Serbian Acquisition Could Reshape MDI’s Exploration Risk Profile

Strategic Expansion into Serbia’s Mining Heartland

Middle Island Resources Limited (ASX – MDI) has announced a binding agreement to acquire Konstantin Resources Ltd, an Australian unlisted public company holding a substantial copper-gold-silver exploration portfolio in Serbia. This acquisition marks a significant step for MDI, expanding its footprint into the Western Tethyan Belt, a globally recognised copper-gold province renowned for its prolific mineral deposits.

The portfolio spans approximately 620 square kilometres across three main project areas – Bobija, Priboj, and Timok. Each area offers promising exploration potential, with historical drilling at Bobija revealing notable polymetallic mineralisation including gold, silver, lead, and zinc. These results provide a compelling foundation for MDI’s planned accelerated exploration activities.

Robust Historical Data and Experienced Management

Bobija Project stands out with significant historical drilling intercepts such as 45.2 metres at 1.71 g/t gold and 25.5 g/t silver, alongside appreciable base metal grades. The acquisition also brings onboard a seasoned management team with deep regional expertise, including former Dundee Precious Metals executives. This experienced leadership is expected to drive efficient exploration and unlock value from the portfolio.

Complementing the Serbian assets, MDI’s existing Ridgelands Gold Project in Queensland and Barkly Copper-Gold Project in the Northern Territory position the company well for diversified growth across two continents.

Funding and Next Steps

To support the exploration push, MDI has secured firm commitments for a $3.4 million placement at a 14% discount to recent trading prices. These funds will underpin drilling campaigns, trenching, geochemical sampling, and geophysical surveys across the Serbian projects, as well as bolster ongoing Australian exploration efforts.

The acquisition and placement are subject to shareholder approval, with a general meeting scheduled for mid to late October 2025. Upon completion, Konstantin will nominate a director to the MDI board, ensuring continuity and integration of expertise.

Geopolitical and Operational Considerations

While Serbia offers a stable mining jurisdiction with a rich geological endowment, MDI will need to navigate certain challenges including licence standing issues and cultural and environmental site restrictions within the project areas. The company has initiated steps to address these, aiming for regulatory compliance and sustainable exploration practices.

Overall, this acquisition represents a transformative opportunity for Middle Island Resources to establish a significant presence in a world-class copper-gold province, backed by a strong technical team and financial support.