Metal Bank Boosts Gold and Graphite Resources Amid Middle East Expansion

Livingstone Gold Project Strengthened

Metal Bank Limited (ASX – MBK) has delivered a notable upgrade to its Livingstone Gold Project in Western Australia, now boasting a JORC 2012 Mineral Resource Estimate of approximately 122,600 ounces of gold. This resource is spread across three proximal deposits, Kingsley, Homestead, and Winja, with a combined grade averaging 1.36 grams per tonne. The project covers a substantial 395 square kilometers within the Bryah-Padbury Basin, a region known for significant gold endowments.

Alongside the resource upgrade, the company highlights an Exploration Target at Kingsley East, estimated between 16,800 and 25,700 ounces of gold, though this remains conceptual pending further drilling. Numerous additional gold targets across a 40-kilometer strike length remain underexplored, offering considerable upside potential.

Millennium Project Unveils Graphite Potential

In Queensland, the Millennium Cobalt-Copper-Gold-Graphite Project continues to advance with promising new graphite assay results. Re-assaying of 2022 drill samples revealed thick intervals of high-grade graphite, including intersections of up to 56 meters at 18.29% total graphitic carbon. These graphite zones are located within granted mining leases and coincide with existing copper-cobalt-gold mineralisation, suggesting a valuable ancillary resource.

Supporting this work, Metal Bank secured a $275,000 grant from the Queensland Government’s Collaborative Exploration Initiative to fund further drilling, sampling, and metallurgical studies. This financial backing reduces exploration risk and underscores the project's potential to evolve into a multi-commodity operation.

Middle East Exploration and Licensing Progress

Metal Bank’s Middle East strategy is progressing with the award of the Wadi Al Junah copper-zinc-gold-silver project license in Saudi Arabia to its joint venture, Consolidated Mining Company. The 427-square-kilometer project lies within the Arabian Shield’s Asir province, a region with known mineral occurrences but limited modern exploration. A staged two-year exploration program is underway, focusing on surface geochemistry, geological mapping, and geophysical surveys to define drill targets.

In Jordan, exploration activities were paused due to regional conditions, but the company continues discussions with the Ministry of Energy and Mineral Resources to renew its Memorandum of Understanding. The recent granting of exploration rights for Area 65, featuring stratiform copper-oxide targets, and ongoing work at the Malaqa project highlight Metal Bank’s commitment to advancing its copper portfolio in this strategically important region.

Queensland Gold Projects and Corporate Update

While no exploration was conducted on Metal Bank’s South East Queensland gold projects during the quarter, the company is actively seeking joint venture partners or potential divestment opportunities to unlock shareholder value. Corporate expenditures included $143,000 on exploration activities and $27,000 in related party payments, reflecting a disciplined approach to capital allocation.

Overall, Metal Bank’s quarterly report underscores a multi-pronged growth strategy focused on resource expansion, advancing feasibility studies, and strategic partnerships across Australia and the Middle East. The company’s portfolio spans gold, copper, cobalt, and graphite, positioning it well to capitalize on demand for critical minerals.