MCN004		683738	6622044	0.11	<1	64	75	12	Quartz Vein / BIF
MCN005		683404	6622362	0.27	<1	6	640	12	Quartz Vein / BIF
ME001		682576	6623919	0.53	<1	1	25	3	Quartz
ME002		682596	6623891	0.02	<1	3	25	1	Quartz / Calcrete
ME004		682545	6623816	1.23	<1	65	55	24	BIF
ME005		682654	6623759	0.00	<1	<1	10	1	Quartz
ME006		682682	6623732	0.02	<1	2	20	2	Quartz
ME007		682727	6623702	<0.001	<1	1	10	1	Quartz

Table 2 – Challa Project Sampling Locations and Descriptions

Sample ID	East	North	Lithology
CH24001	635158	6901855	Quartz Vein
CH24010	634516	6903585	Quartz Vein
CH24013	633261	6900350	Mafic
CH24014	633209	6900413	Schist
CH24016	633201	6900416	Dolerite
CH24017	633217	6900406	Gabbro
CH24019	635434	6907411	GRT
CH24020	635377	6907453	Pyroxenite
CH24023	634177	6901311	Gabbronorite
CH24024	643071	6886009	Quartz Vein Gossan
CH24025	643048	6886021	Ferruginous Vein
CH24026	643046	6886049	FV Gossan
CH24027	643039	6886043	Ferruginous Vein
CH24028	643064	6885987	Ferruginous Vein Gossan
CH24029	643067	6885979	Ferruginous Vein Gossan
CH24032	643091	6885931	Ferruginous Vein Gossan
CH24034	643413	6885526	Gossan
CH24041	634163	6901301	Chromite reef in gabbronorite
CH24QV004	638167	6906816	Quartz Vein
CH24QV006	638039	6906812	Quartz Vein

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Table 3 – Challa Project Rock Chip Assay Results

Sample	Au 1 **ppb **	Pt **ppb **	Pd ppb	Cu ppm	Zn ppm	Ni ppm	As ppm	Cr %	Bi ppm	Mo ppm	Pb ppm	Sn ppm	W ppm
CH24001	4	5	-1	24	2	7	14	0	38	0	1	0	1
CH24010	20	-1	-1	10	4	3	2	0	170	1	1	0	1
CH24013	19	5	2	180	50	358	1	0	2	0	1	0	0
CH24014	5	2	2	82	186	344	-1	0	0	0	1	0	0
CH24016	6	-1	-1	58	108	113	1	0	0	0	2	1	0
CH24017	3	-1	-1	92	66	219	1	0	0	0	1	0	0
CH24019	1	-1	-1	8	8	8	1	0	0	0	7	1	0
CH24020	5	-1	-1	80	60	290	-1	0	0	0	1	0	0
CH24023	3	10	10	24	52	1650	-1	0.4	0	0	2	0	0
CH24024	28	-1	-1	58	52	16	5	0	5	102	5	148	2
CH24025	29	-1	2	152	494	14	2	0	5	26	3	13	3
CH24026	97	-1	-1	548	2610	5	4	0	4	11	9	73	6
CH24027	7	-1	-1	38	50	3	2	0	2	4	4	3	2
CH24028	28	-1	-1	28	1510	5	1	0	1	1	5	13	1
CH24029	11	-1	-1	50	1070	2	5	0	1	11	4	6	2
CH24032	13	-1	-1	106	236	1	4	0	1	20	6	4	1
CH24034	14	-1	-1	570	190	3	18	0	20	207	18	88	12
CH24041	76	1870	1510	158	196	1430	2	12.0	0	4	1	1	0
CH24QV004	11	10	6	84	12	14	1	0	0	4	1	1	0
CH24QV006	15	34	27	166	-2	29	2	0	168	1	38	0	0

Table 4 – Newfield Mining Leases Drilling 2000-2020

Hole_ID	Prospect Year Type East (m) North (m) RL (m)	Depth (m) From (m) To (m) Intercept (m) Au ppm
CSRC001	Newfield 2001 RC 681546 6624843 407	106 91 93 2 15.32
CSRC002	Newfield 2001 RC 681535 6624822 407	100 84 86 2M 25.69
CSRC003	Newfield 2001 RC 681536 6624863 406	100 78 80 2 0.36
CSRC004	Newfield 2001 RC 681535 6624803 409	104 87 88 1 2.58
CSRC005	Newfield 2001 RC 681585 6624842 409	160 145 150 5M 4.91
CSRC006	Newfield 2001 RC 681575 6624862 407	142 130 132 2 3.84
CSRC007	Newfield 2001 RC 681532 6624783 409	148 NSI
CSRC008	Newfield 2001 RC 681535 6624768 410	100 NSI
CSRC009	Newfield 2001 RC/DDH 681520 6624813 408	76 67.8 68.9 1M 22.74
CSRC010	Newfield 2001 RC 681565 6624843 408	136 120 128 8M 6.94
CSRC011	Newfield 2002 RC/DDH 681555 6624822 408	130 106.8 107.8 1M 2.8
CSRC012	Newfield 2001 RC 681553 6624802 409	124 114 116 2M 13.41
CSRC013	Newfield 2001 RC 681575 6624822 409	154 139.5 142 2.5M 11.76
CSRC014	Newfield 2002 RC 681533 6624883 406	94 77 81 4 0.46
CSRC015	Newfield 2002 RC 681540 6624901 405	94 82.5 83.5 1 12.1
CSRC018	Newfield 2003 RC 681547 6624922 405	112 81 87 6 4.76
CSRC019	Newfield 2003 RC 681547 6624942 405	118 68 72 4 0.44
CSRC020	Newfield 2003 RC 681548 6624965 405	95 NSI
CSRC022	Newfield 2003 RC 681648 6624816 409	258 210 216 6 6.43
CSRC023	Newfield 2003 RC 681566 6624912 405	130 101 104 3 1.85
CSRC024	Newfield 2004 RC 681648 6624856 408	250 196 200 4 1.29
		and 202 203 1 1.57
CSRC025	Newfield 2004 RC 681648 6624896 407	238 189 191 2 0.87
CSRC026	Newfield 2004 RC 681649 6624936 406	214 NSI
NWDD001	Newfield 2019 RC/DDH 681682 6624818 410	260.6 230 232 2.6 0.43
NWDD003	Newfield 2019 RC/DDH 681680 6624857 410	270.4 NSI
SNWRC005	Newfield 2019 RC 681607 6624924 405	205 163 164 1 1.64
CSRC021	Dawson 2003 RC 681103 6625383 407	118 51 54 3 11.03
CSRC027	Dawson 2004 RC 681084 6625385 406	80 NSI
CSRC028	Dawson 2004 RC 681125 6625382 407	70 54 58 4 3.00
CSRC029	Dawson 2004 RC 681145 6625382 408	70 56 58 2 1.04

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Hole_ID	Prospect Year Type East (m) North (m) RL (m)	Depth (m) From (m) To (m) Intercept (m) Au ppm
CSRC030	Dawson 2004 RC 681102 6625364 407	94 NSI
CSRC031	Dawson 2004 RC 681123 6625363 408	94 83 87 4 16.60
		incl. 83 85 2 29.95
CSRC032	Dawson 2004 RC 681165 6625385 410	70 52 56 4 0.74
CSRC033	Dawson 2005 RC 681104 6625396 406	52 NSI
CSRC034	Dawson 2005 RC 681124 6625392 407	49 41 48 7 2.28
CSRC035	Dawson 2005 RC 681146 6625393 408	49 44 46 2 1.55
CSRC036	Dawson 2005 RC 681122 6625343 409	120 105 106 1 20.01
CSRC037	Dawson 2005 RC 681143 6625351 409	108 NSI
NERC018	Dawson 2020 RC 681161 6625369 410	110 NSI
NERC019	Dawson 2020 RC 681182 6625332 412	148 NSI
NERC020	Dawson 2020 RC 681141 6625335 411	150 104 108 4 3.27
SNWRC010	Dawson 2019 RC 681131 6625365 408	92 76 78 2 17.53
SNWRC011	Dawson 2019 RC 681209 6625401 412	52 NSI
SNWRC013	Dawson 2019 RC 681096 6625343 409	132 NSI
SNWRC014	Dawson 2019 RC 681123 6625316 412	162 146 148 2 12.98
SNWRC015	Dawson 2019 RC 681062 6625356 408	107 NSI
SNWRC016	Dawson 2019 RC 681062 6625319 410	152 NSI
SNWRC017	Dawson 2019 RC 681180 6625346 412	122 101 102 1 1.15
SNWRC012	Newfield East 2019 RC 681635 6624761 410	155 47 54 7 1.80
		and 92 94 2 0.93
		and 102 104 2 2.41
NWDD002	Exploration 2019 RC/DDH 681677 6624777 1	269.1 NSI
CSRC016	Exploration 2003 RC 681755 6625072 408	118 NSI
CSRC017	Exploration 2003 RC 681730 6625042 407	100 NSI
CSRC038	Exploration 2005 RC 681485 6625310 N/R	49 28 32 4 0.14
CSRC039	Exploration 2005 RC 681498 6625293 N/R	60 36 40 4 0.12
CSRC040	Exploration 2005 RC 681470 6625278 N/R	35 NSI
CSRC041	Exploration 2005 RC 681453 6625269 N/R	49 NSI
CSRC042	Exploration 2005 RC 681536 6625288 N/R	43 NSI
SNWRC001	Exploration 2019 RC 681494 6624666 405	60 NSI
SNWRC002A	Exploration 2019 RC 681547 6624667 N/R	70 NSI
SNWRC003	Exploration 2019 RC 681575 6624780 411	162 80 92 12 0.13
SNWRC004	Exploration 2019 RC 681648 6624780 409	227 164 168 4 0.24
SNWRC006	Exploration 2019 RC 681510 6624980 405	53 30 31 1 0.17
SNWRC007	Exploration 2019 RC 681517 6625044 406	58 33 34 1 0.13
SNWRC008	Exploration 2019 RC 681514 6625098 407	63 NSI
SNWRC009	Exploration 2019 RC 681551 6625100 407	103 NSI
SNWRC018	Exploration 2019 RC 681650 6624976 N/R	192 186 188 2 1.09
SNWRC019	Exploration 2019 RC 681566 6625044 405	57 NSI
SNWRC020	Exploration 2019 RC 681677 6625100 408	112 NSI
SNWRC021	Exploration 2019 RC 681634 6624696 410	125 NSI
SNWRC022	Exploration 2019 RC 681762 6624796 409	160 NSI
SNWRC023	Exploration 2019 RC 681618 6624745 411	165 53 56 3 0.38
SNWRC029	Exploration 2019 RC 681076 6625518 402	52 NSI
SNWRC030	Exploration 2019 RC 681824 6624842 408	47 NSI

Notes

M – believed to have been mostly mined out between 2002 and 2005. CSRC001 intercept believed to be close to a stope N/R – not recorded, NSI – no significant intercept

Holes CSRC019, CSRC030, CSRC033, NWDD001 and NWDD002 intercepted late-stage intrusive dykes in target zone. All Newfield holes drilled nominally -60º declination, 270º azimuth.

All Dawson holes drilled nominally -60º declination, 360º azimuth

Exploration drill holes and Newfield East drill holes drilled nominally -60º declination, and, 25º, 90º or 270º azimuths.

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

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.	Midas Rock chip samples were taken from rock outcrops. Sample sizes range from 0.5-2.0kg are considered appropriate for the material sampled. For 2001-2005 RC and diamond drilling: For RC - 2kg - 3kg samples collected at 0.5m to 1m intervals. Samples collected at 0.5m to 1m through main target zone and 4m composites for the balance of drilling. Method of splitting was not recorded. For Diamond drilling the target veins were sampled as half core at intervals from 0.25m to 0.9M Mineralisation was determined qualitatively through rock type, sulphide and quartz content and intensity of alteration. For 2019-2020 RC and diamond drilling: For RC, 2kg - 3kg samples collected at 1m intervals. Mineralisation was determined qualitatively through rock type, sulphide and quartz content and intensity of alteration.
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.).	For 2001-2005 RC and diamond drilling:Contractor, Grimwood Davies was used for RC drilling. The RC rig utilised face sampling hammer of unknown diameter. For diamond drilling, Western Diamond Drillers were contracted producing NQ2 core. For 2019-2020 RC and diamond drilling:Contractor, Challenge Drilling was used for RC drilling. The RC rig utilised face sampling hammer of unknown diameter. For diamond drilling no records were available for the contractor or core size. None of these diamond holes intercepted significant mineralisation largely due intercepting a granite dyke in the target zone.
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.	For 2001-2005 RC and diamond drilling: No records of recovery nor problems with recovery were noted in log sheets For 2019-2020 RC and diamond drilling: All samples were dry and no problems with recovery were noted in database.
Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support	For 2001-2020 RC and diamond drilling:RC and Holes logged to a level of detail to support mineral resource estimation: lithology;alteration;mineralisation;

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Criteria JORC Code Explanation	Commentary
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.	structural. qualitative: lithology, alteration, foliation. quantitative: vein percentage; mineralisation (sulphide) percentage. Logging is both qualitative and quantitative or semi quantitative in nature. All holes logged for the entire length of hole. Midas rock chip samplesSample descriptions for all samples have been recorded according to sample type and rock type. Sample descriptions are qualitative in nature. All samples were photographed in the field.
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.	Midas rock chip samples prepared at Nagrom were dried and crushed to a top size of 2mm. Crushed samples were pulverised to 95% passing 75 microns. 1:20 samples were split to produce a duplicate for QAQC purposes. No standards or blanks were submitted for geochemical and rock chip sampling by all parties. Laboratories utilised their own QA/QC procedures, including duplicate splits and standards. The preparation methods are appropriate for the sampling method. For 2001-2005 RC and diamond drilling:Drill cuttings were split by an automatic splitter located on the rig cyclone and collected in 1m bags. Samples through the interpreted mineralised zone were collected at half metre down hole intervals for some holes. 2-3kgs of sample was submitted to ALS in Kalgoorlie for sample preparation and analysis by Aqua Regia and 0.2kg to 0.5kg bulk cyanide leach. No standards were used however field duplicate check sampling of mineralised zone was undertaken. For 2019-2020 RC and diamond drilling:mineralised drill cuttings were cone-split. 2-3kgs of sample was submitted to ALS for sample preparation and analysis by fire assay. Standards and field duplicates were included in sampling. The sample sizes are believed to be appropriate to correctly represent the style of gold mineralisation.
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.	At Nagrom,Midas rock chip sampleswere Assayed by 50gram fire assay for Au and for Ag, As, Cu, Fe, V, a four acid digest was utilised and analysed by Inductively Coupled Plasma (ICP) for Ag, As, Cu, Fe, V. Industry, normal practice, QAQC procedures were followed by Nagrom. Based on laboratory QA/QC, assays were considered satisfactory. For 2001-2005 drilling:Samples were submitted to ALS inKalgoorliefor analysis. All composite samples were analysed by a 25g aqua regia (PM203). With pulps from individual samples returning assays greater than 1g/t Au being re-assayed via 50gram fires assay (PM209) or 200 to 500gram bulk cyanide leach. The original assay sheets nor details of laboratory QA/QC are not available. For 2019-2020 drilling: Samples were submitted to ALSfor analysis. All composite sampleswere

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Criteria JORC Code Explanation	Commentary
	analysed 50g fire assay. Industry, normal practice, QAQC procedures were followed by ALS. No geophysical (XRF) tools were used to determine any element concentrations used in the reported results.
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 or twin holes undertaken. Recent and historicaldata is recorded digitally withinstandard industry software. All data is stored within a suitable database. No adjustments to applied to 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 50 GDA 1994 MGA. Midas rock chip samplelocations recorded with a handheld GPS (+/- 3m). 2001 to 2005 RC and diamond drill holelocations were surveyed using a local grid (same used for mining) and calibrated to MGA grid by Midas with a RTK GNSS CORS Receiver DGPS (+/- 0.5m (horizontal) and 1.5m (vertical)) 2019 to 2029 RC and diamond drill holelocations were surveyed handheld GPS and calibrated where possible to MGA grid by Midas with a RTK GNSS CORS Receiver DGPS (+/- 0.5m (horizontal) and 1.5m (vertical)) 2001-2005 RC and diamond drill holeswere subject to down hole survey, though details on methods were not recorded 2001-2005 RC and diamond drill holeswere subject to down hole survey at nominal 30m intervals using AXIS champ Gyro
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.	All rock chip sampleswere taken at random intervals. 2001-2020 RC drill holes were drilled varying spacing ranging from 20m to 40m along strike and across strike. The data is considered to be appropriate for calculation of a Mineral Resource. Most of the significant reported intercepts are based on 0.5m or 1m sample splits, several were reported as 4m sample composites.
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 should be assessed and reported if material.	Drill holes were orientated approximately perpendicular to theinterpreted strike of the mineralised structures.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Sample	•	The measures taken to ensure sample	Midas rock chip samples were collected and delivered
security		security.	to laboratory by company personnel.
			RC and DDH sample transportation methods were not
			recorded.
Audits or	•	The results of any audits or reviews of	Other than a re-survey of available collars, no audits or
reviews		sampling techniques and data.	reviews were 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.

The Newington Main project area comprises 11 tenements with varying ownership. These are detailed as follows: Midas Tenements(100% owned) E77/2309, E77/2602, E77/2604, E77/2943 A 1.75% gross revenue royalty is payable (E77/2309 only) to Gateway Projects WA Pty Ltd (ACN 161 934 649) pursuant to a royalty deed dated 31 March 2021 (as assigned); and E77/2309 is subject to an obligation pursuant to a tenement sale agreement (as assigned) where Gateway Projects WA Pty Ltd (ACN 161 934 649) must be issued $250,000 worth of shares in Midas Minerals Limited within 10 Business Days of a maiden JORC compliant Mineral Resources being announced on E77/2309. Newfield Tenements(70% interest) Tenements M77/422 and M77/846 is held 50% by Midas and 30% by Newfield Resources Limited. Royalty on M77/422 and M77/846: (a) $10 per ounce of gold and 2% Net Smelter Return of non-gold commodities payable to Carterton Holdings Pty Ltd pursuant to a royalty deed dated 7 November 2001 (as assigned); and (b) 2% Net Smelter Return of gold payable to Anthony John Woodhill (16.67%), Anthony William Kiernan (16.67%), Archaean Exploration Services Pty Ltd (16.65%), Woodline Pty Ltd (16.67%), Plato Prospecting Pty Ltd (16.67%) and Geoda Pty Ltd (16.67%) pursuant to an option agreement dated 22 November 2011 (as assigned). Fleet Street JV Tenements(80% interest) P77/4397, E77/2326, E77/2558 and E77/2263 are held 80% by Midas and 20% by Fleet Street Holdings Pty Ltd. These tenements are subject to a Farm-in Agreement dated 23 September 2019 (as assigned) which contemplates the forming of a Joint Venture, and, following a Decision to Mine being made, Fleet Street may elect (among other options) to convert to a Royalty, the rate of which varies depending on the extent of the participating interest at the time of election. The Newington Project is located on Kawana and Mt Jackson pastoral leases. The project area is within the registered Marlinyu Ghoorlie native title area WC2017/007.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
			There are no wilderness areas, national parks 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 area.
Exploration	•	Acknowledgment and appraisal of	This report refers to prior exploration results by third
done by other parties		exploration by other parties.	parties: • WAMEX reports A62850, A64915, A67324,
			A69213, A71208 and A116435.
			This report refers to prior exploration results Midas:
			Midas ASX announcements 17 April 2024, 25 July
			2024,
Geology	•	Deposit type, geological setting and style	Known gold deposits are within steeply dipping N-W
		of mineralisation.	or E-W striking quartz vein hosted deposits within
			amphibolite altered mafic rocks. Mineralisation varies
			from approximately 1-5m true thickness within an
			alteration zone generally considered to be typical of
			vein style gold mineralisation.
			Copper mineralisation with the Copperhead shear
			occurs in association with silver, gold, zinc, lead and
			molybdenum mineralisation. The low-grade
			mineralised zone appears to be up to 100m wide.
Drill hole	•	A summary of all information material to	Table 4 of Appendix A contains a summary of all prior
Information		the understanding of the exploration	RC and DD drilling at on Newfield Mining Leases from
		results including a tabulation of the	2001.
		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.
Data	•	In reporting Exploration Results,	Reported intercepts within Table 4 of Appendix A
aggregation		weighting averaging techniques,	(except ‘exploration’ holes) have been composited
methods		maximum and/or minimum grade	using a 0.3g/t Au cut off and interval weighting.
		truncations (e.g. cutting of high grades)
		and cut-off grades are usually Material and should be stated.	Reported ‘exploration’ intercepts within Table 4 of Appendix A, have been composited using a 0.1g/t Au
	•	Where aggregate intercepts incorporate	cut off and interval weighting.
		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.

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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	The true width of mineralisation reported in Table 4
between		important in the reporting of Exploration	of Appendix A, are interpreted to be within 80 and
mineralisation		Results.	95% of true width.
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	Figure 1 shows the location of prospects, Figures 2 to
		scales) and tabulations of intercepts	6 show all geochemical sample, rock chip and drill
		should be included for any significant	hole locations
		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	Table 1 of Appendix A contains a comprehensive list
reporting		Exploration Results is not practicable,	of rock chip samples. Table 4 of Appendix A contains
		representative reporting of both low and	details of all prior RC and diamond drilling at on
		high grades and/or widths should be	Newfield Mining Leases since 2001.
		practiced to avoid misleading reporting of
		Exploration Results.
Other	•	Other exploration data, if meaningful and	All relevant and material exploration data for the target
substantive		material, should be reported including	and prospect areas discussed, has been reported.
exploration		(but not limited to): geological
data		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	Further exploration is warranted across the tenements
		work (e.g. tests for lateral extensions or	to improve the understanding of the mineralisation. All
		depth extensions or large-scale step-out	relevant diagrams have been incorporated in this
		drilling).	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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APPENDIX C: JORC CODE 2012 EDITION, TABLE 1 FOR EXPLORATION RESULTS - CHALLA PROJECT

Section 1 – Sampling Techniques and Data

Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Sampling	•	Nature and quality of sampling (e.g. cut	Reported samples were rock chip samples taken from
techniques		channels, random chips, or specific	various outcrops. Sample sizes range from 0.5-2.0kg
		specialised industry standard	are considered appropriate for the material sampled.
		measurement tools appropriate to the minerals under investigation, such as d	No soil sample or drill results are being reported.
		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,	Not applicable as no drilling is being reported.
techniques		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 core	Not applicable as no drilling is being reported.
recovery		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 been	Sample descriptions for all rock chip samples have
		geologically and geotechnically logged to a	been recorded according to sample type and rock
		level of detail to support appropriate	type. Sample descriptions are qualitative in nature.
		Mineral Resource estimation, mining studies and metallurgical studies.	All rock chip samples were photographed in the field.
	•	Whether logging is qualitative or
		quantitative in nature. Core (or costean,
		channel, etc.) photography

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
	•	The total length and percentage of the
		relevant intersections logged.
Sub-	•	If core, whether cut or sawn and whether	Midas rock chip samples were prepared at Bureau
sampling		quarter, half or all core taken.	Veritas Minerals Pty Ltd (Bureau Veritas). Samples
techniques and sample preparation	•	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.	were sorted and dried. Primary preparation has been by crushing the whole sample. The preparation methods are appropriate for the
	•	For all sample types, the nature, quality	sampling method.
		and appropriateness of the sample	Samples are rudimentary and not representative of the
		preparation technique.	outcrop as a whole.
	•	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	At prepared at Bureau Veritas Perth, prepared rock
assay data		the assaying and laboratory procedures	chip samples were digested and refluxed with a
and		used and whether the technique is	mixture of acids including Hydrofluoric, Nitric,
laboratory		considered partial or total.	Hydrochloric and Perchloric Acids.
tests	•	For geophysical tools, spectrometers,	Al,Ca,Cu,Fe,K,Mg,Na,Zn have been determined by
		handheld XRF instruments, etc., the	Inductively Coupled Plasma (ICP) Optical Emission
		parameters used in determining the	Spectrometry.
		analysis including instrument make and	Ag,As,Ba,Bi,Cr,Mo,Ni,Pb,Sb,Sn,W have been
		model, reading times, calibrations factors	determined by Inductively Coupled Plasma (ICP) Mass
		applied and their derivation, etc.	Spectrometry.
	•	Nature of quality control procedures	Samples were also digested with Aqua Regia and Au
		adopted (e.g. standards, blanks,	determined by Inductively Coupled Plasma (ICP) Mass
		duplicates, external laboratory checks) and	Spectrometry.
		whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Au, Pd, Pt were also determined by 40grm fire assay and determined by Inductively Coupled Plasma (ICP) Mass Spectrometry.
			No geophysical (XRF) tools were used to determine
			any element concentrations used in reported results.
			Industry, normal practice, QAQC procedures were
			followed by BV.
Verification	•	The verification of significant intersections	Verification of significant intersections, not applicable
of sampling		by either independent or alternative	at this stage of the project development
and assaying	•	company personnel. The use of twinned holes.	No duplicate rock chip sampling has been conducted. Rock chip samples were taken to verify the presence
	•	Documentation of primary data, data entry	of gold, copper, PGE’s and other mineralisation.
		procedures, data verification, data storage	No data has been aggregated in the reporting of
		(physical and electronic) protocols.	results.
	•	Discuss any adjustment to assay data.	No metal equivalents have been used.
Location of	•	Accuracy and quality of surveys used to	All co-ordinates have been reported in GDA 1994
data points		locate drill holes (collar and down-hole	MGA Zone 50.
		surveys), trenches, mine workings and other locations used in Mineral Resource	Rock chip sample locations are currently located using handheld GPS in GDA 1994 MGA Zone 50 to an
		estimation.	accuracy of 3m.
	•	Specification of the grid system used.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
	•	Quality and adequacy of topographic
		control.
Data	•	Data spacing for reporting of Exploration	Rock chip spacing was random based on outcrop
spacing and		Results.	locations dependent on geology.
distribution	•	Whether the data spacing and distribution	The data spacing, quality and distribution is not
		is sufficient to establish the degree of	sufficient for Mineral Resource and Ore Reserve
		geological and grade continuity	estimation.
		appropriate for the Mineral Resource and	No sampling composite has been applied.
		Ore Reserve estimation procedure(s) and
		classifications applied.
	•	Whether sample compositing has been
		applied.
Orientation	•	Whether the orientation of sampling	Nature of rock chip sampling did not allow for an
of data in		achieves unbiased sampling of possible	orientation to be determined.
relation to geological		structures and the extent to which this is known, considering the deposit type.	No drilling activities were reported.
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	All samples to date have delivered to the laboratories
Sample		security.	by company personnel.
security
Audits or	•	The results of any audits or reviews of	No audits of reviews of sampling techniques has been
reviews		sampling techniques and data.	undertaken

Section 2 - Reporting of Exploration Results

Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
Mineral	•	Type, reference name/number, location	The Challa project comprises exploration licences
tenement and		and ownership including agreements or	58/563, 58/567, 58/596 and 58/597 exploration licence
land tenure		material issues with third parties such as	applications located east of Mt Magnet. The Company
status		joint ventures, partnerships, overriding	holds 100% of the tenements in the name of its wholly
		royalties, native title interests, historical	owned subsidiary Marigold Minerals Pty Ltd. The
		sites, wilderness or national park and	project is subject to a 0.75% gross revenue royalty
		environmental settings.	from whom the project was acquired. The Company
	•	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.	has assumed responsibility for the payment of State Government royalty. The two approved tenements are in good standing, all exploration was undertaken over these two licences
			The Barracuda project comprises exploration licence
			58/551 of 48km2located east of Mt Magnet. E58/551
			is registered to Tojo Resources Pty Ltd and is in good
			standing. Midas has an option to purchase the
			tenement outright subject to two 0.5% Net Smelter
			Royalties.
			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. Apart from restrictions related to
			heritage site ACH-4742 over lapping portion of
			E58/597, there are no known impediments to
			operating in this area.

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
			The granted tenements area falls on several pastoral
			properties – Challa, Windsor, Windimurra and
			Wondinong.
Exploration	•	Acknowledgment and appraisal of	This release refers to prior exploration results. The
done by other		exploration by other parties.	prior exploration is comprehensively referenced in the
parties			following:
			1) Independent Geologist’s Report and Appendices
			within the Midas Prospectus dated 12 July 2021
			(released on ASX on 3 September 2021).
			2) Midas’ ASX announcements dated 8 October 2024
			The area has been held by other companies, but no
			substantive additional exploration work has been
			undertaken in which the Competent person considers
			reliable or locatable.
Geology	•	Deposit type, geological setting and style	The extensive project area is considered to be
		of mineralisation.	prospective for:
			- mafic-ultramafic hosted, magmatic, Pt-Pd-Ni-Cu
			sulphide deposits
			- Structurally controlled Cu-Ag-Au mineralisation
			- Structurally controlled Au-Cu, Au-As mineralisation
			- Reef-style PGE sulphide or chromite mineralisation
			- Reef-style or fault breccia hosted Ni-Cu-PGE
			sulphides
			- VMS hosted Cu, Zn, Sn
			- Structurally controlled Pb-Zn mineralisation (John
			Bore)
Drill hole	•	A summary of all information material to	Appendix A – Tables 2 and 3 contains a list of all
Information		the understanding of the exploration	recent Midas rock chip samples, co-ordinates,
		results including a tabulation of the	descriptions and assays.
		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.
Data	•	In reporting Exploration Results,	Data has not been averaged or truncated in the
aggregation		weighting averaging techniques,	reporting of 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.	Data has not been aggregated in the reporting of exploration results. No metal equivalents have been used.
	•	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

25

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Criteria	JORC Code Explanation	JORC Code Explanation	Commentary
		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	Not applicable as no drilling is being reported.
between		important in the reporting of Exploration
mineralisation		Results.
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	Figure 7 shows locations of Midas target areas
		scales) and tabulations of intercepts	referred to.
		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.
Balanced	•	Where comprehensive reporting of all	Appendix A – Tables 2 and 3 contains a list of all
reporting		Exploration Results is not practicable,	recent Midas rock chip samples
		representative reporting of both low and
		high grades and/or widths should be
		practiced to avoid misleading reporting of
		Exploration Results.
Other	•	Other exploration data, if meaningful and	All relevant and material exploration data for the target
substantive		material, should be reported including	areas discussed, has been reported or referenced.
exploration		(but not limited to): geological
data		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	Further exploration, including drilling, is warranted to
		work (e.g. tests for lateral extensions or	test anomalies.
		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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