MIDAS MINERALS LTD — Investor Presentation 2025

Aug 3, 2025

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Diggers & Dealers Presentation August 2025

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ASX: MM1

Important Notices and Disclaimer

This presentation is dated 4 August 2025 and has been prepared by Midas Minerals Limited (ACN 625 128 770) ( Midas or Company ) and its related entities and is not an offer document. It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in Midas.

Not a Disclosure Document

Forward Looking Statements

This presentation does not constitute an offer or invitation to subscribe for securities in Midas or any other entity. This presentation is not a Disclosure Document (as those terms are defined in the Corporations Act 2001 (Cth) ( Corporations Act )). This presentation does not constitute an offer in any jurisdiction or to any recipient to whom it would be unlawful to make such an offer. This presentation has not, nor will it be, lodged for prior review or approval with any regulatory body including the Australian Securities and Investments Commission or ASX Limited.

This presentation may contain forward-looking statements. Those forward-looking statements reflect views held only as at the date of this presentation. Any such statement is subject to inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement, and such deviations are both normal and to be expected. Recipients must make their own assessment about the likelihood of a matter, about which a forward-looking statement is made, occurring.

Not a Recommendation or Financial Advice

The information in this presentation is not a recommendation to subscribe for securities in the Company and does not constitute financial advice. Any person who intends to subscribe for securities must conduct their own investigations, assessment and analysis of the Company and its operations and prospects and must base their investment decision solely on those investigations and that assessment and analysis. Prospective investors should consult their own legal, accounting and financial advisers about an investment in the Company.

Reliance on Presentation

A recipient of this presentation must make their own assessment of the matters contained herein and rely on their own investigations and judgement in making an investment in the Company. This presentation does not purport to contain all the information a recipient of this presentation requires to make an informed decision whether to invest in the Company. Specifically, this presentation does not purport to contain all the information that investors and their professional advisers would reasonably require to make an informed assessment of the Company’s assets and liabilities financial position and performance, profits, losses and prospects.

No Other Material Authorised

Midas has not authorised any person to give any information or make any representation in connection with any proposed offer of securities in the Company or any other entity. A prospective investor cannot rely upon any information or representations not contained in this presentation.

Investment Risk

There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including (without limitation) the Company’s capital requirements, the potential for shareholders to be diluted, risks associated with mineral exploration, the reporting of resource estimates, budget risks and operational risks. An investment in the Company’s securities is subject to known and unknown risks, some of which are beyond the Company’s control. The Company does not guarantee any particular rate of return or the performance of the Company. Investors should have regard to the risk factors outlined in the Company’s presentation dated 16 May 2025 under the caption “Key Risks” when making their investment decision.

The Company makes no representation about the likelihood of a matter, about which a forward-looking statement is made, occurring. No representation or warranty is given, and nothing in this presentation or any other information made available by the Company or any other party should be relied upon as a promise or representation, as to the future condition of the respective businesses, projects and operations of the Company.

The Company and its directors, employees, agents, representatives, advisers and consultants give no representation or warranty to a recipient of this presentation as to the accuracy or completeness of the statements contained in this presentation or in relation to any other matter; and to the fullest extent permitted by law, disclaimer responsibility for and have no liability to a recipient of this presentation for any error or omission in or for any statement in this presentation, including if due to any negligence, fault or breach of duty of any type.

Exclusion of Liability

No representation or warranty (whether express or implied) is made by Midas or any of its directors, officers, advisers, agents or employees ( Personnel ) as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or provided in connection with it, or any omission from this presentation. Neither Midas nor its Personnel accept any responsibility or liability arising out of this presentation including pursuant to the general law (whether for negligence, under statute or otherwise), or under any legislation. Any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded.

Competent Person Statements

The information in this presentation that relates to previous Exploration Results in respect of the Otavi and South Otavi Projects were reported in accordance with the JORC Code and ASX Listing Rules in the Company’s ASX announcements titled “Transformational Project Acquisition” dated 16 May 2025, “Midas extends footprint in Otavi, Namibia” dated 19 May 2025 and “Midas identifies copper over 2km strike at South Otavi” dated 23 July 2025. For full details of previously announced Exploration Results in respect of the Company’s Canadian and Western Australian projects in this presentation, refer to the ASX release on the date referenced in the footnotes. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant original market announcements. The Company confirms 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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MIDAS MINERALS ASX: MM1 | 2

Otavi Copper-Gold-Silver Project – A Transformational Acquisition

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The Opportunity

• Exceptional exploration upside

• Shallow, high-grade drill intercepts

• Rapid resource definition potential

• Value growth through the drill bit and feasibility

• High velocity of news flow

• $20M prior expenditure by ‘major’

• 56km of drill core, >17k soil samples and significant geophysical data to be interpreted

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The Asset

▪ Located in Namibia, a tier 1 African Mining jurisdiction

• Prominent landholding

• 1,776km[2] project area, with <40% explored, numerous drill targets

▪ Plus option over 195km[2] South Otavi Project

• Historic intercepts[1] include:

• 17m at 7.24% Cu & 144.4g/t Ag

• 20m at 4.16% Cu & 13.5g/t Ag

• ▪ 11m at 5.18% Cu & 133.7g/t Ag

• 15m at 4.15% Cu, 14.6g/t Ag & 0.22g/t Au

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The Team

• Board and management have exceptional discovery and production track record :

▪ Africa: Perseus Mining, Moto Goldmines, Gryphon Minerals

• Copper: Firefly Metals, Cygnus Metals

• ASX: BGL, FFM, ASL, ETM, CY5, BVR

• Board & Management hold 8.3% of MM1

• Michael Naylor and Steve Parsons hold additional 7.9% of MM1

▪ Walk-up drill targets for immediate drill testing

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ASX: MM1 | 3

1 Refer MM1’s ASX release dated 16 May 2025

Corporate Summary

Tightly-held share register backed by successful corporate, exploration and mining teams

$0.33

$0.33 $55M Current Share Price[1] Market Cap[2] $0 $5.8M Debt Cash Position[3]

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	Capital Structure
	Shares on issue1	167.7M
	Performance Rights1	12.2M
	Options	3.0M
	Shareholder Summary1
	Board & Management	8.3%
	Incl. Mark Calderwood	5.5%
	Steve Parsons	5.5%
	Michael Naylor	2.5%

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1 As at 31 July 2025. 2 Based on Current Share Price and 167.7M shares on issue. 3 As at 30 June 2025 plus net proceeds of tranche 2 Placement.

ASX: MM1 | 4

Board & Corporate Consultants

Extensive experience in the resources sector with a proven track record

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Sara Kelly Non-Executive Chair

Mark Calderwood Managing Director

Mick Wilson Non-Executive Director

Mr Wilson is a geologist with more than 25 years’ experience with extensive gold and base metals exploration experience throughout Australia and Chile.

Ms Kelly has significant transactional and industry experience having worked in private practice, as a corporate advisor and as in-house counsel, providing advice in relation to capital raisings, recaps, asset acquisitions and disposals, regulatory compliance, corporate reconstructions and insolvency, directors’ duties, meeting procedure and general corporate and commercial advice.

Mr Calderwood has over 30 years’ experience in exploration and production management and has played a key role in the discovery and development of several world-class gold deposits in Australia and Africa.

He has played key roles in discovering and defining significant gold and copper deposits with ASX-listed junior companies.

As CEO he was instrumental in Perseus Mining ’s transition from a micro-cap explorer to a $1.6B dual listed, ASX100 gold producer.

Mr Wilson has held various Board positions with ASX-listed companies, including Executive Technical Director and Managing Director. He is the Executive Director of Bellavista

Ms Kelly is a Partner at Edwards Mac Scovell and an Executive Director of Energy Transition Minerals .

Mr Calderwood is currently NonExecutive Director of Kairos Minerals and Eastern Resources .

Resources.

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Michael Bohm Non-Executive Director

Mr Bohm is a seasoned mining professional, he is a Mining Engineering graduate of the WA School of Mines, Mr Bohm has worked in numerous operational and corporate roles and has been directly involved in new mine developments across the gold, nickel and diamond sectors in Australia and Internationally.

Mr Bohm is a current director of ASX-listed Riedel Resources Ltd and Sarama Resources Ltd, and is a former Director of ASX-listed Perseus Mining , Ramelius Resources, Mincor Resources and Cygnus Metals, and Argyle Diamonds Mines.

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Michael Naylor Corporate Consultant

Mr Naylor has extensive experience in corporate advisory and public company management.

Mr Naylor has served on the board and executive management teams for public companies in Australia and Internationally and has extensive experience in advancing and developing mineral resource assets, business development, capital raisings and debt financings.

Mr Naylor is currently an Executive Director of FireFly Metals , and Non-Executive Director of Bellevue Gold .

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MIDAS MINERALS ASX: MM1 | 5

Team

Skilled technical team - on the ground

• ➢ Midas has an experienced technical team of geologists, technicians and support staff.

• ➢ Midas also relies on expert consulting geologists, geophysicists and metallurgist all with Namibian experience.

• ➢ Midas will continue to grow the team over the coming months when drilling ramps up.

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MIDAS MINERALS ASX: MM1 | 6

- Namibia Premier Mining & Exploration Jurisdiction

Namibia Fiscal Settings & Infrastructure

Namibia is ranked 4[th] on Investment Attractiveness Index – Africa (Fraser Institute 2023), thanks to its:

• Stable democracy, supportive of mining

• Transparent system of mineral and surface land title

• Stable tax code and fair fiscal terms (37.5% tax on base & precious metal miners, 3% royalty, 1% export levy)

• Local ownership up to 15% required at mining stage.

Other miners and explorers operating in Namibia include:

• B2Gold

• Koryx Copper

• Sinomine

• Paladin Energy

• Rio Tinto

• Deep Yellow

• South 32

• WIA Gold

• Vedanta Zinc Int.

• Bannerman Energy

• Shanjin International

1 Refer MM1’s ASX release dated 16 May 2025; 2 The Otavi Mountain Land in Namibia, Melcher 2003, www.ResearchGate; Trigon Metals Inc. Independent Technical Report for Kombat Asis West Mine, SRK March 2024; 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; Navachab gold deposit size from production and resources (portergeo.com.au/database/mineinfo.asp?mineid=mn1351); Twin Hills gold deposit size from Osino Resources’ Definitive Feasibility Study NI-43101 Technical Report 2023, Measured, Indicated and Inferred resources classified using the CIM Standards as at 15 March 2023; Kokoseb deposit size from Inferred MRE, refer to ASX:WIA announcement dated 16 April 2024.

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MIDAS MINERALS ASX: MM1 | 7

- Otavi Project Copper, Silver, Gold

Acquiring 100% of 1,776km[2] project

• Located in Otavi Fold Belt of Namibia near world-class Tsumeb (Ongopolo) mine[2] and smelter

• More than A$20M spent on exploration

Multiple mines and smelter within 100km of Otavi Excellent access to water, power, and workforce

• Highly compelling results, T13 and Deblin deposits – high-grade copper, silver and gold including[1] :

• 17.2m at 7.24% Cu & 144.4g/t Ag from 125.84m, incl:

  • 6m at 16.65% Cu & 370.3g/t Ag from 131m (ODDH 15)

• 20m at 4.16% Cu & 13.5g/t Ag from 62.6m

• Mineralisation starts from surface, remains open , with wide intercepts

• Project has no historic production, drill ready for resource definition

• Numerous other large-scale copper and gold anomalies and targets over the 1,776km[2] project area

Region’s infrastructure includes well-maintained sealed highways , rail , high voltage power , groundwater , mining workforce , contractors and suppliers. Located 530km from Walvis Bay port and 100km from Tsumeb smelter .

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1 Refer MM1’s ASX release dated 16 May 2025; 2 The Otavi Mountain Land in Namibia, Melcher 2003, production of 30Mt @ 4.3% Cu, 17.7% Pb+Zn & 95g/t Ag; 3 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);[4] Drill core image of high-grade copper and silver mineralisation 131.2m–136.6m (ODDH15) announced 16 May 2025.

MIDAS MINERALS ASX: MM1 | 8

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- Otavi Project Copper, Silver, Gold

What’s defined so far

• Significant high-grade discoveries at T13 and Deblin

• T13, 2km strike - Walk up high-grade discovery , remains open :

• 17.2m @ 7.24% Cu & 144.4g/t Ag from 125.8m;

• 11m @ 5.18% Cu & 133.7g/t Ag from 197m; and

• 20m @ 4.16% Cu & 13.5g/t Ag from 63.6m plus 16.3m @ 2.68% Cu & 78.8g/t Ag from

  • 97.2m

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Numerous
drill targets
Large scale grass
roots target
T13
Ready for
resource
drilling
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T-13 cross section
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wide, steep dipping, robust
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MIDAS MINERALS ASX: MM1 | 9

• 1 Refer MM1’s ASX release dated 16 May 2025

- Otavi Project Copper, Silver, Gold

What’s defined so far

• Deblin, 2km strike – Recent wide high-grade intercepts, remains open:

• 15m @ 4.15% Cu, 14.6g/t Ag, 0.22g/t Au from 449m; and

• 17m @ 1.72% Cu from 394m.

Numerous other drill targets:

• Harteespoort: 4km strike - Incl. 11.2m @ 3.11% Cu , 28.4g/t Ag & 0.54g/t Au

• Driekoppies: 2.5km strike - Incl. 14.7m @ 1.65% Cu, 0.4g/t Au in drilling

• Sommerau anomalies: 7km strike . Up to 12.95% Cu, 709g/t Ag in rock chip sampling

• Other anomalies including strong untested surface gold anomalies.

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1 Refer MM1’s ASX release dated 16 May 2025
MIDAS MINERALS ASX: MM1 | 10
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- Otavi Project Copper, Silver, Gold

Exploration Strategy

Existing significant modern database to work with including 56km of drill core, >17k soil samples and significant geophysical data

Midas plans to commence drilling with multiple rigs on site for:

• Resource definition drilling

• Drill testing new regional targets

Midas is building a team in Namibia to accelerate exploration.

Economic Potential

Midas targeting multiple deposits grading >2% copper with significant precious metals credits and favourable metallurgy

• T13 starts form surface, has potential for high-grade copper & silver concentrates

• Deblin south has chalcopyrite-bornite with silver and gold credits

• T13, Deblin and other prospects exhibit good width (+/-15m) and high-grades

• Potential to define combination of open pit and underground resources

Otavi region has a strong mining history, quality infrastructure and expertise, and is well located to competitive engineering capacity from neighbouring South Africa

Photos: 1 Open pit Otjikoto; 2 Otavi town; 3 Otjikoto solar farm; 4 Tsumeb smelter; 5 Otjikoto underground; 6 Kombat head frame; 7 Tsumeb head frame.

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MIDAS MINERALS ASX: MM1 | 11

- South Otavi Project Copper, Gold

195km[2 ] close to Otavi Project, Option to acquire 80%

Located 25km north of 3Moz Otjikoto gold mine and 25km west of Midas’ Deblin copper, gold, silver deposit

Historic exploration[1] in 1960s and 1990s identified:

• Anomalous gold and pathfinder elements over open 4.6km strike in geochemical drilling below calcrete cover; and

• Deutsche Erde copper target extending for at least 8km of strike.

Midas currently undertaking trenching and systematic soil sampling to refine drill targets. Trenching has confirmed insitu copper over +2km[2] .

Targeting:

• Otjikoto style gold mineralisation; and

• Deblin style copper, gold, silver mineralisation

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Photo 1 (left): Copper oxide mineralisation in schist[2] – DET003 2-5m

Photo 2 (right): Copper oxides within ferruginous-calcite[2] – DET003 61-62m

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MIDAS MINERALS ASX: MM1 | 12

1 Refer MM1’s ASX release dated 19 May 2025. 2 Refer MM1’s ASX released dated 23 July 2025.

Next Steps

• The Company is actively preparing for resource and exploration drill programs

Anticipated Timeline

Commence resource & Initial Mineral exploration Resource Preparations drilling Estimate for drilling

• Drill contractor review is well advanced, planning to start with at least three drill rigs

• Exploration team building is processing

• Regional exploration has commenced

• Drilling expected to commence quickly after completion of the acquisition, which is anticipated in Q3 2025

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Q2 Q3 Q4 Q1
2025 2025 2025 2026
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Regular news flow from drilling and technical studies

Complete acquisition

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The above timeframes are indicative only and subject to change without notice (subject to the Corporations Act 2001 (Cth) and the ASX Listing Rules).

MIDAS MINERALS ASX: MM1 | 13

Key Messages

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Exceptional Project		Early Discoveries		High Demand Metals		Team Track Record
▪Large project ▪Widespread mineralisation ▪‘World-Class’ region in Namibia, a country supportive of mining		▪Numerous walk-up drill targets ▪Advancing to MRE ▪Strong news flow from accelerated exploration		▪Copper, silver, gold ▪Mineralisation high- grade and wide, starting near surface ▪Favourable metallurgy		▪Large discoveries & development experience, incl. Africa ▪Strong corporate credentials ▪‘Skin in the game’

If you are looking for elephants, go to elephant country

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MIDAS MINERALS ASX: MM1 | 14

Australian Projects

Three projects located in the Goldfields regions of Western Australia

Newington Lithium-Gold Project - 212km[2] (70-100%)

Located 90km north of Southern Cross. 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[1] and Midas has identified several drill ready targets. Challa Gold, Nickel-Copper-PGE Project - 848km[2] (100%) Multiple significant gold-copper and PGE exploration targets have been defined. Significant rock chip Au, Cu, PGE results and soil sampling in 2025 has highlighted the potential of the large project area.[2]

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MIDAS MINERALS ASX: MM1 | 15

1 ASX release dated 17 April 2024. 2 ASX release dated 15 July 2025.

Canadian Projects

Projects in Ontario and Northwest Territories in Canada with spodumene:

Reid Aylmer Project - 157km[2] (100%)

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[1] . Greenbush Lithium Project – 13.1km[2] (100%)

located proximal to infrastructure, with little outcrop and no historic drilling. A 15m by 30m spodumene bearing pegmatite outcrop was discovered in 1955.

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MIDAS MINERALS ASX: MM1 | 16

1 ASX release dated 27 August 2024. 2 ASX release dated 13 February 2023.

W: www.midasminerals.com

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