Midas Minerals sells Newington Project in $1.5M deal

Midas Minerals (ASX:MM1) has executed a binding heads of agreement to sell its Newington Project in Western Australia to Forrestania Resources (ASX:FRS).

The sale of the 212km2 gold and lithium prospective tenements will allow Midas to focus its resources on its flagship Otavi Copper-Gold Project in Namibia.

Under the terms of the agreement, Midas will receive upfront consideration consisting of FRS shares valued at $1.5 million, determined by a five-day volume-weighted average price.

The deal also includes deferred, milestone-based payments, totally elected in cash or shares by Forrestania.

The milestones include $1 million upon the delineation or extraction of an initial 50,000 ounces of gold, $200,000 for each subsequent 10,000 ounces, and an additional $1 million upon a formal decision to mine any of the tenements.

Proceeds and management focus will be redirected toward the Otavi project, where Midas is currently running a five-rig drilling programme across the T-13, Deblin, and Spaatzu deposits.

The Namibian project holds an initial mineral resource estimate of 10.5Mt at 1.6% copper and 21g/t silver, and the company remains on track to deliver an updated resource estimate for the T-13 deposit later in 2026.

The transaction is expected to close shortly, subject to customary regulatory and third-party approvals.