Highlights

• Middle Island Resources secures Majdanpek West and Kulmea Albina exploration licences through its wholly owned Serbian subsidiary.

• The Majdanpek West licence lies about three kilometres from the operating Majdanpek copper-gold mine.

• Kulmea Albina covers part of the historic Blagojev Kamen goldfield and contains earlier workings.

• Desktop reviews and fieldwork will help define exploration targets across the newly granted ground.

Two newly granted exploration licences have opened another phase of work across eastern Serbia’s Timok district. Middle Island Resources Limited (ASX:MDI) received the Majdanpek West and Kulmea Albina permits through its wholly owned subsidiary, Konstantin Resources d.o.o. The next stage is to assess historical information and undertake fieldwork before selecting exploration targets, rather than announcing a new discovery.

Where Are the Newly Granted Areas?

The Serbian Ministry of Energy and Mining issued Majdanpek West on 30 September 2026 and Kulmea Albina on 30 October 2026. Both licences are described as 100%-owned by Middle Island Resources, and each has a two-year validity period with extensions conditional on meeting exploration commitments. Majdanpek West is approximately three kilometres from the Zijin-operated Majdanpek copper-gold mine. It is also near the Čoka Marin polymetallic deposit and north of the Dumitru Potok and Čoka Rakita deposits.

Why Does Kulmea Albina Matter?

Kulmea Albina covers the northern portion of the historic Blagojev Kamen goldfield. Its geology includes Palaeozoic schists and metasediments, and the licence hosts historical underground workings and shallow workings dating to before the First World War. Those features provide information for future investigation, but historical activity does not establish a current mineral resource. The surrounding Timok district includes deposits and mines, while the company’s own ground remains subject to prospective exploration and evaluation.

What Does the Agreement at Majdanpek West Mean?

The Majdanpek West licence is also subject to a sale and purchase agreement involving Raiden Resources and Konstantin Resources. This is a relevant condition attached to that tenement and distinct from the announcement that the licence has been granted. The wider Serbian portfolio includes other licences and applications at different regulatory stages. The award of these two licences therefore changes the permitted exploration footprint, but does not mean that all the surrounding application areas have been approved.

Which Steps Come Next at Timok?

Middle Island intends to begin desktop studies and field activities to design exploration targets on both licences. Existing geology, the distribution of historical workings and proximity to known mineralised systems can help direct the initial programme. Protected nature reserve areas within the licence setting are excluded from exploration activities under applicable conservation requirements. The announced step is the move from permit applications to target-generation work; drilling results or a new resource estimate have not been reported for these newly granted licences.

What Comes Next?

The two grants provide specific areas in which the company can undertake exploration subject to the licence conditions. Majdanpek West offers proximity to known copper-gold operations, while Kulmea Albina adds a setting with historical gold workings. The immediate programme remains centred on collecting, reviewing and checking geological evidence. There are no newly declared mineral resources within the update, and the work must comply with the applicable conservation restrictions and licence commitments.