MIDDLE ISLAND RESOURCES LIMITED — Director's Dealing 2020

Jul 6, 2020

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7 July 2020

ASX ANNOUNCEMENT

APPENDIX 3Y – MR BRAD MARWOOD

Middle Island Resources Limited ( Company ) (ASX MDI) attaches an Appendix 3Y (Notification of Change of Interests) for Mr Brad Marwood in relation to a recent sale of the Company’s securities by an entity associated with Mr Marwood.

Despite the Company having in place agreements with each of its directors to abide by the Company’s Securities Trading Policy and also to supply information to the Company to allow it to meet its disclosure obligations under Listing Rule 3.19A, Mr Marwood’s trade occurred during a blackout period and without prior written approval.

The Company first became aware of Mr Marwood’s on market transaction on the day of the trade (2 July 2020). Mr Marwood had, in the prior week, signalled his intention to conduct on market transactions, sought and was given written clearance to trade. No trades occurred under that approval and the Company Secretary advised Mr Marwood on 1 July 2020 (2:16pm) that “…A black out is now in force until the day after we release the announcement that is currently in circulation…”.

The announcement referred to in the Company Secretary’s email to Mr Marwood, was delivered and released via the ASX Announcement Platform at ~6:30 am AWST 2 July 2020. In accordance with the Company’s Securities Trading Policy a black out period was in force until the opening of trade on 3 July 2020.

Mr Marwood’s trades were conducted during the trading session of 2 July 2020 albeit well after the release of the subject announcement.

The Company notes that Mr Marwood sought clearance and the board accepts Mr Marwood’s assurance that he was not clear as to the effect of the policy as, at face value, it appeared to him that the position advised to him by the Company’s share trading officer was at odds with both the ASX guidance in the matter and his (considerable) hands on experience in other companies. Indeed, Mr Marwood advises he held his trade in abeyance to comply (as he understood it) with the share trading officer’s advice and in doing so suffered a considerable disadvantage to his tax affairs.

Mr Marwood was informed of the position before the event and has been advised that any further breaches of the Company’s policies will be under threat of disciplinary action (yet to be determined and depending on the circumstances that exist at the time).

The Company regards the breach as being highly regrettable despite the trade being made after the market was fully informed and had ample time to absorb the detail in and ramifications of the subject announcement.

This release has been authorised by the Board of the Company.

Yours faithfully

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Dennis Wilkins Company Secretary

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	MIDDLE ISLAND RESOURCES LIMITED
ABN	70 142 361 608

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Bradley William James Marwood
Date of last notice	21 February 2020

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

in this part.
Direct or indirect interest	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	B. Marwood Co Pty Ltd
**Date of change **	2 July2020
No. of securities held prior to change	8,078,977fullypaidordinarysharesand8,078,977unlistedoptions(exerciseprice$0.0077, expiry 31/01/2022)
Class	Fully paid ordinary shares
Number acquired	Nil
Number disposed	5,500,000
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$120,130.95 (net of brokerage)
No. of securities held after change	2,578,977fullypaidordinarysharesand8,078,977unlistedoptions(exerciseprice$0.0077, expiry 31/01/2022)
Nature of changeExample: on-market trade, off-market trade, exercise of options, issueof securities under dividend reinvestment plan, participation in buy-back	On-market trades.

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

in this part.
Detail of contract	N/A
Nature of interest	N/A
Name of registered holder(if issued securities)	N/A
Date of change	N/A
No. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract inrelation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation	N/A
Interest after change	N/A
**Part 3– **+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?		Yes
If so, was prior written clearance provided to allow thetrade to proceed during this period?		No
If prior written clearance was provided, on what date wasthis provided?		N/A

7 July 2020

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011