Midas Minerals completes Otavi acquisition in Namibia, accelerates drilling across multiple copper deposits, backed by strong funding into 2026.
Midas Minerals has successfully finalised the acquisition of the Otavi copper project in Namibia, marking a significant milestone in the company’s growth strategy. Completion of the transaction followed the fulfilment of several critical regulatory and administrative requirements. These included the formal transfer of relevant exploration licences in August, as well as receiving clearance from the Namibian Competition Commission in October, effectively clearing the way for Midas to take full control of the asset.
The company first revealed its intention to acquire the Otavi project in May 2025, when it announced an agreement with base metals producer Nexa Resources. The Otavi project is considered highly prospective and consists of ten exclusive prospecting licences that together cover approximately 1,776 square kilometres. The licence package is situated near the town of Otavi, around 360 kilometres northeast of Windhoek, placing it within a region known for its established mining history and favourable geology.
Within the Otavi licence area lie two principal deposits, T13 and Deblin, both of which are yet to be fully defined in terms of mineral resources. In addition to these known deposits, the project hosts numerous underexplored targets that offer substantial upside potential. Despite its scale and geological promise, only about 36% of the total licence area has been subject to modern exploration techniques to date, highlighting the opportunity for new discoveries as exploration activities expand.
Drilling programmes are already underway across the Otavi project. Midas has mobilised two diamond drill rigs focused on the high-grade T-13 copper-silver deposit, where resource definition drilling is currently in progress. The company has also scheduled the deployment of a second reverse circulation (RC) drill rig, which is expected to commence operations in early January 2026. Furthermore, drilling at the Deblin copper-gold-silver deposit is planned to begin in early 2026, broadening the exploration focus beyond T13.
Commenting on the completion of the acquisition, Midas managing director Mark Calderwood described the Otavi project as a transformational asset for the company. He emphasised that with the final regulatory steps now concluded, Midas is well positioned to rapidly advance exploration and expand its resource base at Otavi. According to Calderwood, exploration has already accelerated, with three drill rigs currently operating across the T-13 and Spaatzu prospects, and a fourth rig expected to arrive shortly after the Christmas break.
In addition to the main Otavi asset, Midas has also secured the nearby South Otavi project. This area is located close to the primary Otavi licences and approximately 25 kilometres north of the Otjikoto gold mine. At South Otavi, the company has completed drilling of 140 holes for a combined total of around 3,600 metres. Preliminary assay results from this campaign are anticipated in January 2026, which could provide further insights into the project’s mineral potential.
Beyond drilling, Midas has undertaken extensive soil sampling and geological mapping across new prospects within the Otavi region. These activities are designed to refine exploration targets and support follow-up drilling programmes planned for 2026, complementing the current intensive drilling efforts.
From a financial standpoint, Midas reported cash reserves of approximately A$15.3 million (around $10.11 million) as of September 2025. This funding position is considered sufficient to sustain and advance exploration activities at both the Otavi and South Otavi projects well into 2026, providing the company with the financial flexibility to aggressively pursue growth opportunities in Namibia.
