Midas Minerals (ASX:MM1) announced financial results for the half-year ended 30 June 2022.

The principal activities of the Group during the half-year ended 30 June 2022 were exploration for mineral resources.

During the six-month period to 30 June 2022, Midas continued to explore its Weebo gold and Challa gold-copper-nickel-PGE projects in the Goldfields region of Western Australia.

Midas exercised its option to acquire the Newington lithium-gold project in WA in July 2022. The project is located on the northern extents of the Southern Cross Greenstone belt that hosts of the Mt Holland pegmatite lithium deposit, which is being develop by the Wesfarmers (ASX:WES) and SQM Covalent JV.

Midas continues to advance the Weebo Gold Project with completed downhole electromagnetics (DHEM) on one hole at each of the Scone Stone and Otto prospects at its Weebo Project.

Midas plans to undertake further drilling in areas of significant gold mineralisation at the Scone and Otto prospects, as well as initial drilling of several of the strongest gold geochemical anomalies identified in early 2022.

Midas also completed three holes targeting nickel and one gold exploration hole drilled on the Warrida Well Nickel Prospect.

During the half year, Midas collected 1,222 Infill soil samples from sub-corp areas where prior auger sampling had identified anomalous PGE, gold and base metals.

Cash and cash equivalents at 30 June 2022 totalled $4,518,677 (31 December 2021: $6,083,404).

The loss after income tax incurred by the Group for the six months ended 30 June 2022 was $523,115 (30 June 2021 loss: $412,245).

Following the announcement the company?s share price fell 4.761%.