While Midas Minerals is currently prioritising exploration at the Otavi Copper Project in Namibia, the company remains committed to advancing the Challa Project through continued target definition.
It is actively preparing to commence resource definition drilling on known deposits, as well as regional exploration drilling, at the 1,776km² Otavi Copper Project immediately upon completion of the acquisition.
Midas Minerals is targeting an Initial Mineral Resource Estimate for its Otavi Mountainland assets in the first quarter of 2026.
Drilling is expected to commence shortly after the acquisition is completed, anticipated in the third quarter of 2025.
Preparations for drilling began in the second quarter of 2025, with both resource and exploration drilling scheduled for the third quarter.
These details were revealed in a presentation at the Diggers and Dealers conference.
In May 2025, Midas signed a definitive agreement with Nexa Resources, a Brazil-based, large-scale, low-cost integrated polymetallic producer, to acquire a transformational copper-gold project in Namibia. Nexa’s subsidiary, Votorantim Metals Namibia (Pty) Ltd., agreed to sell ten Exclusive Prospecting Licenses that form part of the Otavi and northern Namibia Copper Projects. Nexa, which operates multiple mines and smelters across Latin America and was among the top five global zinc producers in 2024, negotiated a structured deal valued initially at N$3 million in upfront cash, with up to N$7 million in milestone-based payments and a retained royalty, half of which Midas may buy down for N$2 million.
The acquisition grants Midas an 80% interest in the Otavi Copper Project, spanning approximately 1,776 square kilometres, with an additional option over 195 square kilometres of the South Otavi Project.
Crucially, the acquisition includes a massive wealth of historic exploration data—56 kilometres of drill core, over 17,000 soil samples, and extensive geophysical datasets—underpinned by more than N$20 million of work by a previous major owner.
The Otavi Project is situated in Namibia’s Otavi Fold Belt—a Tier 1 mining jurisdiction endowed with significant mineral potential, despite its large landholding; less than 40% has been explored to date.
Historic drilling has intersected high-grade copper and precious metal mineralisation, including results such as 17 metres at 7.24% copper and 144.4 grams per tonne silver, 20 metres at 4.16% copper and 13.5 grams per tonne silver, 11 metres at 5.18% copper and 133.7 grams per tonne silver, and 15 metres at 4.15% copper, 14.6 grams per tonne silver and 0.22 grams per tonne gold.
The board and management team behind Midas bring a remarkable pedigree, having delivered mineral discoveries and mine development across Africa with companies such as Perseus Mining, Moto Goldmines, and Gryphon Minerals, as well as involvement in copper ventures including Firefly Metals and Cygnus Metals. On the Australian Securities Exchange, they have been associated with companies such as Bellevue Gold, Australian Strategic Materials, Energy Transition Minerals, Cygnus Gold, and Battery Ventures. Founders and executives collectively hold 8.3% of the company, with Michael Naylor and Steve Parsons holding an additional 7.9%.
Strategically situated near the world-class Tsumeb mine and smelter, the Otavi Project encompasses two significant discoveries: T13 and Deblin. T13 spans two kilometres and remains open. Historic results include 17.2 metres at 7.24% copper and 144.4 grams per tonne silver from 125.8 metres, including six metres at 16.65% copper and 370.3 grams per tonne silver from 131 metres; 11 metres at 5.18% copper and 133.7 grams per tonne silver from 197 metres; and 20 metres at 4.16% copper and 13.5 grams per tonne silver from 63.6 metres, plus 16.3 metres at 2.68% copper and 78.8 grams per tonne silver from 97.2 metres.
The Deblin prospect also strikes for two kilometres and remains open at depth. Recent drilling has yielded 15 metres at 4.15% copper, 14.6 grams per tonne silver, and 0.22 grams per tonne gold from a depth of 449 metres, along with 17 metres at 1.72% copper from a depth of 394 metres. Other strong targets include Harteespoort, with a four-kilometre strike and results such as 11.2 metres at 3.11% copper, 28.4 grams per tonne silver, and 0.54 grams per tonne gold; Driekoppies, with a 2.5-kilometre strike and a 14.7 metre intercept at 1.65% copper and 0.4 grams per tonne gold; and the Sommerau anomalies, which extend for seven kilometres and have returned up to 12.95% copper and 709 grams per tonne silver from rock chip sampling. Numerous surface gold anomalies also remain untested.
With the acquisition finalised, Midas is preparing to mobilise multiple drilling rigs to accelerate resource definition at T13, Deblin, and other high-priority prospects, while also rolling out regional exploration across the licence, targeting new copper and precious-metal deposits grading above 2%. T13 starts at the surface and presents potential for high-grade copper and silver concentrates; Deblin South features chalcopyrite-bornite with silver and gold credits. Both show intercept widths of around 15 metres or more, offering options for a combined open pit and underground approach.
Located in a well-established mining region, the Otavi Project benefits from strong infrastructure, including sealed highways, rail, high-voltage power, access to groundwater, and a trained local workforce, as well as a network of contractors and suppliers. The project is situated 530 kilometres from the deep-water port of Walvis Bay and just 100 kilometres from the Tsumeb smelter.
To the north lies the South Otavi Project—a 195 square kilometre licence under option for acquisition of up to 80% from Chorab Minerals and Hans Hain Haraseb. It lies 25 kilometres north of the 3-million-ounce Otjikoto gold mine and west of Deblin. Historic explorers in the 1960s and 1990s identified a 4.6-kilometre gold anomaly beneath calcrete cover, and the Deutsche Erde copper target with an eight-kilometre strike. Midas is currently trenching and conducting systematic soil sampling, having already confirmed in-situ copper over more than two square kilometres.
The focus is on Otjikoto-style gold and Deblin-style copper-gold-silver systems.
With the acquisition completed, Midas stands at the brink of rapid advancement.
The combination of high-grade drill-ready targets, proven historic results, robust infrastructure, and seasoned management sets the stage for a dynamic exploration program.
Drilling is due to begin immediately after settlement around Q3 2025, and the company expects to report its Initial Mineral Resource Estimate by Q1 2026.
This creates a high-velocity timeline from discovery to resource definition, positioning Midas to generate continuous, news-making value on the path toward project development.
