MBK’s Fast-Track Plan at Livingstone Faces Resource and Funding Uncertainties
Metal Bank Limited is fast-tracking gold production at its Livingstone project in Western Australia, leveraging near-surface resources and existing processing infrastructure, while advancing copper and critical minerals exploration in Saudi Arabia.
- 75% increase in Livingstone gold resource to 122.6koz
- Focus on near-surface Homestead and Kingsley deposits for rapid production
- Utilisation of third-party processing facilities nearby
- Ongoing exploration targets across 395km of granted licences
- Advancing Saudi Arabia copper project with local funding discussions
Fast-tracking Gold Production at Livingstone
Metal Bank Limited (ASX, MBK) has announced plans to accelerate gold production at its Livingstone Gold Project in Western Australia. Following a significant resource upgrade earlier this year, the company is targeting the shallow, near-surface Homestead and Kingsley deposits, which together hold over 116,000 ounces of gold. These deposits are conveniently located within trucking distance of existing third-party processing facilities, enabling a potentially swift path to production without the need for extensive new infrastructure.
The Livingstone project’s recent resource upgrade marked a 75% increase, bringing the total gold resource to approximately 122,600 ounces at an average grade of 1.36 grams per tonne. This includes 1.68 million tonnes at Kingsley and 1 million tonnes at Homestead, with a mix of inferred and indicated resources. The company is also exploring additional targets across its 395 square kilometres of granted licences, suggesting further resource growth potential.
Strategic Exploration and Resource Expansion
Beyond fast-tracking existing resources, MBK plans to continue drilling to upgrade exploration targets and expand mineral resources at Livingstone. Several promising prospects remain underexplored, including high-grade intersections at Livingstone North and other soil geochemistry anomalies. The company is actively engaging in corporate discussions to facilitate shareholder value creation through near-term gold production.
Advancing Copper and Critical Minerals in Saudi Arabia
Parallel to its Australian gold ambitions, MBK is advancing its copper and critical minerals strategy in Saudi Arabia through its joint venture Consolidated Mining Company (CMC). The Wadi al Junah project, awarded in late 2024, covers a large area in the Arabian Shield and hosts copper, zinc, gold, and silver mineralisation. MBK is currently exploring local financing options to fund an upcoming winter exploration campaign, aiming to leverage its regional experience and the Saudi government’s supportive stance on mineral development.
Executive Chair Ines Scotland highlighted the dual focus on unlocking value from Livingstone’s near-term production potential and progressing Saudi Arabia’s critical minerals projects. The company’s approach balances immediate cash flow opportunities with longer-term strategic exploration in a jurisdiction with growing mining investment.
Outlook and Market Implications
MBK’s announcement signals a clear shift towards production readiness at Livingstone, which could materially enhance the company’s financial profile if successful. The use of existing processing infrastructure reduces capital intensity and accelerates timelines, a notable advantage in the current gold market environment. Meanwhile, the Saudi Arabian projects represent a strategic diversification into base and critical metals, aligning with global demand trends.
Bottom Line?
MBK’s move to fast-track Livingstone production and advance Saudi exploration sets the stage for a pivotal growth phase.
Questions in the middle?
- What is the timeline and capital requirement for commencing production at Livingstone?
- How will local financing negotiations in Saudi Arabia impact the Wadi al Junah exploration schedule?
- What are the risks of resource conversion from exploration targets to defined mineral resources?
