Midas Minerals has completed the acquisition of the Otavi copper project located in Namibia.
The transaction followed the achievement of key conditions, including licence transfers in August and approval from the Namibian Competition Commission in October.
In May 2025, Midas announced its intent to acquire the Otavi project from base metals producer Nexa Resources.
The project comprises ten exclusive prospecting licences over 1,776 square kilometres (km²) near the town of Otavi, about 360km northeast of Windhoek, Namibia’s capital.
Otavi hosts two key deposits, including T13 and Deblin, that are pending resource definition, along with multiple underexplored targets.
To date, modern exploration has been conducted over only 36% of the licence area.
Drilling activities are already underway at the Otavi project.
Midas has deployed two diamond drill rigs on the high-grade T-13 copper-silver deposit for resource drilling.
A second reverse circulation (RC) rig is slated to begin work in early January 2026.
The company also intends to commence drilling at the Deblin copper-gold-silver deposit in early 2026.
Midas managing director Mark Calderwood said: "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.
“We plan to rapidly explore and grow a resource base at Otavi, which we have already commenced with three rigs in operation on T-13 and Spaatzu and a fourth rig to arrive after the short Christmas break. We are well funded to accelerate drilling and exploration on Otavi and South Otavi, enabled by strong support from our Shareholders.”
Midas has also obtained the nearby South Otavi project, located close to the main Otavi area and about 25km north of the Otjikoto gold mine.
At South Otavi, the company has drilled 140 holes totalling roughly 3,600 metres (m).
Preliminary assay results from this drilling campaign are anticipated in January 2026.
The company has conducted extensive soil sampling and mapping over new prospects at Otavi to define targets for 2026 follow-up, complementing its ongoing intensive drilling.
Midas reported about A$15.3m ($10.11m) in cash in September 2025, which is sufficient to fund continued exploration at both Otavi and South Otavi into 2026.
