Metal Bank Secures $2.42M to Accelerate WA Gold and Queensland Minerals Push
Metal Bank Limited has successfully closed a $2.42 million entitlement offer, bolstering its capacity to advance gold projects in Western Australia and critical minerals exploration in Queensland.
- Entitlement Offer raises $2.42 million, well supported by shareholders and new investors
- Funds earmarked for advancing Livingstone and Whiteheads gold projects in WA
- Progress on Millennium copper, cobalt, and graphite project in Queensland
- Underwriter Equator Capital Management Ltd takes up significant shortfall shares
- Company advancing Saudi Arabian exploration strategy alongside Australian projects
Strong Capital Raise Signals Confidence
Metal Bank Limited (ASX, MBK) has closed its non-renounceable entitlement offer, raising approximately $2.42 million before costs. The offer was met with robust support from existing shareholders, the underwriter Equator Capital Management Ltd, and new institutional and professional investors. This capital injection positions the company to accelerate its strategic push into gold production in Western Australia and critical minerals exploration in Queensland.
Focused Investment in Western Australia Gold Projects
A significant portion of the funds will be directed towards advancing the company’s Western Australia gold strategy. This includes progressing the scoping study at the Livingstone Gold Project and moving forward with the acquisition and development of the Whiteheads Project, located near Kalgoorlie. Both projects hold promising JORC-compliant mineral resources, and the company aims to secure necessary approvals and establish mining operations in the near term.
Queensland’s Millennium Project, Exploring Critical Minerals
Alongside gold, Metal Bank is advancing its Millennium project in Queensland, which encompasses copper, cobalt, and graphite resources. The company is undertaking drilling, sampling, and metallurgical studies supported by a government grant under the Collaborative Exploration Initiative. This work aims to unlock the graphite potential over a strike length exceeding two kilometers, complementing the existing mineral resource base.
Underwriting and Placement Details
The entitlement offer involved issuing over 165 million new shares at $0.014 each. Equator Capital Management Ltd, the underwriter, subscribed for a substantial portion of the shortfall shares and elected to take up additional shares beyond its underwriting commitment. Taylor Collison Limited facilitated placements to institutional and professional investors, further diversifying the shareholder base and enhancing liquidity.
Broader Strategic Outlook
Beyond Australia, Metal Bank is progressing its Middle East North Africa (MENA) strategy through a joint venture in Saudi Arabia, focusing on the Wadi Al Junah project. The company is actively pursuing exploration licenses and engaging with local private equity to secure funding, signaling its ambition to expand its footprint in critical mineral-rich regions globally.
Executive Chair Inés Scotland expressed gratitude for the strong shareholder support and highlighted the company’s commitment to transforming into a revenue-generating operation across both gold and critical minerals sectors.
Bottom Line?
With fresh capital secured, Metal Bank is poised to advance key projects, but execution risks and regulatory approvals will be critical to watch.
Questions in the middle?
- How quickly can Metal Bank convert its WA gold projects into production?
- What are the timelines and expected outcomes for the Millennium project’s graphite exploration?
- How will the Saudi Arabian JV and exploration licenses impact the company’s growth trajectory?
