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MIDDLE ISLAND RESOURCES LIMITED (MDI)

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ASX, Legal & CGT Status

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Our website ranking of MDI: rating 4
(4 out of 5)
COMPANY WEBSITE:

 

REGISTRY:

Automic Registry Pty Ltd
Level 5, 191 ST GEORGES TERRACE PERTH WA 6000
Tel : +61 (2) 8072 1400 or 1300 288 664 (within Australia)
RegistryWebsite RegistryEmail

Company details

ISIN: AU000000MDI5
Address: Suite 2 11 Ventnor Avenue West Perth WA 6005
Tel:  (08) 9481 7288Fax: (08) 9389 2199

Date first listed: 16/12/2010

Sector: Materials Industry Group: XMJ
Activities: Gold exploration

News & Events

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The suspension of trading in the securities of Middle Island Resources Limited will be lifted immediately following the release by MDI of an announcement regarding the sale of a significant company asset.

21/03/2022

The A$12M sale of the Sandstone Assets to Aurumin Limited (AUN) has been completed. The consideration of A$12m was payable by way of $6,000,000 in cash, with the balance of $6M payable in AUN shares(at a notional issue price of $0.20 per share). The cash component has been fully paid. The share component has been partly issued taking MDI's holding in AUN to 19.9%; leaving 9.0M shares yet to be issued. By 30 April 2022, the remaining 9.0M shares must either be issued, subject to AUN shareholder approval under S611(7) of the Corporations Act (allowing MDI to acquire >20% of AUN), or be paid out in cash at A$0.20 per share (equating to $1.8M). MDI Board recognises the effort required to complete this transaction against a backdrop of market volatility, and the AUN capital raising was done at a premium to its share price with the strong personal support of directors of AUN. MDI's exploration focus is now solely directed at defining the potential of the Barkly Copper-Gold Super Project with a continuing mandate to review mineral resource opportunities globally. Barkly Copper-Gold Super Project maiden drilling campaign to consist of 20 holes at an anticipated average depth of 500 metres for 10,000 metres over the eight-month drilling season, with drilling on track to commence in April.

21/03/2022

The securities of Middle Island Resources Limited will be suspended from quotation from the commencement of trading on Friday, 18 March 2022 under Listing Rule 17.2, at the request of MDI, pending the release of an announcement regarding the sale of a significant company asset.

18/03/2022

The suspension of trading in the securities of Middle Island Resources Limited will be lifted immediately following the release by MDI of an announcement regarding the sale of a significant company asset.

16/12/2021

Middle Island has executed an agreement with Aurumin Limited for the sale of its wholly owned subsidiary Sandstone Operations Pty Ltd, the holder of the Sandstone Gold Project comprised of mining tenements, processing plant and freehold tenure. The $12 million consideration will be satisfied by payment of $6 million cash and the issue of $6 million of Aurumin shares, representing circa. 18.5% of Aurumin's expanded capital after: the issue of the consideration shares, and Aurumin financing the transaction. Via the equity component, Middle Island retains a significant indirect interest in the upside potential of the Sandstone Gold Project and the roll up of resources within trucking distance, as well as material exposure to Aurumin's significant gold project interests in the region of Sandstone and further afield, and the talent of Aurumin's team"“ delivering significant synergies to both companies. Our strategy has been to realise a return on the Sandstone assets by exploring the project potential, seeking amalgamation of proximal assets through acquisition and corporate activities. Through the sale of the Sandstone assets and retention of interest in Aurumin, MDI further delivers into its aspiration to consolidate assets around Sandstone and will continue to participate in that roll up which we believe will add value for our shareholders. Aurumin has the management expertise and track record to realise effective consolidation. The sale agreement is subject to satisfaction of various conditions precedent including approvals from the shareholders of both parties. Middle Island looks forward to working closely with Aurumin to finalise the transaction "“ expected in February 2021. Middle Island's core focus is now directed at its exciting and highly prospective Barkly copper gold super project in the Northern Territory where a recent discovery, by Emerson Resources of 117m at 3.38% copper, has been made.

16/12/2021

Middle Island Resources Limited (MDI) secures additional Barkly tenure. Successful applications strategically located with respect to existing MDI Exploration Licences.

15/12/2021

The Company requests that the suspension continues until commencement of normal trading on Thursday 16 December 2021 pending the release of an announcement advising details relating to a potential sale of a significant company asset.

15/12/2021

The Company requests that the suspension continues until commencement of normal trading on Wednesday 15 December 2021, pending the release of an announcement advising details relating to a potential sale of a significant company asset.

14/12/2021

The Company requests that the suspension continues until commencement of normal trading on Tuesday 14 December 2021 pending the release of an announcement advising details relating to a potential sale of a significant company asset.

13/12/2021

The securities of Middle Island Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MDI, pending the release of an announcement regarding the potential disposal of an asset.

10/12/2021

we understand that on or about this date the company consolidated its shares 1 for 23

17/12/2020

The suspension of trading in the securities of Middle Island Resources Limited will be lifted from the commencement of trading on Tuesday, 14 April 2020, following the release by MDI of an announcement regarding exploration results and a resource update.

14/04/2020

A 500,000oz gold Inferred Mineral Resource has been estimated by independent consultants, Mining Plus Pty Ltd, for the Two Mile Hill deeps gold deposit at the Company's 100%-owned Sandstone gold project in central WA. The new Mineral Resource is comprised of 480,000oz associated with the tonalite-hosted portion of the deposit & 20,000oz within the banded iron formation (BIF)-hosted element. The addition of the Two Mile Hill deeps underground deposit brings the aggregate Sandstone project's JORC Code 2012 Mineral Resources to 624,000oz gold, representing a near five-fold increase in Mineral Resources. The new tonalite deeps Inferred Mineral Resource is derived from a partial reclassification of the previous Exploration Target, extending from 140m below surface, the base of quantified open pit Mineral Resources, to ~500m depth. The new BIF deeps Mineral Resource is derived via the upgrade of a former JORC Code 2004 resource estimate to a formal JORC Code 2012 Inferred Mineral Resource. The remainder of the original Exploration Target, extending from 500m to 700m depth, will require re-quantification as an Exploration Target, primarily underpinned by a diamond drill intercept of 508.3m at 1.38g/t Au, including an interval of 160m at 2.13g/t Au from 432m depth. Although relatively insensitive to gold price, the Two Mile Hill tonalite deeps Mineral Resource estimate does not comprise part of the planned recommissioning inventory at Sandstone, with the present intention to only review development of the tonalite deeps deposit later in the planned on-site existing mill production schedule. The significant increase in aggregate Mineral Resources comprising the Sandstone gold project will provide far greater valuation transparency of both the project and Middle Island.

14/04/2020

A bonanza intercept of 4m at 90.6g/t Au, accompanied by a further intercept of 8m at 3.35g/t Au, have been reported by Middle Island from new and initial assay results from the McClaren prospect, which comprises part of the Company's recently completed 13,400m Phase 1 RC drilling program at its wholly owned Sandstone project in WA. The new results announced today are derived from the first 30 holes (2,394m) of the Phase 1 RC drilling program, and address the initial three (of 14) gold deposits and prospects targeted, comprising McClaren, Two Mile Hill and Tailings East. The Company is excited to note that, subject to resampling and infill drilling, there is a likelihood that McClaren will prove to represent a new open pit deposit to complement the project's mill recommissioning inventory. McClaren is one of a cluster of three proximal gold prospects, also including McIntyre and Ridge, all of which are hosted within the southeast extension of the Shillington banded iron formation (BIF) package and located 2.5km from the Company's 100%-owned Sandstone gold processing plant. Better results received to date from infill and extension drilling at the Two Mile Hill deposit returned intercepts of 16m at 1.64g/t Au, 4m at 8.04g/t Au and 3m at 7.81g/t Au. Further assay results are anticipated in the coming weeks. These will be reported in a timely manner. Middle Island is well-funded to continue follow-up activities at McClaren.

14/04/2020

The securities of Middle Island Resources Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of MDI, pending the release of an announcement regarding material drilling results and resource upgrade.

06/04/2020

The suspension of trading in the securities of Middle Island Resources Limited (the " Company") will be lifted immediately, following receipt of an announcement regarding a capital raising. Security Code: MDI

23/09/2013

The securities of Middle Island Resources Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement. Security Code: MDI

19/09/2013

The suspension of trading in the securities of Middle Island Resources Limited (the "Company") will be lifted immediately following receipt of an announcement relating to the Tialkam South Prospect and Samira Hill transaction in Niger. Security Code: MDI

27/08/2013

The securities of Middle Island Resources Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement relating to the Niger status update. Security Code: MDI

27/08/2013

listed entity carried for record purposes only

16/12/2010

 

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    Click here for free access to this company's:
    ASX, Legal & CGT Status

    Directors' on-market share transactions (last 5)

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    Purchases Sales

    DATEDIRECTORNUMBERPRICEAMOUNT
    23/06/2023Bradley Marwood-605,000$0.026$15,470
    27/08/2021Bruce Stewart200,000$0.099$19,784
    02/07/2020Bradley Marwood-5,500,000$0.022$120,131
    02/05/2017Beau Nicholls450,000$0.020$9,030
    02/05/2017Peter Thomas990,000$0.020$20,018

    Click here for the last 20 transactions all companies

    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Peter ThomasNon Exec Chairman02/03/2010
    Roland BartschCEO01/04/2023
    Bruce StewartNon Exec Director14/07/2021
    Bradley MarwoodExecutive Director, CEO02/12/2019
    Rudolf TielemanCompany Secretary

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    Richard YeatesManaging Director, CEO02/03/201014/07/2021
    Beau NichollsNon Exec Director30/04/201031/01/2021
    Dennis WilkinsAlternate Director17/03/201031/01/2021
    Linton KirkNon Exec Director01/09/201108/07/2016

    Date of first appointment, title may have changed.