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2026-11-06
◂ Monitor MM1 ASX

Midas Minerals Limited

Resource Stage · Copper · Silver · Namibia · Australia · Canada Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.84
1D
—
1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$206.9M
EV
A$177.8M
Cash
A$29.2M
Debt
A$0
3 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$29.2M Finite
Debt A$0 Net cash A$29.2M
Basic shares 246.3M 2026-09-21
Runway 8.65 quarters Appendix 5B total funding of A$29.203 million divided by June-quarter relevant outgoings of A$3.377 million.

Liquidity

Financial position

Reviewed half-year cash is A$29.155m at 30 June, A$48,256 below Appendix 5B. The reported 8.65-quarter 5B runway is a historic burn-rate measure; seven rigs and potential expansion to nine may shorten it. The half-year directors forecast no required raise through September 2027.

Capital structure

Ownership and dilution

Ordinary shares
246.3M
Fully diluted
257.3M

The July quotation showed 245,252,427 ordinary shares. Subsequently, 850,000 rights converted in August, 75,000 in early September and 150,000 on 21 September, leaving 246,327,427 ordinary shares; 7,992,500 rights and 3,000,000 options imply 257,319,927 fully diluted equivalents. One million proposed MD rights require shareholder approval and are excluded.

Security classes6
ClassTypeQuantityStrikeExpiry
Quoted ordinary fully paid sharesOrdinary Share246.3M——
Unquoted MM1AI performance rightsPerformance Right7MA$0—
Unquoted MM1AH performance rightsPerformance Right1MA$0—
Options expiring 15 July 2028 at A$0.25Option1MA$0.252028-07-15
Options expiring 15 July 2028 at A$0.30Option1MA$0.32028-07-15
Options expiring 15 July 2028 at A$0.40Option1MA$0.42028-07-15

KPI history

Operating metrics

Source values by period
Operating metric source table3
MetricProjectPeriodPeriod typeValueStatus
OtherCompanyJune 2026 quarterQuarter3,127,000 AUD exploration and evaluation spendReported
OtherOtavi27 July 2026 point in timePoint In Time7 drill rigsReported
OtherCompanysix months ended 30 June 2026Half Year-3,445,352 AUD after-tax lossReported
Company guidance2
MetricProjectPeriodLowHighStatus
Updated T 13 Mineral Resource EstimateotaviQ1 2027—— milestoneCurrent
Initial Deblin And Spaatzu Mineral Resource EstimatesotaviQ1 2027—— milestoneCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-21RaisingMm1 Ordinary Fully PaidA$01.1MA$0CompletedThree completed rights conversions after 10 July added 1,075,000 ordinary shares without cash proceeds.Period 2026-08-19 to 2026-09-21
2026-04-22Ann. 2026-04-16RaisingMm1 Ordinary Fully PaidA$28M37.3MA$0.75CompletedSingle-tranche institutional placement to fund expanded Otavi drilling, initial feasibility work, placement costs and working capital.Max 37.3M · Period 2026-04-16 to 2026-04-22 · Canaccord Genuity and Euroz Hartleys

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-21

Annual report, acquisition terms and latest quarterly establish principal arrangements; detailed terms for regional options are not disclosed in the selected material.

Nexa receives a 1% Otavi NSR with a US$2m half buyback option; no payable-volume forecast exists.

Royalty · Active
Counterparties
Nexa Resources S.A.
Applies to
Otavi Copper-Silver-Gold Project · Copper · Silver · Gold · Lead · Zinc · Manganese
Economic direction
Burden
Period
From 2025-12-22; no end date stated
Key terms
NSR royalty: 1 % of net smelter return
half-royalty buyback price: 2,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

The vendor retains three contingent cash milestones totaling US$7m under the later audited disclosure.

Other · Active
Counterparties
Nexa Resources S.A.
Applies to
Otavi Copper-Silver-Gold Project · Copper · Silver · Gold
Economic direction
Burden
Period
From 2025-12-22; no end date stated
Key terms
PFS milestone: 3,000,000 USD
decision-to-mine milestone: 2,000,000 USD
commercial production milestone: 2,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Midas holds an option rather than current beneficial ownership; staged cash and valuation-linked payments can earn up to 80%.

Earn In · Active
Counterparties
Chorab Minerals (Pty) Ltd · Hans Hain Haraseb
Applies to
South Otavi Project · Copper · Gold · Silver
Economic direction
Mixed
Period
From 2025-05-19; no end date stated
Key terms
first option fee: 20,000 USD
extension fee: 40,000 USD
initial interest: 60 %
subsequent interest: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

At only 60% ownership Midas must initially free-carry Chorab, with recoupment priority from later project proceeds.

Free Carry · Conditional
Counterparties
Chorab Minerals (Pty) Ltd
Applies to
South Otavi Project · Copper · Gold · Silver
Economic direction
Burden
Period
Dates not stated
Key terms
vendor carried interest: 40 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Option over EPL8634 gives a right to earn up to 85%; detailed cost terms were not accessible.

Earn In · Active
Counterparties
Horn Metals (Pty) Ltd
Applies to
West Otavi Project · Copper · Gold · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
maximum interest: 85 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Options over two EPLs give a right to earn up to 85%; detailed cost terms were not accessible.

Earn In · Active
Counterparties
Gateway Resources Trading (Pty) Ltd
Applies to
Otjiwarongo Project · Copper · Gold · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
maximum interest: 85 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Options over two EPLs give a right to earn up to 85%, with one application pending.

Earn In · Active
Counterparties
Gravity Empire Investments · Brown Kwana
Applies to
Khorixas West Project · Copper · Gold · Silver
Economic direction
Mixed
Period
Dates not stated
Key terms
maximum interest: 85 %
How it affects our valuation

No valuation treatment is available for this arrangement.

An option over an additional Challa licence is separate from the existing wholly owned four-licence project.

Earn In · Active
Counterparties
Tojo Minerals Pty Ltd
Applies to
Challa Gold-Nickel-Copper-PGE Project · Gold · Nickel · Copper · Platinum Group Metals
Economic direction
Mixed
Period
Dates not stated
Key terms
maximum interest: 100 %
How it affects our valuation

No valuation treatment is available for this arrangement.

After Newington sale, Midas retains contingent consideration with unproven milestones and buyer choice of payment form.

Other · Active
Counterparties
Forrestania Resources Limited
Applies to
Newington Project · Gold · Lithium
Economic direction
Benefit
Period
From 2026-07-21; no end date stated
Key terms
resource or first 50koz milestone: 1,000,000 AUD
each additional 10koz: 200,000 AUD
decision-to-mine milestone: 1,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.