Metal Bank Kicks Off Drilling After Completing HAS Gold Asset Due Diligence

Strategic Acquisition Nears Completion

Metal Bank Limited (ASX – MBK) has reached a significant milestone in its Western Australian gold strategy by completing due diligence on the proposed acquisition of Hastings Technology Metals Ltd's (ASX – HAS) gold assets. This move, announced on 16 September 2025, brings MBK closer to expanding its portfolio with substantial tenements including the Whiteheads, Ark, and Darcy projects.

The acquisition, still subject to binding documentation, shareholder approval, and regulatory clearances, aligns with MBK’s ambition to transition from exploration to production. The company is actively preparing the necessary documentation to secure these approvals, signaling confidence in the value and potential of the HAS assets.

Drilling to Commence at Seven Leaders

HAS has completed a heritage survey with the Kakarra people at the Seven Leaders prospect within the Whiteheads project, confirming no heritage impediments at the initial drill site. With all permits in place, drilling is scheduled to begin on 22 September 2025. The program includes approximately 1,500 metres of reverse circulation drilling to validate historical data, alongside a geotechnical diamond core hole to inform pit design.

This drilling campaign, expected to take about two weeks, aims to underpin a maiden mineral resource estimate for Seven Leaders. Following assay results, HAS plans to advance mining lease applications and submit a mining proposal, setting the stage for early production.

Whiteheads and Beyond – Infrastructure and Exploration Upside

The Whiteheads project, located roughly 80 kilometres northeast of Kalgoorlie, benefits from proximity to established mining infrastructure and processing facilities, including Northern Star Resources’ Kanowna Belle mine. The project’s extensive tenement package covers around 380 square kilometres with multiple walk-up drill targets and untested gold anomalies, offering significant exploration upside.

HAS has committed $500,000 to advance exploration and permitting during the acquisition process, ensuring momentum is maintained. Meanwhile, MBK is also progressing a scoping study for its Livingstone Project, which holds over 120,000 ounces of defined gold resources and multiple high-potential targets, further underpinning its growth trajectory in Western Australia.

Leadership and Forward Outlook

MBK’s Executive Chair, Inés Scotland, highlighted the operational progress, noting the appointment of Tim Gilbert as incoming CEO post-acquisition. Gilbert, an experienced mining engineer, is overseeing the approvals and drill program, promising steady news flow as both Whiteheads and Livingstone projects advance.

Looking ahead, MBK plans to pursue mining licenses, engage contractors, and secure toll treatment agreements to facilitate production. The company’s methodical approach to integrating HAS’s assets and advancing its existing projects positions it well to capitalize on Western Australia’s rich gold endowment.