Midas Minerals Reports Outstanding High-Grade Copper and Silver Extensions at Namibia's T-13 Deposit in June 2026 Quarter

Outstanding High-Grade Intervals Enhance T-13 Main Zone Resource Definition

Midas Minerals’ infill drilling at the T-13 deposit has exceeded expectations, revealing multiple intervals of consistent, high-grade copper and silver mineralisation within the Main Zone. The company’s focus on resource definition, previously conducted on 100-metre spaced sections, has uncovered continuous high-grade cores and new mineralised extensions, confirming the deposit’s economic potential. Highlighted by hole T13DD005a, which intersected 50.6 metres at 7.81% copper equivalent including 14.4 metres at 20.9% copper equivalent, these results exemplify the high tenor of mineralisation achieved during this drilling phase.

Other notable intersections during the quarter include 46.2 metres at 4.01% copper equivalent from T13DD009, 41.9 metres at 3.70% copper equivalent from T13DD013, and 39.3 metres at 4.01% copper equivalent from T13DD010. These intervals predominantly contain chalcocite-rich copper mineralisation with significant silver credits, indicating a high-quality ore body suitable for resource estimation. The infill drilling results confirm continuity within the high-grade copper core at T-13 and define further extensions, supporting the planned Mineral Resource Estimate update later in 2026.

T-13 West Demonstrates Mineralisation Continuity Over 600 Metres

Exploration at T-13 West, situated 600 metres west of the T-13 Main Zone, has confirmed the lateral extent of copper-silver mineralisation across a wider area. The first infill hole, T13DD016, intersected 27 metres at 1.46% copper equivalent from 286.8 metres depth, including a 6.0-metre interval grading 3.20% copper equivalent. This confirms mineralisation continuity between previously spaced 200-metre sections and suggests the deposit extends further west than previously demonstrated.

The discovery 600 metres west of the Main Zone opens new exploration targets along the T-13 strike, indicating the deposit system may be larger than earlier estimates. Midas identifies the T-13 Prospect as extending approximately 4.6 kilometres, with prior exploration focused mainly on the eastern half. The infill drilling is now systematically defining the geometry and grade continuity of high-grade zones within the 1.4-kilometre strike length resource definition area.

Spaatzu Deposit Exhibits 800-Metre Polymetallic Mineralisation Along Strike

At the Spaatzu deposit, exploration revealed an extensive copper, silver, lead, and manganese mineralised zone extending at least 800 metres along strike, marking it as a significant polymetallic system within the Otavi project. Hole SPRC062 intercepted 52 metres at 1.19% copper, 8.7g/t silver, and 1.93% lead from 148 metres depth, located 300 metres west of the discovery hole MORC006. Within this interval, a 30-metre section returned upgraded grades of 1.87% copper and 12.7g/t silver.

The scale and continuity at Spaatzu suggest a large mineral system with potential multiple lenses or a disseminated envelope. The polymetallic nature—copper, silver, lead, manganese—adds economic value through by-product credits beyond copper. The ongoing drilling program is defining the strike length and grade profile of Spaatzu, one of several emerging deposits beyond T-13 at Otavi.

Deblin Deposit Reveals Wide Visible Copper Sulphide Zones; Assays Pending

Midas’ initial drilling at Deblin identified two substantial visible copper sulphide zones in hole DBDD001, logged as moderate to high-grade chalcopyrite and bornite mineralisation within Askevold volcanics. The first zone extends 37 metres from 367 to 404 metres depth, and the second spans 20 metres from 427 to 447 metres. This geological setting is similar to previous Nexa Resources drilling 110 metres southeast.

Laboratory assay results from DBDD001 remain pending and are critical for determining economic grades. Additional holes DBDD002 and DBDD003 also intercepted visible copper sulphides, indicating multiple mineralised zones at Deblin. Results are expected in the September quarter, which will support resource estimation potential within the Otavi portfolio.

T-13 Initial Resource Estimate of 10.5 Million Tonnes Supports Current Drilling

The T-13 deposit’s initial Mineral Resource Estimate stands at 10.5 million tonnes grading 1.6% copper and 21g/t silver, equating to 169,000 tonnes of copper and 7.1 million ounces of silver, or 211,000 tonnes copper equivalent at 2.0% copper equivalent grade. This estimate is based on pre-acquisition drilling by previous holders with nominal 100-metre spaced sections in the Main Zone. Midas is now conducting tighter infill drilling to enhance resource confidence and definition.

The current drilling phase aims to increase resource scale and confidence ahead of a Mineral Resource Estimate update planned for later in 2026. With two diamond rigs active at T-13, a strong flow of results is expected next quarter. The exceptional grade results and polymetallic nature with silver credits enhance the project’s economic profile and potential for resource expansion and grade upgrades.

Two Diamond Drilling Rigs Maintain Aggressive Pace at T-13 Deposit

Midas Minerals operates two diamond drilling rigs at T-13 to sustain an intensive drilling program aimed at accelerating resource definition for the mid-2026 Mineral Resource Estimate update. This dual-rig deployment underscores the company’s capital commitment to proving the scale and continuity of T-13 and its extensions at T-13 West. A strong results flow is anticipated in the coming quarter, ensuring ongoing material exploration updates for shareholders.

The rigorous drilling pace supports systematic infill coverage to advance resource classification towards indicated status. The activity and results release cadence reflect exploration momentum and investment, with investors advised to expect regular quarterly updates on drilling progress, new high-grade intervals, and refined deposit geometry as the program advances.

South Otavi and Khorixas West Regional Projects Broaden Exploration Pipeline

Beyond T-13, Deblin, and Spaatzu, Midas is advancing regional exploration across Namibian projects. The South Otavi Project has identified gold and pathfinder bedrock anomalies over a 3.9-kilometre strike, indicating potential for further gold discoveries. Exploration at Khorixas West has yielded rock-chip samples up to 30.8% copper, 4.26g/t gold, and 149g/t silver, highlighting polymetallic potential.

These regional projects offer exposure to gold and multi-element mineralisation systems, potentially adding value beyond the copper-silver focus of T-13. The anomalies and elevated metal values suggest a promising geological setting for new discoveries, supporting a pipeline of targets alongside primary deposit development and offering shareholders future value growth opportunities.

Copper-Dominant Mineralogy and Chalcocite Presence Favor Development Prospects

The mineralogy across Otavi deposits—dominated by chalcocite at T-13 and chalcopyrite-bornite at others—presents favorable technical and economic characteristics for extraction and processing. Chalcocite is a high-purity copper sulphide mineral with superior metallurgical properties, potentially enabling simpler processing and higher recoveries. The consistent mineralogy across deposits suggests a coherent geological system with similar depositional traits.

Silver and gold by-product credits significantly enhance project economics. The polymetallic tenor, including copper, silver, lead, and manganese, warrants evaluation on a copper equivalent basis to capture total metal value. This multi-metal system improves economic resilience for future mining operations, compatible with conventional copper mining and processing methods.

Mid-2026 Resource Estimate Update Marks Crucial Valuation Event

Midas is committed to delivering an updated Mineral Resource Estimate for T-13 later in 2026, a key milestone for investors. This update will quantify the impact of current infill and extension drilling, assessing resource expansion beyond the initial 10.5 million tonnes and potential grade improvements. The timing represents an important valuation inflection point as market participants revalue discovery and development-stage companies based on resource changes.

The update is expected to incorporate data from the expanded T-13 West deposit and may reclassify portions into higher confidence categories (indicated or measured) due to denser infill drilling. Preliminary estimates for Deblin and Spaatzu may also be included if assay results are available. This resource update will clarify the medium-term development pathway and inform feasibility, engineering, and capital planning for future mine development.