Midas Minerals Ltd has completed its acquisition of the Otavi Copper Project in Namibia, following the fulfilment of all remaining conditions, including licence transfers secured in August and approval from the Namibian Competition Commission in October.
The company has already commenced drilling at the Otavi Project, with two diamond drill rigs deployed at the high-grade T-13 copper and silver deposit for resource drilling, while a reverse circulation rig is operating at the Spaatzu prospect. Drilling at the Deblin copper-gold-silver deposit is scheduled to begin in early 2026.
“With the final steps of this process now achieved, we have completed our acquisition of the exciting and highly prospective Otavi Project in Namibia, which is transformational for our company,” said Mark Calderwood, Midas Managing Director.
The acquisition, first announced in May 2025, involves the purchase of the Otavi Copper Project from Nexa Resources. The project comprises 10 exclusive prospecting licences covering about 1,776 square kilometres near the town of Otavi, roughly 360 kilometres north-east of Windhoek.
The Otavi Project hosts two known deposits, T-13 and Deblin, which are awaiting resource definition, alongside multiple underexplored targets. The company said only 36 percent of the project area has been subject to modern exploration.
“We plan to rapidly explore and grow a resource base at Otavi, which we have already commenced with three rigs in operation at T-13 and Spaatzu and a fourth rig to arrive after the short Christmas break. We are well funded to accelerate drilling and exploration at Otavi and South Otavi, enabled by strong support from our shareholders,” Calderwood said.
Midas has also secured the South Otavi Project, located about 25 kilometres north of the Otjikoto gold mine. The company has completed 140 drill holes totalling around 3,600 metres at South Otavi, with initial results expected in January 2026.
In addition, Midas has carried out extensive soil sampling and mapping across new prospect areas at Otavi to define follow-up targets for 2026, alongside its ongoing drilling programme.
The company reported a cash balance of approximately US$15.3 million as at 30 September 2025 to fund exploration activities at Otavi and South Otavi.
