Metal Bank to Issue 160M Shares for HAS Gold Assets Acquisition Worth $2.3M

Strategic Acquisition Expands Metal Bank’s Gold Footprint

Metal Bank Limited (ASX, MBK) has taken a decisive step to bolster its gold exploration and development presence in Western Australia by signing a binding Sale and Purchase Agreement (SPA) with Hastings Technology Metals Ltd (ASX, HAS). The agreement, valued at $2.3 million in MBK shares, covers the acquisition of HAS’s gold assets, including the Whiteheads, Ark, and Darcys projects. This move aligns with Metal Bank’s broader strategy to consolidate promising gold assets in a region renowned for its mineral wealth.

Whiteheads Project, Drilling and Development Momentum

Drilling has already commenced at the Seven Leaders prospect within the Whiteheads Project, located approximately 80 kilometers northeast of Kalgoorlie. This initial program aims to confirm historical drill data and includes geotechnical drilling to support future pit design. The Whiteheads tenement package spans roughly 380 square kilometers and benefits from proximity to established mining infrastructure and processing facilities, including Northern Star Resources’ Kanowna Belle mine. HAS has committed $500,000 during due diligence to accelerate exploration and permitting efforts, underscoring the project’s potential.

Complementary Assets and Regional Potential

Alongside Whiteheads, the acquisition includes the Ark Project near HAS’s Yangibana Rare Earths Project and the Darcys Project in the East Kimberley region. These assets add significant exploration upside, with the Ark Project situated in an area of growing gold interest highlighted by recent discoveries nearby. The Darcys Project lies adjacent to known gold mineralization and will be transferred to MBK following separation from HAS’s rare earth tenements, further consolidating MBK’s gold-focused portfolio.

Livingstone Scoping Study and Future Work Program

Metal Bank’s ongoing scoping study at the Livingstone Project, which hosts over 120,000 ounces of defined gold resources, is progressing well with a focus on pit design for the Homestead and Kingsley deposits. Post-acquisition, MBK plans an ambitious 12-month work program targeting resource definition, mining license applications, and securing toll treatment agreements for both the newly acquired HAS assets and its existing projects. The company also announced forthcoming board changes, including the appointment of a new CEO and additional non-executive directors, signaling a new phase of growth and governance.

Conditions and Approvals Ahead

The transaction remains subject to several conditions precedent, including shareholder approvals from both MBK and HAS, as well as regulatory consents. MBK’s shareholder vote is scheduled for its Annual General Meeting on 10 November 2025, with HAS’s shareholder approval expected shortly thereafter. Completion is anticipated soon after these approvals, paving the way for MBK to integrate the HAS gold assets and advance its exploration and development agenda.