Funding Boost Positions MBK to Unlock Value Across Australia and MENA Projects
Metal Bank Limited reports significant progress across its Australian and MENA projects, including a strategic review of its Livingstone Gold Project and new exploration rights in Saudi Arabia and Jordan, supported by a fully subscribed $1.56 million entitlement offer.
- Strategic review and resource optimisation underway at Livingstone Gold Project, WA
- Wadi Al Junah copper-zinc-gold-silver project awarded in Saudi Arabia to MBK JV
- Exploration rights granted over multiple copper projects in Jordan with JV discussions ongoing
- High-grade graphite intersections confirmed at Millennium Project, Queensland
- Fully subscribed $1.56 million entitlement offer completed to fund exploration and development
Livingstone Gold Project: Unlocking Value in Western Australia
Metal Bank Limited (ASX: MBK) has made notable strides in advancing its portfolio of copper, gold, and cobalt projects during the December 2024 quarter. Central to its Australian operations is the Livingstone Gold Project in Western Australia, where MBK holds a 75% interest. The project boasts approximately 70,000 ounces of defined gold resources across the Homestead and Kingsley prospects, with ongoing strategic reviews and resource optimisation studies aimed at enhancing value amid a robust gold market.
Livingstone’s extensive 395km2 tenure covers a significant portion of the Proterozoic Bryah-Padbury Basin, a prolific gold province hosting multi-million ounce deposits. MBK has identified multiple high-quality exploration targets along more than 40km of structural strike length, many of which remain untested, underscoring the project's expansion potential.
Expanding Footprint in Saudi Arabia with Wadi Al Junah
In the Middle East, MBK’s joint venture company, Consolidated Mining Company (CMC), secured the Wadi Al Junah Project in Saudi Arabia through the government’s Exploration Licensing Round 6. Covering 427km2 in the Asir province, Wadi Al Junah is prospective for volcanogenic massive sulphide (VMS) copper-zinc-gold-silver mineralisation and shear zone gold-silver deposits. Initial fieldwork has been completed, with assay results pending, and MBK aims to be drill-ready within six months.
The project’s strategic location near the regional centre of Bisha and existing infrastructure enhances its development prospects. MBK continues to pursue additional exploration licenses and joint venture opportunities in Saudi Arabia, leveraging local partnerships and technical expertise.
Advancing Copper Exploration in Jordan
MBK has also expanded its copper exploration portfolio in Jordan, securing exploration rights over Area 65, a bulk tonnage stratiform copper-oxide target, alongside its existing Malaqa project and Area 47, an intrusive system anomalous for copper, molybdenum, lead, and zinc. The company is progressing a three-project strategy to advance all sites to drilling status simultaneously, aiming for cost-effective scale.
Recent reconnaissance and sampling at Area 47 have returned encouraging copper and molybdenum anomalies consistent with a porphyry intrusion system, while Area 65 offers promising stratiform copper mineralisation adjacent to historical mining districts. MBK is in discussions with local partners to form joint ventures to accelerate exploration activities.
Graphite Potential at Millennium Project, Queensland
In Queensland, MBK’s Millennium Project continues to reveal significant graphite potential alongside its established cobalt-copper-gold resource. Re-assaying of 2022 drill samples for total graphitic carbon (TGC) returned thick, high-grade graphite intersections, including 56m at 18.29% TGC and 49m at 12.97% TGC from surface. These graphite zones occur within or adjacent to the existing mineral resource pit model on granted mining leases.
Given the growing demand for natural graphite in electric vehicle batteries and the strategic importance of ESG-compliant supply chains, MBK plans further drilling and metallurgical testing post-wet season to refine the graphite resource and assess its commercial viability.
Corporate and Funding Update
MBK successfully completed a fully subscribed entitlement offer raising $1.56 million, supported by existing shareholders and new institutional investors. The capital will fund strategic initiatives across the Livingstone Gold Project, Millennium Project, and MBK’s MENA exploration strategy, as well as general working capital. The company’s annual general meeting held in November 2024 saw all resolutions passed, reflecting shareholder confidence in MBK’s growth trajectory.
With exploration expenditure of $427,000 during the quarter and ongoing metallurgical and drilling programs planned, MBK is positioning itself to unlock value across its diversified portfolio of critical mineral and precious metal assets.
Bottom Line?
MBK’s multi-jurisdictional exploration push and successful capital raise set the stage for a pivotal year of drilling and resource expansion.
Questions in the middle?
- When will assay results from Wadi Al Junah fieldwork be released, and what might they reveal about VMS potential?
- How will MBK’s strategic review at Livingstone translate into resource upgrades or development plans?
- What are the timelines and funding arrangements for advancing the Jordan projects to drilling status?
