Australia's Midas Minerals hits 20-month high on securing funds for Namibia project

Midas Minerals

20/05/2025 03:45

** Shares of Midas Minerals MM1.AX rise 36.5% to A$0.215, their highest since mid-September 2023

** Stock on track for biggest one-day gain since late-March 2022

** Mineral explorer says it will raise A$6.5 million through placement for acquisition and exploration of Otavi Copper Project in Namibia

** Says funds to be also used for existing project portfolio and working capital

** Stock rose as much as 68.3% to A$0.265 earlier in the session

** About 3 mln shares change hands, vs the 30-day average of 83,971

** Stock up 182.9% YTD

(Reporting by Sneha Kumar in Bengaluru)

((Sneha.kumar@thomsonreuters.com;))