Metal Bank’s Livingstone Project Boasts 122.6koz Gold Resource; Acquisition Pending
Metal Bank Limited is advancing its Western Australia gold strategy with significant resource development at Livingstone and a binding agreement to acquire Hastings Technology Metals’ WA gold assets, while also progressing critical minerals projects in Queensland and Saudi Arabia.
- Livingstone Project holds 122.6koz gold resource with fast-track production plans
- Binding agreement signed to acquire Hastings Technology Metals’ WA gold assets including Whiteheads Project
- Millennium Project in Queensland advancing with government grant-supported drilling program
- Saudi Arabia critical minerals strategy progressing with exploration licenses and joint venture activities
- Partially underwritten entitlement offer underway to raise up to $2.32 million
Building Momentum in Western Australia
Metal Bank Limited (ASX, MBK) is making decisive strides in executing its gold production strategy in Western Australia. Central to this is the Livingstone Project, where MBK holds a 75% interest in a resource estimated at 122,600 ounces of gold, predominantly near surface and accessible for trucking to existing processing facilities. The company is actively fast-tracking production at the Homestead and Kingsley prospects, supported by a recently commenced scoping study aimed at defining a clear pathway to mining.
Livingstone’s strategic location within the Bryah-Padbury Basin, a prolific gold province, and its proximity to established infrastructure underpin MBK’s confidence in near-term production potential. Beyond the defined resources, the project boasts multiple exploration targets over a 40-kilometre strike, offering significant upside for resource expansion.
Strategic Acquisition to Expand Gold Portfolio
In a move that could substantially enhance its Western Australian footprint, MBK has entered into a binding agreement to acquire the gold assets of Hastings Technology Metals Ltd (HAS). This acquisition includes the Whiteheads Project near Kalgoorlie, along with the Ark and Darcys gold projects. Whiteheads is particularly notable for its extensive tenement package, walk-up drill targets, and proximity to multiple operating processing plants, positioning it well for rapid development.
The acquisition, valued at approximately $2.3 million in MBK shares, is subject to shareholder approvals and other conditions precedent. The deal also brings leadership changes, with Tim Gilbert, currently COO of HAS and an experienced mining engineer, set to become MBK’s CEO upon completion, while Charles Lew will join the board as a non-executive director.
Advancing Critical Minerals in Queensland and Saudi Arabia
MBK’s Millennium Project in northwest Queensland represents a significant critical minerals opportunity, hosting a cobalt-copper-gold-graphite resource on granted mining leases near established infrastructure. Supported by a $250,000 Queensland Government Collaborative Exploration Initiative grant, MBK plans to commence diamond drilling and metallurgical studies to better understand the graphite potential, which could add considerable value to the project.
Internationally, MBK is pursuing a multi-faceted strategy in Saudi Arabia through its 60% owned joint venture, Consolidated Mining Company. With one exploration license granted and six more applications lodged, MBK is targeting copper, gold, and other critical minerals in the Arabian Shield. The Wadi Al Junah project, awarded to the JV in 2024, offers promising geological prospects supported by regional mineral occurrences and existing infrastructure.
Capital Raising and Corporate Developments
To support its ambitious growth plans, MBK has launched a partially underwritten entitlement offer to raise up to $2.32 million at $0.014 per share. The offer has received strong support to date and is expected to close by the end of October. The company’s Annual General Meeting scheduled for 10 November will consider resolutions including the approval of the Hastings acquisition.
MBK’s disciplined approach to exploration expenditure and administration costs, alongside strategic leadership appointments, positions the company to capitalize on its expanding portfolio of gold and critical minerals projects across Australia and the Middle East.
Bottom Line?
As MBK moves to consolidate its WA gold assets and advance critical minerals projects, the coming months will be pivotal in translating exploration success into production and shareholder value.
Questions in the middle?
- Will MBK secure shareholder approvals to complete the Hastings acquisition and integrate its assets smoothly?
- How will drilling results and scoping studies at Livingstone and Whiteheads influence production timelines?
- What funding and partnership opportunities will emerge to accelerate MBK’s Saudi Arabia critical minerals ambitions?
