Middle Island Resources (ASX:MDI) Reports Q4 2024 Activities and Financial Highlights
Exploration Activities
Middle Island Resources completed its 2024 exploration programmes at the Barkly Copper-Gold Super Project, including soil sampling and a three-hole diamond drill programme targeting IOCG prospects at Wilma, Pebbles, and Dino. Trace copper sulphides were identified at the Pebbles prospect, informing future drilling strategies.
Financial Performance
The company’s cash position was solidified through a capital raise of approximately $819K via a share placement, bringing total cash and share investments to $2.716M as of December 31, 2024.
Funding and Grants
Middle Island received the first installment of its NT GDC co-funding drilling grant, contributing to exploration efforts. The share placement involved issuing 54,600,172 ordinary shares at 1.5 cents each to professional investors.
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