Middle Island Resources (ASX:MDI) has been granted two new exploration licenses — Majdanpek West and Kulmea Albina — by the Ministry of Energy and Mining of the Republic of Serbia, issued on 30 September 2026 and 30 October 2026 respectively, through its 100%-owned Serbian subsidiary Konstantin Resources d.o.o., as part of the company's Timok Project in Eastern Serbia.

Key Points

  • Majdanpek West and Kulmea Albina exploration licenses granted by Serbia's Ministry of Energy and Mining on 30 September and 30 October 2026 respectively
  • Both licenses are 100%-owned by Middle Island Resources through subsidiary Konstantin Resources d.o.o.
  • Majdanpek West is subject to a Sale and Purchase Agreement between Raiden Resources Ltd (ASX:RDN) and Konstantin Resources Ltd
  • Exploration licenses are valid for a two-year period with extension, subject to fulfilling exploration commitments
  • Desktop studies and fieldwork will commence to design exploration targets; assay results from Bobija and Priboj projects remain pending

Majdanpek West Copper-Gold License Location and Proximity

The Majdanpek West license is located approximately 3km west of the Majdanpek Copper-Gold mine — a Serbian Government and Zijin Mining joint venture operated by Joint Company Serbia Zijin Copper doo — which holds a reported 6Mt Cu and 11Moz Au. The license sits immediately north of DPM's exploration license and approximately 10km north of DPM's Dumitru Potok project, which carries a current resource of 64.1Mt at 1.07 g/t Au and 1.09% Cu for 2.2Moz contained gold and 1.9Blbs contained copper. It is also approximately 12km north of DPM's Čoka Rakita gold skarn deposit, which holds a resource of 7.3Mt at 6.44 g/t Au for 1.5Moz contained gold, and approximately 1km from the Čoka Marin polymetallic deposit.

Kulmea Albina Gold License and Historic Workings

The Kulmea Albina license covers the northern part of the historic Blagojev Kamen goldfield and comprises Palaeozoic schists and meta-sediments altered to green-schist facies. The license contains historic pre-World War I adits and workings, including the Brodica main underground working with a decline and Čubera workings. A large number of shallow adits and small pits are present throughout the license area, most probably from exploration conducted in the early 20th century. Two areas of strict nature reserve Category I — "Felješana" and "Mustafa" — will be excluded from all exploration activities under conditions prescribed by the Institute for Nature Conservation of the Republic of Serbia.

Pending Assay Results and Competent Person

The company disclosed it is awaiting assay results from a number of exploration programs in Serbia, including soil sampling at the Bobija and Bobija East exploration license targeting the Tisovik silver-lead-zinc target within the Bobija Project, and rock chip sampling at the Beli Potok gold target within the Priboj exploration license. The information relating to exploration results was compiled by Competent Person Mr Dragan Dragić, a Member of the European Federation of Geologists (licence number 1546) and a full-time employee of the company, in accordance with the 2012 Edition of the JORC Code.