Middle Island Confirms Polymetallic Continuity at Bobija with Phase 2 Drilling

Phase 2 Drilling Reinforces Bobija’s Polymetallic Potential

Middle Island Resources (ASX:MDI) has wrapped up its Phase 2 drilling campaign at the Bobija Project in Western Serbia, delivering 17 holes totalling 1,363 metres. This follows a maiden program that uncovered significant polymetallic mineralisation, including standout intercepts such as 52 metres at 1.17g/t gold, 26g/t silver, and notable base metals from hole BMLRC001. The latest drilling aims to confirm continuity between previously identified mineralised zones, bolstering the thesis of a thick, sub-horizontal polymetallic layer beneath the historic mine area.

The Phase 1 results, which revealed mineralisation bridging the West and North Zones, underpin Middle Island’s view of Bobija as a coherent polymetallic system. While assay results from Phase 2 are awaited, the program sets the stage for multiple drilling campaigns planned throughout 2026 to better define grade and distribution across the project area. This progression aligns with Middle Island’s broader strategy to unlock the polymetallic potential of its Serbian assets.

Tisovik Soil Sampling Expands Polymetallic Footprint

Extending exploration beyond Bobija, soil sampling at the nearby Tisovik target, just 4km northeast, has delineated widespread silver, lead, zinc, and antimony anomalies over a 5km east-west strike. Peak assays reached 7.1g/t silver and over 4,600ppm lead, highlighting a robust polymetallic system that remains open-ended, particularly to the north where limestone lithologies persist untested.

Middle Island has initiated further soil sampling to extend coverage to the licence boundaries, with plans for infill sampling, trenching, and drilling as the field season progresses. These developments build on earlier findings and suggest Tisovik could represent a significant satellite system complementing Bobija’s mineralisation. The company’s ongoing efforts to expand soil sampling here are part of a systematic approach to unlock the project’s full potential, reflecting a step-up in exploration intensity consistent with its 2026 objectives.

Copper and Gold Targets at Priboj and Ober Projects

At the Priboj Project, Middle Island has confirmed multiple copper-in-soil anomalies, notably at the Jelaca and Oglavak prospects. Jelaca’s copper anomaly now spans approximately 900m by 400m, with rock chip samples up to 0.99% copper, prompting plans for a three-hole reverse circulation (RC) drilling program pending land access approvals. Similarly, Oglavak exhibits a strong copper anomaly adjacent to a regional lithological boundary, with follow-up ground work planned to assess outcropping mineralisation.

Meanwhile, the Ober licence area has reinforced its gold potential at the Zabrnjica target, where soil sampling and rock chip assays have delineated a 600m by 200m gold anomaly with assays up to 1.91g/t gold. This has led to the scheduling of an initial five-hole RC drilling program, again subject to access permissions. Adjacent Beli Potok has also yielded encouraging gold-in-soil results, with follow-up mapping and sampling proposed.

These advances at Priboj and Ober complement Middle Island’s polymetallic focus at Bobija and Tisovik, broadening the company’s exploration pipeline within Serbia’s Western Tethyan Mineral Province, a region renowned for world-class deposits. The planned drilling campaigns at Jelaca and Zabrnjica represent important near-term catalysts for the company’s exploration narrative.

Scaling Up Exploration Infrastructure and Team

To support its ambitious 2026 exploration program, Middle Island is expanding its in-country team and infrastructure. This includes hiring additional geologists and field technicians, acquiring portable XRF units for rapid field analysis, and enhancing sample processing and transport capabilities. These upgrades aim to accelerate target evaluation and increase overall exploration throughput, enabling parallel programs across multiple projects.

This operational ramp-up follows a strategic capital raise and acquisition phase that significantly expanded Middle Island’s Serbian footprint to over 600 square kilometres. The company’s move to bolster its technical and logistical capacity signals a commitment to advancing its portfolio more aggressively this year.

Corporate Leadership Strengthened with New Appointments

Reflecting its growth trajectory, Middle Island appointed Sanela Karic as a Non-Executive Director during the quarter. Karic brings over 25 years of international legal and corporate governance experience across Europe and the Balkans, including board roles with Adriatic Metals plc. Her expertise in cross-border corporate affairs and stakeholder engagement is expected to benefit Middle Island’s ongoing development in the region.

Subsequent to quarter-end, Peter Harding-Smith was named Chief Financial Officer. Harding-Smith’s extensive background in financial reporting, capital markets, and governance within the resources sector positions him well to support Middle Island’s evolving corporate and operational demands.

Cash Position and Expenditure

As of 31 March 2026, Middle Island held $3.89 million in cash and listed investments, with exploration and evaluation expenditure totalling $229,000 for the quarter. No mining production or development activities occurred during the period. The company’s financial position provides a runway to fund its planned exploration ramp-up, though land access approvals remain a gating factor for upcoming drilling.

Middle Island’s recent announcements, including its Phase 2 drilling underway and the large-scale gold target at Zabrnjica, underscore its methodical approach to exploration in Serbia. The integration of new leadership and expanded field capabilities could accelerate progress, but the company must navigate typical exploration uncertainties such as assay results and permitting.