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An announcement from Midas Minerals Limited ( (AU:MM1) ) is now available.
Midas Minerals has agreed to sell its Newington Project in Western Australia to Forrestania Resources in a deal comprising $1.5 million in Forrestania shares plus performance-based deferred payments. Newington, a 212 km² package on the Southern Cross greenstone belt prospective for gold and lithium, has historic high-grade gold production and drilling, and the sale remains subject to regulatory and third-party approvals.
Proceeds and reduced commitments from Newington will allow Midas to concentrate capital and drilling capacity on its Otavi Copper-Gold Project in Namibia, where it already has an initial resource of 10.5 Mt at 1.6% copper and 21 g/t silver. The company is running five rigs across Otavi targets and plans an updated mineral resource estimate for the T-13 deposit later in 2026, underscoring a strategic shift toward its Namibian copper portfolio.
The most recent analyst rating on (AU:MM1) stock is a Buy with a A$1.50 price target. To see the full list of analyst forecasts on Midas Minerals Limited stock, see the AU:MM1 Stock Forecast page.
More about Midas Minerals Limited
Midas Minerals is a junior mineral exploration company focused on copper and precious metals, with projects in Western Australia, Namibia and Canada. Its flagship asset is the high-grade Otavi Copper Project in Namibia, supplemented by gold, nickel-copper-PGE and lithium exploration projects, where management aims to build value through discoveries and development.
Average Trading Volume: 531,627
Technical Sentiment Signal: Buy
Current Market Cap: A$230.4M
For detailed information about MM1 stock, go to TipRanks’ Stock Analysis page.