Midas Minerals says it expects to fund its planned exploration and operating activities through the end of September 2027 without raising additional capital, as the Australian-listed explorer focuses its exploration on its copper-silver-gold portfolio in Namibia.
The company ended June with A$29.15 million in cash, up from A$8.78 million at the end of December 2025, after completing an A$28 million placement in April to advance exploration at its Otavi Copper-Silver-Gold Project.
In its interim financial report for the six months ended 30 June 2026, released this week, Midas said its cash flow forecast extends through September next year and indicates that another capital raising will not be required to meet its currently planned activities.
“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 said.
The funding position comes as Namibia has become the main focus of Midas’ exploration activities following the acquisition of 10 exclusive prospecting licences making up the Otavi project in December last year.
Midas said exploration in the first half of this year focused on Otavi, while it undertook no substantive exploration at its Challa project in Western Australia or its Aylmer and Greenbush projects in Canada during the reporting period.
The company also completed the sale of its Newington gold project in Western Australia to Forrestania Resources on 21 July, after signing a binding agreement in May. Midas said the disposal allows it to focus on the Otavi project.
The sale provides Midas with A$1.5 million worth of Forrestania shares upfront, with further payments potentially becoming due if specified resource, production and development milestones are achieved at Newington.
Midas’ accounts show that it spent A$5.07 million on exploration and evaluation during the first six months of 2026, compared with A$767,173 during the corresponding period last year. The figure covers the Midas group and is not disclosed as expenditure exclusively in Namibia.
However, the company said its exploration activities during the period were focused on Otavi, where it is carrying out resource and exploration drilling at several targets.
Midas currently has seven drilling rigs operating across the Otavi project and expects drilling to continue generating results during the second half of the year.
The company’s immediate programme centres on T-13, Deblin and Spaatzu.
T-13 already 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 expects to release an updated resource estimate before the end of 2026.
At Deblin, the company has two core rigs conducting initial resource drilling and an RC rig undertaking exploration drilling. The primary target corridor extends for at least one kilometre and has been traced from surface to at least 500 metres vertically.
Midas plans to produce maiden mineral resource estimates for both Deblin and Spaatzu during the first quarter of 2027.
Exploration is also continuing across the company’s wider Namibian portfolio.
At Hartbeespoort, about five kilometres southeast of Deblin, Midas collected 1,523 soil samples across approximately 3.6 kilometres during May and June to help define drilling targets.
The company is also planning further work at South Otavi, West Otavi, Khorixas West and Otjiwarongo.
At Khorixas West, 574 soil samples were collected across 4.4 kilometres, and 447 were sent for laboratory analysis after an initial assessment at Midas’ facility in Otavi. The results are expected during the September quarter and will be used to plan initial drilling.
The company’s balance sheet also reflects the growing weight of its Namibian portfolio. Midas reported A$12.77 million in total assets attributed to Namibia at the end of June, including A$10.24 million in non-current assets.
Across the group, exploration and evaluation assets stood at A$13.49 million at the end of June, while the group capitalised A$4.73 million during the six months.
Midas recorded a group net loss of A$3.45 million for the half-year, compared with A$966,846 during the same period in 2025. Major expenses included an A$912,385 impairment associated with Newington and A$1.41 million in share-based payments.
Despite the increased exploration activity, the company’s cash position strengthened substantially following the April placement, leaving Midas with A$29.15 million at the end of June against current liabilities of about A$356,000.
This position underpins the company’s forecast that its existing funding will carry its planned exploration and operating programme through September 2027 without requiring another capital raising.
