Key Highlights

  • Middle Island Resources (ASX:MDI) has been granted two exploration licences in Serbia, Majdanpek West and Kulmea Albina, within its Timok Project.
  • Both are held 100% by Middle Island through its Subsidiary Konstantin Resources d.o.o.
  • Majdanpek West is also subject to a sale and purchase agreement between Raiden Resources (ASX:RDN) and Konstantin Resources.
  • The licences run for two years with extension, subject to meeting exploration obligations.

Middle Island Resources Limited (ASX:MDI) announced on 9 November 2026 that the Serbian Ministry of Energy and Mining has granted two exploration licences in its Timok Project. Majdanpek West was issued on 30 September 2026 and Kulmea Albina on 30 October 2026. Both are held through the company’s wholly owned Serbian subsidiary, and both sit in areas the company describes as historically active for mining.

Location of the Two Licences

Majdanpek West lies about three kilometres from the Zijin-operated Majdanpek mine and to the north of the Dumitru Potok and Čoka Rakita deposits held by DPM. Kulmea Albina covers the northern part of the historic Blagojev Kamen goldfield.

Proximity to established operations and historic fields suggests the ground is prospective, but no mineralisation from the new areas has been reported. Exploration will have to establish what the ground contains.

Ownership and Third-Party Agreement

Middle Island states that it holds both licences at 100%. However, Majdanpek West is also the subject of a sale and purchase agreement between Raiden Resources Ltd and Konstantin Resources. The terms of that agreement are not disclosed, so its effect on the licence cannot be assessed.

Licence holding in Serbia depends on meeting the conditions attached to each permit, including the work commitments required for renewal.

Taken together, the two licences give Middle Island a presence across two adjoining areas of the Timok district. Their value will depend on whether the desktop and field work identifies drillable targets, and the company will need to show that its exploration program is progressing within the licence terms. The licences are at the earliest stage of the company’s Serbian work, so it is best read as an expansion of the ground position rather than a discovery.

Next Steps and Early-Stage Risks

The company says desktop studies and field work will begin promptly to design exploration targets. No sampling, drilling or resource estimate is included, so the licences do not yet indicate the scale or grade of any mineral system.

Because the licences have a fixed term, the company will need to show progress to secure extensions. The results of early exploration will determine whether the areas justify further spending.

Final Word

Middle Island has added two licences near established mining areas, though the work needed to test them has yet to start. The Raiden agreement over Majdanpek West introduces an uncertainty that has not yet been resolved. Early exploration results and any update on that agreement will show how the licences develop.

Results from the first exploration programs on the two licences will be the next measure of how the Serbian ground position develops.