Highlights

  • Midas Minerals shares rose 5.84% on 21 May 2026 following new drilling results from Namibia.
  • The company reported additional high-grade copper and silver intercepts from the T-13 Deposit.
  • Significant assays included 46.2m at 4.01% CuEq and 41.9m at 3.70% CuEq.
  • Drilling at the T-13 West Zone also returned encouraging copper mineralisation.
  • The company currently has five rigs operating across the Otavi Project.
  • An updated Mineral Resource Estimate for T-13 is expected later in 2026.

Midas Minerals Ltd (ASX:MM1) shares climbed 5.84% to AUD 0.94 during the afternoon session on 21 May 2026 after the company announced additional high-grade copper and silver drill results from the T-13 Deposit at its Otavi Copper Project in Namibia. The stock has now surged 308.70% over the past year, with investors continuing to monitor drilling progress and resource growth potential across the project.

The latest assay results came from infill drilling at the T-13 Copper-Silver Deposit, where the company reported multiple broad and high-grade copper equivalent intercepts across both the Main Zone and the Western Zone.

According to the company, the ongoing drilling program is helping define the geometry and continuity of mineralisation within the broader T-13 system, which currently extends across approximately 1.4 kilometres of strike.

Company Overview

Midas Minerals is a junior exploration company focused primarily on copper and precious metals projects. The company’s portfolio includes exploration Assets in Namibia, Western Australia and Canada, with increasing market attention recently directed toward its Otavi Copper Project in Namibia.

Midas owns 100% of the Otavi Project and also holds Options to acquire interests in several surrounding Namibian exploration projects including South Otavi, West Otavi, Korixas West and Otjiwarongo.

The company has positioned the Otavi region as a key growth focus due to the presence of high-grade copper and silver mineralisation as well as relatively limited modern exploration coverage across the broader tenure package.

In April 2026, Midas announced an initial Inferred Mineral Resource Estimate for the T-13 Deposit of 10.5 million tonnes grading 1.6% copper and 21g/t silver, containing approximately 169,000 tonnes of copper and 7.1 million ounces of silver.

That initial resource equated to 2.0% copper equivalent for a total contained metal estimate of approximately 211,000 tonnes CuEq.

Further High-Grade Assays Reported From T-13 Main Zone

The latest update included assay results from six infill holes drilled within the high-grade Main Zone of the T-13 Deposit.

Among the most notable intercepts was hole T13DD009, which returned 46.2 metres at 4.01% copper equivalent from 193.2 metres. This included a higher-grade interval of 9.7 metres at 6.55% CuEq from 200.1 metres and another interval of 10.6 metres at 7.45% CuEq from 224.7 metres.

The copper equivalent calculation for the broader intercept included grades of 2.55% copper and 77.0g/t silver.

Another key result came from hole T13DD013, which intersected 41.9 metres at 3.70% copper equivalent from 239.4 metres, including 11.6 metres at 7.90% CuEq from 266.7 metres.

That intercept included copper grades of 5.13% and silver grades of 146.2g/t within the higher-grade zone.

The company also released final assay results from two holes that had previously been partially reported.

Hole T13DD005a returned 50.6 metres at 7.81% copper equivalent from 193 metres, including an exceptionally high-grade interval of 14.4 metres at 20.9% CuEq from 215.5 metres.

Within that interval, the company reported grades of 13.53% copper and 389.2g/t silver.

Meanwhile, hole T13DD010 returned 39.3 metres at 4.01% copper equivalent from 204.9 metres.

That result included multiple higher-grade sections, including 7.3 metres at 8.10% CuEq and 5.7 metres at 8.30% CuEq.

Within the 7.3 metre interval, the company also identified a particularly high-grade section grading 12.09% CuEq over 3.7 metres.

West Zone Drilling Adds to Expansion Potential

In addition to the Main Zone drilling, Midas also reported results from the first infill hole drilled within the T-13 West Zone, located approximately 600 metres west of the Main Zone.

Hole T13DD016 intersected 27 metres at 1.46% copper equivalent from 286.8 metres, including 6 metres at 3.20% CuEq from 307.8 metres.

According to the company, prior drilling across the Western Zone and the area between the two zones had been completed on relatively wide 200-metre spaced sections.

Management stated that the latest infill drilling is helping confirm the presence of another higher-grade mineralised zone within the broader T-13 system.

The company noted that earlier drilling had suggested the possibility of stronger mineralisation despite several predominantly lower-grade intercepts within the broader area.

Resource Growth Remains a Key Focus

The latest drilling campaign forms part of Midas’ broader effort to improve confidence in the T-13 resource base and support future resource growth.

The company stated that infill drilling is providing improved definition of grade continuity and geometry within the deposit’s high-grade zones.

Importantly, the current Mineral Resource Estimate announced in April 2026 was based solely on drilling completed prior to Midas acquiring the project.

Management indicated that an updated Mineral Resource Estimate for the T-13 Deposit is expected later in 2026, potentially incorporating the results of the company’s more recent drilling programs.

With several new high-grade intercepts now reported from both the Main Zone and Western Zone, investors are likely to monitor how future resource modelling evolves over coming months.

Multiple Drilling Programs Underway Across Otavi

Midas also outlined ongoing exploration activity across the wider Otavi Project area.

The company currently has five drilling rigs operating across the project portfolio.

Two diamond rigs are active at T-13, while Deblin currently hosts one reverse circulation rig and one diamond rig as part of resource drilling activities at the Deblin Copper-Gold-Silver Deposit.

A separate reverse circulation rig is also operating at the Spaatzu prospect, with plans to add another core drilling rig in the near term.

Management stated that drilling activities at Deblin and Spaatzu are continuing alongside the T-13 resource and infill work.

This multi-rig approach appears aimed at accelerating exploration and resource development across several prospective targets within the broader Otavi region.

Namibia Continues to Attract Mining Investment

The company also highlighted Namibia’s position as a favourable mining Jurisdiction within Africa.

According to Midas, Namibia ranked fourth on the Fraser Institute’s 2024 Investment Attractiveness index for Africa.

The country’s mining sector benefits from relatively established infrastructure, a transparent mineral title system, political support for mining and a stable taxation framework.

Several major mining and resource companies currently operate in Namibia, including B2Gold, Paladin Energy, Deep Yellow, Vedanta Zinc and South32.

Midas noted that mining remains an important contributor to Namibia’s economy, foreign Earnings and employment sector.

The company appears to view the jurisdictional setting as supportive of long-term exploration and development activity at Otavi.

Management Commentary Reflects Ongoing Drilling Confidence

Managing Director Mark Calderwood stated that the latest infill drilling results from the Main Zone continued to exceed expectations, particularly with broad intervals grading around 4% copper equivalent.

He also highlighted the significance of the emerging higher-grade mineralisation identified at the Western Zone, noting that the latest results support the potential for further growth at T-13.

Management additionally confirmed that drilling activities are progressing across other areas of the Otavi Project, including Deblin and Spaatzu.

Investors appear to be closely watching whether ongoing drilling can further expand the scale and grade profile of the project ahead of the updated resource estimate expected later this year.

What Investors May Be Watching Next

The latest market reaction suggests investors responded favourably to the continued delivery of high-grade copper and silver results from the Otavi Project.

Key areas likely to remain in focus include future assay results from T-13, potential expansion of mineralisation at the Western Zone and progress toward the updated Mineral Resource Estimate planned for later in 2026.

Exploration activity at Deblin and Spaatzu may also attract additional market attention as drilling progresses across the wider project portfolio.

Given the scale of recent drilling intercepts and the company’s rapid share price appreciation over the past year, investors are likely to continue monitoring the pace of resource growth and broader exploration developments in Namibia.