Resources Top 5: Middle Island extends reach to prolific Western Tethyan Belt in Serbia

• MDI now has an extensive portfolio comprising 14 exploration and mining licences and a primary focus on gold, silver and copper
• FBM has received broad, high-grade gold intersections from the first 10 holes of a drill campaign at Miriam in WA
• Visible gold has been intersected at HMX’s Yandal project, near the boundary of Northern Star’s Bronzewing mining lease

Your standout small cap resources stocks for Tuesday, September 2, 2025

Middle Island Resources (ASX:MDI)

Extending its reach to prospects in one of the world’s most prolific copper-gold provinces, the Western Tethyan Belt in Serbia, sent Middle Island Resources (ASX:MDI) soaring 95% to a two-year high of 3.9c with more than 60 million shares exchanged.

The acquisition of Australian unlisted public company Konstantin Resources has been described by MDI as “transformational” and complementary to its Ridgelands gold project in Queensland and Barkly copper-gold project in the NT.

It provides the company with an extensive portfolio comprising 14 exploration and mining licences covering 620km2 and a primary focus on gold, silver and copper.

The three main project areas are Bobija, which is prospective for gold, silver, copper, lead and zinc, and the Priboj and Timok projects prospective for gold and copper.

Bobija is an advanced exploration play, from which historical drilling results include: 

• 45.2m at 1.71g/t Au, 25.5g/t Ag, 0.87% Pb and 2.26% Zn;
• 16m at 1.58g/t Au, 83g/t Ag, 1.98% Pb and 2.29% Zn;
• 11.7m at 1.56g/t Au, 82g/t Ag, 2.71% Pb and 3.01% Zn; and
• 15.1m at 1.91g/t Au, 122g/t Ag, 4.23% Pb and 4.73% Zn.

Middle Island’s work plan in Serbia includes trenching and rock chip sampling at the Bobija mine pit along with RC drilling at that project.

Geochemistry work includes soil, stream and rock sampling across multiple project areas.

To support exploration in Serbia and Australia, the company has received firm commitments to raise $3.4m in a placement through the issue of 200m shares at 1.7c per share, representing a discount of 14% to the VWAP during August. 

“We are poised to accelerate the exploration program of Konstantin these exciting targets, with Serbia and the Balkan region being a world-class geological setting containing numerous large scale, high grade and tier-1 mines,” MDI non-executive director Daniel Raihani said.

“Konstantin comes with a highly regarded, world-class team that includes Dundee Precious Metals ex-Balkan team members, David A-Izzeddin and Dragan Dragic together with their executive chairman Peter Spiers.” 

Future Battery Minerals (ASX:FBM)

Belief in a golden future for Future Battery Minerals (ASX:FBM) at the Miriam project in WA has strengthened with broad, high-grade gold intersections returned from the first 10 holes of a drill campaign.

Results of up to 33m at 1.57g/t gold from 35m, including 16m at 3.10g/t from 44m, the best for the company at Miriam, sent the company to a 12-month high of 4,4c, an increase of 83.34% on the previous close.

Drilling focused on Forrest prospect, where strong results were returned from near-surface oxidised material, including extensions to previously identified zones.

New primary fresh rock lodes were revealed in the southwest extension of Forrest with results of 12m at 1.56g/t Au from 75m, including 1m at 5.21g/t from 84 and 4m at 1.37g/t from 108m. 

Infill results exceeded thickness and grade expectations, returning 29m at 1.45g/t Au from 32m, including 14m at 2.33g/t from 38m and 14m at 2.29g/t from 30m. 

FBM managing director and CEO Nick Rathjen said results from Forrest exceeded all expectations. 

“These thick, high-grade gold intercepts returned within shallow oxidised zones have strongly validated our belief in the Miriam area and the substantial body of gold-focused exploration work put into the project over the past few months,” he said. 

“This drilling has both confirmed the quality of historical gold lodes and highlighted multiple areas where these lodes offer strong extensional potential.”

He said the standout intercept from Forrest pointed to a significant westward extension to a known gold lode previously identified through historical drilling.

There is plenty of upside potential for Future Battery Minerals (ASX:FBM) at Forrest with multiple areas remaining open along strike within oxide and fresh rock.

Assay results from 11 holes drilled at the Canyon prospect, south of Forrest, are expected in the next two weeks.

The goal for the company is to swiftly build on the phase 1 results, which will inform future exploration drilling, including phase 2. 

Hammer Metals (ASX:HMX)

The intersection of visible gold at the Yandal project in WA, near the boundary of the Bronzewing mining lease of Northern Star, sent Hammer Metals (ASX:HMX) 42.31% higher to a top of 3.7c.

RC drilling has been completed with initial diamond tails intersecting multiple instances of visible gold within a significant zone of alteration and quartz veining.

Assays for Bronzewing South are expected by mid-September and follow-up diamond drilling is being planned.

“Intersecting visible gold in any setting is a fantastic development; and intersecting it just 40 metres south of the boundary of one of WA’s great gold mines is clearly an exciting breakthrough that validates the Bronzewing South exploration target,” MD Daniel Thomas said.

“While it is important for us to wait for assays, we are very encouraged by the recent drilling – which opens up a significant search space for gold mineralisation adjacent to the former 3Moz Bronzewing Gold Mine.

“Drilling is continuing with the diamond drill rig and we will continue to test other planned targets within the current program.”

Coda Minerals (ASX:COD)

(Up on no news)

A new flowsheet has provided an economic uplift for the Elizabeth Creek copper-silver project of Coda Minerals (ASX:COD) in South Australia and pushed shares up 82% to 20c.

The flowsheet has delivered increased copper and silver production from a simpler process with lower costs.

As well as enhancing project value and reducing product marketing risk, the potential inclusion of cobalt has potential to lift blue sky value.

“This is possibly the most significant advance in the history of Elizabeth Creek. Recovery optimisation has always been the single biggest lever we can pull and these results show just how much value this work has unlocked,” Coda Minerals CEO Chris Stevens said.

“The fact that copper and silver alone now deliver stronger economics on a like-for-like basis compared with our previous base case producing all three metals (copper, silver and cobalt) from the outset is very encouraging. 

“This simplifies and streamlines the project using a base case flowsheet based on well-established technology.

“This work underpins our strategic vision to get Elizabeth Creek to a construction-ready state with technical and economic studies, and approvals in place. “

Invictus Energy (ASX:IVZ)

The grant of National Project Status (NPS) to the Cabora Bassa Project by Zimbabwe’s Finance Minister Mthuli Ncube resulted in Invictus Energy (ASX:IVZ) increasing one-third to 24c, a 12-month high.

Following a series of constructive meetings, the government and IVZ have finalised terms of a Petroleum Production Sharing Agreement (PPSA), which is now being prepared for execution.

These developments provide recognition of the strategic national and regional importance of the Mukuyu gas condensate discovery and the Cabora Bassa project.

This strengthens Invictus’ position to advance towards commercial gas production and long-term value creation for Zimbabwe and shareholders.

NPS provides significant fiscal and non-fiscal benefits and incentives to assist advancing Cabora Bassa.

The latest developments follow last week’s confirmed partnership with Qatari-based Al Mansour Holdings led by His Highness Sheikh Mansour bin Jabor bin Jassim Al Thani of Qatar.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Future Battery Minerals is a Stockhead advertiser, it did not sponsor this article.