Midas Minerals (ASX: MM1) - Otavi Copper Drilling, the Share Price and the Cash Position
Midas Minerals (ASX: MM1) is a Perth-based copper explorer drilling the Otavi Copper Project in northern Namibia. There has been a lot of talk about copper recently, and in the midst of those copper narratives we think Midas makes an interesting discussion. Its shares closed at 12 cents two years ago and at A$1.13 on 2 October 2026. This is a summary of where the company stands and what is due next. Samso has not written on Midas before. The company appeared as the nearest listed comparison in our Kaoko Metals research workup in September, and the related Samso coverage is listed at the end.
SOURCE DOCUMENTS Every company figure here comes from Midas Minerals' ASX announcements, which are listed on the company's announcements page. The main ones are the June 2026 Quarterly Activities Report and Appendix 5B (27 July 2026), the Half Yearly Report (10 September 2026), the Africa Down Under presentation (4 September 2026) and the Deblin drilling release (14 September 2026). Share prices are closing prices to Friday 2 October 2026. |
The Midas Minerals Story
Midas listed on the ASX in September 2021. It still holds the Challa gold and nickel project in Western Australia and two lithium projects in Canada. The company investors are pricing today is a different one.
The change came on 16 May 2025. Midas agreed to buy the Otavi Copper Project from Nexa Resources, a base metals producer listed in New York. Otavi is 10 exploration licences covering about 1,776 square kilometres, around 360 kilometres north-east of the capital Windhoek (FIGURE 01). Nexa worked the ground from 2015 to 2022 and left a dataset of about 56,000 metres of diamond drilling, which cuts a solid core of rock. It sold the project as part of a review of its global portfolio.
