Board Change • 22h
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Chairman Daniel Raihani is the most experienced director on the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Duyuru • Nov 06
Middle Island Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.4 million. Middle Island Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 193,145,706
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,854,294
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Transaction Features: Subsequent Direct Listing Duyuru • Oct 28
Middle Island Resources Limited, Annual General Meeting, Nov 28, 2025 Middle Island Resources Limited, Annual General Meeting, Nov 28, 2025. Location: allendale square, level 1, 77 st georges terrace, perth wa 6000, perth Australia Duyuru • Sep 02
Middle Island Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.4 million. Middle Island Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 3.4 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 193,145,706
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,854,294
Price\Range: AUD 0.017
Discount Per Security: AUD 0.00102
Transaction Features: Subsequent Direct Listing Duyuru • Apr 07
Middle Island Resources Limited Announces Board Changes Middle Island Resources Limited announced that the EGM held on April 7, 2025, approved Election of Mr. Daniel Raihani as a Director. Election of Mr. Bill Richie Yang as a Director. Messrs Peter Thomas and Bruce Stewart each voluntarily resigned as directors of MDI, with agreement that the resignations take effect immediately after the appointment of Messrs Daniel Raihani and Bill Richie Yang to the board. Consequently, Resolutions 3 and 4 (to remove Messrs Thomas and Stewart as directors of the Company) were not considered at the meeting. Duyuru • Feb 19
Middle Island Resources Limited Receives Notice from 7 Enterprises Pty Ltd On February 18, 2025, Middle Island Resources Limited announced that advises that it has received the attached notice from 7 Enterprises Pty Ltd under 249D and 203D(1) of the Corporations Act 2001, that the directors of the Company call and arrange to hold a general meeting of the Company as soon as possible, and in any event in accordance with the requirements of the Corporations Act and the Company's constitution, for the purpose of considering the resolutions for the appointment of Daniel Raihani and Bill Richie Yang as a Director and for the removal of Peter Thomas and Bruce Stewart as a Director of the Company. Duyuru • Oct 31
Middle Island Resources Limited, Annual General Meeting, Nov 29, 2024 Middle Island Resources Limited, Annual General Meeting, Nov 29, 2024. Location: at the celtic club, 48 ord street, west perth, wa., Australia New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (92% average daily change). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m (AU$32k revenue, or US$22k). Market cap is less than US$10m (€2.58m market cap, or US$2.86m). Minor Risk Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). New Risk • Nov 26
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 78% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (45% average weekly change). Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (78% increase in shares outstanding). Revenue is less than US$1m (AU$32k revenue, or US$21k). Market cap is less than US$10m (€2.23m market cap, or US$2.44m). Duyuru • Nov 02
Middle Island Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.054937 million. Middle Island Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 1.054937 million.
Security Name: Ordinary S
Security Type: Common Stock
Securities Offered: 70,329,111
Price\Range: AUD 0.015
Discount Per Security: AUD 0.00015
Transaction Features: Rights Offering Duyuru • Nov 01
Middle Island Resources Limited, Annual General Meeting, Nov 30, 2023 Middle Island Resources Limited, Annual General Meeting, Nov 30, 2023, at 13:00 W. Australia Standard Time. Location: at The Celtic Club, 48 Ord Street West Perth Western Australia Australia Agenda: To receive and consider the Financial Report, together with the Directors' Report and the Auditor's Report, for the financial year ended 30 June 2023; to consider and adoption of remuneration report; to consider and re-election of peter thomas as a director; to consider and ratification of issues of shares; and to consider other matter also. New Risk • Sep 30
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.2m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$2.2m free cash flow). Share price has been highly volatile over the past 3 months (38% average weekly change). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m (AU$163k revenue, or US$105k). Market cap is less than US$10m (€2.05m market cap, or US$2.17m). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Jul 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (36% average weekly change). Earnings have declined by 29% per year over the past 5 years. Revenue is less than US$1m (AU$96k revenue, or US$66k). Market cap is less than US$10m (€2.39m market cap, or US$2.69m). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). Duyuru • Jul 17
Middle Island Resources Limited (ASX:MDI) completed the acquisition of East Tennant Project from Strategic Energy Resources Limited (ASX:SER). Middle Island Resources Limited (ASX:MDI) entered into a binding Sale and Purchase Agreement to acquire East Tennant Project from Strategic Energy Resources Limited (ASX:SER) for AUD 0.64 million on May 16, 2023. Middle Island proposes to purchase 100% of SER’s East Tennant Projects for 18,240,000 fully paid ordinary MDI shares at a deemed price of AUD 0.035 per share, this being the closing price of Middle Island Resources on Friday May 12, 2023. The Consideration Shares are to be issued within 5 business days following satisfaction of conditions precedent in the SPA. Completion will be subject to MDI completing due diligence within 60 days and being satisfied with its findings, Statutory consents being received in relation to the transfer of the tenements, Consents required from ASX and No event occurring prior to completion which materially and adversely affects the right or interests proposed to be acquired by MDI under the SPA. MDI shares proposed to be issued to SER will be subject to a voluntary escrow period of a minimum of 12 months from date of completion, or any ASX mandated escrow restrictions if this period exceeds 12 months. It is expected that the transaction will be completed within a period of 90 days from date of execution of the SPA.
Middle Island Resources Limited (ASX:MDI) completed the acquisition of East Tennant Project from Strategic Energy Resources Limited (ASX:SER) on July 17, 2023. SER now holds approximately 14.9% of the shares on issue in MDI. All the conditions of the SPA have been satisfied. Duyuru • May 16
Middle Island Resources Limited (ASX:MDI) entered into a binding Sale and Purchase Agreement to acquire East Tennant Project of Strategic Energy Resources for AUD 0.64 million. Middle Island Resources Limited (ASX:MDI) entered into a binding Sale and Purchase Agreement to acquire East Tennant Project of Strategic Energy Resources for AUD 0.64 million on May 16, 2023. Middle Island proposes to purchase 100% of SER’s East Tennant Projects for 18,240,000 fully paid ordinary MDI shares at a deemed price of AUD 0.035 per share, this being the closing price of (ASX:MDI) on Friday May 12, 2023. The Consideration Shares are to be issued within 5 business days following satisfaction of conditions precedent in the SPA. Completion will be subject to MDI completing due diligence within 60 days and being satisfied with its findings, Statutory consents being received in relation to the transfer of the tenements, Consents required from ASX and No event occurring prior to completion which materially and adversely affects the right or interests proposed to be acquired by MDI under the SPA. MDI shares proposed to be issued to SER will be subject to a voluntary escrow period of a minimum of 12 months from date of completion, or any ASX mandated escrow restrictions if this period exceeds 12 months. It is expected that the transaction will be completed within a period of 90 days from date of execution of the SPA. Duyuru • Feb 01
Middle Island Resource Completes the Review of Drill Hole CWDD001 at the Crosswinds Prospect Middle Island Resource has completed the review of drill hole CWDD001 at the Crosswinds prospect. That drill hole, along with 3 others, comprised the Company's initial drill program at the Barkly Copper-Gold Project in the Northern Territory. All holes drilled within the first drill program were drilled at the Crosswinds Prospect, which in late 2020 4, was identified as a surface occurrence of malachite (copper carbonate). On discovering this copper occurrence, a number of samples were taken and spot pXRF results returned between 24.8% and 76.25% Cu with a composite chip sampling assay of 130m at 0.76% Cu returned from Intertek. The 4 holes drilled all intersected IOCG alteration (pyrite ± hematite ± silica) which appears to be of an IOCG affinity. Shown below is a basic break down of the geology of each of the holes. All holes intersected the Georgina Basin at the top of the hole, transitioning into the Helen Springs Volcanics which has an age range of around 511Ma and then transitioning into the Alroy Formation towards the bottom of the hole. Basement Alroy Formation lithologies consist of a thick sequence of red to green to blue sandstones through to red to purple siltstones and mudstones and white to cream limestones which are cut by varying amounts of carbonate, quartz and hematite veins. Three out of the four holes drilled also intersected metasediments/metasedimentary schists that have been subject to high metamorphic grades creating large amounts of secondary biotite along with shear planes and intense foliation (hole CWDD007 did not intersect foliated metasediments due to the interpretation of them being stoped out by mafic units). Further down the holes from these meta-sediments in the first three holes (hole CWDD007 excluded) intersected medium grained red to white/cream granites, whereas hole CWDD007 intersected fine to medium grained Mafics. Approximately 2km ESE of MDI's holes is a government hole, NDIBK10, which has been drilled into the same rocks that were identified in MDI's holes. Age dating has been undertaken on this hole and a graphical log with age ranges in the relevant positions of sampling. As can be seen, the Helen Springs volcanics have an age range of approximately 511Ma - the hole then transitioned in the underlying sediments with a maximum deposition age (U-Pb in Zircons) of above and below the unit A unconformity yielding ages of 902 ± 34 Ma (unit A) and 1649 ± 37Ma (unit E) respectively, based on youngest concordant zircon grains. This age dating indicates that the thin Unit A is Neoproterozoic (1000-500Ma) and likely represents a continuation of the Pre-Cambrian part of the Georgina basin in this area whereas the sediments represent sedimentation in the Meso and Paleoproterozoic (1000-2500Ma). Further detailed knowledge of the bottom of the 500 million-year- old Georgina Basin allows gravity and magnetic targets to be truncated at the contact with the underlying sediments (circa 1.3-1.8 billion years old) removing noise from the signatures and thus allowing for better target generation of the airborne geophysics undertaken. The occurrence of hematite-flooded, meta-sedimentary and volcanic units and the age range of rock units in the area Cross Winds prospect is considered by MDI to be of IOCG affinity, and is another positive result from the Company's reconnaissance drill program at the Barkly copper-gold project. As mentioned previously in this, and previous announcements, over 40,000 line-kms of aerial geophysics have been flown over the Barkley project. This survey has shown that the geology, magnetics and gravity is not as simple as first thought, opening up interesting possibilities in identifying and locating IOCG deposits. The aerial survey undertaken by MDI in 20225 highlighted numerous areas of magnetic and gravity features interpreted to be large "blind" batholithic granites which contain iron sulphide mineralisation. An internal review of the geophysical surveys highlighted that the gravity and magnetic features appear to extend from the basement geology (Red sediments, metamorphic sediments and schists) into the overlying unmetamorphosed and structurally unchanged Georgina basins sand/silt and limestones. Southern Geoscience has been given the task of downloading the open file SEEBASE survey which is a NT Government survey that takes into account geological mapping, regional and local geophysical surveys, be that IP, magnetics, gravity or seismic surveys, both 2D and 3D, deep petroleum well, shallower water wells along with government funded drilling to ascertain the depth of the recent (approximately 500Ma) cover over the greater Georgina Basin. This SEEBASE survey has been downloaded and a 3D model generated to ascertain the base of the Georgina Basin/underlying basement lithologies. Figure 5 shows a 3D representation of the Georgina Basin/underlying basement contact and, as can be seen, most of the basement contact within the tenure owned by MDI is within 500m of the current land surface. The next step is to collate all of the open file drilling data along with open file Seismic data in the region and correlate this SEEBASE surface to validate its surface. Once this has been done, the aerial survey undertaken by MDI will be remodeled using this basement/basin isosurface as a hard boundary to ascertain if the gravity and or magnetic features are present within the basin cover or the basement geology. This will produce Total Magnetic Intensity and spherical Cap Bouguer gravity 3D models and once this has been done, the priority targets will be ascertained and cross referenced with known drill holes in the vicinity to ascertain if the anomalies are due to batholitic granites which can then be ranked lower or are due to an unknown source which could potentially be IOCG mineralisation. The unconformity between the overlying Helen Springs Volcanics and Neo-Proterozoic basement rocks was intersected in all four of MDIs holes ranging from 220m to 300m down hole. These four boundaries will be used to validate the SEEBASE survey, and if they do differ, will be used as a hard point whereby the SEEBASE survey can be updated to reflect the correct depth of basin cover at that point data. Board Change • Nov 17
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Bruce Stewart was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 28
Insider recently bought €304k worth of stock On the 21st of April, Stephen Copulos bought around 3m shares on-market at roughly €0.10 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Bruce Stewart was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 01
Full year 2021 earnings released: AU$0.058 loss per share (vs AU$0.053 loss in FY 2020) Full year 2021 results: Net loss: AU$6.82m (loss widened 115% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 04
Full year earnings released - €0.0023 loss per share Over the last 12 months the company has reported total losses of AU$3.17m, with losses widening by 20% from the prior year. Reported Earnings • Oct 01
Full year earnings released - €0.002 loss per share Over the last 12 months the company has reported total losses of AU$3.17m, with losses widening by 20% from the prior year.