Midas Minerals Raises $6.5M for Namibian Copper Project

Australian junior mining company Midas Minerals has mobilized $6.5 million through a private placement to support the acquisition and development of the Otavi Copper Project in Namibia. Proceeds will support exploration activities at both the Otavi and South Otavi projects, situated within Exclusive Prospecting License (EPL) 8374 in Namibia.

The announcement follows the signing of option agreement in May 2025 for Midas Minerals to acquire an 80% interest in EPL 8374. The license holds significant gold potential, with due diligence by Midal Minerals confirming the presence of copper and anomalous gold. Midas Minerals has commenced trenching, mapping and sampling at the Otavi project.

“Funds raised through the placement will go towards the acquisition of the Otavi Project, exploration on Otavi and South Otavi and existing projects plus working capital. The company has commenced detailed preparations for drilling on the Otavi project, which will commence as soon as possible after completion of the acquisition,” stated Mark Calderwood, Managing Director, Midas Minerals.

Covering an area of approximately 1,776 square kilometers, the Otavi Project holds an estimated 17.2 million tons at 7.24% copper and gold and silver deposits.