Metal Bank Limited has completed phase one drilling at the Whiteheads Gold Project and secured major shareholder support for its acquisition of Hastings Technology Metals' gold assets, marking a significant step toward gold production in Western Australia.
- Phase one drilling completed at Whiteheads’ Seven Leaders prospect
- 19% of MBK shares held by major shareholders voted in favour of acquisition
- Geotechnical analysis and mine planning underway with Entech
- Partially underwritten entitlement offer to raise $2.32 million in progress
- Acquisition subject to final shareholder approval at upcoming AGM
Drilling Milestone at Whiteheads
Metal Bank Limited (ASX, MBK) has reported the successful completion of its initial drilling program at the Whiteheads Gold Project near Kalgoorlie, Western Australia. The phase one reverse circulation (RC) and diamond core drilling campaign targeted the Seven Leaders prospect, a key area within the broader Whiteheads portfolio acquired from Hastings Technology Metals (HAS). This drilling effort, comprising 32 RC holes and 52 meters of diamond core, was designed to validate historical data, provide fresh assay samples, and gather geotechnical information critical for mine design and scheduling.
Managed by Tim Gilbert, the current COO of Hastings who is set to become MBK’s CEO upon acquisition completion, the program was executed without safety or environmental incidents, underscoring the operational discipline MBK is bringing to the project. The data collected will feed into a maiden Mineral Resource Estimate (MRE) and support pit design and future grade control.
Shareholder Support and Acquisition Progress
MBK has secured preliminary backing from major shareholders holding an aggregate 19% stake in the company, who have voted in favour of the acquisition of HAS’s gold assets, including Whiteheads. This early endorsement satisfies a key condition precedent ahead of the company’s Annual General Meeting scheduled for 10 November 2025, where final shareholder approval will be sought. The acquisition also includes other promising gold projects such as Ark in the Gascoyne region and Darcys in the East Kimberley.
Executive Chair Inés Scotland highlighted the strategic importance of this acquisition, stating that MBK’s transition to gold production in Western Australia is rapidly taking shape. The company is also advancing discussions with local stakeholders, including Native Title groups and landholders, to secure necessary access agreements, which are vital for progressing towards mining operations.
Funding and Forward Strategy
To support its ambitious growth plans, MBK is conducting a partially underwritten entitlement offer aiming to raise approximately $2.32 million. The funds will be allocated to advancing the WA Gold Strategy, including scoping studies at the Livingstone Gold Project and further development work at Whiteheads. Additionally, MBK plans to assess graphite potential at its Millennium Copper & Cobalt project in Queensland, leveraging grant funding to support exploration and metallurgical testing.
Entech, a Perth-based consultancy, is actively progressing mine design, scheduling, and geotechnical analysis for Whiteheads, alongside preparing the maiden MRE. These technical advancements are critical steps toward securing mining approvals, contractor agreements, and toll treatment arrangements necessary for eventual production.
Broader Portfolio and Exploration Outlook
Beyond Whiteheads, MBK holds a diversified portfolio of advanced exploration projects, including a significant interest in the Livingstone Gold Project with a JORC-compliant resource of over 120,000 ounces of gold, and the Millennium project with substantial cobalt, copper, and graphite potential. The company is also executing a Middle East North Africa (MENA) strategy through a joint venture in Saudi Arabia, targeting the Wadi Al Junah project.
MBK’s 2025-2026 exploration programs are focused on advancing these assets through resource definition, approvals, and early-stage development, positioning the company for a multi-asset growth trajectory in gold and critical minerals.
Bottom Line?
With drilling complete and shareholder support building, MBK is poised to transform its gold ambitions into production, but final approvals and funding remain pivotal.
Questions in the middle?
- Will MBK secure full shareholder approval at the upcoming AGM to finalize the Hastings acquisition?
- How will the maiden Mineral Resource Estimate at Whiteheads influence MBK’s production timeline and capital requirements?
- What are the prospects and timelines for advancing the Millennium project’s graphite potential alongside gold assets?