Midas Minerals Expands Namibian Copper Targets Through Geochemical Success

Midas Minerals Expands Drill Targets Following Major Geochemical Success in Namibia

Midas Minerals geochemical sampling success in Namibia has significantly expanded the company's exploration footprint at the Otavi Copper Project. The ASX-listed explorer (MM1) has delivered multiple high-priority drill targets across three key prospects through systematic surface geochemical sampling.

This development comes just weeks after the company's high-grade copper-silver discovery at Spaatzu. Furthermore, it demonstrates the systematic approach that's rapidly advancing the project's potential across the region.

The latest results from over 2,300 surface geochemical samples have identified compelling drill targets at the Merwe, Segen, and Devon prospects. All three prospects show strong copper geochemistry and in-situ bedrock copper mineralisation.

With initial reverse circulation (RC) drilling planned to test these new targets, Midas is building a substantial pipeline of exploration opportunities. The company now controls a 1,776km² Otavi Project with expanding potential.

Strong Operational Momentum Building in Namibia

Midas has rapidly scaled its Namibian operations since completing the Otavi Project acquisition in December 2025. The company now maintains six geologists on site supported by consulting expertise and Midas corporate geologists.

This represents a significant operational commitment to advancing the project's potential. In addition, the systematic exploration approach is paying dividends across multiple prospects.

Current drilling operations include:

• Two diamond drill rigs continuing infill drilling at the high-grade T-13 Copper-Silver deposit
• Four diamond holes completed in December totalling 478m
• Core cutting and sampling commenced with first results expected in February 2026
• Initial RC drilling planned to test the newly defined priority targets

Managing Director Mark Calderwood noted the company's regional exploration strategy of defining multiple drill targets is starting to bear fruit. The Midas Minerals geochemical sampling success in Namibia validates this systematic approach.

"Midas has a regional exploration strategy of defining multiple drill targets and this strategy is starting to bear fruit at our Otavi Project in Namibia," said Mark Calderwood, Managing Director.

Three High-Priority Prospects Deliver Strong Targets

Segen Prospect Shows Historical Potential

Building on historical 1970s exploration, Midas has collected 258 samples and located prior diamond drill collars. The prospect features outcrops and trench spoil of Askevold volcanics with malachite and chalcocite.

This represents a high-priority copper-gold-silver drill target due to its large geochemical anomaly. However, the anomaly extends well beyond previous drilling areas, suggesting untapped potential.

The Askevold volcanics refer to ancient volcanic rocks that formed millions of years ago. Meanwhile, malachite and chalcocite are copper-bearing minerals that indicate copper deposits at surface level.

Devon Prospect Extends Over 3.6km

The >3.6km long Devon soil anomaly represents another compelling target, with 650 samples analysed to date. The 1km southern portion shows particularly strong anomalies with in-situ copper mineralisation noted.

This mineralisation occurs at the contact between Askevold volcanics and Ombombo Dolomites. Importantly, there's no evidence of exploration since the 1960s, suggesting significant untapped potential.

Merwe Prospect Refined Through Infill Sampling

626 infill geochemical samples have refined the central and southern anomalies at Merwe Prospect. This work has led to surface in-situ copper mineralisation discovery.

The 0.7km long central anomaly represents a high-priority copper-silver target. Furthermore, it occurs in similar geological settings to the Spaatzu discovery and T-13 deposit.

Understanding Structural Controls: The Key to High-Grade Discoveries

The Otavi Project sits within the world-class Otavi Mountain Land, part of the northern carbonate platform of the Pan-African Damaran Orogen. This geological setting hosts world-class copper, lead, and zinc deposits associated with the Proterozoic Otavi Group.

Key geological insights include:

• Structural control by shear zones crossing through the Chuos Diamictite and Ombombo Group formations
• Strike-parallel thrust faults along the southern limb of regional-scale anticlines
• Two distinct mineralisation styles identified, including shallow carbonate-hosted and deeper shear zone-associated copper

A shear zone refers to an area where rocks have been fractured and moved past each other due to geological stress. These zones often create pathways for mineral-rich fluids, making them prime locations for copper deposits.

This structural understanding explains why Midas Minerals geochemical sampling success in Namibia successfully identifies targets with similar geological characteristics. These targets share similarities to known high-grade deposits like T-13, where previous drilling intercepted 17.2m at 7.24% Cu and 144.4g/t Ag.

South Otavi Project Adds Strategic Value

The 195km² South Otavi Project provides additional exploration upside, with initial assay results received from shallow RC drilling. 133 holes totalling 3,092m have tested a bedrock gold and pathfinder element anomaly.

Additionally, seven RC holes totalling 601m have targeted the Deutsche Erde copper-silver trend. Significantly, surface geochemical sampling has extended the Deutsche Erde copper anomaly to 5.8km of open strike.

Sampling is set to accelerate after the wet season concludes. This will further expand the exploration potential across the southern project area.

What Makes Geochemical Sampling So Effective?

Geochemical sampling involves collecting soil and rock samples to measure the concentration of metals and minerals. When minerals weather at surface, they leave traces in surrounding soils that can indicate larger deposits below ground.

The success of this exploration method lies in its ability to identify drill targets before expensive drilling programmes commence. Moreover, it can map geological structures that control mineralisation effectively.

Key advantages include:

• Identify drill targets before expensive drilling programmes commence
• Map geological structures that control mineralisation
• Reduce exploration risk by focusing on high-priority areas
• Cost-effectively cover large exploration areas

The Midas Minerals geochemical sampling success in Namibia demonstrates this systematic approach perfectly. Over 2,300 samples have been processed through an on-site XRF facility and validated by laboratory assays.

The XRF (X-ray fluorescence) technology provides rapid analysis of metal content in samples. Consequently, this enables real-time decision making in the field for maximum efficiency.

World-Class Namibian Mining Jurisdiction

Namibia ranks 4th on the Investment Attractiveness Index for Africa (Fraser Institute 2024). The country offers excellent infrastructure, stable democracy, and transparent mineral title systems.

The country's mining-friendly environment includes a 37.5% tax rate and 3% royalty for base metals. These competitive rates support exploration and development activities.

Jurisdiction advantages include:

• Stable democracy with an independent judiciary
• Diverse economy with political and social support of mining
• Transparent system of mineral and surface title
• Excellent infrastructure including roads, power, water, and rail
• Established mining sector with skilled workforce

The jurisdiction hosts major mining operations including B2Gold, Vedanta Zinc, and Paladin Energy. These operations provide established infrastructure and expertise for exploration companies.

Well-Funded Growth Strategy

Midas is well-positioned to capitalise on this favourable environment through multiple strategic advantages. The company maintains a strong cash position to accelerate 2026 exploration activities.

Additional drill rigs are being deployed to expand capacity across the project areas. Furthermore, a growing geological team is managing the increased workload effectively.

Multiple prospects provide portfolio diversification and reduce exploration risk. The company's ability to rapidly scale operations while maintaining geological focus demonstrates strong execution capability.

"The team onsite has done an excellent job of ramping-up exploration despite being in the middle of the local wet season. The Company now has six geologists on site supported by one consulting geologist and two Midas geologists," noted Mark Calderwood, Managing Director.

Investment Implications and Outlook

The combination of systematic exploration success, high-grade historical intercepts, and world-class jurisdiction positioning makes Midas compelling. The company's ability to rapidly scale operations while maintaining geological focus demonstrates strong execution capability.

Key investment considerations include:

• Multiple high-priority targets identified through systematic geochemical programmes
• Proven high-grade potential with historical intercepts including 17.2m at 7.24% Cu and 144.4g/t Ag
• Experienced management with track record of building successful exploration companies
• Strategic location in mining-friendly Namibia with excellent infrastructure
• Well-funded exploration with capacity to test multiple targets simultaneously

Upcoming catalysts include:

• February 2026: First results from T-13 diamond drilling
• Q1 2026: Initial RC drilling results from new targets
• Q2 2026: Accelerated geochemical sampling post wet season

The systematic exploration approach has rapidly transformed Midas from a single-prospect explorer to a diversified opportunity. The company now controls multiple high-priority drill targets across a substantial land package.

With drilling capacity expanding and continuing success, the company appears well-positioned to advance multiple opportunities simultaneously. The Midas Minerals geochemical sampling success in Namibia continues to define new targets across the expanded portfolio.

Midas Minerals has positioned itself as a major copper exploration play in Namibia through systematic exploration. The company is rapidly defining multiple high-priority drill targets across its extensive project portfolio.

With upcoming drilling results expected in February 2026 and a well-funded exploration programme accelerating, investors should monitor progress closely. The company continues advancing the potential of its extensive Otavi Project portfolio.

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