Middle Island Secures $3.4M to Fund Maiden Drilling at Serbian Bobija Copper-Gold Project

Transformational Acquisition in Serbia

Middle Island Resources Limited (ASX, MDI) has taken a significant step in expanding its copper-gold exploration footprint by entering into a binding agreement to acquire 100% of Konstantin Resources Ltd. This acquisition brings a portfolio of 14 exploration licences across approximately 620 square kilometres in Serbia, situated within the Western Tethyan Metallogenic Belt, a globally recognised and prolific copper-gold province.

The deal, subject to shareholder approval at an Extraordinary General Meeting scheduled for 3 November 2025, aligns with Middle Island’s strategic focus on high-potential copper-gold assets. The Serbian projects complement the company’s existing Australian holdings, notably the Barkly Copper-Gold Super Project in the Northern Territory and the New England Fold Belt projects in Queensland.

Exploration Momentum and Funding

To support the expanded exploration agenda, Middle Island secured a firm commitment for a $3.4 million placement. This capital injection is earmarked to fund ongoing and planned exploration activities, including a maiden reverse circulation drilling program at the historic Bobija mine in Serbia. Early rock chip sampling at Bobija has revealed encouraging polymetallic mineralisation, with assays up to 5.24 grams per tonne gold and significant base metals, underscoring the potential for a substantial discovery.

Meanwhile, exploration continues at the Barkly project, where soil sampling and target refinement are progressing. The company has established a pipeline of drill targets and is focusing on prioritising areas with the highest prospectivity while relinquishing less prospective tenements to manage holding costs effectively.

Queensland Projects and Future Plans

In Queensland, Middle Island is advancing a staged exploration strategy across its Ridgelands, Greenbank, Cockatoo, and newly granted Acacia projects. These tenements lie within the New England Fold Belt, an underexplored region with promising indications of porphyry copper-gold and epithermal gold mineralisation. Preparations for reconnaissance fieldwork are underway, targeting near-surface ‘walk-up’ opportunities starting with Ridgelands, where historical data suggests open gold mineralisation at surface.

Looking ahead, Middle Island plans to integrate data from its Serbian and Australian projects to refine geological models and guide drilling programs. The company’s net cash and liquid assets stood at $2.03 million as of 30 September 2025, providing a solid financial base for its exploration activities.

Strategic Outlook

Middle Island’s acquisition of Konstantin Resources marks a pivotal moment in its growth trajectory, positioning the company within a world-class copper-gold province and diversifying its asset base internationally. The combination of new drilling results, ongoing soil sampling, and data compilation across multiple projects sets the stage for potential resource definition and value creation. However, the success of these initiatives will depend on forthcoming exploration outcomes and the company’s ability to secure further funding as needed.