Preheat oven to 180°C, and arrange the baking tray onto the middle shelf.
Cut the bread into small cubes and place them into a bowl with the milk. Allow the bread to sit for a few minutes then drain it and squeeze the milk in excess with your hands and place it in a large bowl.
Add in the panko breadcrumbs, Parmesan cheese, parsley, pistachios and thyme, and combine all the ingredients together.
Add in the minced lamb, season generously with salt and pepper, and mix gently, but thoroughly, with your hands to combine all the ingredients.
Take off a small piece of the meat mixture and gently roll between your hands to form 1-inch meatballs (about 1 full tablespoon each).
Cover a baking tray with parchment paper, and brush with extra-virgin olive oil. Place the prepared meatballs on top, and gently roll them onto the olive oil to lightly coat them. Arrange the meatballs onto the baking tray, making sure there's enough space between each other.
Bake in the oven for about 15 minutes, until they're nicely browned and cooked through.
Remove from the oven, place on a large serving dish and serve with glazed carrots and mashed potatoes on the side.