Midas secures funding through September 2027 to drive Namibian copper-silver-gold exploration
Midas Minerals, the Australian-listed explorer, announced it expects to fund its planned exploration and operational activities through the end of September 2027 without the need for additional capital. The company is intensifying its focus on its copper-silver-gold portfolio in Namibia following a successful capital raise and strategic portfolio realignment.
At the end of June 2026, Midas held a strong cash position of A$29.15 million, significantly up from A$8.78 million at the end of December 2025, supported by a A$28 million placement in April aimed at advancing exploration at the Otavi Copper-Silver-Gold Project.
In its interim financial report for the six months ended 30 June 2026, Midas confirmed its cash flow forecast extends through to September 2027, indicating no further capital raising is required to support its current exploration and operating plans.
“The Group’s cashflow forecast through to the end of September 2027 reflects that the Group will not be required to raise additional capital during this period to enable it to continue to meet its operational and planned exploration activities,” the company stated.
Following the acquisition of 10 exclusive prospecting licences comprising the Otavi project in December 2025, Namibia has become the central focus of Midas’ exploration efforts. The company concentrated its first-half activities on Otavi, with limited exploration at its other projects in Western Australia and Canada.
In July, Midas completed the sale of its Newington gold project in Western Australia to Forrestania Resources, allowing the company to concentrate resources on Otavi. The deal included upfront consideration of A$1.5 million in Forrestania shares, with potential additional payments linked to future milestones at Newington.
Exploration expenditure grew substantially to A$5.07 million in the first half of 2026, compared to A$767,173 in the same period last year, reflecting increased activity primarily at Otavi. The project currently operates seven drilling rigs targeting multiple zones, including T-13, Deblin, and Spaatzu.
The T-13 target has an inferred mineral resource of 10.5 million tonnes grading 1.62% copper and 21.3 grams per tonne silver, containing an estimated 169,000 tonnes of copper and 7.15 million ounces of silver. Midas plans to release an updated resource estimate for T-13 by the end of 2026.
At Deblin, two core rigs are conducting initial resource drilling alongside an RC rig for exploration, targeting a corridor traced from surface to at least 500 metres vertically. Maiden resource estimates for Deblin and Spaatzu are expected in the first quarter of 2027.
Exploration continues across other Namibian targets, including Hartbeespoort, South Otavi, West Otavi, Khorixas West, and Otjiwarongo, with soil sampling and laboratory analyses ongoing to define drilling targets for upcoming work programs.
Midas’ balance sheet reflects the growing importance of its Namibian assets, which accounted for A$12.77 million in total assets at the end of June 2026, including A$10.24 million in non-current assets.
The company reported a group net loss of A$3.45 million for the half-year, driven by increased exploration investment and one-off costs including a A$912,385 impairment related to Newington and A$1.41 million in share-based payments. Despite this, the company’s cash position strengthened significantly, supporting its forecast to fund exploration activities through September 2027 without further capital raising.
Midas Minerals remains focused on advancing its Namibian copper-silver-gold projects and delivering value from its exploration programs as it moves toward updated resource estimates and further drilling results in the coming months.
