Midas Minerals (ASX: $MM1) Placement Announcement

Midas Minerals Ltd (ASX: $MM1) has received firm commitments to raise up to $1,131,665 through a placement of up to 16,166,643 fully paid ordinary shares at $0.07 each. The placement, which received strong support from existing shareholders, will be used to advance exploration at the Company's West Australian and Canadian lithium and gold projects, as well as for working capital. The first tranche of the placement, totaling $987,073, is not subject to shareholder approval and is expected to settle on 30 April 2024. The second tranche of up to 2,065,600 shares, to raise up to an additional $144,592, is subject to shareholder approval, which the company intends to seek at a general meeting in June 2024.

Midas Managing Director's Commentary

The funds raised through the Placement will allow us to advance exploration on the strongest lithium, gold, and copper targets on the Company's projects in Western Australia and Canada. Work has commenced to follow up gold, lithium, and copper targets on the Newington project, and work will commence on and around the high-grade Argus lithium discovery on the Reid-Aylmer project in Canada. We are also planning further exploration on gold, copper, and PGE targets on the Challa project in WA.

Summary of Midas Minerals Placement Announcement

Midas Minerals Ltd (ASX: $MM1) has successfully secured firm commitments for a $1.13 million placement at $0.07 per share, with strong support from existing shareholders. The funds raised will be utilized to advance exploration at the Company's West Australian and Canadian lithium and gold projects, as well as for working capital. The first tranche of the placement, totaling $987,073, is not subject to shareholder approval and is expected to settle on 30 April 2024. The second tranche of up to 2,065,600 shares, to raise up to an additional $144,592, is subject to shareholder approval, which the company intends to seek at a general meeting in June 2024. Midas Managing Director, Mark Calderwood, expressed optimism about the potential for advancing exploration on the Company's projects in Western Australia and Canada, particularly focusing on gold, lithium, and copper targets. The Company's projects include the Reid-Aylmer lithium project in Canada, the Newington lithium and gold project in Western Australia, and the Challa gold, nickel-copper-PGE project in WA. Midas Minerals aims to leverage the raised funds to drive its exploration efforts and achieve significant milestones in its corporate strategy.