What Midas Minerals does

Midas Minerals Ltd (ASX: MM1) is a junior mineral exploration company headquartered in West Perth, Western Australia, focused on the discovery and delineation of high-grade copper, gold, silver, lithium, nickel, and PGE deposits across multiple jurisdictions. The company was founded and listed on the ASX in 2021, with a leadership team including Managing Director Mark Calderwood (former CEO of Perseus Mining) and Chair Sara Kelly, both of whom have track records of growing microcap explorers into ASX100-ASX300 companies. Midas operates a portfolio of four core projects: the ~1,776km² Otavi Copper Project in Namibia's Otavi Fold Belt (the flagship asset, where Midas announced an initial Inferred Mineral Resource of 10.5Mt at 1.6% Cu and 21g/t Ag at the T-13 Deposit in April 2026), the 860km² Challa Gold/Nickel-Copper-PGE Project in Western Australia, and two lithium projects in Canada — Reid-Aylmer (157km²) in the Northwest Territories and Greenbush (102km²) in Ontario.

The company deploys conventional mineral exploration technology, principally reverse circulation and diamond drilling, supported by historic drill hole databases. At Otavi, modern exploration has covered less than 40% of tenure despite an abundance of historic shallow high-grade intercepts (including 17.2m at 7.24% Cu and 144.4g/t Ag). Infrastructure proximity to the Tsumeb smelter (100km) and Walvis Bay port (530km) provides logistical advantages. The company holds 100% ownership of Otavi and the Canadian lithium claims, with option-to-earn structures at Challa and additional Namibian projects (South Otavi, West Otavi, Korixas West, Otjiwarongo).

Midas Minerals is pre-revenue. Its business model involves acquiring exploration tenements, drilling to delineate mineral resources, and ultimately generating returns through internal mine development, asset sale to larger mining companies, or continued capital raising from equity markets. The company funds exploration primarily through periodic ASX placements (including an approximately A$20.1M raise in April 2026) and communicates with shareholders via ASX announcements, investor presentations, and corporate disclosures. In May 2026, Forrestania Resources entered a binding agreement to acquire Midas Minerals' Newington subsidiary, which holds ~212km² of Western Australian gold tenements, for A$1.5M upfront plus performance-linked payments, signalling active portfolio reshaping.

Name

Midas Minerals

Legal name

Midas Minerals Ltd

Website

https://midasminerals.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Midas Minerals is an ASX-listed junior mineral exploration company acquiring and drilling copper, gold, lithium, nickel, and PGE projects across Namibia, Western Australia, and Canada, with the Otavi Copper Project in Namibia as its flagship asset.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Copper, Nickel, Lead, and Zinc Mining (21223), Gold Ore and Silver Ore Mining (212220)

SIC

Metal Mining (1000), Gold And Silver Ores (1040)

akta.pro primary industry

Copper Exploration & Resource Development (IMAKADAA)

akta.pro secondary industries

Precious Metals Exploration & Project Development (IMAKAEAI), Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Mineral exploration services
• Copper mining projects
• Lithium exploration assets
• Precious metals exploration
• Junior mining company

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Mineral exploration and resource development: As a pre-revenue junior explorer, Midas Minerals does not currently generate revenue. The company's business model involves acquiring exploration projects, conducting drilling to delineate mineral resources, with the goal of either developing mines internally, selling projects to larger mining companies, or attracting investment to fund development.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Midas Minerals is a junior mineral exploration company that acquires and advances early-stage exploration projects targeting copper, silver, gold, nickel, PGE, and lithium deposits. Its primary asset is the Otavi Copper Project in Namibia (~1,776 km²), supplemented by the Challa Gold-Nickel-Copper-PGE Project in Western Australia (~860 km²) and two lithium projects in Canada. The company conducts RC and diamond drilling campaigns to delineate mineral resources, with the goal of advancing projects toward development, joint venture, or sale to larger mining companies.

Product overview

Midas Minerals is a junior mineral exploration company operating a portfolio of four distinct mining projects across Namibia, Australia, and Canada. The company's primary asset is the Otavi Copper Project in Namibia (~1,776km2), which represents the core focus with high-grade copper and silver deposits. This is supplemented by the Challa Gold, Nickel-Copper-PGE Project (860km2) in Western Australia for precious and base metals, and two lithium projects in Canada: Reid-Aylmer (157km2) in the Northwest Territories and Greenbush (102km2) in Ontario. The company holds 100% ownership of Otavi and the Canadian lithium projects, with options to earn interest in Challa and additional Namibian tenements.

Differentiator

Problem solved

Functional benefit

Products and services

• Otavi Copper Project High-grade copper and silver exploration project spanning approximately 1,776 km² in Namibia's Otavi Fold Belt, featuring the T-13 and Deblin deposits. Midas owns 100% of the project with an initial Inferred Mineral Resource at T-13 of 10.5Mt at 1.6% Cu and 21g/t Ag. Historic high-grade drill intercepts include 17.2m at 7.24% Cu and 144.4g/t Ag.
• Challa Gold, Nickel-Copper-PGE Project Multi-commodity exploration project covering 860 km² in Western Australia, prospective for gold, nickel-copper sulphides, and platinum group elements (PGE). Located within the Windimurra Igneous Complex east of Mt Magnet. Midas holds an option to earn interest in this project. Significant rock chip samples include 16.3g/t Au and 6.65% Cu, and 16.15% Cu and 566g/t Ag from copper-rich gossan.
• Reid-Aylmer Lithium Project Lithium exploration project covering 157 km² in the Northwest Territories of Canada, located 330 km northeast of Yellowknife. Features the Argus pegmatite discovery with confirmed spodumene mineralisation as part of a 3 km x 1.5 km pegmatite swarm. Midas holds 100% of mineral claims.
• Greenbush Lithium Project Spodumene pegmatite exploration project covering 102 km² in Ontario, Canada, located approximately 95 km north of Savant Lake. Features a historic 15m by 30m spodumene-bearing pegmatite outcrop discovered in 1955, with initial sampling results up to 3.8% Li2O from the main outcrop and surrounds.

Quantifiable outcome

• Initial Inferred Mineral Resource: 10.5Mt at 1.6% Cu and 21g/t Ag at T-13 Deposit
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Forrestania ResourcesminorStrategic or Co-development Partner · 26 May 2026Forrestania Resources signed a binding heads of agreement to acquire all shares in Midas Minerals (Newington). Forrestania will pay an upfront consideration of A$1.5 million with additional performance-based payments tied to mineral resource delineation and mining decisions. The transaction is subject to regulatory approvals and expected to complete in the coming weeks.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Trigon Metals: Copper-focused junior miner operating the Kombat mine and surrounding exploration tenements in Namibia. Direct regional and commodity peer to Midas' Otavi Copper Project, with a similar pre-production profile and exposure to the Otavi Fold Belt region.
• Celsius Resources: ASX-listed copper exploration company advancing the Opuwo cobalt-copper and MCB copper-gold projects. Comparable as a small-cap copper-focused explorer with similar scale, jurisdictional exposure, and pre-development stage.
• Coda Minerals: ASX-listed junior developing the Elizabeth Creek copper-cobalt project in South Australia. Comparable in size, stage, and copper-focused exploration profile, and competes with Midas for the same pool of ASX small-cap mining investors.

Emerging players

• Cygnus Metals: ASX-listed copper-gold and lithium explorer with projects in Western Australia. Highly comparable junior peer with shared board members (Michael Naylor) and a similar size and stage of development.
• FireFly Metals: ASX/TSX-listed copper-gold developer advancing the Green Bay project in Canada. Comparable as a junior mining peer with shared management lineage through Steve Parsons and similar ASX small-cap profile.
• White Cliff Minerals: ASX-listed gold and copper explorer with projects in Western Australia. Comparable junior peer with shared director (Sara Kelly) and similar micro-cap exploration profile.
• Helix Resources: ASX-listed copper-gold explorer in NSW and Chile. Comparable junior exploration peer with management overlap (Mick Wilson, former MD) and similar size and risk profile.
• Bellavista Resources: ASX-listed copper-gold explorer at the Bellary Dome and Edmund Basin projects in Western Australia. Closely comparable junior explorer with overlapping management links to Midas (Carl Travaglini, Sara Kelly) and a similar pre-resource stage.
• Energy Transition Minerals: ASX-listed critical minerals developer focused on rare earths and lithium. Comparable as a small-cap ASX-listed explorer with shared chair (Sara Kelly) and similar pre-development profile.

Broad incumbents

• Perseus Mining: ASX/TSX-listed mid-cap gold producer operating Edikan, Yaouré, and Sissingué mines in Africa. Included as a broad incumbent because its former CEO Mark Calderwood now runs Midas; it represents the model outcome Midas aspires to and a likely acquirer/partner profile.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/MidasMinerals
• LinkedInlinkedin.com/company/midasminerals

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Midas Minerals