Key Highlights

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

Middle Island Resources Limited (ASX:MDI) announced on 9 November 2026 that the Serbian Ministry of Energy and Mining has granted two new exploration licences within its Timok Project. The Majdanpek West licence was issued on 30 September 2026 and the Kulmea Albina licence on 30 October 2026, both through the company’s wholly owned Serbian Subsidiary Konstantin Resources d.o.o.

The Two Licence Areas

Majdanpek West sits about three kilometres from the Zijin-operated Majdanpek mine and lies north of the Dumitru Potok and Čoka Rakita deposits operated by DPM. Kulmea Albina covers the northern part of the historic Blagojev Kamen goldfield, a location with a long mining history.

The licences are described as a means to establish exploration targets in these areas. Both locations are near established mining operations, which may indicate prospective geology but does not confirm mineralisation.

Ownership and Agreements

Middle Island holds both licences at 100%. However, the Majdanpek West licence is also the subject of a sale and purchase agreement between Raiden Resources Ltd and Konstantin Resources. The terms of that arrangement are not given, so the eventual ownership position of the licence depends on how that agreement proceeds.

Licence holding in Serbia is subject to the conditions of the exploration permits, including the work commitments required to maintain them.

The agreement affecting Majdanpek West is relevant to how the licence will be held and developed. The terms of the sale and purchase agreement are not described, so its effect on the licence’s future cannot be judged. Later updates from either company are the place to check the status of that agreement, and the stated 100% holding of both licences reflects the position at the time of writing.

Early-Stage Limits

The company says desktop studies and field work will begin in a timely manner to design exploration targets. No drilling, sampling results or resource estimate are included, so the licences do not yet indicate the size or grade of any mineral system.

Exploration licences have a defined term, and their renewal depends on fulfilling the exploration obligations. The company will need to demonstrate progress to hold the licences in the longer term.

Final Word

Middle Island has widened its Serbian footprint with two licences adjacent to established mining areas, though the work required to test them has yet to begin. The agreement affecting Majdanpek West adds a layer of uncertainty to that licence. Initial exploration results and the outcome of the Raiden arrangement will show how the licences develop.

Initial desktop studies and field work will show whether the two licence areas contain exploration targets worth drilling, and the status of the Raiden agreement will be relevant to how the Majdanpek West licence is held over time.