Midas Minerals has sold its Newington gold and lithium project in Western Australia in a deal worth A$1.5 million (about N$18 million) as the company moves to invest more in drilling and resource development at its Otavi Copper-Gold Project in Namibia.
The Australian-listed company announced that it had executed a binding heads of agreement with Forrestania Resources for the sale of the Newington Project, a 212 square kilometre package of tenements located in the Southern Cross greenstone belt in Western Australia.
Midas said the transaction would allow the company to continue prioritising investment and exploration growth activities in Namibia, where drilling momentum has accelerated significantly across the Otavi project.
“Sale of the Newington Project will allow Midas to focus on its Otavi Copper-Gold Project in Namibia,” the company said.
The consideration for the deal includes Forrestania shares valued at A$1.5 million, calculated using the five-day volume weighted average share price leading up to the agreement.
Midas could also receive substantial deferred milestone payments tied to future gold discoveries, resource delineation and potential mining decisions at Newington.
Those include A$1 million (about N$12 million) upon delineation of a mineral resource or extraction of 50,000 ounces of gold, A$200,000 (about N$2.4 million) for every additional 10,000 ounces discovered or extracted thereafter, and another A$1 million if Forrestania announces a decision to mine any of the tenements.
The transaction remains subject to regulatory and third-party approvals, which the company said are expected to be completed shortly.
The divestment comes as Midas intensifies exploration activities at its Otavi Copper-Gold Project in northern Namibia, one of several international companies increasingly targeting the country’s growing copper exploration potential.
The Otavi project includes the T-13 and Deblin deposits as well as the Spaatz prospect, all located within Namibia’s highly prospective Otavi Mountain Land region, an area historically associated with high-grade copper, silver and lead-zinc mineralisation.
Midas delivered an initial mineral resource estimate for the T-13 deposit based entirely on pre-acquisition drilling, reporting 10.5 million tonnes grading 1.6% copper and 21 grams per tonne silver, containing 169,000 tonnes of copper and 7.1 million ounces of silver.
The company said an updated mineral resource estimate for T-13 remains on track for later in 2026.
Midas currently has five drilling rigs operating across the Otavi project, including two diamond rigs at T-13, one reverse circulation rig at Deblin, and one reverse circulation rig at Spaatz.
The company also plans to add another core drilling rig shortly as exploration activity expands further.
The Otavi project forms part of growing international interest in Namibia’s base metals sector as companies increasingly target copper exposure linked to global electrification demand and energy transition supply chains.
The Otavi Mountain Land has recently attracted renewed exploration investment due to its combination of high-grade historical mineralisation, existing infrastructure, and geological similarities to major sediment-hosted copper systems worldwide.
Midas said the Newington sale would strengthen its ability to invest more capital into Namibia as it advances drilling, resource growth and broader development planning at Otavi.
